Landlord increasing rent by 10%?

IF you signed last year it is slightly possible he thinks he can keep you. But it depends on the property and the location and on you and your landlord. Look around and see what comparable places are renting. If you don't think yours is underpriced then chances are you don't have to respond. Let HIM sweat out your response since he probably knows you it won't be easy to re-rent it if he is at or above market rates.

On the hand, he might not like you as a tenant and has done the calculation that he is willing to accept 10% to tolerate you and if you left then he is willing to take his chances.

No one here will know enough about your own situation to give you a definitive answer.

We live in Battery Park, high rise apartment block. He does like us, we are perfect tenants and I'm even friends with his wife (though not for long after this!!).

Move.

nybits.com

yep, look towards moving to a better place. your friend and her husband are the suckers, not you. offer to pay $500 less htat what you are paying now, he has to answer within 3 days or you will move out. what about that?

Basically all it takes to wipe out such a ridiculous increase is to have the apartment end up vacant for one month. Pretty risky for a landlord in this environment.

I called my mgmt company today to see what prices they are asking for their apartments. The indicated rates were up 13% from what I am paying (I signed the lease in August 2009). After some prodding the easing agent commented that 'right now everyone is moving'. It sounds like this is a seasonal uptick in prices.

I agree with above commentators. Will add one thing from personal experience, though. A few years back I offered my landlord to pay a bit higher rent to stay past the busy rental season for 3 months. IThe price was an extra 15% to my rent. It has since paid for itself in spades. My lease ends in September, which puts me beyond the busy rental season of March-August. I could have arranged to have the lease end in October, but that month is a very busy season for me. This may be something worth considering: either pay him extra to stay a bit longer, or buy the bullet on a short-term rental, but you will be compensated in the longer term.

Finally, I do not know your situation, but am inclined to recommend what notadmin suggested: play hardball with him in return.

Your landlord can ask for anything he wants, as long as your unit isn't rent-stabilized or rent-controlled. It's up to YOU to decide whether it's "reasonable". If you don't think so, counter-offer. If he declines, I guess you're moving.

show him any of the recent articles showing that rents are down about 13% yoy.... plus incentives.

"show him any of the recent articles showing that rents are down about 13% yoy.... plus incentives."

Yeah, that'll work.

While you're at it, why not show a Mercedes dealer any of the recent ads showing how relatively cheap Kias are these days. See how far that gets ya.

Hi, this is a just a suggestion but if you don't mind the financial district, why not take a look at some rentals?

If: My landlord (Glenwood) raised my rent and wouldn't negotiate. I moved. It was hell because it was an impossible time to do so. I had to find a temporary place to stay while I looked during Jan and Feb. I found that every single landlord was offering incentives and that there were some apts with stubborn (and depressing) pricing and some apts w/ very pliable pricing. I found a smaller apartment in the same neighborhood but it has a terrace and a spectacular view of the park. And it is almost 20% lower than my previous rent -- before the raise. We are much happier. And wealthier.

You need to test the waters immediately. I don't know if incentives have gone away. You have to look at a wide swath of apts and find out how negotiable they are if you rented immediately (even if that is not your plan). The only way to find out how much play there is in prices is to actually negotiate.

This is a decision only you can make. Just don't let the tyranny of the landlord's advantage -- it really is absolute hell to move--sway your smart financial decisions.

lf17777, 1 or two year lease? If 2, that's 5% a year. Even rent stabs get that much increase.