4 Things You Didn’t Know About Negotiating Your Rental Lease!
I have been on the Property Management side of Real Estate for 4 years, and one thing that always opens my eyes is how little people actually know about their rental leases. Here’s the thing, please read your leases! They are usually very long, trust me, I know. BUT, you have to go through them with a fine toothed comb to ensure you have a solid understanding of all of the terms. And more importantly, that you AGREE with all of the terms and what to expect. I experience this on almost a daily basis. Someone reaching out to dispute something they SIGNED as a part of their lease. Super important.
So here are 4 things you need to know about your rental lease agreement.
Photo by Erik Mclean on Unsplash
The terms of the lease are negotiable! Well, mostly. Unless you are in a large, franchised apartment complex, you have some wiggle room with your lease. And even then, you may be able to. Main takeaway, ALWAYS ASK. Do not just assume that you are stuck with terms you do not agree with. This is actually, surprisingly, not common knowledge and leads us to all of the other great things you can negotiate.
You can negotiate longer or shorter lease terms! Often when we think of signing a rental lease, we are prepared to sign for 1 full year. This is industry standard right? Yes. But, not if it actually doesn’t suit your needs. Let’s say a monthly option works better for you. maybe you will need to move soon. Make sure you ask about that with the landlord. On the opposite spectrum, let’s say you really want some stability. You can ask to sign a 2 year lease. Most landlords love that because it shows them you really want to stay on as a tenant.
You can negotiate other terms of the lease! So we have the length of the lease to negotiate, but what about other factors such as who is responsible for snow removal and lawn care? Who is responsible for utilities, and which ones? Which appliances are included in the lease? Let’s say you have a washer and dryer at the property. Surprisingly, that does not mean it is a part of the lease. Which means if it breaks, it is on you. Something you may want to be clear on so that you can negotiate a more favorable solution.
You can negotiate your rental rate. Countless times, we have had applicants ask the landlord to come down a little on the rent, and it has actually worked! Like I said before, you have to ASK. Additionally, tying in to number 2 on the list, when you have a longer lease term, the rate stays the same. We are all familiar with rental increases. But if you have a 2 year term, that means you would not receive an increase until after that term. Which is a big win in my opinion.
If you did not know any of the above, I hope this really opened your eyes to the fact that we ALWAYS have options. Which is something I really want to bring to light for everyone. Our housing experience is so important and influences most things we do.
Also shout out to my clients, who just leased this baby, at $3K, and negotiated a 2 year lease term with the option to purchase! (That’s an article for another day)
If you have any questions about your lease, or need help finding a place, don’t hesitate to reach out <3
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