Vacancy rates for Madison houses and apartments are the highest they have been in recent history, which is good for tenants, according to Ald. Austin King, District 8.
“There’s a glut in the market right now,” King said. “We should have seen prices drop a lot more rapidly than they have been, but they haven’t been going up as fast, which is great.”
King said regardless of the market, students looking to rent an apartment should bargain with landlords before settling on a price.
“It’s up to individual tenants to not accept the first offer and negotiate better rent,” King said.
According to King, there are not any circumstances when a tenant should accept the first offer from the landlord. King said he also recommends taking a lease to the Tenant Resource Center before signing it.
The Tenant Resource Center is a non-profit organization promoting a positive relationship between tenants and landlords. The resource center offers free counseling to inform prospective tenants of their rights and of current housing laws.
Students looking to rent an apartment can also find information on RentingMadison.com, a local website opening Feb. 1. The more informed students are of their options and their rights, the more successful they will be, King said.
Nancy Niehaus, an alumna of the University of Wisconsin, created RentingMadison.com with her husband, Tom. The cutting-edge website is unlike typical classified ads because it offers pictures of each rental space. This will save time for students who do not want to wander across campus looking for a place to live, Niehaus said. Students can search for an apartment and view pictures of a property without leaving their home, she added.
“Time efficiency is a great thing for students,” Niehaus said. “They really have a great tool.”
According to Niehaus, the website makes the process simple by offering searches based on rental costs or number of bedrooms. There is also a refined search option, which allows visitors to choose from 20 different amenities, such as whether or not they would like a washer and dryer in the rental unit.
A website, as opposed to a magazine, that is focused on renting has many advantages, Niehaus said. The company does not have to pay publishing costs, which makes the website cost-efficient for renters and property owners. In addition, property owners also have the ability to edit listings and upload pictures to keep information up to date.
King said when students do sign a lease they should discuss the nonstandard rental provision with their landlord. This details the specific date the landlord is allowed to lease the apartment to a prospective tenant or ask the current tenant to renew their lease.
King said tenants sometimes live in an apartment for only a couple of months and new renters are already lined up for the next year. Tenants should ask for the date to be as late as possible to keep their privacy, he advised.
“Being a smart consumer and smart tenant is all about exploiting the market to your advantage and taking advantage of it,” King said.
