Every newspaper we open and every blog we read all seem to have an underlying theme; the recession. Writers everywhere are talking about the terrible impacts the economy has had on everyone. Some of these impacts include the housing market crash, loss of jobs, declining stocks and more.
I do not want to deny the current situation we are in as it’s effected many people. I do, however, want to look for a brighter side of things for everyone.
The economy has impacted almost every industry, including the multifamily industry. This means property managers are competing more for your business by lowering prices and offering more. Property managers are trying to avoid losing additional money by having you fill their vacancies.
Since properties are competing for your business, this allows residents a smaller ability to negotiate to better fit their needs. Before you can begin, thoroughly research all apartments within an area. A simple way to do this is through an Internet Listing Service (ILS) as they have thousands of apartments posted for you to browse.
During your research, keep track of apartment specifics like number of bedrooms, amenities, and square footage in order to compare other apartment communities accurately. When walking-through an apartment, keep a notebook to take detailed notes for future reference. The information you compile can be tracked using an Excel spreadsheet.
Also, take time to search apartments that are slightly more expensive. It may seem like an odd suggestion, but often leasing agents are willing to work with you. Review your notes and comparisons to determine any differences between apartments that are slightly more expensive.
If there aren’t any large differences, talk with the leasing agent of the more expensive apartment community. Tactfully bring up similarities of neighboring communities, while letting them know your situation and need for a lower cost. Often, agents will discuss and negotiate to meet your needs.
Also, be aware the property managers are looking for stable residents. By expressing your desire to rent for a few years, property managers might be more willing to negotiate than if you are only staying for a few months. And remember, above all, be honest and enjoy one of the small benefits of living in a down economy.
Author Henery Drake is available to help you if you are trying to find Lowell MA Apartments. If Massachusetts is where you are moving, look into the lowell apartments, it may be the last place you look.