Moving in New York City can be a daunting task. Between deciding on a neighborhood, finding an apartment and working out your finances, there are many steps to navigate. But, as new development continues and housing prices decline, renters are now more in control than in previous years.
Next time you move, try these tips and tricks to negotiate your rent for the best deal possible on your dream home.
Offer cash upfront. If you can afford this option, it’s one of the quickest and easiest ways to entice your landlord to drop the price. By offering several months’ rent, upfront and in cash, you lock in a lower rate and the landlord gets a large portion of your annual rent on the spot—it’s a win-win situation.
Move in the winter. The winter months bring lower demand for rentals, and along with it, lower prices. During the colder months, you’re more likely to get a deal because fewer renters will be interested in the same properties you are. If possible, get onto a winter lease cycle to get the most for your money.
Make sure you’re qualified. If you have a good credit history, a qualifying income and evidence of being a reliable renter, you have a better bargaining position when trying to negotiate. If you’re using a guarantor, they likely will need to live in the tri-state area and make 100 times the monthly rent.
Ask for concessions. If your landlord isn’t open to negotiating the monthly rent, try instead to ask for other concessions like no broker’s fee, a free month, free gym access or a more favorable move-in date. Some of these concessions could still lower your monthly overhead without affecting the landlord’s future rental pricing.
Stay realistic. Though it can be tempting to ask for the deal of the century, it is best to keep your counter offer in a safe range. For a more affordable apartment, try for something in the five percent range, and up to 10 percent for more expensive homes.