Tenants ask for — and receive — lower rents

New York /
Jan.January 14, 2010 11:30 AM

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.


Related Articles

arrow_forward_ios
John Giannone and Jac Credaroli (Credit: iStock)
Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans
Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans
Jacob Sudhoff and Scott Durkin (Credit: Sudhoff Companies, Emily Assiran, iStock)
Douglas Elliman is coming to Texas
Douglas Elliman is coming to Texas
Douglas Elliman chairman Howard Lorber (Credit: Getty Images and iStock)
Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax
Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax
President Joe Biden and New York State Senator Brian Kavanagh. (Getty, Department of Treasury)
Federal guidelines could complicate state’s rent relief rollout
Federal guidelines could complicate state’s rent relief rollout
Douglas Elliman's Scott Durkin and Connie Mui-Reilly (Douglas Elliman, iStock)
Elliman launches portal to streamline agent resources
Elliman launches portal to streamline agent resources
As the economy rebounds, rental prices are following suit. With the eviction ban recently overturned, that spells trouble for tenants who are struggling to make ends meet. (iStock)
Rents rise across country as economy rebounds
Rents rise across country as economy rebounds
Howard Lorber (iStock, Getty)
Elliman reports $14M quarterly profit, 65% revenue jump
Elliman reports $14M quarterly profit, 65% revenue jump
RGB chair David Reiss (iStock, Brooklyn Law)
City board considers rent hike in preliminary vote
City board considers rent hike in preliminary vote
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...