Tuesday, March 31, 2009
Would you like a Rent Reduction??
Um, yes, please! So, my lease isn't up until the end of July, but I've already been thinking about how I need to ask my landlord for a decrease in my rent. It's always been more than I want to pay, but, also, rent in NYC has been dropping with all this recession stuff and I knew I could move out and find something similar for cheaper. My theory was that they could keep a good, reliable tenant and wouldn't have to clean-up and paint for a new tenant who would end up paying less than me anyway because they'd have to rent it at a rate comparable to everything else. The problem is that I'm just not good at these type of negotiation conversations. Yesterday, I got a lease renewal letter in the mail. I was first confused to be getting a renewal letter 4 months before my lease expires (that's 1/3 of the term of my lease!), but I guess they're just really on the ball over there. Then, I noticed the rent price they had listed - they had already lowered it!! Awesome. It's about a 7% decrease....not bad. So, I have a nice landlord who doesn't make his tenants ask to be at the market rate, but just goes ahead and does it. Now, my next question is if I press the issue and see if I can get him to drop even lower. I'd really like a 15% decrease in rent, but do I press my luck?? I probably need to do some research and see what market rate is. I don't want to pay more than that for sure. I'm definitely not moving now, though...7% is great!
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4 comments:
DEFINITELY ask for a further reduction. There is absolutely no harm in asking. Even if the answer is "no," it's not like there will be any further repercussion from it -- you'll still have the chance to accept the 7% reduction offer.
I agree it would be smart to see what is market before asking, that way your request will be perceived as more reasonable and not outlandish. If market is a 15% reduction, there's nothing wrong with asking for that. And you're totally right that they'd rather keep a good paying tenant than go through the hassle of getting a new one -- there are a lot of costs associated with that. Good luck!
Thanks, Kate! I thought my real estate attorney friend might weigh-in on this one! I need to do some research, but I’m hoping market is below the new rate!
oh my goodness! my landlord did the same thing, but lowered the rent mid way through this lease cycle and the next lease if I sign! yea for us!!!
andi
Hellloooo, you have the King of asking for deals for a brother-in-law, you should ask his advice on how to handle this! We still stand in awe of his abilities.
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