There are some instances when students can negotiate a lower rental rate. This will largely depend on the location, size of the property, and landlord or leasing agent. Here are a few strategies that students can try.
1. Provide a Tenant Referral:
Does the landlord still have other rental vacancies to fill? Do you know someone who is looking for a rental accommodation? A tenant referral may be an excellent opportunity to negotiate a cheaper rent. By offering to help fill a rental vacancy, the landlord may be willing to make a small monthly rental decrease or offer a one-time referral bonus.
2. Sign an Extended Lease:
The process of replacing tenants yearly in student housing can be expensive and time consuming. Some landlords may be willing to accept a lower rental rate for leases longer than one year, in exchange for knowing they will not have to replace the tenant in the foreseeable future.
3. Pay Multiple Months’ Rent in Advance:
While it’s not particularly common, some students may have enough money saved up to pay a sizable amount of their rent up front. In this case, a landlord may be more flexible on the rental rate if it’s paid several months ahead of time. Keep in mind to always ask for rent receipts.
4. Offer to Do Routine Maintenance or Yard Work:
If a landlord owns multiple properties, it may be a challenge to complete all the landscaping and maintenance responsibilities independently. Many times, a contractor will be hired. These companies can charge a considerable rate for general property maintenance such as grass cutting and snow removal. By offering to do these tasks, the landlord may be willing to reduce the rental rate in exchange for the manual labor.
5. Research the Market and Competition:
This tactic will only work in rental markets that favor tenants and there is typically more supply than demand. Landlords in these markets will often be competing with each other over rental rates. With a smaller tenant pool, renters can have a little more bargaining power and use competitor rental rates to negotiate a lower rental payment for the preferred accommodation.
SEE ALSO: How To Find Cheap Student Housing
The Places4Students.com Team