Is It Possible To Negotiate Terms Of An Apartment Lease After Signing

Any advice on negotiating rents in NYC when re-signing a lease?

Yes, there are many ways to get better terms on a lease renewal. Unfortunately, the apartment lease renewal market in NYC is entirely in favor of the landlords, since tenants who entered buildings using brokers or agents' advice no longer have that important advice for the renewal lease. There are many other factors at work as well.One of the first things to understand is that you are not simply negotiating rent, but renegotiating your lease ... and this time with the perspective of your existing tenancy to guide you. Renewal leases are every bit as important as the original lease, yet most tenants don't understand this and, moreover, they don't understand the power they actually have to negotiate a renewal lease in their favor.  Thus, most renewal tenants meekly concede to the landlord's will and do not avail themselves of the opportunity present to improve their lease terms for their own benefit.Landlords have a huge advantage when it comes to renewal leases.  Not only is the tenant unrepresented by professional advice, but the lanldord has the advantage of an established residency, in as much as most people are predisposed to stay in one place rather than move elsewhere in any given situaton at any given time. Landlords understand this concept and exploit it to their advantage.The fact that you haven't received a renewal is not necessarily a bad sign.  Many landlords will delay sending a renewal purposely ... because they know that the tenant will be unlikely to find a new apartment in a short period of time, and will then be effectively forced to sign the renewal on the landlord's terms. For this reason, renewal tenants are often viewed by landlords as a "captive" market.The first thing you should do is talk to a broker or agent who is familiar with your apartment and your building. Try to ascertain as best as possible your apartment's current market value and work from there.  Remember that the market value is for new tenants, so it includes leasing costs (like broker fees), vacancy, administrative and apartment preparation costs (collectively "turnover costs"), all of which the landlord is saving when a tenancy is renewed.  Armed with good information, you should be able to negotiate a discount from market value that reflects the substantial savings benefit the landlord receives by renewing your lease.  Good luck!

Any advice on negotiating rents in Palo Alto when re-signing a lease?

The very first thing to understand is that you are not simply negotiating rent, but renegotiating your lease ... and this time with the perspective of your existing tenancy to guide you. Are there problems with the building or the apartment? This is the time where you can address them. Do you need the flexibility to terminate your lease or an option to renew it? This is the time to request such things. Does the apartment need repairs, improvements or painting? These are the questions you need to ask before negotiating the rent. This is one of the hidden advantages that landlords have over renewing tenants. Most tenants approach the renewal process as a simple renegotiation of the rent only, allowing all of the other terms to remain the same.Negotiating rent alone is relatively easy if you do your homework first. Search for rental prices for similarly situated apartments in buildings in the area, or nearby, and compare them with the rent you are now paying. Know the actual value of those rents by deducting common rental concessions, such as free rent or brokerage fees paid by the landlord; that will give you a true number known as "net effective rent" which represents the true rent for comparison purposes. You should also get a sense of the market demand by averaging the amount of time these similar apartments are staying on the market. One or two months (or less) is a strong demand; three months or longer is a weaker demand.And keep in mind that there is a direct monetary benefit to the landlord of as much as 10% (or more) of your rent if you simply stay and renew your lease, instead of vacating your apartment. In theory, that 'discount factor' should be applied to a renewal term rent and should therefore be a point of negotiation.

Can you negotiate lease terms with a landlord in a new, mostly empty luxury apartment complex?

Can you negotiate lease terms with a landlord in a new, mostly empty luxury apartment complex?You’ve got a couple competing factors here. First, it’s new, which often means people want to move in and live in a place with the latest features. That’s a negative for negotiating. Also, it’s a luxury complex, so that’s usually one against you for negotiating. You seem to have noticed the “mostly empty” issue could make a big difference. From what you’ve said in the question, that’s the biggest thing going for you. The problem is I don’t know how long it’s been mostly empty.On the other hand, if it’s new, they do expect it to take time to fill up. You can always try to negotiate with them. Be professional and polite, of course! Be aware, also, that they may decide to give you a break on the rent for that first year, but that when it’s time to renew your lease, there’s a good chance they’ll be full and will want full market value for that apartment.It will depend on their projections and expectations. They may be thinking, “It’ll take us 3 months to fill it up and if he wants 10% off, so if we rent to him, 10% off for a year is better than losing 25% of the rent we could get on a unit over the next year if it takes 3 months to rent it out.” If that’s the case, then, in a year, they’ll be increasing your rent to bring it up to market value.So you can always try. You may get what you want, but if you don’t try, you’ll often wonder, “What if…?”

What're the most important things to consider when signing a lease with an apartment complex?

Although most people don’t take the time or money to have an attorney look at these documents it is wise to do so. Spending $200 to have someone review a document before you sign it is an inexpensive way of providing you with all the pitfalls inside that particular lease.In addition to that making sure that you get your security deposit back making sure that when your lease is up that you’re gone and the property is in a good condition if you have pets getting pet stains out. A lease provide you with a place to stay eat live sleep and you have to return it to the landlord in the same condition minus normal wear and tear.

Rent: How can I successfully negotiate a lease renewal?

There are many strategies and nuances involved in successfully negotiating a lease renewal, and many variables that can affect this process. One of the key variables are market conditions, with which you should be familiar. The more apartments available in your area, the more flexible your landlord is likely to be. Conversely, a tight rental market emboldens the landlord to charge more for lease renewals. The very best way to negotiate a lease renewal is to avoid the lease renewal process entirely, by negotiating "options" to renew the lease upon pre-determined terms. This is a very effective way to deal with lease renewals, and a method largely unknown to most renters. While you are facing the possibility of a 15% increase, your landlord is facing the possibility that you will not renew, which will likely cost the landlord at least 1 month of vacancy, possibly more. One month of vacancy represents 8% of the landlord's annual income from the apartment, 2 months' vacancy (or equivalent) would be a 16% loss for the landlord. This is the ordinary leverage that every tenant has when renewing a lease under normal market conditions. Based only on the leverage described above, you should be able to successfully negotiate a 50% reduction in the increased rent amount, which, all things being equal, is an equitable arrangement for both parties.  So return your notice or renewal form promptly with an offer to "split the difference" in the rent increase proposed. The best way to do this is to simply send the landlord the renewal papers already signed and changed with your proposed amount, highlighting the change in rent amount you made, together with your check for the increased security and a check for the 1st month's rent. The idea here is that it's harder for a landlord to say "no" when they already have the signed leases and checks in hand.