Negotiating rent on new lease

you should be able to but you may want to talk to a broker. the only reason i say that is that mgmt companies for some reason often give brokers better pricing than they would give to someone off the street. maybe they think brokers know more about how bad the market is and are just more knowledgeable?

for example, one of the big mgmt companies lists prices on its website but shows brokers prices that are 10-15% lower than the general public website info. they also will pay the broker 1 month of rent. i know, it makes no sense.

if you want a broker referral, let me know. i have a friend who is an honest broker and would definitely be willing to help.

Dubs, Open up the discussions with a take-it-or-leave-it attitude and either be prepared to walk away or accept their first/best and last offer. Many management companies have a policy og refusing to negotiate with tenants - hopefully they will soon feel the false econony of this policy.

time is on your side...wait and watch...then laugh all the way to the bank

For a rental company it makes sense not to negotiate.
They have a whole building paying the higher rent.
Most people don't negotiate and take the rent as it is.
If then all of a sudden they see discounts are possible,the whole building will demand discounts. This is way more expensive for the rental company then having empty apartments in the building.
If you see the current market you see small condo investors cutting the rental price by 20% to 40% already. As they have to cover the monthly building expenses they cannot afford to have their units empty. They don't care for the other apartments in the building as they are owned by others.
So in order to benefit right now you have to do business with them. It might take years before rental companies cut the price for real.

months

For a rental company it makes sense not to negotiate.
They have a whole building paying the higher rent.
Most people don't negotiate and take the rent as it is.
If then all of a sudden they see discounts are possible,the whole building will demand discounts. This is way more expensive for the rental company then having empty apartments in the building.
If you see the current market you see small condo investors cutting the rental price by 20% to 40% already. As they have to cover the monthly building expenses they cannot afford to have their units empty. They don't care for the other apartments in the building as they are owned by others.
So in order to benefit right now you have to do business with them. It might take years before rental companies cut the price for real.

keep posting it

no twice should do it

i think they will be more flexible about giving a free month or two than actually lowering the rent. the end result for you will be the same, but it allows them to keep their "rent average" at a level that doesn't encourage current tenants to demand discounts.

I've been thinking of asking for a free month rather than a cut for the reason that liquidpaper suggests. I have a feeling that it would be more doable.

I find insulting them works...
check out 235 west 102nd street...the 2 br/2 bath
I checked that out (as you'll see from my discussion on the apt) and was interested, but power broker Sue was a shithead to my girlfriend, when gf asked about the fee and the highrent, with no concessions (apt needed to be painted, floors, etc)
This was in Jan. I saw no bottom in site, so I called her and told her assistant to shove it (couldn't reach sue, she was busy not renting or selling apts I guess.)
So, almost 6 months later, and still not rented.
I called her 4 weeks ago and she changed her tune, that's for sure. But out of principle I can't go there.
But the fee was negotiable, the rent was negotiable, everything, but the price has not come down and the fee is still posted as being paid by you. Point: Wait and call, often

I went to the hudson yards rockrose place figuring they'd be open to negotiation (being a mostly empty building, the leasing agent told me 40% occupied, which didn't seem likely). I talked to the guy on the phone earlier and he said we could discuss it in person. I get in, he offers me 2 months off on a 2yr lease, the advertised offer is 1month free on a 1yr. He told me this was a great deal because with buildings going up in the area, the prices will surely skyrocket.

I then asked if he's ever heard of supply and demand, economics 101. I told him that he just told me that there will be increased supply and this will push prices up. He said that if you build it people will come, then pointed to the riverside/w60s area as proof. I laughed and left realizing it was a hopeless cause.

I did point out that they are paying broker's fee and I'm coming in without a broker, that didn't seem to do anything. I tried that at another building, river place, and it didn't do much there either. They actually both laughed at me saying it's absurd to think that has anything to do with the price I pay... River place did lower rent by $100/month.

Not as easy as I had hoped, even in the rather undesirable areas.

"time is on your side...wait and watch...then laugh all the way to the bank"

Not sure whether it's possible to wait and watch in this situation. Where are you supposed to live when you wait?

you can squat in an abandoned building while you wait and then maybe buy it for pennies in the distant future....

Follow EZrenter's advice. Look at a bunch of places, pick the ones you like and go down your list. When they say no to your offer move on. And yes, getting the 13th month free is usually their preferred route so they don't have to admit the price has been lowered and they start from a higher base if rents go up next year.

The big rental companies have agents whose baraning is limited from the top down. As another poster said, they tend to lower rents across the board. It does seem crazy when the place you mentioned is less than half full...but I think they think that that will all change once the summer rush starts.

If you are not in a hurry, I am pretty sure things will get uglier as the summer progresses, not nicer.

BTW, I have experienced the same in new doorman buidlings in Harlem...only to see the entire building drastically lower advertise rents (like 20%) a week or two after the agent "laughed in my face" as you say.

I just did the calculation of cost savings to move to Jersey City v.s staying in NYC.

My rent renew came in and the landlord offered me 15 dollars a month less than last year.. Last year, I paid 15k in NYC city taxes, I would usually be dragged kicking and screaming before I would move to Jersey city but I worked out I save PER MONTH

- 1,200 in city taxes
- 500 less for a luxuary 1BR 1 stop from WTC
- extra 100 dollars for PATH ticket

1,600 a month savings to commute a total of 80mins per day. In normal times I wouldn't give it serious consideration but in the great recession you have to save where you can.

I can't believe my landlord tried to take me for a fool by not lowering the rent...