BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes
Hey guys - One of my press contacts sent me the following:
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I'm working on an article about renters negotiating with landlords to save money on rent. I know the current economic climate is not the best for getting rent reductions, but the idea is that renters can negotiate by agreeing to a longer lease or a larger deposit to give the landlord more security.
Can you think of any landlords who might be able to talk to me about their willingness to negotiate and what kinds of things renters can do?
Preferably [looking for] those who would be willing to negotiate or who have negotiated in the past or who have suggestions to renters on what types of things might make a landlord willing to negotiate. I'd like to look at how negotiation can be beneficial to both sides. A landlord might appreciate having someone sign a two-year lease for the stability, and be willing to shave a few dollars off each month, or might appreciate getting paid for a couple of months in advance in exchange for a small rent reduction, for example.
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Please respond here and we'll put you in touch if there's a fit. Thanks!
Investor · Middletown, NJ · Member since 2008 · 2k+ posts · 1k+ votes
14y
Hi Josh, I'd be happy to participate. Where I have most of my rentals, Florida, it's a landlord's market right now. I've had tenants offer *more* money if they can have a pet, move in quickly, etc. I've even had a couple of them ask why the rent is low, when I've priced it close to the competition! So maybe it's not a fit, but you tell me :)
BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes
14y
Aly - I think she is looking for landlords who are looking to negotiate with tenants to keep them -- likely due to challenges in locking them in. This may work -- I'll pass the word regardless.
Anyone else?
This would be a good opportunity to get some PR for your business . . .
Investor/Landlord · Farmington Hills, MI · Member since 2011 · 1k+ posts · 1k+ votes
14y
I have done this occasionally. It is only really a benefit to me if I believe the applicant would be a strong tenant--meaning I think they will pay their rent on time consistently. I usually figure in a planned rent increase and divide that over the term. Essentially, the tenant is paying a slightly increased rent for the security of having a 2 year lease. The last time I did this was for a single mother that wanted to ensure that her child would not have to move from a school that they really liked.
Most often I get offers like this from tenants that I believe are marginal, at best. Somehow they think that giving me a longer commitment and, perhaps, a more difficult time terminating their tenancy makes them more appealing as a tenant. It does not. I get particularly nervous when a marginal tenant offers multiple months of rent up front as an inducement to rent to them. I have fallen for this a couple times and it was an error both times.
Residential Landlord · Indianapolis, IN · Member since 2010 · 592 posts · 138 votes
14y
I have not, and don't think I would, reduced rent for any tenant, but I will work with them by changing when rent is due during the month, accepting bi-weekly payments, payment plans on past due rents, etc. All of these depend on the tenant of course. I am small-time still, just 3 units and only 1 year of landlording so far. Let me know if that matches up with what you are looking for.
Specialist · Cleveland, OH · Member since 2011 · 1k+ posts · 852 votes
14y
Josh,
Look up Joe Lieber. He is on BP and has around 130 units. He puts deals together for pre pays and for some coin down. If you need help getting in touch with him let me know. I also have a friend with 86 units, he is on BP, but not too active. I can get you his contact info too. Good luck. :mrgreen: