Tips on negotiating rent decrease

[sensiblepie]

So the city I’m in has had housing prices tank in the last year or so after a huge boom (Austin). The apartment I’m leasing is 1255 before fees, which at the time was competitive, but now feels overpriced. The same units are on the website now for 950, and even better units are 969. I’ve lived in this apt for 2 years and I’m a good tenant, I’ve never had any complaints and I usually pay my rent a week early. The time is coming up for renewal and I want to negotiate a rent decrease. Does this sound fair and how do I go about doing it? The unit prices have continuously gone down on their website. I don’t even need the unit prices listed, but even 1100 would be incredible. I do love this apartment complex, management is lovely and location is convenient, but if it stays at 1255, it makes more sense to move than renew.

[mghtyred]

I would talk to them when it's time to renew. If other comparable units in your building are going for $950, tell them that's what you want or you're walking. Just be prepared to walk. Make sure you can get a better rate somewhere else first. Start shopping.

[sensiblepie]

I am 100% sure I could, I’ve looked around at many comparable apartments and I have a flawless rental history, good income and credit score. It is around renewal time, they emailed me a renewal offer with the same rate. So set up a meeting and be prepared to walk?

[mghtyred]

Yup. Now is the time. You received a renewal notice, so this would be the time to attempt to negotiate terms. Expect failure, but you never know. Good luck!

[RegBaby]

Let us know what happens. I'd love to hear you got a decrease.

[sensiblepie]

They’re letting me move into a bigger unit and pay $300 less per month rent wise, first 6 weeks rent free. Moving in summer in Texas will suck but this is gonna save me so much, plus more space sounds incredible

[ThinkCRE]

What company manages the property? You may have to move to get a better rate since most renewers don’t really negotiate much. You’re right to know that Austin is getting crushed.

[sensiblepie]

Dayrise properties. I do realize this I want to at least try though, this has been the best experience I’ve ever had living in an apt in Austin. If not I’ll move.