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We know landlords, like car dealers, will do almost anything to get you to sign on the dotted line.Now Matt Hudgins reports in the Times that they’ve been using “powerful software tools” to jack their rents even higher on new and renewing leases.
The technology, mainly produced by two companies in Texas and Georgia, has become a go-to tool in the past decade for thousands of landlords who have been hurt by the rise in vacancies.
According to the National Renter’s Association, the nation has seen some of the lowest occupancy rates since 2002.
The software works similar to travel sites like Travelocity and Hotels.com, wherein users punch in dates and times to pull up rents based on “competitors’ rental rates, market conditions, seasonal trends and hundreds of other variables,” writes Hudgins.
However, as shady as this sounds, it’s not all bad news for the renter because much in the same way we can game travel sites’ systems to find lower fares, we can suss out what dates and times the landlord needs tenants the most and then negotiate our way to a feasible price.
As we’ve reported before, knowing the signs your rent is about to go up can be a powerful tool in rent negotiations. There are plenty of warning signs to watch out for, namely a spike in foreclosures, a rise in gas prices and even a bulldozer parked out front (which means costly renovations are on the way).
If your landlord’s haggling you for more rent, check out this primer on what to do.
And if you’re looking to sell, see 10 cheap upgrades that will dramatically raise your sales price >