The guest post was contributed by Megan Sullivan is a stay-at-home mother of two in San Diego. In her free time, she volunteers at a local church, jogs, swims, spends time with her family and writes about her life. Megan’s proud to say that she’s happily married to her husband of 15 years, Jack.
The housing boom has hit different sectors of the market with varying levels of demand. Cities like Los Angeles, San Francisco, Chicago and New York saw their rental rates skyrocket as they became the hubs of activity. Even historically lower-rent districts in places like Oklahoma and Houston saw jumps in what people paid for a roof over their heads.
If that’s got you wondering whether you could save a few dollars on rent, the answer might surprise you. Home ownership might be a seller’s market, but rentals are for renters and if you are willing to make some adjustments you can find some great deals.
Research Local Rents
The first thing you should do is arm yourself with market knowledge. Shop sites like Craigslist, Zillow and Apartments.com to find rents with amenities and square footage listed. Armed with this knowledge, you’re free to choose the best rental from there. You can go directly to the landlord and show him or her your figures and negotiate from there. Remember to keep a cool head and be willing to walk out of the negotiation to get what you want.
Negotiate with a Landlord
Negotiation is an option only if you know the going rates in your area. You can’t just ask for a lower rate without making any concessions, so offer to sign a longer lease at the lower rate. It gives the landlord assurance you won’t bail and if you pay your rent on-time you can renegotiate further savings down the road.
As a new tenant, you’ll need to sell yourself. Having great credit will help, which we’ll examine in a moment, but you can use recommendations letters from your employer or from previous renters to bolster your case. Remember, you’re a great tenant who makes rent payments on time. Also ask about RAD and section 8 housing, which allows those in lower income brackets to live in a quality apartment subsidized by the FHA. You don’t want to come off as “holier than thou,” more like an informed consumer.
Use Space Conservatively
In cities like New York and Chicago, space is a commodity and you’ll need to work within certain boundaries to get what you want. Storage solutions help, so things like external cupboards and drawers are quite useful. Storage under your bed, even small plastic containers that you clasp open and shut, can hold clothes or tools.
Consumers Digest notes that particle board has received an upgrade and makes for a fashionable solution for closet storage that is far less expensive than building a wooden cupboard.
Expand the Search
Before you rush into a rental situation, take time to research the market and figure out what’s really best for your family. You may find that owning a home is better than renting. In these situations, it might benefit you to downgrade your living space and store your belongings while you shop for a home. As a last resort, try a surrounding area near where you want to live. In a city like Los Angeles, where the area is divided into many suburbs, you can choose one near your work quite easily. Remember too that the storage units Chicago and New York-sized cities have to offer will likely be close to a metro line.
Have Great Credit
Great credit is almost always the base for a strong negotiating stance. With great credit, you’re in the position to rent anywhere you want. That gives you an advantage in the renter’s market because the landlord wants more tenants like you.
Building credit back up from poor status involves calling your creditors and working out a payment plan. They almost always want payments in lump sums, but if you can get them to take a three or five month payment structure you will raise your credit without breaking the bank. If you’re looking to start building credit look to services like WilliamPaid, which allow you to pay your rent online while building your credit history.
