Posts Tagged 'landlords'

Time Out NY: “Lower Your Rent”

tony-coverThe cover story of this week’s Time Out NY is all about rents falling throughout the city. For the most part, the reportage was well-done and non-alarmist and there was some practical info on how to speak with your landlord about getting a reduction.

Read the article Here and Here and take a look at my coverage on the fall of the rental market and how to negotiate with your landlord.

“How to Reduce Your Rent”

“Further Tips on Negotiating With Your Landlord”

“Renegotiating the Rent?”


Landlords Must Make Buildings Greener, Pay for it Themselves

earth-cashI saw this via a link on Brownstoner . The NY Post reports that a city initiative will have the owners greening large older buildings with environmentally-friendly and energy-saving capital improvements. Tenant advocates were concerned that the costs of these improvements would be passed on to rent controlled tenants. Instead, the mayor’s pointman for this initiative, Rogit Aggarwala, states that city leaders pledge to prevent costs being passed on because increased energy efficiency soon pays for itself.

More Coverage of the Landlord Renegotiation Phenomenon

New York Magazine asks if right now is the time to negotiate with your landlord. Read about it HERE.

I’ve been covering this question for some time: HERE, HERE and HERE

“How to Reduce Your Rent” via the WSJ

Clicking around today on Curbed, I came across a link to an awesome letter that a Wall Street Journal blogger wrote to her landlord when they received a lease renewal with an increase this past winter.  How did the blogger get a $300 rent reduction? By writing a rational, well-researched letter. She spoke to recent arrivals in her building to find out what they were paying, checked out Craigslist, cited articles in the newspaper and in the end was happy with her savings.

WNYC Radio Report on Rentals

radio1Listen HERE to‘s editor Lockhart Steele discussing the rental market, including the issue of negotiating with your landlord or moving out into a more affordable unit. There’s a lot of great stuff as readers share their experiences in the comments section.

NY Observer: Rental Vacancy Rates and What They Mean

bedroom-21It’s no secret that Manhattan rental vacancy rates have been rising since the end of the summer. I post the Citi Habitats monthly market reports on this blog every other month (August can be found here; June can be found here and October’s stats should be coming out any day now) and the statistics show that there are more apartments sitting empty in the city than we’ve seen in a long time. But when it comes to the actual cost of these vacancies, for landlords and for the city’s economy, The Observer really spells it out: “It’s easy to forget that these are more than abstract numbers, but rather indicators with immense financial ramifications for landlords with slim balance sheets. At a 5 percent vacancy rate, a landlord with 1,000 units would have 50 unoccupied residences; now, if the vacancy rate jumped to 10 percent, the landlord would have another 50 vacant apartments. If the landlord’s apartments averaged $2,500 in monthly rent, the owner would be losing an extra $125,000 a month in income, and $1.5 million annually.” There’s no doubt that smaller landlords could be struggling and while this may be hard for rent-weary tenants to believe, rising fuel costs and the difficulty of maintaining 100 and 200 year old buildings are making it tougher and tougher for the small-time landlord with just a building or two to make any money at all. Read the full Observer article here.

Asking for a Rent Reduction?

A poster over on the brownstoner forum asks whether it’s worth asking their landlord to reduce the rent. Read the full thread here.

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Michelle Erfer is a licensed Real Estate Salesperson in New York City.
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