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I'm looking to rent soon - 2-3br on UWS in the 7k-12k range. It's been a while since I've done this. Are most units going for asking price these days or is there usually room to negotiate? Last time I rented, it was 2008 and I was able to negotiate 10% off asking price and half the broker's fee. I'm guessing this is not possible these days. Thoughts?
Come on, negotiating for a $84K - $144K annual rental and you think there's no room for negotiation? How do you even have that much money to spend on housing if you aren't the type who can negotiate ... inheritance?
By the way, big difference between $7K and $12K
one of your most brilliant comments. how big a difference is there?
oh come on columbiacounty, pull out your old 10 key and figure it out yourself
Yes, there is a large range, which reflects the fact that I could do either a 2br or a 3br. I'm certainly willing to spend less, but haven't seen anything yet that I like for less. Hunter, I'd love to hear that there is plenty of room for negotiation - has that been your experience?
Remember, an apartment unrented for a month is a wasted asset for the owner. Think about what you bring to the table ... rent now, reliable tenant, good credit, will pass the board, possible long-term lease, etc. etc.
Hunter, that makes a lot of sense, and back in 2008 I used that to my advantage. But I've been watching how quickly rentals are going these days and it seems like I'll probably have much less leverage given what seems to me like much higher demand.
Also, I used to be under the impression that a longer lease was advantageous to the landlord, but nowadays, it seems like brokers are trying to block long term leases due to their inability to collect on frequent broker's fees. Do you find that to be true as well?
more brilliant insight. how about your take on a hotel room or an airplane seat?
bem, I'm not a broker so I can't answer those questions specifically, but you are talking about a $100K contract. Negotiate. It's expected, and it's only to your benefit. Even if you get nothing from the negotiation with a specific party, you won't lose anything by attempting a negotiation.
If on a $12K apartment you offer $9K, and they reject that, even if the owner won't budge, there's a broker who has got to be thinking about how to make money on someone spending north of $100K a year and find you something of good quality at a good rate.
By the way bem, if you are willing to commute a little, you could buy an entire barn in Columbia County for $12K, with an ensuite outhouse.
do you have a link?
oh, Mister Columbiacounty to the rescue of Columbia County. How fitting.
There is a lot to negotiate like Hunter said. Especially for the amount of money on the table.
Also, you can negotiate with your broker. Tell them the most you will pay (one month or less), watch one of them jump.
Here is a smart broker...
04/15/2012 Listed by Magnolia J. Ocampo, Licensed Real Estate Broker at $12,000.
04/24/2012 Price decreased by 8% to $11,000.
05/02/2012 Price decreased by 5% to $10,500.
05/16/2012 Price decreased by 5% to $10,000.
05/23/2012 Price increased by 20% to $12,000.
05/23/2012 Previously Listed by Fenwick Keats Real Estate at $10,000.
What did we learn?
The apartment was off not rented for a full month and during that time it dropped 3 times in price until it raised back to 12,000.00 5 days ago.
So a month of rental income lost but nothing was learned by the broker. Start back at 12,000.00 hope for the best.
I am sure you can get the apartment/townhouse for under $10,000.00.
***Sorry this is an August 1 apartment, I thought it was immediate occp.
Consigliere, fucking brilliant. Base your housing hunt entirely on whether some agent will discount the commission. Dont concern yourselftl with quality at all.
Easy to say when you dont have to live there.
What does living there have to do with the negotiation? Also read slower...(here is what I said)
"There is a lot to negotiate like Hunter said. Especially for the amount of money on the table.
Also, you can negotiate with your broker. Tell them the most you will pay (one month or less), watch one of them jump."
I was adding to what Hunter said. I don't need to repeat it.
Thanks for the fucking brilliant comment.
Jim believes that the brokerage commission is non-negotiable.
23 minutes ago
ignore this person
Jim believes that the brokerage commission is non-negotiable.
That isn't entirely accurate. In this case however, someone who has a budget like to OP can certainly afford to pay the entire full commission. Also, I always use the availability of the product as a guideline when I negotiate. Lastly, I will not negotiate until I have all of the required application paperwork required to make the transaction happen. I'm happy to work with a client who is serious about a specific unit, within reason.
Hey bem9, I'm a broker (technically salesperson - broker is the company). What's been mentioned here is good food for thought, but remember, in the summer market the biggest variable is speed. Thousands of recent graduates are moving to the city for their first jobs, and they are looking for the exact same living situation you've described, and at the exact same time.
Theoretically rents are negotiable, but in the time you submit an offer even 5% below asking, someone will have already swooped in and signed the lease at full price. Definitely submit a lower offer, just make sure you're willing to lose that apartment if the property owner gets a better one. And yup, the broker fees are negotiable.
wow!! what drama in the comment section, you can make a movie our of this,,, LOL. I have a 1300SF 2br/2ba renovated corner unit in a doorman building on the UES for $5,500 with one month broker fee if you are intrested call Ron 917-528-1199.
splain it please!The category is "No fee apartments" but in the info section it lists "Brokers protected"? Brokers are sending/taking us to "No fee apartments". sooo please explain. If the apt. is no fee does the owner pay the fee or do you pay the fee?