Any way to break rental lease or negotiate rental price down from pre-crash price?

No. A lease is a legally binding contract. There are no loopholes. If rents were going up, how would you like it if your landlord demanded more rent in the middle of the lease? If you break the lease, you will lose your security deposit and may be liable for further damages, such as the difference between the rent you were paying and the rent the new tenant pays.

House price declines during the 2nd year of your lease will more than make up for the above market rent you are paying. Your lease is saving you from yourself!

and you also want to keep your credit in good shape. Break the lease and I guarantee you that it will come back to haunt you when you apply for a mortgage.

yes set fire to your place... make sure to let all the other tenants know... so they can be safe :)

junkman speaks the truth.

As for negotiating the rent, I could only see it if you agree to extend the lease term in the process, which would defeat the purpose.

Have you tried asking? Sometimes it works. Who knows, maybe your landlord is a kind person. Can't hurt, at least.

"yes set fire to your place... make sure to let all the other tenants know... so they can be safe"

That's a good idea. If you do that, you will never have to pay a dime for rent since prison is free!

yes but the judge would let you go cause you gave a heads up and NYS is in such financial crisis they can't afford to keep any old arsonist in the clinker.... IMHO.

my advice to you is to try asking... if one of you is employed in finance, underscore how worried you are about the current state of the economy, point out comparable listings if applicable. there's no harm in asking at all, and you never know. a gracious letter goes a very long way...

It never hurts to ask, but it's very unlikely the landlord will budge.

As alpine points out, consider what you'd do if the economy were booming rather than tanking and your landlord suddenly tried to up your rent in the middle of your lease because comps had risen dramatically and you were now paying under-market? You'd tell him to go take a flying leap and gleefully ride out your lease, right? Of course you would.

You're the one who decided to sign a two-year legal contract to lock in a favorable rent for yourself. Unfortunately, that gamble backfired.

Oh, and ditto re: the credit issue. If you break your lease, forget trying to rent something else, let along buy anything, especially a co-op. That sh*t'll stick to your record like gum on the sole of a shoe for years to come.