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I am renting this condo in Miami for $1900 per month. I have always paid rent on time and don't cause my landlord any problems. On top of that, because my landlord is in another country, there have been a couple of times where I went above what a tenant should do. Once was there was a leak from the unit above that damaged some of the paint in the ceiling so I took the initiative and just repainted that portion of the ceiling. It was getting complicated for my landlord to find a painter, and there was a leftover can of paint from when it was repainted before I moved in. So I just brought a brush and painted. Basically what I am trying to say is I have been a very good tenant.
With that being said, rents in Miami have increased astronomically and my lease is up in two months. My landlord said I can renew my lease, however, at a new rate of $2550 to match the costs of surrounding rents in the neighborhood.
That is not something I am willing to pay. I am willing to go up as far as $2050, $150 increase of what I currently pay.
With the information I provided above what's the best way to negotiate and make my case to the landlord? I understand it might not work, but curious to hear by others what's the best way to communicate this without sounding too aggressive and give myself the best possible outcome.
I think the more important question is can you find a comparable unit to move to for $2,050? If not,then you won’t have much of a case with your current landlord.
Ever think the landlord's costs have risen dramatically?
You saw the condo collapse in Surfside, imagine what that did to insurance rates and HOA costs/reserves! Did you google flood insurance increases 10/1/21? Fema redid the rates, articles have noted increases 4-7X what people were previously paying.
You are going to pay this landlord or another landlord but the rate will likely be the same high rent!
Location: IN>Germany>ND>OH>TX>CA>Currently NoVa and a Vacation Lake House in PA
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Welcome to rampant inflation (but at least the greeter at WalMart is making $15+). You aren't in a position to negotiate anything. It may be time lower your standards or raise what you're willing to pay.
Lesson learned: should have bought when prices and interest rates were both down. My mortgage has gone down since I bought my SFH in 2014 after a refinance.
Waiting for the "better to rent" crowd to chime in.
If you were a landlord, wouldn't you want more money?
To answer that question, IF I were a landlord, I would not want the max amount I could get. I'm too soft.
That said, this being CD forum, we're presented with outrageous situations often, and raising the rent 25%+ is outrageous at a time when demand for urban properties are at an all time low.
So either you can easily find another place for $2050 or you were paying 25% under market value.
Rents in NYC were at an all time low earlier in the pandemic and are still pretty low. I check them periodically.
With the information I provided above what's the best way to negotiate and make my case to the landlord? I understand it might not work, but curious to hear by others what's the best way to communicate this without sounding too aggressive and give myself the best possible outcome.
Go on Craigslist and research the properties in your neighborhood.
If it's closer to $2000, then show your landlord.
If it's closer $2500, then you're out of luck.
Though like I said, in the urban areas near me, demand for apartments is at an all time low due to entertainment being shut down.
I am renting this condo in Miami for $1900 per month. I have always paid rent on time and don't cause my landlord any problems. On top of that, because my landlord is in another country, there have been a couple of times where I went above what a tenant should do. Once was there was a leak from the unit above that damaged some of the paint in the ceiling so I took the initiative and just repainted that portion of the ceiling. It was getting complicated for my landlord to find a painter, and there was a leftover can of paint from when it was repainted before I moved in. So I just brought a brush and painted. Basically what I am trying to say is I have been a very good tenant.
With that being said, rents in Miami have increased astronomically and my lease is up in two months. My landlord said I can renew my lease, however, at a new rate of $2550 to match the costs of surrounding rents in the neighborhood.
That is not something I am willing to pay. I am willing to go up as far as $2050, $150 increase of what I currently pay.
With the information I provided above what's the best way to negotiate and make my case to the landlord? I understand it might not work, but curious to hear by others what's the best way to communicate this without sounding too aggressive and give myself the best possible outcome.
That is NOT a crazy increase by anyone’s standard. . You can renew or you can move; those are your choices. You’d bring doing your landlord a favor by moving, I bet he could tack on another $500 and get it without complaint.
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