How Tenants Can Benefit From Custom Offers

You should be the least observant human being in the world not to notice that rental market is getting increasingly tight over the years. People no longer dream of settling in one place and staying there no matter what. They value mobility and flexibility, that’s why the rental industry is booming.

And along with global trends come smaller ones – tiny yet significant changes that impact not only global statistics of the housing market, but also lives of ordinary people. Today we’re pleased to shed light on the issue of custom offers – a controversial rental trend that’s been a talk of the town for the last few years.

We’re planning to debunk the myth that custom offers make rental prices beast off like crazy. So accept apologies if you used to find relief in criticizing this idea. Chances are good that by the end of the article you’ll start seeing the brighter side.

What is a custom offer?

Although in nearly all cases landlords are very specific about how much money they want for their rental properties, it doesn’t mean there is no room for negotiations. Under certain circumstances, it might be a wise idea to offer slightly more or less. And when you do this, you make a custom offer.

When should I make one?

There’re plenty of situations when making a custom offer might help. But usually, it’s one or a combination of the following:

• A rental property is obviously overpriced – offer less
• A property has been vacant for too long – offer less
• You’ve got a great credit score and perfect application – offer less
• You can afford to pay for a year in advance – offer less
• It’s your dream home, and you want it for any price – offer more
• You’re applying with a low credit score – offer more

How does it work on Rentberry?

When you apply for a property via Rentberry, you can adjust the recommended monthly rent and security deposit. This way, tenants get a chance to negotiate the terms and win a better deal.

One of the greatest things about custom offers on Rentberry is that tenants see the demand for a property they like, so they can make an educated proposition. This way, we remove all the guesswork and ensure transparency of the process. Check out how the whole process works.

What are the benefits of custom offers?

• It saves you money if you’re applying during a low season
• It adds extra points to your application if for some reason it’s not perfect
• It increases your chances of getting a dream home even if the demand is high
• It makes your rental experience transparent
• It ensures you’re renting at a fair market price

I heard that custom offers encourage bidding wars. Is that true?

Yes, but only if these offers are made secretly. Here at Rentberry, the whole process is transparent. This means you can see how much other tenants are willing to pay and adjust your offer based on this information.

It sounds good, but I need examples.

Fair enough. By a good chance, we’ve got success stories that can make great case studies. Here are some real situations to prove the efficiency of custom offers approach.

Scenario 1

Ann and Bob are two applicants fighting to be chosen by a landlord. At first glance, Bob’s application is way stronger: he has a stable job with a high salary, he is free from criminal records, and his credit score is 750. Ann, in her turn, is a recent university grad, who has just received her first job offer. Her credit history is short, and her credit score is only 680.

It seems like Bob is winning in all parameters, but Ann evaluates her chances and indicates that she’s ready to pay $75 more for her monthly rent.

Outcome: Landlord is blinded by the sparkle of Bob’s application, but his major concern is money, so he accepts the application of Ann. Both Ann and her landlord are content with the deal.

Scenario 2

Helen is planning to move to NYC. She starts looking for rental properties well in advance and bookmarks some listings to review them later. She especially likes the one on Green Street, but it costs over $4000/mo, which is beyond her current budget.

When she comes back to the website almost two months later, she notices that one of her bookmarked listings is still vacant. Helen understands it’s exactly the one she loved the most. She realizes that a property has been vacant for too long and assumes that a landlord might agree for a lower price under the circumstances.

Outcome: Helen sends an offer of $3500/mo, and the landlord accepts it. Both parties are good with the deal.

Scenario 3

Liz is a successful business woman in her late 30s. She has a stable income, great recommendations from a current employer and former landlord. Since Liz is great at managing finances, she has never missed a payment (not even once). She has no criminal records, and her credit history shines like a new penny. Needless to say, she’s got a great credit score – it’s 820 out of 850. And most importantly, she’s willing to rent for three years (and it’s clearly stated in her application letter). Liz understands that her application is strong, so she offers a monthly rent of $2,800 instead of $3,200 for a nice apartment in Chicago’s downtown.

Outcome: Her prospective landlord likes the idea of renting out to a perfect tenant, so he accepts her offer almost immediately.

Scenario 4

Rachel is a single woman living with two cats. She’s got a job offer from a West Coast employer, so she’s moving from her hometown and looking for rent. Although she’s choosing among pet-friendly listings, she assumes that other applicants don’t have four-legged friends. To increase her chances of being chosen, Rachel adds $200 to the amount of security deposit.

Outcome: This way, Rachel manages to stand out in a rental application process and gets chosen among a dozen of competitors.

To sum things up

Rental properties are not gold, meaning there is no fixed price regulated on a state level. That’s why negotiation is not only possible, but much desired. And as experience confirms, negotiations is key to better deals. Here at Rentberry, we believe that technologies allow us to use solutions that would otherwise be out of reach. And we use them to bring transparency to the rental world. And it’s working.

About The Author