Rental Market in Slope - Am I screwed?
My landlord is planning on raising the price of my apartment by 15%. It's a nice place - a three bedroom near the park - but my roommate and I feel that it's an undue hike and would like to negotiate.
Do I have a leg to stand on? I know that the real-estate market for sellers has flattened out. How is the rental market?
And advice would be much appreciated.
Do I have a leg to stand on? I know that the real-estate market for sellers has flattened out. How is the rental market?
And advice would be much appreciated.
Comments
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If your apartment isnt rent stabilized (or controlled), I dont think theres much you can do. Does anyone know otherwise? I'd like to know the answer to this as well.
My landlord has consisently raising the rent for my free-market apartment steadily over the last 3 years, but I got the apt at a low point in the market (super cheap), so I cant really complain - although its now been raised fully to market price. -
not a thing you can do about market rents. and the rental market is super tight - you don't have much room to negotiate, other than impressing upon your LL the fear of the unknown tenant.
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I'd say it depends on how below market value your current apartment is, and in turn how likely it is that your landlord can really get that 15% increase. If he kicks you out and doesn't rent it for a month while he looks for a tenant, he's forgoing rent for that month. If we're talking $4,000 and he's able to then rent it out at $4,600 after just a month's loss, he could make that back in under 7 months. But if the numbers are smaller and the probability that he can really get that kind of increase is lower, then you have a certain amount of bargaining power as he may not want to forgo the current income without assurance of future offsetting gains. You might be able to at least negotiate a smaller increase, like 5-10%. However, if he's got tenants knocking down the door, then you're screwed.
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I've heard that when the home sales market is weaker, the rental market becomes stronger because people who might have bought choose to rent instead.
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Subject: Reply from a broker:
Dreaded Rental Broker Here:
It never hurts to try and negotiate with your landlord. Point out what good care you have taken of the place, how you always pay on time, how little you bother him to fix things. Make a counter offer (if he is raising you, say, $150 a month, offer to meet him halfway). You may also want to point out to him that the holiday season is the WORST time to try and find a new tenant, it's a much different market than a few short months ago. Good luck!
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