Renters Can Score Great Deals If They’re Smart, Here’s How

Good deals are to be had

During the past couple of years, we saw landlords at the ready to make concessions of every kind as they battled high vacancy rates in the worst economic downturn since the Great Depression. Today, things are changing. We are seeing more markets rebound with decreases in vacancy rates and increases in effective rents making it tougher to find a great deal, especially in areas where demand outweighs supply.

Getting what you need and want from an apartment negotiation can be tricky business. With that in mind, here are my best tips to help you land a great deal on your next apartment.

1.) The best way to start a lease negotiation for a new apartment or a renewal negotiation is to do some research. Gathering information is a critical first step that will inform you about what’s going on in your neighborhood’s rental market.? This is as easy as going online to an internet listing site like Rent.com (an eBay company) to compare rental prices, availability and amenities of different properties. By collecting information specific to your local market you will get a better idea of what is considered to be a fair rental price, make informed choices about what’s important to you, understand the trade-offs you may need to make and ultimately minimize the stress of rental negotiations.

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2.) The key to any successful negotiation is to know what’s really important to you and what you’re willing to pay in order to get just that. In addition to really understanding your budget for an apartment, you must be able to clearly communicate your interests to the property owner.? Start by making a list of what you like and don’t like about your current living situation and what you are really looking for in your next home. If you’re feeling cost-conscious these days, take the time to really break down your ‘must-haves’ from your ‘nice-to-haves’. ?In a rental market where inventory is tight and you’re on a strict budget, you may find that there is less room for negotiation around your ‘nice-to-haves’.? However, if you’re looking in a market where there is more rental supply than demand, you might have more opportunity to negotiate some of those extras that you want.Be open and share your list of ‘must-haves’ and ‘nice-to-haves’ with prospective landlords so that they can help you find the right apartment at the right price. There is always a chance the landlord may have other rentals available if the one you are looking at isn’t a good fit, especially if the building or neighborhood it’s in has a lot of vacant apartments. If the landlord knows what you are looking for and what’s most important to you they just might lead you to something you might not otherwise have considered.

• Landlords are often times trying to lease a specific type of rental unit, so it can be beneficial to stay open to new ideas and living situations that you haven’t previously considered. For example, with the economy driving a good deal of shared living situations, your potential landlord might be willing to make a better deal on a one-bedroom versus a two-bedroom unit. If you are trying to negotiate lower rent or other perks be flexible while remembering your priorities. Offering to sign for a longer lease term such as 15-18 months versus 12 months is a good tactic to negotiate with as this helps the landlord to secure tenancy, reduce the costs associated with turning the apartment if you move out and filling your vacancy.?A longer lease gives landlords some security and peace of mind, so consider offering this if it will grant you a lower monthly rental price.
• Make sure that you represent yourself well.? Being a good neighbor and tenant can make all the difference. Being polite and professional is the best way to develop a relationship with a prospective landlord and to create a successful rental negotiation for both sides. Never bluff or strong arm a landlord in a negotiation as this could?backfire and?create tension, or worse, leave you homeless if you are negotiating a renewal.

My last piece of advice for negotiating a cost-effective lease is to take your time and really look around at all of the options. Renters who dedicate a longer period of time to search for and visit rental properties are more likely to find just what they are looking for – and at a price that works with their budget. Taking more time to search allowed you to be able to compare more properties and gather more information to inform your rental negotiation.

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China And India Eat Our Lunch Because They’re Smart And Ambitious

Deng Xiaoping & Jimmy Carter

“You know, my friends and relatives in the states still believe that the U.S. is the greatest place in the world,” explained an American in Melbourne, Australia. “They think the rest of the world is full of poor people who can’t wait to emigrate to the U.S. They need to get out more.”

So we get out. We open our eyes. We look around, and what do we see? We see a whole world full of people who are hustling and bustling, schlepping and trying to gain an advantage, each looking for a way to get richer, faster.

The motivations all over the world are about the same. People generally want wealth, power and status and they want to get it in the easiest possible way but it can mean different things to different people.? They go about it differently too. In the mature economies, they look for subsidies and angles. Tax breaks. Bailouts. Boondoggles. Sinecures.

“We have plenty of corruption here in India, too,” a colleague noted. “But most people know they can’t get much from the government. They have no choice. They have to start a business or get a job.”

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Nothing stands still. A few years ago, the Russians, the Indians and the Chinese were all very helpfully sitting on the sidelines. With their goofy theories and their counterproductive policies, they posed no competition. Americans found it easy to feel superior. Half the world had tied its hands behind its back.

But in the ’70s and ’80s, things began to change. “To get rich is glorious,” said Deng Xiaoping. “Perestroika,” said Gorbachev. And now they’re all at it. Indians, Brazilians, Turks, Indonesians. They all have faster growth rates and much less debt than the developed countries. China and Turkey are both growing about five times faster than the U.S. India, Brazil and a dozen other countries aren’t far behind.

The latest test scores show Chinese math students in Shanghai far ahead of Americans. And the latest reports tell us Chinese trains are setting records for speed at 300 mph.

Nothing is off limits. No industry is safe. Nobody can expect a free lunch forever.

In India, we rode in a Nano, the car Tata Motors is selling for $2,500. It was a little loud…but surprisingly spacious and comfortable. For getting around town, it seems perfectly adequate. And soon it will be available in the US. How will Detroit compete with these guys on the low end? And on the high end, there’s plenty of competition too from Japan and Germany.

Isn’t Germany a mature economy? Well, yes and no. Germany’s factories and infrastructure were flattened in WWII. It had to rebuild from the bottom up. Its post-war government was completely new. Its currency just came out less than 10 years ago. Besides that, a large piece of present-day Germany lived under the heel of the Soviets for 45 years. They had a close-hand look at what central planning can do to an economy.

America’s government, meanwhile, has been in business since 1776. Its economy has been the biggest in the world for the last 110 years. It was the only major combatant in WWII to come out the other end with its wartime plant and equipment intact. It has had the world’s richest people and the most gold for many years.

“Nothing fails like success,” is one of our Daily Reckoning dicta. Will it fail now, or later? We don’t know. Readers are urged to get out more and draw their own conclusions.

Worlds Apart: A Firsthand Look at Emerging Market Growth by Bill Bonner originally appeared in the Daily Reckoning.

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