Due to the ongoing financial crisis, do you intend to re-negotiate your rental agreement?

Would love to try. The apartment 2floors below us (same floorplan) just got rented for $750 more per month, so if we move if will be for amenities rather than price. Why pay top dollar for a 5th floor walkup if you can pay around the same for more?

my rent was jacked up 10% last year, and I got them a bit lower, so that it was raised like 7.5%. This year, they try to raise 10% again, and I wrote a letter to mgmt, per the leasing agents request. I'll let you know what they say. I offered 3% over my current rent due to the current situation. Given my lease expires NOV 1st, no way they rent this unit out in less than 1 month at the rent they originally requested.

1 month vacant, would equal keeping my rent steady as is. So, why not work with me?

Well, to be fair, it might be "break even" in the first year for them, but if they get a new tentant in at a higher rate, their long term potential is higher. They now have a higher base to work from.

I thought rents were decreasing?

i don't think landlords are in denial the same way sellers of apartments are. there is no "6 months on the market to sell a property." If a place isn't renting, every week counts. I renegotiated to 4% up in April. I'm sure I could have gotten no increase this year if I was renegotiating now. My landlord is a management company and they are certainly aware of the nyc situation. My sense is individual landlords will be more negotiable than very large management companies - especially if you've been a good tenant, never late on rent, great credit, and can demonstrate solid income/savings.

given that we are now in October, you have more leverage than during the summer. There's less demand.

I don't see much incentive for landlords to negotiate rent with current tenants. Folks who normally would purchase (like me) are now sitting on the sidelines, choosing to rent until the financial climate improves. That means demand for decent rentals remains healthy.

Landlords are also now facing spikes in energy costs, and are raising rents accordingly. Our landlord raised us 4% last year but we're getting 6% this year because of energy increases (electric is included in our rent). Still getting a good deal, though, so not complaining.

I am finding, gain in desirable apts in desirable neighborhoods, that rent is not going down but remaining the same or GOING UP. I think this will remain the case for a while because the decreases in rent will hit these areas last. So no, I don't want to renegotiate to pay higher rent.

I actually looked at a less desirable neighborhood over the weekend and the only apts available there were facing an alleyway and on lower floors. i just missed out on getting a "good deal" on a top floor and learned later that tgat good deal was what they rent all such apts at already so it just seemed like a good deal because compared with my current rent (in a nice bldg in desirable neughborhood) it was good.

the only reason i looked was because i could transfer within the same management company. otherwise I have to give 60 days prior written notice...I was hoping to save money by changing neighborhoods while maintaining the quality of the unit.

urbandigs, the reason to not work with you is because you may tell the whole building and the slew of requests begin. even when times really sucked i never negotiated with a tenant who requested a lower rent unless there were extreme circumstances such as illness, job loss, or something of that nature. it's a fine line between not being a total dick and running a business,

Won't tenants find out about the lower rent faster if it gets relisted and a new tenant comes in paying lower rent?

If rents really are going up (something I didn't think was happening) doesn't that help the rent-vs-buy ratios? I really thought rents were going down - are there stats on this anywhere?

Is it common practice now to submit a lowball(20-30%) offer?

I am not indicating that I think that rents are going up overall. I am looking at specific examples that I have seen and really it may be the case, as I alluded to, that the most desirable apts in nice neighborhoods in nyc will go down but not as much and not as soon. the fact that some rents are going up would in that case make it easier to justify buying. However, I am holding off for at least a few months and maybe a year because I am, like many of us, waiting to see how much more "irrational" the market becomes. If I had more money to play with I would be buying some stocks. This is a great time to buy in but I would only do it if I had more money to play with...

a 20-30% lowball offer for a nice apt in a desirable apt would not work. try a $50-$100 less per month offer if you dont think othesr want the apt now and if others want the apt/are looking at it, i would say if you really like it, put in an offer for the listed monthly rental price. i just lost out on an apt I liked because I allowed myself to get too negative based on the news, etc. I should have gone with my instincts about the apt/location.