We have decided to sell our house, and because of the economy, will not be making a dime off of it. Since that is the case, we are going to rent a house until we save enough money for a down payment. My husband and I both are terrible at negotiating and hate doing it and have never rented before so we don't know how things work. My question is: Is the rent they are asking per month typically negotiable? Obviously, when buying a house, you never offer asking price until it has multiple offers. Is it the same with renting? How much below the asking rent do you offer without looking ridiculous? Any information would be greatly appreciated!!!!
If you work with a realtor they can help you with the negotiating part. Ours told us we could probably only ask for about $50 less a month. Where do you live Molly? I have an awesome realtor if you need one.
Take your time... time pays. We are renters, as we are not able to afford to buy at this time. We are waiting until we finish school. As a family of four, we needed a home, not an apartment. I took my time and followed a few homes on craigslist. Some in my price range and some above. The home we are living in was listed for 1500 per month! That was way out of our price range. For a 3 bedroom 2 bath with a 2 car garage we wanted to pay around 1000 per month in North Pinellas. We found a few agents and they said it was way too low and we wouldn't find something. I decided that going with "professional" help wasn't going to help us. Again, I followed a few homes, and some went, others didn't. After being on the market for 2 months (a loss of 3000) the landlord dropped his price to 1350 (still out of our price range). I called about 2 weeks later and asked the landlord if he would be willing to rent for 1000. 1000 as opposed to 1350 was a loss of 4200 over 1 year, but if the house sat for another month he was looking at a loss of 4350 in 3 months. He said no, but was willing to rent for 1100 with cable included ($50 value). We took the deal, with the cable included we saved $50 from utilities and this made the rent only $50 more than we hoped, and that was very doable. We live in a very nice subdivision, WestWinds in Tarpon Springs. Our home does not have granite countertops with stainless steel appliances, but it does have 1500 square feet with a yard and 2 car garage. No wood floors, and the carpets are not brand new, but we still have plenty of room. With a newborn and a 2 year old, we prefer carpet, and not brand new means we wont be charged an arm and a leg for any spots our children leave on the carpet. I think we got a great deal. No amount is too low, as long as you are honest. We also offered 6 months rent up front and with that we were able to negotiate paying only 1/2 a month's rent for a deposit. If you can offer at least 3 months up front AND you are able to take some time to research what houses in the area are renting for and what you can honestly afford, you will find something perfect for your family. If you are looking in the Tarpon Springs area, try looking in WestWinds. We have a ton of homes for rent and sale in our neighborhood, which is great for negotiating. Good luck, keep us posted!
Hello Molly,
I am a realtor that specializes in rentals. Yes, you can make an offer on a rental, keep in mind that just like in buying, some landlords are more receptive than others. Also, choosing a company that works with rentals may be a good bet for you, you can utilize them as a middle man rather than doing the negotiating yourself. Hope that was helpful, email me if you have any other questions!