Lease negotiation tactics for renting an apartment in Miami
Renting an apartment can be tough. Big cities and coveted places like NYC and Miami have very high leases. The demand is high so you have to move fast to get the place you need. However, since COVID 19 things have been changing. People fleeing to the suburbs emptied the big cities. This left many apartments vacant and prices began to fall. This opened up a lot of opportunities to negotiate and agree on a better lease. With this in mind, you should know about some lease negotiation tactics for renting an apartment in Miami. Some of these can help you out a lot.
Whether you are on the lookout for a new apartment or you are renewing your existing lease there is room for improvement. You can always try to negotiate a better deal than the one presented to you. There are a lot of things to know if you want to do this especially if you are a student renting off-campus accommodation.
These make a good lease negotiation tactic for renting an apartment that can help you out a lot.
- Know what you want
- Know the market
- Think about the amenities
- Get everything on paper
- Be ready to leave the place, make a backup plan
If you are extending your lease try to be polite about the lease negotiations. Ask the landlord for any concessions regarding your lease. Know that independent landlords are always open to negotiating. So try to be polite and start the negotiations well in advance of your lease expiration. This will provide the landlord with enough time to consider your offer. As City Movers advise, be ready to call the pros to help you out if your lease negotiation tactics for renting an apartment in Miami fail.
Know what you want
Research the area and know just what you want. When presenting the landlord with an offer you have to have data to back you up. So, research the prices in the neighborhood and the amenities others provide. Define the number you are willing to negotiate about and present the process of arriving at the price to your potential landlord. Explain what you want the desired price or lease reduction. Use data from online renting applications like Zillow. Also, try to be detailed and clear about your needs.
Know the market
Know the prices in the area so you can negotiate a deal. But, also know that post-Covid the market changed. There is not that high of the demand for apartments in the big cities. Before there were lists of tenants looking to secure an apartment. In these conditions, landlords did not even consider negotiating the price. It made no sense as people were ready to pay more to secure a lease.
Today, when the demand is not that high they are open to negotiations. So knowing this fact and knowing the market is something that you can take advantage of. This is especially valuable for students that don’t like campus living and are looking for suitable off-campus living arrangements. So, you can easily expect the landlords to be open to negotiations. Your position is even better if you are renegotiating your lease. If you are a good tenant the landlord will be motivated to negotiate and keep you.
Diversify your offer
A good negotiating tactic is to diversify the offer. Meaning, think of what else you can offer to make a lower rent proposal seem more acceptable. If your budget allows it you can offer to pay rent several months in advance. In these cases, the landlord might be inclined to offer a discount if you pay upfront. You can also offer to sign a longer leave. Any lease longer than 12 months will also make landlords more inclined to make a deal at a lower lease. This will provide them with security for a longer period of time which is good.
Think about the amenities
Other than negotiating a lower lease you can try negotiating about other amenities. So, you can negotiate with a landlord to cover utility bills or replace the appliances in your apartment. In addition, you can ask for certain amenities without compensation. So you can for example ask for cable TV or free Wi-Fi from your landlord. These are services that you have to pay for but you can try to negotiate and get them for free. Another option is to ask for a referral bonus if you bring your landlord a new lease. Know that if you don’t ask you won’t get anything.
Get everything on paper
You should try to get everything in writing after you reach an agreement with your landlord. You may communicate through texts, email, or phone. Regardless of this try to make a summary of your negotiations as well as the final result and put it in writing. This could be an email stipulating the final agreed conditions of your lease.
Be ready to leave the place and have a backup plan
If you can make a deal you should be ready to walk away. First, this will give you some power in the negotiations. A threat of leaving may sway your landlord to give concessions after all. However, if all else fails and you have to move you should have a backup plan. This means that you should research more than one apartment and have them as viable options. Also, start preparing for the move if the need arises. Finding and having adequate assistance is very useful in cases you need to move fast. Having local movers on call can be very helpful if you need to move locally in the Miami area. You should also make arrangements in the case when you will be forced to pay a higher lease. So keep different options open and available.
Leasing an apartment does not have to be too expensive today. Big cities like Miami have a rich offering of suitable apartments. In these conditions knowing some lease negotiation tactics for renting an apartment in Miami can come in handy. Give negotiations a try and you may benefit from it. Otherwise, get ready to pack for a move to a new place. There are always new opportunities to negotiate and get a better deal when leasing an apartment. So, be ready to exploit them.