BrickUnderground

For the past nine months, I’ve worked as an on-site leasing agent for a major Manhattan landlord. Every day people come through my office in various stages of frustration, looking for a suitable place to call home. Having sat on both sides of the table--I personally have rented three apartments in three years, so I understand what a colossal pain finding a place in Manhattan is--I’ve learned a thing or two about how to go about securing the best apartment on the best terms. 

The on-site leasing agent at a rental building represents the landlord, not you

Because he or she works for the landlord, not you, an on-site agent is not going to volunteer all of the information at their disposal. For example, if you come in to my office looking for a one-bedroom apartment and I have 10 one-bedroom vacancies, I am only going to tell you about two. Maybe three if I’m feeling generous. This is because landlords don’t want prospective tenants to know how many availabilities they have because it decreases their bargaining power and undermines your sense of urgency. If I show you three apartments and you like one of them, you’re going to feel more compelled to put in an application on the spot than if I had rattled off all 10 choices to you. That’s why it’s important that you explain clearly what your apartment priorities are so that I pick the right two or three apartments to tell you about.

Extras & price reductions only come to those who ask

Because I represent the landlord, it’s up to you to try to secure the best possible deal. There may be some negotiability or extras available, but I’m not going to offer unless you ask, so always ask.

For instance, you could always ask if there is room in the price and if the landlord will hear offers. Ask how long the unit has been on the market (though if it has been sitting you may not get a truthful answer). If a unit has been vacant for several months the landlord may be much more negotiable on the price than on a unit that has just come up, even though there may be no discrepancy in the quality of the apartments. The landlord I work for, while sometimes firm on pricing, will generally accept $100 off the monthly asking rent. We had a unit on the market for several months and they ended up accepting an offer at a full $1,200 below the $7,000 monthly asking price, just to get someone in there.

If they’re not willing to budge on the price, it’s possible there may be other ways to sweeten the deal. Many rental buildings have health club or pool facilities available at an additional charge. Ask to see if they’ll throw them in. The worst they can say is no.

I’d be remiss if I didn’t mention that this kind of strategy can backfire in a hot rental market, so be sensitive to the environment that you’re in. If you try to nickel and dime the landlord too aggressively, you may be viewed as an undesirable tenant and be less likely to accept your offer. This applies especially to small landlords, where emotions may come into play more.

However, if you’re negotiating for an apartment through a large landlord’s leasing agent they’ll generally be willing to rent to you if you hit their bottom line (and their income and credit requirements). The rental market has definitely tightened since last year, but I predict deals will persist at least until the market revs up again in the spring so go for every dollar while you still can.      more