Negotiating an apartment lease

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Joecrow23
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Negotiating an apartment lease

Post by Joecrow23 » Wed May 17, 2017 9:54 pm

I've been renting a condo from the owner through a property management company. I am just about to finish two years and am thinking about renewing for a third. It's a nice place and have had no problems with it. The company simply asked if I wanted to renew for another year lease with a rate increase of $25. Should I be negotiating anything with this new lease? Can't think of anything I don't like about it other than the price. I pay about $1,350 for a one bedroom one bath, 850 square foot apartment with a private single car garage. Price is reasonable compared to similar apartments. Don't need new paint. What is typically asked for?

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Pajamas
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Re: Negotiating an apartment lease

Post by Pajamas » Wed May 17, 2017 10:00 pm

I probably would not try to negotiate a rent increase of less than 2% if that were an appropriate rent and increase both for the market. Generally rent increases with inflation because expenses increase with inflation, specifically property taxes and monthly condo fees.

However, there are some expenses for a landlord when there is tenant turnover, so it wouldn't hurt to ask anyway. You could just say, "Would it be possible to keep the rent the same if I stay another year since I am such a good tenant and always pay my rent on time?

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deanbrew
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Re: Negotiating an apartment lease

Post by deanbrew » Thu May 18, 2017 4:02 pm

It doesn't hurt to ask in a nice, polite way, but a $25 increase is peanuts. I imagine the landlord's real estate tax, insurance and other expenses have gone up far more than that. But, yes, keeping you there for another year eliminates some turnover cost. I probably would just agree to pay the extra $25 so you don't cause a bad taste in the landlord's mouth in case you need a favor sometime.
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fishmonger
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Re: Negotiating an apartment lease

Post by fishmonger » Thu May 18, 2017 4:06 pm

deanbrew wrote:It doesn't hurt to ask in a nice, polite way, but a $25 increase is peanuts. I imagine the landlord's real estate tax, insurance and other expenses have gone up far more than that. But, yes, keeping you there for another year eliminates some turnover cost. I probably would just agree to pay the extra $25 so you don't cause a bad taste in the landlord's mouth in case you need a favor sometime.


This. You're talking about $6/week. Not worth the effort IMO

denovo
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Re: Negotiating an apartment lease

Post by denovo » Thu May 18, 2017 4:22 pm

Joecrow23 wrote:I've been renting a condo from the owner through a property management company. I am just about to finish two years and am thinking about renewing for a third. It's a nice place and have had no problems with it. The company simply asked if I wanted to renew for another year lease with a rate increase of $25. Should I be negotiating anything with this new lease? Can't think of anything I don't like about it other than the price. I pay about $1,350 for a one bedroom one bath, 850 square foot apartment with a private single car garage. Price is reasonable compared to similar apartments. Don't need new paint. What is typically asked for?


There is something I would negotiate more valuable than $25/mo. Maybe sometime in the future, you may want to buy a place, move in with a girlfriend, or change jobs. Ask if you can have it be month to month instead of holding you over for a year.
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renue74
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Re: Negotiating an apartment lease

Post by renue74 » Thu May 18, 2017 4:28 pm

I own several rentals. $25 is not a bad increase. My property taxes and insurance go up at least $100 to $200 each year.

The rental market in my area is cut throat these days. I have properties in "B" and "C" class neighborhoods. Places where an average rental was $550/month. This summer, I've seen bumps of 25 to 50% increases in rent. We're bumping a $595/month property up to $700 in June.

Joecrow23
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Re: Negotiating an apartment lease

Post by Joecrow23 » Thu May 18, 2017 4:59 pm

denovo wrote:
Joecrow23 wrote:I've been renting a condo from the owner through a property management company. I am just about to finish two years and am thinking about renewing for a third. It's a nice place and have had no problems with it. The company simply asked if I wanted to renew for another year lease with a rate increase of $25. Should I be negotiating anything with this new lease? Can't think of anything I don't like about it other than the price. I pay about $1,350 for a one bedroom one bath, 850 square foot apartment with a private single car garage. Price is reasonable compared to similar apartments. Don't need new paint. What is typically asked for?


There is something I would negotiate more valuable than $25/mo. Maybe sometime in the future, you may want to buy a place, move in with a girlfriend, or change jobs. Ask if you can have it be month to month instead of holding you over for a year.


That is one thing I am considering. The lease would start in Sept 1st, but it's possible I might have to move 3 hours away for a new job. I don't think I can break the lease without a penalty because it's a voluntary job change. Without me asking, they said I can go month to month for an additional $25 a month. My only concern is they will look for a new tenant that will sign a year long lease and I'll be kicked out early.

sls239
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Re: Negotiating an apartment lease

Post by sls239 » Fri May 19, 2017 10:19 am

Common things to ask for at lease renewal are updates that the vacant apartments are getting before being rented back out - like an appliance or flooring upgrade or a ceiling fan. If there is a clubroom or common space that has a use fee, you could ask for a free one-time use of that. And if you are considering getting a pet or something that isn't covered in your lease, now would be the time to negotiate the terms for that.

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