Lee Morof's Real Estate Blog

Renting is hard. It’s easy to get lost in the length and language of rental agreements, but it’s important not to get discouraged when that happens. Rental agreements are fundamental documents that lay out the details of your tenancy, so when you’re ready to negotiate their terms, give them the attention they deserve with the help of these tips.

Research the Property

Like prepping for a job interview, make sure you know about the property you’re negotiating. Research the market so you know a reasonable price to ask for (and to expect). Read up on comparable properties in your neighborhood so you can use them as references during the rental discussion. There are resources that can help here, including online rent indexes that list comparable prices and vacancies for major cities.

Research the Landlord

As a tenant, you’re in partnership with your landlord, so get to know them. Look at other properties they own to see those rental rates. The more prepared you are (to a reasonable degree but leave off the Facebook stalking), the more comfortable you will be while negotiating. And remember that negotiations are two-sided; so try when you can to consider what both parties will get from the deal. Be ready to compromise.

Read the Contract

It’s worth repeating, even though it sounds obvious. But rental contracts need to be read, and read carefully, so that you know what rights you have as a renter, and what responsibilities are yours (versus your landlord’s). Have a lawyer, or a law-minded friend, read over the contract if possible. And when negotiating changes to an already existing agreement, be sure you write them all down and both you and the landlord initial them, on each copy of the contract. This ensures the changes are legal and binding.

Rent Isn’t The Only Negotiable

Rent isn’t the only element of your tenancy that you can negotiate. If the landlord is unable or unwilling to lower the rent, even after you’ve done your research and asked for a reasonable decrease, you can address other aspects. Look at landscaping, or maintenance of the unit. Perhaps you can do a little yard-work to offset some of your other costs. Think creatively.

Approach your rental agreement negotiation with respect and preparation and you’ll be well on your way to a better contract. If you have any questions or concerns, get in contact with your local real estate agent. They know your neighborhood and will be able to help you negotiate it.

It’s no secret that high-tech homes can provide a more effortless living experience while also being just really, really cool. If you’re looking to up-the-ante and introduce high-tech gadgets into your home, check out our top three smart-home suggestions:

1. Robotic Vacuum Cleaner

Robotic vacuum cleaners are one of our favorite high-tech toys as they can alleviate a significant portion of the burden of your regular household chores. They’re even more beneficial considering the fact that they can also make your home much more comfortable to live in.

Food crumbs, pet fur, and dust bunnies are no match for an iRobot Roomba, which will soon become your own personal home-cleaning minion. Your house will feel cleaner and look more pristine, and you won’t even have to lift a finger!

Bonus: these things have serious entertainment value. Google “shark cat” if you don’t believe us.

2. Smart Thermostat

This high-tech addition is a fantastic way to boost comfort within your home while also controlling household expenses. When you invest in a smart thermostat, a small sensor will be able to detect the temperature in each room of your home, adjusting the heat flow accordingly.

With no more uneven heating throughout your house; the chilly den that you dread working in will now become a usable space! On the flip side, your thermostat will no longer be blowing heat into rooms that have already hit your desired temperature. Now that’s what we call a ‘smart’ home upgrade.

Bonus: smart thermostats work for air conditioning as well, meaning that they can help ensure your stuffy guest room is as cool and comfortable as the rest of the house.

3. Sleep IQ Bed

You’ve likely heard of sleep number beds, whose firmness is independently adjustable on each side of the mattress, but have you heard of their newest add on, the Sleep IQ?

Sleep IQ beds monitor your sleep by tracking a number of factors such as your heart rate, breathing patterns, and movement throughout the night. Based on these stats, the bed will recommend ways you can improve your overall sleep quality, and ultimately your overall health.

Bonus: since you can adjust the firmness of each side of the bed independently, you and your partner will never have to compromise on your preferences again!

Looking for a more high-tech home? Speak to your trusted real estate professional today to learn what exciting new options are available to you.

Last week’s economic reports included S&P Case-Shiller Housing Market Indices, reports on new and pending home sales, Freddie Mac’s weekly mortgage rates survey. The Federal Reserve released its customary statement after the scheduled Federal Open Market Committee meeting concluded; the Committee did not raise the federal funds rate of 0.25 percent, but indicated that economic risks were fewer, which suggested that the key Fed rate may be increased in September.

According to the S&P Case-Shiller 20-City Home Price Index for May, home price growth dipped from 5.40 percent in April to 5.20 percent in June as calculated on a seasonally-adjusted annual basis. Portland, Oregon led the 20-City Index with 12.50 percent growth in home prices annually. Seattle, Washington and Denver, Colorado rounded out the top three with readings of 10.70 and 9.50 percent annual growth respectively. Eight cities posted faster growth rates in May than for April. Analysts again cited short supplies of available homes and high demand for homes as reasons for rising home prices.

New and Pending Home Sales Increase

Sales of new homes reached a seven-year high and rose to 592,000 in June as compared to expectations of 562,000 new homes sold and May’s reading of 572,000 new homes sold. Analysts have consistently said that building more homes is the only way to solve the shortage of available homes. Rising sales of new homes are a step in the right direction, but builders cited labor shortages and lack of buildable land as hindering their ability to meet demand for homes.

Pending home sales also rose in June with an increase of 0.20 percent.Analysts expected new home sales to rise by 1.30 percent based on May’s negative reading of -3.70 percent. Pending home sales data assists with estimating future closings and demand for mortgage loans.

Fixed Mortgage Rates Rise

Freddie Mac reported higher mortgage rates for fixed rate mortgages; 5/1 adjustable rates held steady. The average rate for 30-year adjustable rate mortgages was three basis points higher at 3.48 percent; the average rate for a 15-year fixed rate mortgage was also three basis points higher at 2.78 percent. The average rate for a 5/1 adjustable-rate mortgage was unchanged at 2.78 percent. Average discount points held steady at 0.50 percent for all three mortgage types.

What‘s Ahead

This week’s economic releases include reports on personal income, inflation, and core inflation. Several reports on employment will be released including ADP payrolls, Non-farm payrolls, and the national unemployment rate. Weekly reports on mortgage rates and new unemployment claims are also expected.