Has Glenwood been reducing rents for anyone?

Hi Yorkville
What I saw around April was that renewals were coming in 20% under and then people were getting aggressive about it, even saying no to that because they could get a cut and free months by moving, and incidentally I'm not hearing people down about 25%.

Interesting. Thanks, healermom. Wonder why our renewal didn't have any decrease at all.

YorkvilleMom - from what I understand, it really depends on the building and the timing. In our neighborhood, Related was offering 25% discounts in March which basically evaporated by June (since obviously, it's easier for them to rent apartments in the summer).

In our building, we were offered a 6% rent reduction on a lease renewal, which we didn't think was enough. We ended up visiting comparable buildings in our area (a super quickie apartment search) to get an idea of market-rate rents and then offered our building that rent, which they accepted.

Good luck!

http://downtowny.blogspot.com

saw this after I posted... but it looks like glenwood asking prices are waaaaay down...

http://www.streeteasy.com/nyc/talk/discussion/12552-glenwood-big-ues-rent-delines-2287-for-1-bedrooms

YMom - unless you ask they won't give. I'll guess as a parent moving is the 100th least likely thing you want to do this summer - perhaps LL is hedging that. If you have a moment to do so or can delegate to a friend or sibling, find out what the rent would be as a new tenant in whatever building you like - means visting and going thru the spiel but at least you'll have facts. Send in your request in writing, brief and to the point, ask for x % decrease and whatever term. Better for the LL to have a current, on time paying tenant remain in place than another vacant apt to be marketed. Suggested, w/o knowing your particular current sitch, ask for at least 15% decrease.