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OT: So I asked my Landlord for a 10% Rent Decrease on my NYC apt

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rutgersal

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Since my lease is over July 31st, I’m trying to negotiate for more favorable terms.

This is based on:
  • people moving out of NYC due to COViD19
  • Rents are falling due to this
  • Comparable rents in my area
Their response was:
  • We’ll send Move Out papers to you first week of July
Their offer was:
  • No increase in Rent
  • 3 months free gym membership at a high end club with a value of 200 per month
More info:
  • Huge NYC developer/management company
  • Luxury Apt
  • Have been dealing with “office people” up till this point
  • Really Nice View of NJ
  • Lived here 2 years
  • Always pay my rent promptly
Do you think it’s worth it to ask to speak with the “decision maker” to ask for a reduction? Or don’t bother? How soon? I’d prefer to stay in place, but at the right price. But if takes for me to move to get a great deal, I’m willing to do so.
 
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rutgersal said:
Since my lease is over July 31st, I’m trying to negotiate for more favorable terms.

This is based on:
  • people moving out of NYC due to COViD19
  • Rents are falling due to this
  • Comparable rents in my area
Their response was:
  • We’ll send Move Out papers to you first week of July
Their offer was:
  • No increase in Rent
  • 3 months free gym membership at a high end club with a value of 200 per month
More info:
  • Huge NYC developer/management company
  • Luxury Apt
  • Have been dealing with “office people” up till this point
  • Really Nice View of NJ
  • Lived here 2 years
  • Always pay my rent promptly
Do you think it’s worth it to ask to speak with the “decision maker” to ask for a reduction? Or don’t bother? How soon? I’d prefer to stay in place, but at the right price. But if takes for me to move to get a great deal, I’m willing to do so.
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Get ready to pay up or move . The pandemic is over so move to New Brunswick and be closer to HOME.
 
I think you may be on the right side unlike the 2007-08 housing downturn when nyc had no real real estate issues (compared to everyone else)

unless he/she has an actual waiting list, he/she would be smart to keep a paying tenant in the books.

best wishes!
 
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You're such a rebel Al. Good luck. Hope you're successful.

Is people looking to move out of NYC a real thing? I heard it is from a relator down here. He said his counterparts in Union and Middlesex are fielding a lot of inquiries.
 
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For big buildings they don’t want to lower it bc it sets precedent therefore the free gym membership etc.

In Hoboken for example there is rent control so you don’t want to set rent too low bc you can’t increase it more than some tiny amount each year. That’s why you see places give a free month or two free months because the monthly rent is set high even though that first year is effectively cheaper. If they didn’t give those free months and just made the monthly rent cheaper then the rent is set and registered with the town and as long as you don’t move out you have that cheap rent with the smallest of increases until you move out.

I’d know. I got burned as a landlord during the Great Recession. Dude didn’t leave for 6 years and he had below market rent when everthing went back up. It killed me as a landlord.
 
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rutgersal said:
Since my lease is over July 31st, I’m trying to negotiate for more favorable terms.

This is based on:
  • people moving out of NYC due to COViD19
  • Rents are falling due to this
  • Comparable rents in my area
Their response was:
  • We’ll send Move Out papers to you first week of July
Their offer was:
  • No increase in Rent
  • 3 months free gym membership at a high end club with a value of 200 per month
More info:
  • Huge NYC developer/management company
  • Luxury Apt
  • Have been dealing with “office people” up till this point
  • Really Nice View of NJ
  • Lived here 2 years
  • Always pay my rent promptly
Do you think it’s worth it to ask to speak with the “decision maker” to ask for a reduction? Or don’t bother? How soon? I’d prefer to stay in place, but at the right price. But if takes for me to move to get a great deal, I’m willing to do so.
Click to expand...
Is the landlord Trump Properties?
 
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rutgersal said:
Since my lease is over July 31st, I’m trying to negotiate for more favorable terms.

This is based on:
  • people moving out of NYC due to COViD19
  • Rents are falling due to this
  • Comparable rents in my area
Their response was:
  • We’ll send Move Out papers to you first week of July
Their offer was:
  • No increase in Rent
  • 3 months free gym membership at a high end club with a value of 200 per month
More info:
  • Huge NYC developer/management company
  • Luxury Apt
  • Have been dealing with “office people” up till this point
  • Really Nice View of NJ
  • Lived here 2 years
  • Always pay my rent promptly
Do you think it’s worth it to ask to speak with the “decision maker” to ask for a reduction? Or don’t bother? How soon? I’d prefer to stay in place, but at the right price. But if takes for me to move to get a great deal, I’m willing to do so.
Click to expand...
Did your compensation at work go down?
 
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Go for free parking as well !

If you don't have a car, rent out the space.

Son # 3, just moving from Exit 109 and he got a rental the first day, for 2 years. A couple with 2 kids wanted schools/safety/easy commute. For more than his mortgage AND RE taxes. So he's making money as it will appreciate.
 
Should I ask the township for an additional 10% decrease instead of a potential 30% increase in 2021?
 
If the market has really changed, then you should be able to find something equivalent for the prices you want if you are willing to put in the effort. If you are willing to move, you hold all the cards. If you aren't. you don't have much negotiating room.
 
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Eagleton96 said:
If the market has really changed, then you should be able to find something equivalent for the prices you want if you are willing to put in the effort. If you are willing to move, you hold all the cards. If you aren't. you don't have much negotiating room.
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Yup.

Same argument holds for people who feel under-appreciated and/or underpaid at work, or who are negotiating a business deal, or when buying a new car, etc.

You have to be willing to walk away (to a better situation). If not, you're negotiating from a position of weakness.
 
