Please Lease Me: 7 Tips for Renters

The number of renters has swelled nationwide following the collapse of the housing bubble. Some renters face stiffer competition for vacancies and higher rents. All renters who take the time to study the quirks of their particular market will fare better.

Here's what you need to know if you're a renter.

Rent is negotiable, according to Damien Barr, co-founder and CEO of KangaRent.com, a rental brokerage based in Palm Beach Gardens, Fla. Landlords don't always advertise this fact.

"Everything is negotiable, including the rental price," Barr says. "However, it definitely depends on your local market. If your market is turning around listings in 48 hours, the likelihood of getting a lower price is low. On the flip side, if the unit has been on the market for a month with no movement, that's a pretty good indication that you have some negotiating room."

To secure a reduction, Barr advises prospective tenants to show the landlord they're serious about renting by being ready to sign a lease as soon as they agree to the tenant's offer. Tenants trying to persuade their current landlords to reduce rent face a tougher battle because walking away isn't as easy.

But, says Barr, if you can convince your landlord that waiting for another tenant will be costly, you just might be able to knock a few bucks off the monthly bill. Of course, taking that approach can have its risks, and if it backfires, you might end up paying the higher rent or moving.

Renters with pets customarily have had to pay deposits for dogs and cats. Some landlords charge monthly fees for each animal. Pet rent typically runs about $25 per month, but in some markets, renters shell out $100 or more. Still, savvy renters don't pay both fees, says Jennifer Chiongbian, an associate broker with Charles Rutenberg Realty in New York City.

"I would keep looking if the landlords are getting you on both ends," Chiongbian says. "It should be either a deposit or rent, not both."

If the landlord insists on a deposit or rent for the family pet, Chiongbian advises prospective tenants to negotiate. Just keep in mind that the landlord has the upper hand in a tight real estate market and can afford to say no.

"But it doesn't hurt to ask," says Chiongbian, who adds that, "negotiating with a smaller landlord usually has more of a positive outcome."

Security deposits (typically one month's worth of rent or more) have two functions. They protect landlords from tenants who skip out on rent, and pay to repair damage beyond wear and tear. Veteran renters know there's a difference between being entitled to the refund of a security deposit and actually getting it back.

To improve your chances of getting your deposit returned, Chantay Bridges, a real estate specialist with Clear Choice Realty & Associates in Los Angeles, says tenants need to be proactive when moving into and out of an apartment.

"It's a good idea to videotape the apartment before moving in, and take before and after photos," Bridges says.

Renters should also document repairs, upgrades or any changes to the premises while living there. When moving out, renters should insist on a final walk-through with the landlord, and they should have a witness present in case there's a dispute later.

Bridges advises that tenants familiarize themselves with their jurisdiction's rules regarding security deposits because laws vary by state. Make a timely written request for the return of the security deposit.

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