I Negotiated Lower Rent
My lease is ending, and the management company asked if I'd like to renew. If yes, they suggested I call the office, and have a lease made up with the new rent amount: $25/mo more than my current rent. Interesting that they didn't invite discussion about the rent increase.
Nonetheless, I called and set up an appointment to talk about their offer. In my arsenal were the construction that is scheduled for the lobby and hallways, and an ad I found in the apartment section of CraigsList. (Unfortunately, the $500 referral bonus has been discontinued, so I could't use that, too.) The ad was for a unit in my building with the same layout and square footage as my own. It has new carpet and an updated bathroom, yet was advertised for $5 less than the proposed rent for my apartment. What the heck???
I started negotiations by immediately asking for a better rental rate. No point beating around the bush. Management declined, so I brought out the CraigsList ad, and told them it hurt my feelings that a better studio is going for less than mine. Suddenly, there was a lot of hemming and hawing. Eventually, I was told the rate in the advertisement was a typo, and I was thanked for bringing it to their attention. To make up for the confusion, they knocked $5/mo off my rent for next year, matching the ad's rate. I took it.
Meanwhile, I'm considering my options for next time around. If my current management company raises my rent $20 in 2010, as they have for '08 and '09, and economic pressures keep one-bedrooms the same price, then my studio will cost the same as a one-bedroom with the same amenities, but even closer to my gym and grocery store. I hope next year you'll find me upgrading quarters!
P.S. Today, the Craigslist ad for the studio was changed! The listed rent is now $80 more than it was 3 days ago. Was there really a typo? Management couldn't getthe apartment rented for June or July at the lower, typo rate; I doubt they will get what they're asking now.
Nonetheless, I called and set up an appointment to talk about their offer. In my arsenal were the construction that is scheduled for the lobby and hallways, and an ad I found in the apartment section of CraigsList. (Unfortunately, the $500 referral bonus has been discontinued, so I could't use that, too.) The ad was for a unit in my building with the same layout and square footage as my own. It has new carpet and an updated bathroom, yet was advertised for $5 less than the proposed rent for my apartment. What the heck???
I started negotiations by immediately asking for a better rental rate. No point beating around the bush. Management declined, so I brought out the CraigsList ad, and told them it hurt my feelings that a better studio is going for less than mine. Suddenly, there was a lot of hemming and hawing. Eventually, I was told the rate in the advertisement was a typo, and I was thanked for bringing it to their attention. To make up for the confusion, they knocked $5/mo off my rent for next year, matching the ad's rate. I took it.
Meanwhile, I'm considering my options for next time around. If my current management company raises my rent $20 in 2010, as they have for '08 and '09, and economic pressures keep one-bedrooms the same price, then my studio will cost the same as a one-bedroom with the same amenities, but even closer to my gym and grocery store. I hope next year you'll find me upgrading quarters!
P.S. Today, the Craigslist ad for the studio was changed! The listed rent is now $80 more than it was 3 days ago. Was there really a typo? Management couldn't getthe apartment rented for June or July at the lower, typo rate; I doubt they will get what they're asking now.
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