Rent in NYC

NYTimes reported a drop in home ownership. Not only that, but the rental prices are dropping, too.

In midtown alone they had dropped 10-15%. My husband and I had thought about moving to NJ or Queens to lower our living costs this year. But staying in Manhattan might not be such a bad idea. Especially, when every landlord is willing to negotiate not just first month rent free, but 2 months off the already reduced rates.

Demanding, unresponsive landlords have been replaced by warm, caring individuals. One couple I met said this was their fourth year living in their midtown apartment. The landlord brought the rent down by 10%. He even sent a welcome letter welcoming them into the building.

Your Negotiating Timeline:

Start looking six to eight weeks before your lease is up

If you want to stay in your current building, you can probably take your rent and deduct it by 20%. Yes, 20%. Approach your landlord and let him know that you’re thinking of re-signing the lease but are unsure about the future and want to save money. Let him know that you’ve stopped premium cable, have cut down on eating out and all in all trying to save money. And is there anything he can do for you?

If he says it’s going to be hard, then quote him prices from other buildings in the neighborhood. Nybits.com is a great place for comparison. Let him know that Manhattan is slowly losing all its bankers.

Letting your landlord know you’ve done the research and know what’s out there, will significantly reduce your rent by hundreds. Last year, around the same time a one bedroom in midtown went for around 2900-3500. Now, landlords are struggling to rent out one bedrooms for $2700-2800.

The market is in your favor. So take advantage of it!