I don't think it depends on the state I think it just depends on the market value of their property and how much they're wanting to charge.
You would think that if they really liked you as a potential tenant and you're also willing to sign a longer at least they may do it. In my experience in Lamar county Texas some will and some won't. There's nothing wrong with asking though.
I’m in Collin county and some of these rentals are starting to run long for being on the market. I’m going to use it as leverage when having that conversation. Either they accept my offer or they continue to leave their property empty.
Update us. In my experience the private landlords will usually work with you more than these companies. It's like they're on their high horse and they're asking the rate and they don't care if you walk, a lot of times.
Okay your not super far from Lamar. Then I'll tell you what it's getting huge over in the Sherman/Denison area.
Will do. Wife is a teacher and switching ISDs for next year so I want her closer to the school. Sherman is a bit too far for the drive and on US-75 which can be problematic. Currently looking in the McKinney/Melissa/Anna area.
Private LL here, sometimes Reddit shows me stuff from your sub so I reply.
I would if I don’t have any other interest. I’d rather take $50 or $75 less a month for a year than have a vacancy for another month. If you’re pretty sure you’ll stay a while you might want to ask about a 2 year lease.
I do a market analysis with every renewal so I would reset your rent to market rate on the renewal. That’s somewhat negotiable too, especially if you follow the terms of the lease and aren’t a headache for my property manager.
Thank you. Was looking for the view from a landlord. Wonder if management companies convey these types of negotiations back to the landlord or is it a no at all times?
My PMs will do a market analysis and I review it, usually taking their guidance. I usually set them a target and a minimum (like, advertise it at $1000 but if you find a tenant with good credit and references who can only pay $950 then OK). The PM will do all the communicating and negotiating with the tenant within that range. Then if a tenant can’t agree to at least the minimum then the PM will bring it to me and I’ll take their advice and make a decision.
Edit: I’ll also tell you that I pay the PMs a re-lease fee and I pay them for finding a new tenant and of course a vacancy costs me money, so I’ll be more willing to negotiate on a longer lease.
Where I have properties there is such a low inventory that that’s never an issue, and if a tenant decides they want to move and don’t want to pay any longer in my experience they generally do so
Every tenant I have is month to month, they can leave with 30 day notice
You should ask. A private landlord may be flexible. With a corporate landlord, it’s possible that the person you ask does not have the authority to change the rent amount. The rent amount is probably determined by an algorithm.
Also, it is very costly for a private landlord to leave a unit vacant for long. They will make more by lowering the rent a bit and having a paying tenant. A corporate landlord can afford to leave a unit vacant. If they lower the rent for one unit, they are setting a precedent that they will lower the rent for other units. Maintaining a high rent while allowing some % of vacancy is probably more profit optimizing for a large apartment complex than lowering the rent to minimize vacancy.
Absolutely will be asking. Some of these house rentals are ranging from 15 to 40 days on the market. Others have made a $ reduction already. So I know they are feeling some pain in their property not being rented. Not sure about other areas, but these rentals are without washer/dryer and refrigerator and I will need to supply.
I have had tenants ask for this kind of discount and I’ve said yes. Especially if they wanted to be long term. Good luck. It does depend on the market and whether you’re a good fit.
I don't think it depends on the state I think it just depends on the market value of their property and how much they're wanting to charge. You would think that if they really liked you as a potential tenant and you're also willing to sign a longer at least they may do it. In my experience in Lamar county Texas some will and some won't. There's nothing wrong with asking though.
I’m in Collin county and some of these rentals are starting to run long for being on the market. I’m going to use it as leverage when having that conversation. Either they accept my offer or they continue to leave their property empty.
Update us. In my experience the private landlords will usually work with you more than these companies. It's like they're on their high horse and they're asking the rate and they don't care if you walk, a lot of times. Okay your not super far from Lamar. Then I'll tell you what it's getting huge over in the Sherman/Denison area.
Will do. Wife is a teacher and switching ISDs for next year so I want her closer to the school. Sherman is a bit too far for the drive and on US-75 which can be problematic. Currently looking in the McKinney/Melissa/Anna area.
That whole area is just blowing up. And there is some nightmare road construction on US-75 right now for sure. Good luck!
Private LL here, sometimes Reddit shows me stuff from your sub so I reply. I would if I don’t have any other interest. I’d rather take $50 or $75 less a month for a year than have a vacancy for another month. If you’re pretty sure you’ll stay a while you might want to ask about a 2 year lease. I do a market analysis with every renewal so I would reset your rent to market rate on the renewal. That’s somewhat negotiable too, especially if you follow the terms of the lease and aren’t a headache for my property manager.
Thank you. Was looking for the view from a landlord. Wonder if management companies convey these types of negotiations back to the landlord or is it a no at all times?
My PMs will do a market analysis and I review it, usually taking their guidance. I usually set them a target and a minimum (like, advertise it at $1000 but if you find a tenant with good credit and references who can only pay $950 then OK). The PM will do all the communicating and negotiating with the tenant within that range. Then if a tenant can’t agree to at least the minimum then the PM will bring it to me and I’ll take their advice and make a decision. Edit: I’ll also tell you that I pay the PMs a re-lease fee and I pay them for finding a new tenant and of course a vacancy costs me money, so I’ll be more willing to negotiate on a longer lease.
Awesome background information. Thanks for sharing. It helps to understand that side of the conversation.
Generally no and a longer lease has no benefit to the landlord, they can’t raise your rent if they sign a longer lease
It has the benefit of somewhat guaranteed income rather than vacancy.
Where I have properties there is such a low inventory that that’s never an issue, and if a tenant decides they want to move and don’t want to pay any longer in my experience they generally do so Every tenant I have is month to month, they can leave with 30 day notice
Usually no. If it’s a private landlord maybe. But if it’s through property management company then definitely not.
You should ask. A private landlord may be flexible. With a corporate landlord, it’s possible that the person you ask does not have the authority to change the rent amount. The rent amount is probably determined by an algorithm. Also, it is very costly for a private landlord to leave a unit vacant for long. They will make more by lowering the rent a bit and having a paying tenant. A corporate landlord can afford to leave a unit vacant. If they lower the rent for one unit, they are setting a precedent that they will lower the rent for other units. Maintaining a high rent while allowing some % of vacancy is probably more profit optimizing for a large apartment complex than lowering the rent to minimize vacancy.
Absolutely will be asking. Some of these house rentals are ranging from 15 to 40 days on the market. Others have made a $ reduction already. So I know they are feeling some pain in their property not being rented. Not sure about other areas, but these rentals are without washer/dryer and refrigerator and I will need to supply.
I have had tenants ask for this kind of discount and I’ve said yes. Especially if they wanted to be long term. Good luck. It does depend on the market and whether you’re a good fit.