Thursday, December 8, 2011

Help negotiating my rent amount back down when renewing lease?

When I first moved into my current apartment, I did a ton of research on places in the area. When I was ready to sign, I had heard that the rent amount is negotiable. I brought up the fact that some of their competition in the area had more square feet for smaller prices (failed to specify that they were closer to the landfill of course). Now lease renewal is approaching, but my position's not as convenient for negotiating. They left a note on my door saying 60 days is approaching, and I can renew my lease for a "reduced rate of $700". It's currently at $650. They're also adding on a stupid garbage fee every month and requiring renters insurance. I'm very settled in my apartment and want to try and get that rent amount down, but I don't have the advantage I had before, when I could go anywhere on a whim and they had to catch me.





One of my plans relied on them not recognizing me (which is very likely). I would go with a friend who poses as a potential renter looking at my exact apartment style. They get a price out of them that's lower than $700, and say they'll think about it. Then I go in later to renew and bring up that my friend was quoted at $blank, blank days ago.





Question: Have you ever negotiated your lease back down when renewing?


Also, what are some strategy suggestions / advice?|||The two things they are worried about is monthly rent and vacancy rates. You can try to work with them on the term of your lease. Tell them $650 for 2 years. To give yourself an out, because 2 years is a long time, ask for an out after the first year if you pay the difference between their proposed rent of $700 and the $650. Essentially a $50 * 12 = $600 penalty.|||Don't hold small town thinking. Talk to your landlord directly what you want. No games. Everywhere you now will change your water, garbage removal and apartment insurance. Usually annual rental raise is about 3%, unless you received a discounted rate last year. Good luck and happy New Year.|||They are quite aware of the rate you are paying now, and any concession they are making to your 'adjusted rate'. At this point they know what the average unit is renting for in the complex, and depending on how full they how is how likely they are to give you any concessions on rent. At this point do NOT expect to get it for less than $650.00|||Actually what you plan to do is the correct way to handle it. If they are offering a lower rent to new renters, you should be able to get the same rate.





As for renters insurance. I agree 100% with landlord that you should have it. It's very cheap.|||It's not going down. Sign a lease for $700/month or move out.|||Your contemplated tactic is NOT going to work. That a friend of yours is quoted a lower rental rate does NOT mean that you will get same. Your landlords know FULL well that it will be a hassle for you to move into different accommodations. You are best advised to work directly with your landlords to attempt to negotiate a more acceptable rate. If you have been a good tenant, pay timely, etc. your chances of gaining some sort of reduction in rates are good.





Do NOT try to play silly games. They will toss you out just because you have irritated them.

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