As New York City residential renters reach the end of their leases, many are are getting their rents slashed. Rents dropped in the fourth quarter of 2009 over the same quarter in 2008. “A lot of tenants have been successfully renegotiating rents,” said Daniel Baum, CEO of TDG/TREGNY. Prudential Douglas Elliman’s rental market report, released today, says the average monthly rent of a Manhattan apartment in fourth-quarter 2009 was $3,789, 4.3 percent less than $3,958 in the same quarter of 2008. The best way to get the landlord to drop the rent is to hit him up at the end of the lease, Baum said. “Traditionally, an owner is not going to renegotiate a lease mid-term,” he noted. Another strategy to receive lower rents is to check out comparable prices in the building. Jordanna Dworkin, who rents a studio on the Upper East Side, found that an identical unit in her building was being rented for $400 less than she was paying. She immediately called her landlord and he agreed to lower her rent — saving her $4,800 a year.
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TWEETS
- This week, @DouglasElliman dominates @trdny's "Top Residential Agents" list, scoring three of the top five spots. http://t.co/WuwFfoQI 10:26:54 PM May 25, 2012
- Here's some #NYC residential sales data before you head off to the #Hamptons via @trdny http://t.co/41pt08N4 08:54:27 PM May 25, 2012
- Marcia Gay Harden gets $2.8M for #Harlem townhouse listed by@cathytaub of @StriblingNYC http://t.co/pR718yY4 via @trdny 08:47:36 PM May 25, 2012
- Boymelgreen, Africa Israel settle with @AGSchneiderman over 20 Pine St. construction, but face new $20M suit http://t.co/wYyqrfBP via @trdny 08:16:42 PM May 25, 2012

