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Rents have gone down since we signed our lease, and our lease is coming up for renewal within the next few months. For new move-ins, rent is 40 dollars less than what we are currently paying. I'm cool with finishing out our lease at what we're paying, I was just wondering if I would be out of line to ask for a rent reduction when we renew? And if I did ask, how should I phrase it and what is the likelihood they would give it to me?
I wouldn't say anything just yet. Wait until they send you a renewal letter with your new rate before and see what that is first. What you need to understand is renewal rates are based on so many factors, as are rates for new residents. They're all based on the time of year, how the market is performing, supply and demand, unit location, time vacant, etc. For example, the rate may be $40 less right now because they have a unit that's been vacant for a month that they just can't get rid of, so they're offering an added incentive to get it leased. The thing with a large apartment community is that because of the reasons above, not everyone is ever going to pay the same rate. Maybe you got a special when you moved in and people are actually paying more than you are. Maybe you have a unit that is more desirable than the ones going for less. There's no telling. I'd say you agreed when you took on the unit on the price you got and determined it to be reasonable. To want something lower is natural, but not always logical in this industry. So just wait until you have your renewal rate, then take it from there. If I were you, I'd just be happy to not get an increase! Good luck!
You can always ask. the worse thing the LL will say is no. As far as how to ask, you don't say how you know the rents are $40.00 less. I would not say that you know so and so is paying less. Just ask. If your a good tenant, the chances are 50/50 you will get a discount. At the very least, no raise in rent.
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It really couldn't hurt.
