It's no secret that the rental market has seen across the board price declines. I don't think we can can generalize,though individual markets have all fallen but not in unison. So perhaps like many renters you signed a lease last year and your renewal is coming up. You love your apartment, would love to stay(I hate moving!) but see that new rents are 5,10, 20% below what you are paying for a similar apartment. I have received a number of calls from previous clients that would like to know what the procedure/strategy is for getting their rent lowered. I have also been getting calls from a few of the owners I represent wanting to know how hey should respond to such a request.
The logic of a landlord can often be confusing, here you are a tenant in good standing and you see a number of vacant units in your building. The owner has adjusted rents per new market conditions, perhaps also throwing in some incentives. Hey! You want some of that, why wouldn't they give it to you? The first step is to call the landlords office, usually they have someone in their leasing department that handles such matters. You certainly will not be the first tenant calling with such a request.
Each owner has their own way of handling this situation, I would expect in all cases if you are paying at least 5-10% more than what incoming tenants are paying and your lease is up, you will be successful in getting your rent lowered.
But each deal is unique and in some cases two tenants in identical apartments in the same building may have two different out comes. I advise you be polite(at least at the beginning of the negotiation :), and present your case as to why you believe your rent should be lowered. Bring to the attention of the owners agent that you are aware of the new rents and incentives being offered. Like all negotiations, start by asking for more and by the time you're done hopefully you will have achieved a successful outcome. Be patient though, this is going to take a little time and massaging. It is very unlikely you are going to ask for a $500 dollar reduction and the person at the other end of the line is going to say, "OK". Most owners would like you to stay, they understand that in most cases it makes more sense to adjust your rent and keep the apartment occupied, especially if you have been a good tenant. But they will put up a "little" fight.
In my experience you will do better by maintaining your composure. Start the negotiating early but be firm that if a reasonable compromise is not struck, you are happy to go rent one of the many other vacant apartments in the city. I would not expect to get every incentive that new tenants are receiving, but I expect most owners will strike a deal you can both live with. Just as you know they will incur additional expenses on a vacant unit, they are aware you will also incur additional expenses(headaches!) if you move. Now if your lease is not up yet, I would not expect an owner to renegotiate the terms in the middle of the game.
So go ahead and give your landlord a call.... Best of luck!
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