Posted by MikeW on February 08, 2002 at 11:39:40:
In Reply to: asking for lower rent??? posted by anon on February 08, 2002 at 03:35:30:
But seriously, getting the LL to forgo a rent increase depends on a number of factors. The biggest is what your rent is in relation to the market rate for a similar apartment. The only reason the LL would give up a rent increase is the threat that you'd move out and he'd have to find another tenant, and would not be able to get the rent he's asking from you. This is only likely to happen if he thinks you can replace the apartment for the current (unraised) rent, or less. There is also a pain-in-the-ass factor in getting a new tenant, and the fact that he'd probably lose at least one month's rent replacing you, if you left. If your rent is close to market, you might be able to get away without an increase. If you have a good deal, it's unlikely.
FWIW, I had a stabilized studio the last time the real estate market was weak (early '90's). I did get away with a couple of renewals without increases. But when the market strenthened, the LL wouldn't even think about forgoing the increase.
: Hi all,
: W/ the current rental market due to the disasters that occurred on 9/11 and the bad economy, I've noticed that the rents have substantially decreased across the board for apartments in Manhattan. In light of this current market, my rent was still increased for the next lease term. (I do live in a rent stabilized building so it was increased 4.?% My question is, do you think the landlord would allow me to keep my current rent or even decrease the rent, on the basis that if I don't renew the lease, they probably couldn't get a lot for the apt. because of the drop in rents? What do you all think?
: p.s. the landlord scammed me w/ a "broker's fee" when I began my lease. I wrote him a letter and all but still no response. Basically he seems money hungry.
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