Negotiating Rent Reduction
My lease is up in December, and although I would like to stay in my current apartment, I will need to negotiate a rent reduction with my landlord in order to make that possible. I live in a rental building with three units, all with almost identical floorplans. I live in the top floor unit,…
My lease is up in December, and although I would like to stay in my current apartment, I will need to negotiate a rent reduction with my landlord in order to make that possible.
I live in a rental building with three units, all with almost identical floorplans. I live in the top floor unit, which is a 6 story walk up. The other two lower floor apartments were rented 1-2 months after I signed my lease, for about 12% less than what I am currently paying. At most, I do not want to pay more than the other tenants. In any case, I think that I can do better elsewhere, and although I hate to go through the hassle of moving, I will move if I can’t get the rent reduced. My changed financial position during the last year, along with unexpectedly high heating and cooling bills in the apartment make this a necessity.
I was wondering if anyone has had luck recently with negotiating a rent reduction, and if so, how you approached it – did you put your request in writing, provide other apartment listings to show similar apartments, discuss your personal financial concerns, or just keep it simple? The situation is somewhat complicated by the fact that my landlord can be really nutty – he once repeatedly cursed at me and screamed “I’m not your slave” into the phone at me when I called to report that water was pouring through the ceiling and I requested his help, and then a few days later approached me on the street wanted to coo over my baby and pinch his cheeks. Needless to say, I don’t want to get into another screaming match with him.
Many thanks for any advice.
I’m with you donatella!
Well I didn’t read your post too closely – sorry – you actually probably should be looking for a new place to live. I guess I am a little defensive about this rent reduction craze. I am a great landlord and take really good care of my tenants.
Many thanks to everyone for your great suggestions and appraisals. I’ll let you know how it works out!
S
If your lease is up Dec 31, you have to get the renewal lease from your lanlord by Nov 1st (60 day rule in NYC, as far as I remember)… when you get the new lease, call him and say that you’re willing to re-sign the lease for $X, if not you’ll be moving. If he objects, remind him that he’ll have to find a tenant for a 6th floor walkup during holiday season.
I’ve negotiated my rent EVERY SINGLE YEAR so far… and I have about a 50% hit rate for getting a discount. It’s just like any other business negotiation, however: you have to be ready to accept a “no”, or to walk away.
Here’s my 2 cents. I tried to negotiate a rent reduction on an apartment that had been below market in the boom but was actually at the market value in August of 2009. You can see my post if you look at the archives. I got a tiny reduction (not even the amount I asked for) which was basically a good faith effort on the part of my LL since I am the only other person living in the building. I decided to stay but after this lease ends-I am gone. I expect the market to be even worse for landlords and better for me.
What I did do: Wrote a letter asking for a rent reduction and supported it with apartments in Clinton Hill, Fort Greene and Prospect Heights. Also included newspaper articles noting how difficult the market has become for landlords.
What I had wished I had done: 1)Submitted my letter at least 2 months before the lease was to expire. That way it have given me much more time to find other apartments and sign a lease so that I could say to my LL “You didnt work with me so I am leaving”. 2) Had a clear idea in my head of what is the upper limit of rent I would pay in the current apartment 3) Had a clear idea of what I wanted in the new apartment.
Also you need to consider what makes it difficult for your LL to find a tenant if you left. Also you need to be aware of the fact that as you look for other places to live the pickings are slimmer. If you go in with your eyes open it should come out fine.
Good luck!
Here’s my 2 cents. I tried to negotiate a rent reduction on an apartment that had been below market in the boom but was actually at the market value in August of 2009. You can see my post if you look at the archives. I got a tiny reduction (not even the amount I asked for) which was basically a good faith effort on the part of my LL since I am the only other person living in the building. I decided to stay but after this lease ends-I am gone. I expect the market to be even worse for landlords and better for me.
What I did do: Wrote a letter asking for a rent reduction and supported it with apartments in Clinton Hill, Fort Greene and Prospect Heights. Also included newspaper articles noting how difficult the market has become for landlords.
What I had wished I had done: 1)Submitted my letter at least 2 months before the lease was to expire. That way it have given me much more time to find other apartments and sign a lease so that I could say to my LL “You didnt work with me so I am leaving”. 2) Had a clear idea in my head of what is the upper limit of rent I would pay in the current apartment 3) Had a clear idea of what I wanted in the new apartment.
Also you need to consider what makes it difficult for your LL to find a tenant if you left. Also you need to be aware of the fact that as you look for other places to live the pickings are slimmer. If you go in with your eyes open it should come out fine.
Good luck!
Hey There Snowbunny,
Depending on your cross street (how close to the park) can add a bit of value, nevertheless, this 6th fl walk up business is insane.
Since your utils are very much not included, and the apartment is so inefficient, and its new construction without the character that is popular in the neighborhood, I would say if the apartment was on a lower floor in this market it would go for $3500 on the high end, so your place should be no more than $3000, but it will be very difficult to find someone to move in immediately after you, losing a month for your landlord netting the rent down to $2750. I would say, if you were my client and the rent was any higher than $2600 I would suggest you evaluate your priorities and move elsewhere. You won’t get the space in that location for that price, but you will lose the walkup and stop paying so much in utils. I’d really have to see the space to give it my total appraisal, but thats my 2 cents.
A really nice landlord Donatella! Doesn’t pay for steam hot water and hallway electricity. I would have stopped paying rent months ago to this self proclaimed slumlord. He is probably looking for the government to help him pay his mortgage while he continues collecting rent. Some people have no shame!
My tenants approach me directly because I am a decent guy, and I respond to them courteously and promptly because I want them to be happy in their apartments. It makes for a better overall situation when the tenants are satisfied and don’t hate the LL. Better for them, better for me.
In my opinion, your unpredictable LL is perhaps the biggest reason to move. Good luck. I have to say, though, your description of the apartment makes it sound pretty nice….