Negotiating Lease Renewals

Like most New Yorkers you have a lease and it comes through at a certain point. Your Landlord will send you a renewal with a new lease for a year or two and however much money is being asked. What most people don’t realize is that is actually a negotiation. You do have the power to negotiate that raise from your landlord but there is a few things you should do first.

One, you need to look at what is currently available on the rental market. Go on websites like Street Easy and Trulia and take a look at what is renting in your area. It will give you an idea of if your Landlord’s increase is reasonable within the market. If it is not then you know that as well.

Then you need to call your Landlord and have a very clear, calm, concise conversation explaining why you are a good tenant. You don’t need to tell them that you are going to leave or what it will take them to find a new tenant because they understand that that’s the risk involved.

If you do that, explain what the market is and talk to them like a real person you will usually be able to come up to a solution.