Rent decrease / landlord question

[lovebrentwood]

Focus on this fact alone that you mentioned:

Right now, 3BRs are going for $400+ less per month than what we're paying and slated to pay when the new lease starts.

Say that you love living there, but because apartments are going for less, you'd like your January 2010 lease to reflect a $475 reduction.

Then settle for a $400 reduction.

If they don't go for it, tell them you don't want to stay in your current apartment at that higher rate, but you DO want to rent one of those other vacant 3-bedroom units they are renting for $400+ less than what you're paying.

I can't imagine them doing anything but let you stay in your apartment at a reduced rate.

[nogard13]

Originally Posted by StoneOne

An update...

I just received notice from the landlord that the rent will stay the same for my apartment with lease renewal at the end of January 2010. The 3BRs at our complex have been going nowhere but down in price for pretty much the entire year and I believe since the financial crisis struck last fall. Right now, 3BRs are going for $400+ less per month than what we're paying and slated to pay when the new lease starts.

So, I haven't spoken to the landlord yet, but we have decided to move unless they agree to a significant rent reduction. It is quite obvious that these are not special rates and that the market most certainly will not improve by late January, especially in Chapel Hill/Carrboro where the main rental season is late summer with student turnover. Something tells me they really don't want yet another 3BR vacant at that time.

Anyone have any tips on how to successfully get a rent lowered by 15-25% (which would still put the price well above what the same units are going for now)? Given that vacancy in our complex has increased from 3/4% to about 7/8% over the last year (according to the maintenance guy I talked to), business sense would seem to dictate that they keep us at any price at or above current the current market price.

Before doing anything that I'm about to suggest, the best thing is to go talk to the leasing office and see where they stand in rent reduction. You can always agree to "move out" and move back into another vacant unit with a new lease if that is what they require in order to give you the price you want.

It is imposible to give you definite advice without knowing where they stand.

However, if they do not want to lower your rent, just tell them that you won't be renewing and that you will be moving out. Don't threaten them with it, just ask them nicely if they would please lower your rent because of the factors you've stated and because you could save so much more somewhere else but would prefer to stay where you are. If they don't agree to it, just kindly tell them that it's too bad you couldn't come to an agreement and submit your notice and move in January.

[StoneOne]

Thanks all for the replies.

My wife and I had talked about downsizing to a 2BR in the same complex and me renting a small office elsewhere in town to replace my home office. Still an option, although, I do like working at home

I had spoken with the leasing office and they had agreed that we could pay $175 to move into another unit without breaking our lease. We'd just have to sign a new lease at move-in. Since there is a 3BR available now, maybe I should just try to move into that one! I don't remember them telling me anything about the floor plan having to be different.

[StoneOne]

Originally Posted by lovebrentwood

Say that you love living there, but because apartments are going for less, you'd like your January 2010 lease to reflect a $475 reduction.

Then settle for a $400 reduction.

I will try this. My wife and I have actually decided that we'll settle for a $250 reduction, but maybe I should start off with the $475!

[silverflash]

buying your own place might be a better option though of course everybody's particular situation is different.

I was renting a 1 bedroom with garage for $800/month. It wasn't all that fancy, just basic.

I recently purchased a 175k home, new, 3 bedroom 2 bath with double car garage on 1/4 acre. my payment per month is about $50 more a month than the rent, when tax deductions/credit are taken into consideration.

Something to think about.

As far as the rent negotiations, I would try the the other poster said to try. Go shop for a new place and get ideas what you will be paying, then go in knowing you might have to leave. I seriously doubt that they would turn you down IF they know you are serious about leaving AND you do it nicely. Irt costs them money to turn an apartment around to re-rent because of it sitting vacant etc...

good luck.

[StoneOne]

Originally Posted by silverflash

buying your own place might be a better option though of course everybody's particular situation is different.

I was renting a 1 bedroom with garage for $800/month. It wasn't all that fancy, just basic.

I recently purchased a 175k home, new, 3 bedroom 2 bath with double car garage on 1/4 acre. my payment per month is about $50 more a month than the rent, when tax deductions/credit are taken into consideration.

Something to think about.

As far as the rent negotiations, I would try the the other poster said to try. Go shop for a new place and get ideas what you will be paying, then go in knowing you might have to leave. I seriously doubt that they would turn you down IF they know you are serious about leaving AND you do it nicely. Irt costs them money to turn an apartment around to re-rent because of it sitting vacant etc...

good luck.

Thanks, we had thought about that, but house prices in our area are still pretty high, and I think renting seems to be the cheaper option at this point. Lots of rentals available, but not as much in the way of sales -- although I haven't checked out the "for sale by owner" market yet.

One thing keeping us back from buying is the fact that we're still not certain if we'll be staying in this area long-term. As much as we like it, work could force us elsewhere. Another year or two of renting and we should be more certain.

[lovebrentwood]

Please let us know how it turned out!

[sowk09]

I would just tell them point blank (but politely) that you will have to leave when your lease is up unless there is a reduction in rent (and let them know it doesn't have to be the 400+, but name your amount.... maybe leave some negotiating room), since that is what you're saying you will do. Worst case, you move elsewhere and best case, they lower it some. It's probably the best way to find out for sure if they are willing to budge.

[StoneOne]

Was able to get a $250 decrease without too much negotiation. It's not as low as the current rate for a similar floor plan, but it is in the general market range for what I would have been looking at elsewhere. Needless to say, I'm really quite happy that the management was able to come through, as I do really enjoy where we live.

Many thanks for the helpful comments everyone!

[lovebrentwood]

You're welcome and congrats!