Short-term leases are less common than long-term leases, and they can often be more flexible, too. This means there can be room for negotiation in some circumstances. Whether you are traveling for business or pleasure, need an apartment while you are building or buying a home, or simply looking to live somewhere temporarily in between longer-term leases, it is to your advantage, as a renter, to negotiate a short-term lease rather than simply accept terms and conditions without advocating for yourself. You may be able to strike a compromise with a landlord for a short-term lease option that meets everyone’s needs.
These are a few things to ask yourself when negotiating a short-term lease:
Are your dates flexible?
You might be able to save money if you are able to plan your travel (or other need for short-term leasing) around the slow season of the place where you are looking for a short-term lease. If you have a specific property in mind, reach out to the landlord or property manager to ask about off-season rates.
Can you pay for it all up front?
Sometimes another way you can negotiate a short-term lease in your favor is to offer to pay for the entire rental period up front, rather than in increments throughout your stay. This can help your landlord feel confident that you can afford to live there. If you need to pay monthly, be sure that you make at least 3 times the amount of your rent each month.
Do you have strong references?
If you make a good impression on your short-term lease application, you will be able to negotiate a short-term lease more effectively. Be sure to include good references from all of your landlords, so that your prospective landlord will know that you have been a good tenant over the years. Include accurate dates of prior rentals as well as current contact information for those property managers. And don’t forget that a good credit score helps too!
Have you done your research?
Before falling in love with the first property available for short-term lease that you view, do your research to be sure you’re aware of all of the currently available options. Conduct adequate research to compare other properties and their rates for the term you are seeking. If you take the time to research lease lengths and rental rates in your market, you will be able to negotiate with the landlord of a property you might desire that is listed for a higher than average price. Also, a property manager is likely to be impressed by the effort you’ve put into researching the property “comps,” which will help you showcase yourself as a prospective tenant to your advantage.
Have you asked yourself these questions, but still have a few more? Arkansas Suites is ready to help you find short-term lease options for whatever you may need, from business or pleasure travel, to extended stay for work, school, or other reasons. Contact us to learn more.