Lease Renewal

carp

I'm in the process of renewing my lease after living in my current apartment for one year. The landlord has decided to keep the rent at its current rate, but I am curious to hear others' experiences with any sort of recent lease renegotiation; I was thinking it might be possible to lower my rent.

Has anyone renewed their lease recently? Were you able to lower your rent? Has anyone noticed a rise of apartments sitting unoccupied between lately? Just curious to see where I stand in negotiations as a tenant.

My rent was approximately at market value when I originally signed the lease last year, and I live in south slope - not exactly a hot spot.

flux

If you believe that you can find rent for the same size apartment at the same area for $100 less it might be worth while for you to stay at your current place.

The cost of moving will more likely be much more then the savings.

However, if the rent for a comparible apartment is $300 or more .....then make the move.

I am not sure about apartments sitting unoccupied in south slope. I know north slope is still hard to get into and does not last on the market that long.

MOD

you can check rent o meter
and search Craigslist. To see what place near you are renting for. Also, agree with Flux on the $300 ^^ above.

carp

Thanks for the replies, everyone.

Flux, that was about my metric as well in terms of deciding whether to stay or go. I hate moving so I'm not going to jump ship for an apt that's only 6% cheaper.

Thanks, Mamacita, I've never heard of rentometer. It looks pretty cool so far.

I've looked into Craigslist and the listings do appear to mirror what Rentometer says: 41% of listings are lower in my area (4th ave & 13th).

In my experience, however, it's been hard to judge by the listings how comparable the apartments were; I could have had the exact same layout for a few hundred cheaper / mo. if I were to live on a 4th floor walk up instead of the ground floor.

Perhaps I'm expecting too much without getting off my butt and actually looking at apts, but I was just wondering if rent was significantly down across the board in the Slope.

scarlett

I have noticed A LOT of rents that are lower in Park Slope over the past year. I moved in a year and a half ago and at that time was hard pressed to find a lovely two bedroom for 2400. Knowing the rents are lower I have been checking out comps. Sadly, for what we have, I don't think I would find any better for the same price right now. Plus when I asked my landlord if he was lowering the rent he laaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaughed and laaaaaaaaaaaaaaaaaaaaaaaaaughed. But, you risk nothing in asking, as long as you make it clear that you don't want to move.

mpmav1

I agree with Scarlett.

My landlord dropped our rent on renewal from $1500-$1350 after we told him, politely, that we were considering moving at the end of our lease.

He claims it's because we are good tenants, which we are, but the real reason is he has 9 units and has had one sitting on the market now for a month +.

However, we have friends who had the exact opposite experience: landlord refused NOT to increase the rent by the allowed 4%.

So, at the very least, let your landlord know you are looking, and just say something like, "now, as we want to ensure we are comparing apples to apples here... the rent is staying the same?" Worth a shot.

MOD

^^ cool! You got yours reduced!. May I ask what area in S.Slope you are in? I have a friend who's looking and I want to point him to a good area of town, price-wise. How much is that open unit going for? (PM me if you are shy)

scarlett

He's not shy!!!!!!!!!! I want that cute witto puppy!!!!!!!!!! They live near me, bet 7th and 8th but closer to 9th. No, I don't stalk them, just the doggie.

curlyjj

I'm leaving my apartment but my roommate is staying. She asked for a rent reduction and our landlord reduced the rent by $25. What a joke!

mpmav1

Prospect Ave btwn 6th and 7th: HUGE 1br, reduced from $1500 to $1350, and there is a unit available in our building. Great landlord. PM me if your friend is interested.

And yes, Scarlett does stalk me and the dog. But it's ok.... everyone needs a stalker.

I guess there is an article about this EXACT subject in AM New York... how to ask for reduction from LL, what to expect, bla bla bla. I think todays. So I hear.

mpmav1

curlyjj wrote: I'm leaving my apartment but my roommate is staying. She asked for a rent reduction and our landlord reduced the rent by $25. What a joke!

I think the AM New York said 5-10% is arguable.

scarlett

Hold on. Now that I know you live exactly on my block I am def stalking your doooooggy. Ha ha!!!!

carp

Mpmav1, do you live in a brownstone?
How's the noise with the expwy being so close?

I'm planning to call my landlord tomorrow and try negotiate a better rent. I'll certainly suggest interest in other properties near by with more attractive offers. Unfortunately, the landlord is a bit... older, so sometimes talking to him reminds me of talking to my grandfather: a lot of yelling and repeating. I have a feeling the conversation will devolve into something like "make less or I leave now."

mpmav1

carp wrote: Mpmav1, do you live in a brownstone?
How's the noise with the expwy being so close?

Not a brownstone. 1 building, 6 apartments in each building, and 3 buildings directly next to each other.

I notice no noise... there is a building and park between us and the expressway. WAIT, not no noise.... I hear DE DE DE DE DE DE DE DE DE DUM DE DE DE DE DE DE DUM.... DING: over and over and over. But that's not the expressway at all..... damn Mr. Frosty.

carp

Ah yes, dear Mr. Forsty.

Before moving to PS, I used to live near Brighton Beach, across the street from a park with a wonderful ice cream truck (I think it was a Softee one) always playing the same wonderful music over and over.

Isn't it a bit late for the truck right now?

scarlett

Nope. That truck trolls our street until 11. And then after 11 it's the bell. Over. And. Over.

carp

How delectable.

The ice cream truck owner actually lived on my block. He had TWO trucks in his drive way. The modern UPS-Truck style, and an older, gentler kind. Similar to the one seen here:

http://farm1.static.flickr.com/153/420705466_d5876c3efe_o.jpg

Never got to hear the tunes coming out of that old one, unfortunately.