How can you negotiate lower rent and secure concessions?

My business philosophy is to provide THE nicest properties at the LOWEST price. I have found this attracts (in most cases) really quality tenants. Since I've baked the price discount into the rent, I will not lower my rate. Any tenants that know the market know this. Of course, if you don't ask, the answer is always no.... But if you rent from me, the answer is always no. That's a complete sentence!

You really have to know the market and also the timing of when you are trying to rent. Here in DMV, when I represent a tenant, my advice will vary depending on the time of year. When we are in the summer months, you the applicant has so little room to negotiate as everyone is trying to secure a place, but once we hit September, everything tends to slow down a little. When there is not as much competition, then you have a little bit of leverage to ask for rental reduction and be successful. Remember even a $100.00 monthly reduction is $1,200.00 in a year!

Understanding that landlords are investors; this means they want to reduce their risk. If you have some of the below criteria in your application, it will benefit you and increase your chances. 1. High Credit Score: 800+ shows that you are responsible and know how to manage finances. 2. Immediate move-in: I tell my investors that having the home off the market for another month is actually reducing their net monthly profitability. 3. Longer leases: Same theory as number 2. The longer you are willing to lease, the less vacancy time plus less costs to get the home market ready. 4. Government Employee (additional points for the military): I know the government will keep paying you even if there is shutdown.

Pretty sure this is everywhere, but a lease is not finalized until you receive a signed copy by both parties. You need to keep your lease and refer to it. Additionally, when you are moving into the home for the move-in inspection; use your cell phone and take video and photos of the house. I always recommend doing a video of everything in the home just so you can always refer back to it. I have come across some horrible property management companies that will nickel and dime you when you move out. With technology today, you really do not have an excuse to record the home upon move-in to protect yourself!

To achieve the best outcomes, it is crucial to engage the services of a highly skilled commercial real estate broker/advisor. It is important to ensure that your advisor possesses extensive knowledge of the market, has successfully completed numerous transactions within the market, and is actively involved in ongoing market activities. To negotiate more favorable rent concessions, your advisor should have a good understanding of the landlords' preferences and constraints, as some landlords may have specific investment criteria that limit their flexibility in offering certain concessions. However, there are always creative strategies available to accomplish both of these objectives if you are engaged with best advisor.

Work with an expert commercial real estate broker that specializes in the asset class your property is in. Too many brokers are generalists or cross over to the "asset class du jour". Experts stay in their lane and their clients benefit because of it.

Once you have your lease, remember, negotiations do not just end right there. What if you want to continue to stay after the initial term? You will then have to renegotiate the new price (depending on your state). It is best practice to be an amazing tenant. When there is a leak, call the landlord and let them know so it can be repaired quickly. If you manage to clog the toilet though, it really is not the landlord's problem and the tenant should resolve it. Remember, if you plan on extending the lease, the landlord has a lot more leverage in the terms because of the hassle, time, and cost to relocated to another home. Think about the future while living in the present!