The rental market in New York City is tight. This goes for every single borough, and if you happen to be caught in this summer’s rush-to-rent, you already know this sad reality.
If rents can be said to have gone through the roof, then let’s say they are as high as the second level of Jon Bon Jovi’s duplex in Soho.
Landlord incentives are gone and the commissions, oh, those pesky commissions can make you as lightheaded as your most recent best party night. They range anywhere from one month’s rent in the outer boroughs to as much as 18% of the first month’s rent in Manhattan or Brooklyn.
So what to do when you want a deal? Bargain? Maybe. But, bargaining isn’t for everyone. And for those of you who think you can shave off dollars on just about anything: beware of bargaining at the wrong time with the wrong landlord and especially when there are 20 other people standing behind you waving asking rent in the landlord’s face.
Ok, here goes: How to get a better than asking deal on your gotta-have-it-apartment-rental?
You meet the landlord. Real estate agents and brokers create distance between you and your future landlord. If you want to be happy in your new apartment and walk away with a deal you’ve got to meet your landlord. Meeting the landlord, these days, isn’t necessarily meeting a nice elderly couple who own the building. No. Those days, for the most part, are gone. Meeting the landlord, these days, means meet the people who have the power to say “yes” and the power to negotiate.
Most apartment seekers go apartment hunting and do it all wrong. They wear comfortable clothing – meaning they schlep around in jeans and sandals. Unless you have an entourage standing behind you this isn’t the best ‘meet your new landlord’ outfit.
If you are going to snap up a great rental, you have to make a good impression, and that means dressing up. You don’t have to wear a business suit, but you do have to dress in a business appropriate manner that lets the landlord or landlord’s agent form a visual cue about who you are and your ability to pay the rent on time should you be accepted.
Never ask if the price of a rental is negotiable on the phone. I mean this. Never, ever ask before you even step foot inside an apartment if you can have it for less.
This blunder may make it impossible for you to even see it. I am always surprised at the amount of people who try this and then seem stunned to hear “oh, that apartment is gone.”
The only time to negotiate your rental price is at the time you submit an application. When you have paid the typical application fee which should be anywhere from $75 in the outer boroughs to approximately $150 in Manhattan and Brooklyn – at this moment in time, when you also hand over every document you own, along with a filled out application -- this is when you ask.
And, this is crucial; you ask only if your credit is perfect. If it isn’t, then you will be lucky to pay asking.
Assuming your credit is impeccable, and the landlord’s representative is sitting across from you, and you have discovered through small talk that he or she has the authority to accept your application on the spot (translation: this person also has the authority to accept or reject an offer) – this is when you make your move and state your number.
Heed my words and you may be able to shave off a couple of dollars from the asking rent. Try to barge in with a lower number before you even see the apartment and all you’ll see is the front door. Just remember to close it behind you since you won’t be invited back.
2015 Copyright Kirby Sommers. All Rights Reserved.
Kirby Sommers is the Founder & CEO of LandlordLinks.Net where apartment hunting in New York City is easy and affordable.
