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negotiating rent following a sublet

Started by thewiseking
over 15 years ago
Posts: 35
Member since: Oct 2009
Discussion about
I am nearing the end of a sublet where I was able to secure a classic 6 for 40% below the amount paid by the previous tenant. her rent: 9300/mo signed in 08 and my rent 5600/mo on a sublet signed this past fall. Given the market/comps and these terms what would be a reasonable approach/offer to the landlord. Apt is on the UES, drmn bldg, high floor, good finishes but not new. Thanks!
Response by thewiseking
over 15 years ago
Posts: 35
Member since: Oct 2009

^

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Response by starfish
over 15 years ago
Posts: 249
Member since: Jul 2007

I think you need to see what comparable apartments in the area are going for and go from there. I have to imagine a landlord who got $9300 in 2008 doesn't want to hear offers anywhere near $5600, but maybe the prior tenant grossly overpaid 2 years ago. Are you trying to justify the current rent? This all assumes you dealt with the prior tenant on the $5600 amount and not the landlord of course. Good luck

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Response by truthskr10
over 15 years ago
Posts: 4088
Member since: Jul 2009

You have to do a bit of homework and have a list of comps with you.
You must also have to show a willingness to move, no matter how far or near to the truth.
If your landlord knows you don't want to move, comps at $2000 a month won't even help you.

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Response by inonada
over 15 years ago
Posts: 7951
Member since: Oct 2008

First thing to establish is where the market for your place is, which you would know better than anyone else. I imagine that $5600 was discounted because it's a sublet that goes into this situation you are now facing.

However, what was the next best-priced option you had last year for a comparable thing? Do you have a sense of what the sales price of the apartment would be? These things will help establish the "right" rent for the place, and figuring that out is required before strategizing.

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Response by anonymous
over 15 years ago

INteresting. I think the landlord has a strong hand here because you've already fallen in love with the place, and even if the "correct" price is too high, if it has all of the strong features you suggest, the landlord might be ok letting you leave in exchange for another tenant to pay more even if not quite to the level of the prior 2008 price.

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