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Our lease was up the end of March. They sent the papers at the end of January before Covid-19 took hold, they raised our rates, they also are taking amenities (Cable+Internet) that were included with the rent and are no longer going to foot the bill. Then when Covid-19 hit, they had to close the gym, sauna, and other features that come with our rent.

We tried negotiating and they weren't having any part of it. They said them no longer paying for internet/cable isn't taking an amenity, because we can still pay for it ourselves. Their counter offer? We can reduce the increase by $10 bucks.

We ended up reupping just because of the climate of not wanting to move during a pandemic, but the real kicker came a week after we reupped everything. They starting running a promotion at their more "upscale" community for all new renters 13 months for 12, and they took $200 off the rent each month as well.
 
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rutgersal said:
Since my lease is over July 31st, I’m trying to negotiate for more favorable terms.

This is based on:
  • people moving out of NYC due to COViD19
  • Rents are falling due to this
  • Comparable rents in my area
Their response was:
  • We’ll send Move Out papers to you first week of July
Their offer was:
  • No increase in Rent
  • 3 months free gym membership at a high end club with a value of 200 per month
More info:
  • Huge NYC developer/management company
  • Luxury Apt
  • Have been dealing with “office people” up till this point
  • Really Nice View of NJ
  • Lived here 2 years
  • Always pay my rent promptly
Do you think it’s worth it to ask to speak with the “decision maker” to ask for a reduction? Or don’t bother? How soon? I’d prefer to stay in place, but at the right price. But if takes for me to move to get a great deal, I’m willing to do so.
Click to expand...
Good luck living there. Comrade deblasio wants to defund the police.
 
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Did the riots hit your neighborhood?

If so, you can say the goods and services were eliminated with the shops closed and you have to travel further away to obtain essentials which will cost more.
 
It was a good idea al, but you should have done this earlier so you had more time to find an alternative. I'd also try to go up the latter. Be as reasonable as you can. Let us know how it goes.
 
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Morrischiano said:
Irrelevant. It is supply v demand. I would guess that there are more people looking to leave NYC more than any other year in the last dozen years.

I would also guess that there is a slight down tick in people in their 20’s migrating to nyc.

Negotiate hard.
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It's not irrelevant if you signed a contract. In fact, it's a scumbag move.
 
They won;t reduce your rent because if they do, then everyone will do the same. Big businesses (i.e. Starbucks) are asking their landlords for the same thing and even those landlords are holding firm because doing otherwise will cause a snowball effect. Leave if you need to but I would not count on anything.
 
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rutgersal said:
Since my lease is over July 31st, I’m trying to negotiate for more favorable terms.

This is based on:
  • people moving out of NYC due to COViD19
  • Rents are falling due to this
  • Comparable rents in my area
Their response was:
  • We’ll send Move Out papers to you first week of July
Their offer was:
  • No increase in Rent
  • 3 months free gym membership at a high end club with a value of 200 per month
More info:
  • Huge NYC developer/management company
  • Luxury Apt
  • Have been dealing with “office people” up till this point
  • Really Nice View of NJ
  • Lived here 2 years
  • Always pay my rent promptly
Do you think it’s worth it to ask to speak with the “decision maker” to ask for a reduction? Or don’t bother? How soon? I’d prefer to stay in place, but at the right price. But if takes for me to move to get a great deal, I’m willing to do so.
Click to expand...


Just tell them that when the Depression hits...and they're begging for renters, you'd consider moving back at a 50% reduction and 1 year gym membership!

Or forget the gym membership and apply the $200 / month toward rent.

MO
 
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Worth a try and if you get a decrease great.
If you don't after going up the management latter, be ready to hit the road if you feel strongly enough about not getting the type of deal you wanted.
I'm sure you're checking for another place to live and will be ready to move if the decision maker doesn't offer enough or refuses to talk.

My suggestion is: if you ask to talk to someone above and he/she obliges, make your decision on the way you were treated when making your request and how much you like where you're at.
If decision maker isn't willing to talk, it probably will be best to find other place to rent or look into owning ( if you plan to eventually) .
 
Factor in what it will cost to move. Even if you rent a truck and have friends and family help out there is a cost involved.
Landlords can only increase your rent 1.5% on a 1 years lease renewal and 2.5% on a 2 year renewal.
If I were you, I'd ask for a 2 yr renewal with no increase and free parking instead of the gym membership.
Good luck.
 
They wont lower for the simple reason that it appears you live in a high rise and those trade largely based on asking rents. For simplicity sake in this case, theyd rather have a building 90% occupied asking $1000/month than have 100% occupancy asking $920/month. The latter generates more cashflow, the former likely generates a high sale price.

bottom line, your landlords gonna hold put and tell you to go **** yourself haha
 
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JRZEER said:
I’m willing to be that the commercial real estate market in NYC is going to take a bath when this is all over. IMO many of these companies realize a large majority of their employees can work from home. Why pay those kinds of rent for office space.
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Office space and retail has been dying a slow death for years, this will just expedite it.
 
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Actually you probably should be happy they are not being desperate if you still want to stay in the city - it says there's hope it will return to what you love about living there--- honestly I own 2 apts in Manhattan which I do not rent and welcome any sign that stuff will normalize- the other point is major property owners can wait it out and its different if you were renting some guys condo- heck they leave stores and offices vacant for years
 
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West Point Knight said:
I think you may be on the right side unlike the 2007-08 housing downturn when nyc had no real real estate issues (compared to everyone else)

unless he/she has an actual waiting list, he/she would be smart to keep a paying tenant in the books.

best wishes!
Click to expand...
Plenty of issues in 08. Tons of money lost in NYC real estate.
 
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