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| Falling Rents: An Opportunity for Renters |
Submitted by:
Ray / Tip Hero 04/06/2009 4:15 AM
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 If you rent and your lease is coming up for renewal soon you may want to spend some time researching rents in your area. Home prices aren't the only prices that are falling, rents in many cities across the country are falling, particularly in locations where the real estate bubble was greatest.
My brother recently approached the property manager at his building and asked about rent reduction after he noticed rents falling in his area. The property manager offered him $100 off his monthly rent and an additional parking spot at no additional charge if he renewed his one year lease. Landlords are faced with falling occupancy and greater competition. They realize it's better to keep tenants by lowering their rents than having the apartment sit empty for several months while they try and line up new tenants.
In my hometown of Portland, Oregon I've noticed rents dropping and landlords offering specials like a free month's rent on a twelve month lease. I've also been reading articles highlighting the same phenomenon in other cities. A recent article in the NY Times, Why Are These Renters Smiling, highlighted several stories of renters in Manhattan getting better deals:
"Tom Botts and his wife, Libbie Rice, found all kinds of deals from landlords when they went apartment hunting this winter, and they were able to negotiate a reduction in the rent on the Upper West Side three-bedroom that they finally chose. They also encountered a symptom of the market that was simply unheard of in recent years: their previous landlord offered to lower their rent if they renewed their lease."
The article also mentioned how several renters were able to move into nicer one-bedroom apartments from shabby studios at pretty much the same rent.
If your lease is coming up in the next couple of months it could pay big dividends to do some research on rents in your area. Hop onto Craigslist and see what similar apartments in your area are going for. Be sure to factor in specials like a free months rent. If you also want to consider moving to another apartment keep in mind that the offer price is only an offer price and you can make a counter offer. For the time being, renters are in the driver's seat.
Photo credit: cincyproject
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