Rental Market Real Estate Tips From Barbara Corcoran (VIDEO)
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.