Market Value

• It is a mistake to assume that lease rates are static once set by the landlord or property manager. Although the property manager or landlord sets the final rent rate, these real estate professionals are driven primarily by general market value. If they see other similar properties at a given price, they typically try to stay within $100 to $200 of the average rate to stay competitive. They can change rent rates frequently and generally are willing to negotiate a rate that is within the typical market range.
  
  

Lack of Negotiation

• Although every person has the chance to negotiate their lease, most people don't. Instead, they treat the advertised property price as final, sometimes asking what specials such as a discounted security deposit the landlord or property manager can give. They then compare the quoted price, along with specials, to determine the "best" rate they can receive.
  
  

The Chain of Command

• Generally, you'll fare better in negotiating a lease if you are dealing directly with the property owner. This isn't always possible in large complexes, which are usually overseen by property management companies. Often, if you negotiate, you have to go through a chain of command---the property manager, for example, may need to check with her supervisor before she can authorize a discounted lease rate or other terms. When you deal with the owner, you don't have this hassle.
  
  

Legal Considerations

• As easy as it is to approach your landlord or property manager about negotiation, you will not have all your requests approved. This isn't just because of the landlord or property manager's financial situation. It also is because the landlord or property manager has to follow Fair Housing laws. By approving a negotiation point, they set a precedent for all other tenants to follow in terms of requests. Landlords and property managers are less likely to approve your negotiation requests if they cannot give other tenants the same provisions.
  
  

Negotiation Points

• The primary point of negotiation in most leases is the lease rate. However, you also can negotiate about waving fees for parking, moving to a different unit in the complex, getting a new amenity like a new dishwasher, or how long the lease will be. Sometimes, the landlord or property manager will agree to these kinds of terms if you are able to provide services in return. For example, if you are an avid gardener, the landlord or property manager may discount your rent in return for you doing some general landscaping work on the property.
  
  

How to Negotiate

• Treat lease negotiation as a professional endeavor. Make an appointment with the landlord or property manager, dress appropriately and come armed with data that supports your requests like quotes and amenities from other properties. Bring a copy of your current lease, if applicable, and print out a list of your requests ahead of time so you don't forget to go over anything. At the end of the negotiation, ask the landlord or property manager to type out a brief synopsis of the new terms. Get a signed and dated copy of this document, and if you already live at the property, have the landlord or property put a copy in your resident file.