If you watch the news, you know most of the country is in the midst of a buyer's market. Inventories are high, homes are staying on the market longer, and sellers are becoming more and more willing to negotiate in order to get their homes sold and move on. Things have been no different in Rochester, although we have experienced it to a lesser degree.
What you may not know is how this affects the rental market. The Wall Street Journal recently published an article describing how an increasing number of renters are seeking price reductions when looking into new rentals. Rather than simply accepting the monthly rent as advertised, they are negotiating much more than they did in past years. Many landlords are choosing to accept a lesser rent to avoid being stuck with vacancies in this weak economy,
The timing for this article couldn't have coincided with my own experiences any better. This past week, two interested parties came through one of my rentals. Both ended up offering $75-100 under the monthly rent. After negotiating on behalf of my client, it appears we are going to be able to make it work with one of them.
Personally, this came as a surprise to me. The two rentals I have listed now are my first two, so this is a new professional arena for me. However, from my personal experience, I didn't even consider haggling when I rented an apartment about four years ago. Maybe I was naive, but I thought monthly rent was set in stone. Obviously it isn't now, if it ever was.
Does this put more pressure on landlords? Sure. But if their rents are reasonable, they shouldn't have any trouble getting tenants. I guess it's just another example of our free market economy at work.
I am proud to help buyers and sellers in the Greater Rochester, New York area find the homes of their dreams. If you are considering purchasing or selling a home in the Rochester area, don't hesitate to contact me. I pride myself in providing the best possible service for my clients!
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Contact:
Kristen Wahl
Realtor
(585) 455-5524
KWahl@RealtyUSA.com
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