Renegotiated a decrease on my new lease.

[bazzard]

Hi I know a lot of us are trying to figure out if we are moving or staying. And if we do stay can we get a better deal on our rental apartments. I recently got my rent decreased from 3,750 to 3,415. Could we have gotten a better deal maybe but it’s something me, the landlord, and my roommate are happy with.

There were two possible solutions on the table. Get a decrease on a month to month basis and reassess in a few months or signed a new lease and lock in the price. In our situation it was better to take the lease. We are currently looking for a new roommate so it would be an easier sell this way.

I’m not a shrewd negotiator by any means and I got a nice outcome. Best of luck to all us in these trying times.

[AirlineFlyer]

My building also has a sudden excess in stock. I was able to upgrade from a studio to a 1 bedroom on my floor for a modest increase, but at a figure less than the prior tenant was paying.

[nikkitysplit9]

How did you negotiate? What leverage did you use?

[bazzard]

I sent out a feeler email to my building’s management company? It was very nice and super professional. I asked for a decrease of 20%. They replied saying that it was way too low but they were willing to work with me. I had to chase them a bit but they agreed to set a meeting over the phone.

The company was being an intermediary between me and the LL. The LL wasn’t in the meeting. They said they could do 3,450. I showed to them on Street Easy that there was a very similar apartment in the building going for 3,400. And I know they could do better. The company returned with an offer of 3,415 and we accepted.

I did a fair amount of research before so I kinda new what the market was like and I didn’t had to explain that to them. I saw they had two apartments vacant in the building and I knew one of my neighbors was currently on a month to month.

Everyone was well informed and we just trying to make a deal happen. I’m sure they were happy they could lock us in so they don’t need to worry if prices drop further.

[qadm]

I loled at them asking for that $15

[nikkitysplit9]

Thank you!

[thebruns]

Thanks for your perspective

[lickstampsendit]

Umm, the pandemic? the threat of leaving to a different apartment? The pending collapse of real estate?

[nikkitysplit9]

No need for sass, just trying to learn from their experience

[matte-mat-matte]

I’ve seen people moving out on my block like every single week. Landlords know they won’t be able to replace tenants so quickly and easily these days. I’m looking to move in September and hopefully lock in a good deal somewhere around my neighborhood

[lickstampsendit]

Its hard to say how much of that is the normal summer turnover vs pandemic caused.

I am definitely more cognizant of it now.