Author Topic: Negotiating rent or fees in a tight market  (Read 896 times)

TheGadfly

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Negotiating rent or fees in a tight market
« on: January 31, 2017, 08:38:52 AM »
I realize this question is from the reverse perspective of this particular forum but perhaps there are some seasoned property managers in the house who can answer my question:

My wife and I are planning to move from downtown Boston to an area outside the city. The rent is about the same but the apartments are a zillion times nicer and closer to our jobs.

Anyway, we took a tour of a brand-new building approx 6 miles outside of Boston that received an occupancy permit one week ago, meaning all 200 units are 100% vacant. The building manager said the company was very eager to fill the vacancies (for obvious reasons). It's significant that the apartments are move-in ready now, because it isn't until the summer (specifically September) when demand skyrockets. These apartments WILL be filled by September but until then, the management company is operating at a loss and rents are at rock-bottom. 1 Bedrooms start at $2000 per month but will likely be $2200 or $2300 by September.

Our current lease doesn't end until July but we are playing around with the idea of subletting our current place (or re-assigning the lease altogether) so we can move now and secure a 18-24 month lease at the current low rate. Since we are model tenants with a spotless rental history, good credit and two high-paying jobs, I feel like we are in a strong position to negotiate on the price of these new apartments IF we are ready to move now.

Am I naive for thinking I can leverage this situation in my favor, particularly in a tight rental market like Boston? Also, even if we can't negotiate on rent, I'm wondering if I could talk them into waiving the ridiculous parking charge ($100/mo) and pet fee ($75/mo) for a few months.

Keep in mind, this is a large management company we are dealing with, not an individual landlord. I've negotiated with individuals before with a lot of success but I'm assuming it's a different ballgame with a big company.

All sage advice is welcome

Megma

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Re: Negotiating rent or fees in a tight market
« Reply #1 on: February 03, 2017, 09:39:37 AM »
It can't hurt to ask. Ask for a little more than you want and see what they come back with. Usually I will toss in one thing I don't really care about so that I have something to "give up" later.

They will be motivated to get some people moving in because not only are they losing money but lots of people don't want to be the first to move into a huge empty building, it's creepy. I would say the earlier you are prepared to move in the stronger your position.