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How Soon Should I Start Looking?
Good question. It’s typically advised to start the process no later than 6 months prior to the anticipated move in date or 6 months prior to the expiration of a current lease. This gives the broker the most leverage to negotiate the best deal for you. The toughest situation to be in when trying to negotiate for a client is to be so close to their current expiration that you have no negotiation power. In that scenario, both your current landlord (for a renewal) and your prospective landlord (for a move) know that you have to make a decision quickly and have limited options. It’s then that they don’t budge on their rate and won’t give any concessions.
The process can take longer than a tenant realizes. The best thing a tenant can do is to get a head start.
Don’t wait ‘til the last minute, or you’ll be the losing tenant!
