Real estate mogul Barbara Corcoran was on the "Today" show Tuesday, speaking with Meredith Vieira about why now is an ideal time to rent a home or apartment.
As the home sales market continues to soften, rental prices are falling dramatically. This has placed tenants in a strong bargaining position.
You can ask landlords "for whatever you want," Corcoran advises. Among the perks she suggests asking for:
- One to two months of free rent
- Flexible lease terms, including a month-to-month arrangement or an extended lease of two to three years
- A signing bonus that could include, for example, a $300 fee or a free refrigerator
- An apartment upgrade, including a better view or higher quality appliances
- Free amenities, such as a parking spot or gym membership
Corcoran advises that landlords of newer buildings are especially vulnerable to negotiating down rents because many of them are sitting with 20% to 30% of their units empty. She also advises tenants not wait until their lease is about to expire before approaching their landlord.
"I hate this market," said Corcoran, who herself is a landlord and is making concessions to tenants.
Corcoran's tips echo those included in a New York Times article on Sunday.