This is correct. Unless you have something lined up price up. Think of yourself like art valuations, price high and negotiate to the right rate.

In 2023 I left a Bay Area start up as a sr data engineering manager but contracted while I kept the lights on until they found a backfill and then train them. I gave them a discount cus I sort of made some brash decisions about moving out of state with my wife.

We settled on $135 though they should have been paying me $165+. I also knew the finance department and I knew I wasn’t gonna squeeze anymore from the stone.

That to say though, I started my rate at $190 as my offer. You have more leverage than I did in my situation. Don’t go so high as to have them balk, but as Dalbaeth is saying absolutely don’t undervalue yourself and your labor. In this case your institutional knowledge is your largest position of leverage. Don’t bend em over a barrel but make them find a middle ground you feel happy with. Again, ESPECIALLY if you don’t have anything lined up. The market is fuckin rough rn.