If you’re looking at Minneapolis lofts or condos to rent but think you can’t afford them, you might want to take another look. This is especially true if you have a good credit history. When it comes to finding tenants, landlords have never been more willing to play “Let’s Make a Deal.”
Sitting Pretty
Why would any landlord be willing to make a deal? The reason topping the list is, of course, the economy. With so many people having lost their jobs, finding tenants who can afford the rent on time isn’t easy. Second, many renters are trying to save money by having roommates. Thirdly, because of the marketing slump there are plenty of homeowners renting out their Minneapolis lofts or condos rather than selling them. Lastly, because of the first-time buyer tax credit, many potential renters are becoming homeowners instead.
All of these points add up to a high amount of vacancies, which put landlords in a pickle and have renters sitting pretty.
Taking Steps
Many landlords are trying everything they can to keep their rentals occupied to help pay for the maintenance on their loft. The steps they’ve taken include such things as:
- • Lowering rents
- • Giving a month or two of free rent
- • Lowering deposits
- • Offering upgrades
- • Offering storage and parking at lower rates
- • Relaxing pet policies
- • Allowing more leniency for breaking the lease
Let’s Make a Deal
So what can you do to take advantage of the renting situation? What points can you base your bargain on?
- • Start with a good credit rating. If you have a history of paying on time, you have a chance at negotiation.
- • Pay attention to the average rent in the area. If the rents on the Minneapolis lofts or condos you’re looking at are higher than average, you have a point to negotiate.
- • Look at one-bedroom lofts or condos first, if they will work. Many two- and three- bedroom lofts or are taken by individuals sharing rent and families. There may be a surplus of one-bedroom houses, so you might have a better chance of snagging one of them.
If you’re looking for an affordable place to rent or buy, I can help. Call me at 612.877.1676 or email me at ben@cityoflofts.com for more information
