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3 Simple Steps for Better Lease Terms

From the time I moved out of my parent’s house in 2001, I was thrown into the world of renting, really with no guidance or help. My parents did not decide on where I should live, what terms I should ask for, or how a lease was written. So I made my fair share of mistakes when finding a rental, but I also have lived in some great houses with friendly landlords for very low prices. So here are my thought on how to secure a great lease when dealing with owners. Please note that this is not valid for property management groups with set policies.

1. Dress up in business casual

Though it is illegal to discriminate when renting, it does not negate the fact that people are prejudice. If two renters with the same credit scores apply, but one applicant is a 45 year old business woman and the other looks like he/she just finished a fifth of vodka, the landlord has an easy choice. Treat a meeting with your potential landlord like an interview for a professional job because most landlords ARE interviewing you. Being professional and respectful presents you as a great tenant, providing you with leverage when negotiating.

2. Find a credible co-signer before applying

Let’s face it, college students and young professionals generally have bad credit. If you know you have bad credit, this hurts your ability to negotiate the terms. And remember, most landlords negotiate lease terms. If you are able to find a great co-signer, the landlord will have to view you as a qualified tenant and possibly be more lenient on the deposit, length of lease, or even price.

3. Always have other options

Much like any purchase, you want to have options to compare and choose from. You wouldn’t buy a new car without going to a couple of car dealerships. Finding a rental is no different. Unless you are looking in San Francisco or New York, you have options and want to explore those options. So start early, give yourself time to research, and use a multitude of resources. The last thing you want is to be time pressed to make a rash decision and chose a sub par rental at a bad price.

What do you guys think? Any other tips for renters when dealing with landlords or looking for a rental?