My gf signed a lease in Sep 08 on the UES for a 1 br for $3100. She took over the lease from a couple that was breaking up so the mgmt company ended up not fixing it up at all before she moved in (couple only lived in the unit for 2 or 3 months). She is hearing that certain people are getting one month free and $500 off the rent if they stay for a new lease. Currently a similar unit is available... [more]
My gf signed a lease in Sep 08 on the UES for a 1 br for $3100. She took over the lease from a couple that was breaking up so the mgmt company ended up not fixing it up at all before she moved in (couple only lived in the unit for 2 or 3 months).
She is hearing that certain people are getting one month free and $500 off the rent if they stay for a new lease. Currently a similar unit is available for $2695 and a junior 4 in the building is going for $3095. These also have been on the market for quite some time so those prices may be further negotiable.
What is the bestway for her to get her rent down? Try to break the lease? Does she have to wait until Sep 09 when the lease is up? Is it worth it to rengotiate it now and sign a longer lease, ie 18 mos from now?
Any insight would be great!
[less]
Response by a2deuce
almost 17 years ago
Posts: 115
Member since: Apr 2007
bump
Ignored comment.
Unhide
Response by Squid
almost 17 years ago
Posts: 1399
Member since: Sep 2008
A lease is a legally binding contract. It cannot be broken without repercussions. When you rent an apartment, you are renting it 'as-is'--the landlord is under no obligation to renovate before you move in (as long as all appliances are in working order).
Yes, it sucks for those who signed leases last summer to now see similar apartments going for far less, with incentives tossed into the deal to boot. But look at it this way--if the rental market were skyrocketing, rather than plummeting, would you entertain a play by your landlord to RAISE your rent mid-lease? Of course not.
It is extremely unlikely you will be able to get your landlord to agree to lower your rent. You can ask, of course, but the landlord has no incentive to agree.
Ignored comment.
Unhide
Response by Squid
almost 17 years ago
Posts: 1399
Member since: Sep 2008
^^Just to be clear--the landlord is under no obligation to renovate DURING your tenancy either, save for repainting every three years, if you request it.
Ignored comment.
Unhide
Response by dtaytsel
almost 17 years ago
Posts: 2
Member since: Mar 2009
re-negotiate for a new lease. they might want to secure a tenant for another 12 months w/o any out of pocket expense.
Ignored comment.
Unhide
Response by Squid
almost 17 years ago
Posts: 1399
Member since: Sep 2008
Most landlords, especially those of larger buildings, won't renegotiate mid-lease.
The best you might be able to do is negotiate now for a lower lease + incentives once your current lease expires. I don't know that that makes much sense, though, as no one knows where the rental market will be this fall--you might be able to get a better deal waiting.
Ignored comment.
Unhide
Response by alpine292
almost 17 years ago
Posts: 2771
Member since: Jun 2008
You cannot re-negotiate the rent until the lease expires. It's as simple as that.
Ignored comment.
Unhide
Response by jmkeenan
almost 17 years ago
Posts: 178
Member since: Jan 2009
If you like the apartment and wouldn't mind staying 1-2 years, I don't see how it would hurt to negotiate hard with the mgmt company -- say that it's unfair every is renting way below you and you can't see yourself staying past September 1st unless they rip up the current lease and give you a new one for 18-24 months at a discount. (this strategy relies on you moving in September if they do not cave). As I see it, you have 4 months left on the lease, so you would think the mgmt co. would offer something like a month free (last month) an immediate reduction to 2695 if you were to sign a 18 or 24 month lease.
Now, whether it would be a good idea to agree to an 18 or 24 months lease is another question :)
Ignored comment.
Unhide
Response by jason10006
almost 17 years ago
Posts: 5257
Member since: Jan 2009
"You cannot re-negotiate the rent until the lease expires. It's as simple as that. "
That is a flat out lie, as anyone who reads curbed or this site, or in fact knows more than ten people renting, knows. When asked, my landlord offered to renegotiate mid-term for a longer lease both now in Harlem and when I lived in FiDi years ago. One was a small landlard, the other huge. It definitely happens. The worse they can do is say "no."
Unless you NEED the money, however, I think you are in a much stronger position brining it up in July for a September 2009 renewal.
Ignored comment.
Unhide
Response by alpine292
almost 17 years ago
Posts: 2771
Member since: Jun 2008
Most of the stories posted on curbed are complete bull.
bump
A lease is a legally binding contract. It cannot be broken without repercussions. When you rent an apartment, you are renting it 'as-is'--the landlord is under no obligation to renovate before you move in (as long as all appliances are in working order).
Yes, it sucks for those who signed leases last summer to now see similar apartments going for far less, with incentives tossed into the deal to boot. But look at it this way--if the rental market were skyrocketing, rather than plummeting, would you entertain a play by your landlord to RAISE your rent mid-lease? Of course not.
It is extremely unlikely you will be able to get your landlord to agree to lower your rent. You can ask, of course, but the landlord has no incentive to agree.
^^Just to be clear--the landlord is under no obligation to renovate DURING your tenancy either, save for repainting every three years, if you request it.
re-negotiate for a new lease. they might want to secure a tenant for another 12 months w/o any out of pocket expense.
Most landlords, especially those of larger buildings, won't renegotiate mid-lease.
The best you might be able to do is negotiate now for a lower lease + incentives once your current lease expires. I don't know that that makes much sense, though, as no one knows where the rental market will be this fall--you might be able to get a better deal waiting.
You cannot re-negotiate the rent until the lease expires. It's as simple as that.
If you like the apartment and wouldn't mind staying 1-2 years, I don't see how it would hurt to negotiate hard with the mgmt company -- say that it's unfair every is renting way below you and you can't see yourself staying past September 1st unless they rip up the current lease and give you a new one for 18-24 months at a discount. (this strategy relies on you moving in September if they do not cave). As I see it, you have 4 months left on the lease, so you would think the mgmt co. would offer something like a month free (last month) an immediate reduction to 2695 if you were to sign a 18 or 24 month lease.
Now, whether it would be a good idea to agree to an 18 or 24 months lease is another question :)
"You cannot re-negotiate the rent until the lease expires. It's as simple as that. "
That is a flat out lie, as anyone who reads curbed or this site, or in fact knows more than ten people renting, knows. When asked, my landlord offered to renegotiate mid-term for a longer lease both now in Harlem and when I lived in FiDi years ago. One was a small landlard, the other huge. It definitely happens. The worse they can do is say "no."
Unless you NEED the money, however, I think you are in a much stronger position brining it up in July for a September 2009 renewal.
Most of the stories posted on curbed are complete bull.