Landlords: What are your experiences of rental applicants asking for lower than your listed rental price?
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Anonymous
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I have an applicant asking for $125/mo below the listed rental price (I'm asking for around $2600/mo which is what the Redfin estimate is). I'm open to the price they asked for since it'd be a 24-month lease. However, I'm wondering if it's an indicator of certain type of personality, e.g. are they likely to be difficult to deal with once they become tenants? That would be a scenario I wouldn't want to deal with.
Please advise. My experience as a landlord is relatively limited (I've had three long-term renters before and none of them had asked for lower price), so I'd appreciate your feedback! |
Anonymous
| How long has it been on the market? I would be inclined to tell them you'll get back to them and look for a full price renter. |
Anonymous
| Lol, no. |
Anonymous
| real estate prices are typically open for negotiation. i don't see a problem. |
Anonymous
| Lots of rentals have been going for less than at least the initial listing these days. Even during the initial tour, some of the agents have made clear there is room to move on the listing price. I just signed a least for $300 less than the current asking, which had already been dropped a couple of times. |
Anonymous
One month (there was another offer but the credit score was too low), which is surprising b/c it took me less time to find a good tenant last year. And I've already cut the price. So with this applicant's offer it'd be $200/mo lower than what last tenant paid. I guess it's not a big deal in the grand scheme of things. But I'm wondering if it's because of the market (with government shutdown and everything)... |
Anonymous
I think the potential tenant is probably choosing between your place and another rental that is less expensive. It’s not a red flag for the tenant’s personality, you’re just overpriced for the current market conditions. |
Anonymous
| I’d ask for something like this and as a renter, I was clean, easygoing, fixed stuff myself when possible, etc. So I would not be concerned about this if everything else seems fine. |
Anonymous
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Here is what I do
Price my rental properties few hundred dollars cheaper than my competitors in the neighborhood. Because, of this potential tenants don’t ask me for a discount. One potential tenant asked me for a discount and I told her I priced it better than most of the properties near by but if I don’t find someone in few weeks I will send you a text. Since I had multiple applications I found full paying tenant. The point is if they are your best option you have take it specially in November not a good time for rental. |
Anonymous
| If it's been on the market for month, it is probably overpriced. Yes, November is slow, but people still need a place to live. I'd be inclined to meet them in the middle and accept. No, I do not think this is indicative of a "difficult" tenant. If anything, he or she may be a better tenant - more conscientious of the property to avoid having you raise rent at the end of the lease. |
Anonymous
| The rental market isn’t doing as well as in the past as there is some oversupply of new construction pushing growth down. |
Anonymous
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I haven't seen this. But I've only been a landlord for two years and the tenants who went in there 2 years ago renewed so fortunately I have not had to list it again. And when we rented it out, there was massive interest (good location, good house, fair price).
Perhaps the rental market is cooling? I admit I'd be leery of someone trying to negotiate price -- like you said, are they going to be difficult? |
Anonymous
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Do they have excellent credit and landlord references?
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Anonymous
| I have negotiated a couple of rental prices and I am an excellent tenant. |
Anonymous
| I would take lower rent from someone that has better credit and income. |