The weeks straddling mid-November to mid-February are the most dreaded time for landlords in any year, particularly one already marked by greater-than average inventory and depressed prices. Few people look to move in the dead of Winter; with lower traffic comes less demand and decreased price-points. It’s no surprise that 75%+ of leases turn over between April and September in the city. If you are in the market to rent, use this time to your advantage, particularly if the apartment has been on the market for a few months. Your greatest negotiation tools right now:
• A willingness to sign a 16-18 month lease: particularly if you are not sure how much longer you’d stay thereafter, it will allow the lease to expire in prime summer months and likely get the landlord a higher rent. Of course, if you’re looking to settle down in the apartment, allowing the lease to expire during summer months will only mean less bargaining power for your rent increase.
• An immediate move-in: nothing makes a landlord more incentivized than knowing the apartment will come off the market ASAP. If you’re looking to start the lease 3-4 weeks out, the landlord is basically giving you those weeks free and will want to price this into your rent.
• Cash: as has always and will continue to be the case, cash rules … not for every landlord and not in each situation, of course. If you happen to be in the lucky crowd of having extra cash on hand (and it’s not generating great returns) providing a few extra months upfront can help bring the rent down, particularly in this market.
• Preparation: particularly for individual owners (think condos and co-ops) or smaller landlords, the easier you make it for them, the more they’ll be on your side. Have all of your paperwork ready, organized and well presented. Sometimes, it even pays to ask your agent to prepare a little summary on you and your qualifications as part of your application to paint you in the best light and help the owner look beyond just the numbers.
