Have you ever noticed the language that landlords use in their advertisements when you’re flipping through the apartment guide? You read things like “spacious,” “luxurious,’ and even “a sanctuary.” Even during times when more and more people are being foreclosed on and when homeowners are increasingly becoming renters, landlords do what they can to paint an apartment in the best light. (This is also typically a good time for the renters insurance industry.) During times of low rentals, landlords will get even more desperate to fill their vacancies.
Some markets are a renter’s paradise, however. The economy seems to be coming back around, and fewer people are losing their homes in these places. That means landlords are working harder and harder to find renters. This is good news for you, if you live in one of these areas and you’re looking for an apartment.
Here are some ways to take full advantage if you’re living in a renter’s paradise:
- Get a lower lease. Paying less in rent is in many ways the first and most obvious way you can benefit from living in a renter’s paradise. Because landlords are in a bind, you may be able to pay as much as 10 to 15 percent less in your monthly rent. Not all landlords are this flexible, but many are.
- Make smaller deposits. Many landlords will lower their security deposit or even waive their security deposit altogether when times are tough. If you’ve found a place you’d like to rent, consider asking the landlord to waive that security deposit.
- Get a bigger place. You might find that larger apartments are even harder to rent out in some areas. If you can afford it and if you want a bigger place, this can work to your advantage. If you’re looking at an apartment building or apartment complex, consider asking for an upgraded or larger apartment for the same price.
- Sign a shorter lease. If you’re not sure you want to live in that apartment for a year, ask for a six-month lease at the yearly rental rate.
- Get other concessions. There might be other things you can ask for, including things like covered parking, no pet deposit or other types of amenities and concessions. Don’t be afraid to ask your potential landlord what he can do for you. After all, it’s a renter’s paradise.
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