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.
Rule of thumb for RE agents is rent goes down $50 per floor in a walk up; can go up $100 per floor in an elevator building.
I know how much the other tenants pay bc we all moved into the building, which was new (a condo that didn’t sell), at the same time, and we all had a lot of problems initially (leaking ceilings, broken stairs, separating floor boards, bizarre heating situation, unresponsive landlord, astronomical utility bills) that led to a lot of comparing notes, which eventually led to comparing rents. I agree, only in NYC.
lol how do you know how much other tenants pay? only in NYC do people think it’s cool to find out what other people pay. MYOB!
*rob*
Funny, we have been doing anything we can in this current economic climate to keep our tenants. I honestly think you have the upper hand in this case. It’s so much more productive to keep someone in a unit than try to flip it. You have to clean, paint most likely, and then advertise and show it.
I’d stick to the letter writing though I think with your particular situation. However, if I were your landlord, I’d want to keep you there.
I think it is impossible to generalize. The top floor may have a view. It may be a very busy street whereby the bottom floors would be less desireable. etc etc. The things you mention do make top floor walk ups a hassle, I agree. Kids especially!
So wait, should a walk-up 6th floor apartment be worth more than the lower floor apartments? We do have a better view, but it is a haul up those stairs, especially with kids, groceries, packages, trash, etc.
You are best off, I think, sticking to yuor own situation and having a upper limit that you are willing to stick to (in case any bargaining breaks out). Each tenant’s lease is separate, and usually comparing them is not productive. In addition to top floors typically being a little more (unless a garden is involved), you should take into account that apartments rented at different times can vary, depending on the market prices.
The higher floor pays higher rent when there is an elevator. In a walk-up, all other things being equal, rent decreases with each set of stairs.
I agree, but don’t feel like you are being taken advantage of. The higher floor always commands greater rent than a lower floor, even with the same floor plan. Check out pricing on any condo for sale or rent – they all have the same floor plan and the higher you go the pricier it gets. You get better views and the top floor doesn’t hear footsteps all day. Maybe not worth 12% to you, but it can be worth it for others.