Once you’ve found the perfect suite to rent a critical question must be answered: Do you want to fork out the cash that the Landlord is asking?
You may be able to bargain and this ability may hinge on a surprising factor: Time.
Time can make the difference between having to leave a cash deposit to hold your spot on the waiting list and negotiating for a free month’s rent or some other favorable concession.
What many renters don’t know (but all Landlords do know) is that the signing of the lease is actually the end of negotiating a deal. Until that paper is signed there is room for both parties to maneuver.
If you’re a renter and looking for the best deal you should be aware that the biggest single factor that will change your ability to bargain is time. Therefore it is to the renter’s advantage to be aware of the timing of the rental market.
For example, if the suite the renter is looking at is beside a University you can rest assured that the Landlord wants the lease to start Sept 1 and run to Aug 31st. In July you can forget about negotiating any differently. The Landlord knows there are plenty of other students waiting to take the place. Like it. Leave a deposit. It’s that simple.
BUT the exact same Landlord with the exact same suite will be much more likely to negotiate with you on YOUR terms if it is Mid November. They will do anything to get back to their ideal Sept 1 - Aug 31 yearly lease and are willing to take a bit less money to get back to it. If you know this is the preferred situation you may even agree to take the property till September but at a reduced monthly fee. You may even be able to walk away from the table and have them call you if you play your cards right.
Here are a few things to consider when you attempt to understand what affects the timing of the real estate market you are interested in.
>Is it close to a school? (Elementary to post secondary - they all run on on a September to August schedule.)
>Is it close to a hospital (Landlords here may not need to negotiate as they know there may be sick people needing to rent a suite throughout the year.)
>Is it close to major construction? (Projects that may take several years to complete usually draw tradesmen from other cities and even provinces that need a place to rent.)
These are but a few examples, but they give you an idea of what to look for.
So look around. Try to get a sense for what the timing of the rental environment is. What are they close to that would influence who else would want their suite. You can also look up vacancy rates. The higher they are the more a Landlord will negotiate. (Or call a company like Hopestreet that deals with rental properties all the time to find out about the market.)
You can get a pretty good idea of what the Landlord is thinking by considering the timing of the deal. And always remember: before you sign the lease is your only chance to negotiate so don’t let the timing slip you by.
Steve Bleile is a writer and real estate expert. He consults for Hope Street Real Estate Corp, a team of customer focused
Calgary Real Estate Managers . The firm provides rental homes to thousands of individuals and families in a variety of sectors ranging from starter homes to executive mansions.
