Renegotiating Rent in PK Slope
My lease is up for renewal in a couple of months; my rent was a little on the high side even before the recent slump, but now quite clearly needs lowering. My landlord has hinted that he is amenable, but it will be up to me to suggest a new rent. I’ve seen places listed…
My lease is up for renewal in a couple of months; my rent was a little on the high side even before the recent slump, but now quite clearly needs lowering. My landlord has hinted that he is amenable, but it will be up to me to suggest a new rent. I’ve seen places listed nearby at 20% of my current rent, but on the other hand the landlord just rented a similar apartment to a new tenany only minimally below the previous rent- but since the new tenant is an executive in town for 1 year whose company is likely paying the rent, so it may have been a fluke. So my question: What is the typical discount for a typical 2-bedroom apartment lease renewal in an average center-slope (8th street)
apartment these days? Thanks in advance!
my lease is up this summer and i would not even think of staying without a 20 percent reduction. My brother just got 25 percent off in Manhattan.
Thanks for all the comments. And a correction: Christopher raised an eyebrow at my comment that I’ve seen places at 20% of my current rent. Sorry, that was a typo. I meant “20% less than my current rent”. Thanks for pointing that out, Christopher.
Will keep the list posted.
-Mark.
When one of our apartments was up for renewal at the end of Feb ’09 we agreed a 6.5% reduction for a 12 month renewal. Perhaps our tenant could have gotten a similar apartment 10-12% lower but any saving would have been offset with moving costs (not to mention hassle and they know they have an attentive landlord).
For us it was a no brainer as although we’ve never had a problem renting it before a bird in the hand……
If your landlord won’t agree to a reduction, would you be willing to pay your current rent elsewhere but for a better apartment? That’s how we made the current market conditions work for us – we went out and got more for our money. A few months before our lease was up and unsure of our plans, we started looking at comps in the neighborhood. We did not limit ourselves to rental listings. Instead, we went to open houses for condos that were for sale and asked if the owner was willing to rent. We found a large 2 bd, 2 ba in a new construction building with an elevator and outdoor space on a quiet block just steps to the subway. It costs the same amount of rent we were paying at our old apartment – a 1 bd, 1 ba third floor walk-up on a noisy, commercial block. So, instead of asking for a rent reduction to renew the lease at a place we weren’t nuts about, we went through the hassle of moving in order to upgrade our living conditions. Our rent is the same, but our total expenses are reduced because the new place comes with more utilities included and is much more energy efficient. In the end, it was worth the cost of moving to land in a place where we’re happy to stay for a long time.
I moved into my place in Williamsburg back in september and signed a one-year lease. The apartment across the hall has been vacant since mid-january with an asking rent below mine. Because it is nearly identical, I call the landlord, asked for a reduction and got it. I admit, I was a little surprised that he went for it but I am now paying 275 bucks less a month. It really is a renters market, and probably will remain that way through the summer. Don’t be afraid to ask for the stars. I did it, mid-lease, and it payed off.
been living in a small 1 br (bedroom just fitted a bed and dresser) on President St (7th & 8th Ave) for around 1900… going to sign a lease today for a real 2 br /2 bath (living room a little small) on Union St on 3rd floor (2 flights up) walkup with recent renovations for 2375 starting May 1st. Owner wanted 2500 but was willing to listen to lower offer.
it’s definitely a renter’s market out there. you have to do research on craigslist and be willing to move if you’re asking for a reduction from your current landlord.
check out http://www.rentometer.com/
I would definitely try to get a rent reduction if I were going to stay in my place, but I expect to move when my lease is up or possibly ask to go month-to-month for a while (in which case I wouldn’t ask for a reduction).
I’d say we’re definitely feeling the effects of the downturn on both the supply and demand side.
hearing stories of jobless and bonus-less financial folks downsizing, and also actually seeing some nice new construction for rent in low price ranges (1BR on 12th street never lived in for 2K/month)
probably goes without saying that rents should be expected to reflect the conditions way before selling prices do.