Tenant wants reduced rent - Landlord Forum thread 198129

Tenant wants reduced rent by Andrew R (New York) on March 10, 2010 @20:05

It is renewal time and my tenant wants me to bring the rent down $220. or he will not renew.

I can not afford a vacancy right now, but I feel I am being squeezed unfairly because of the economy.

I am willing to come down on the rent $100. but the tenant is playing hard ball and says $220. or nothing.

The rent is is already reasonable and has not gone up since they moved in 4 years ago.

Should I stand firm or am I being greedy?

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Re: Tenant wants reduced rent by tell him to get lost (ny) on March 10, 2010 @20:45	[ Reply ]

you cant afford to take a loss, unless the rental market is very slow where you are, try advertising on craigslist now and see if anyone starts responding to the rent you feel is right

Re: Tenant wants reduced rent by K (FL) on March 10, 2010 @21:43	[ Reply ]

If you cave on this, what will he demand next?

Re: Tenant wants reduced rent by Jake (FLorida) on March 10, 2010 @22:35	[ Reply ]

That is the way the market is now. Make the cut or look for another tenant.

Re: Tenant wants reduced rent by OK-LL on March 10, 2010 @23:03	[ Reply ]

Is he willing to take a $220 increase when the economy improves? Probably not. I'd cut him loose -- let him know you've already bent backwards by not increasing his rent annually and the best you can do is to continue not increasing, but decreasing is impossible. Have your taxes or insurance decreased? Of course not.

Re: Tenant wants reduced rent by VA_landlady (VA) on March 11, 2010 @09:24	[ Reply ]

I had to come down 150 dollars on my place to get it rented last time, so I think it's true that we may have to make compromises. But in your case your tenant sounds like a jerk. I would not lower it any more than you already have offered to.

Re: Tenant wants reduced rent by MassLL (MA) on March 11, 2010 @11:38

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The $120/mth difference between the two of you will be $1,440 less for you over the course of a yearly lease. What's the difference between that and a month vacancy?

Plus, now that winter's over, it'll be much easier to find a new tenant. Depends on unit. How competitive is the unit? When was the kitchen last renovated? Does it have replacement/new windows?

If you lower the rent $100 for him, how will that compare to market? It's fine for a good long-term tenant (even goodish, better the not-quite-devil you know), to be $100 below market but necessarily for $220 below market. Especially when they're blackmailing you.

Not knowing these factors, I wouldn't concede to his demand. When tenants start thinking they have the upper hand, they start getting difficult.

What about lowering $100 and doing something to the apartment? New stove, ceiling fans, shampoo the wall-to-wall carpet (because you own it and it gets you into the apartment easily to check it out). Any such thing will be deductible to you and keep the unit competitive. And it'll be one less thing for you to do when he does go.

Re: Tenant wants reduced rent by George (Canada) on March 11, 2010 @12:59	[ Reply ]

How about offering an on time discount with the regular rent due for late payments.

Re: Tenant wants reduced rent by Steph (OH) on March 11, 2010 @20:34	[ Reply ]

I would let him accept your offer or get out. I offered to lower rent $75 for one of my tenants for up to 6 months because she really was having a tough time and TONS of medical problems and i didn't want it to sit empty during winter months. When the time came to raise it back, she gave me 30 days since she couldnt afford it, which was fine with me. Unfortunately, i ended up giving her a 3-day notice Feb. 6 or 7th because January rent was "lost in the mail", and she wasnt sure if her ex husband mailed feb's rent or not. So, of course we got the short end once more. Never again

Re: Tenant wants reduced rent by Anonymous on March 11, 2010 @20:49	[ Reply ]

Stand firm and tell him goodbye. Hope he can find a place that cheap somewhere else. You have done him a favor already by not increasing the rent for 4 years. You are willing to come down $100 (which is more than I would do after no increase for 4 years!) Prime rental season is right around the corner. Start advertising it and showing it.

Re: Tenant wants reduced rent by xxx on March 17, 2010 @13:54	[ Reply ]

depends on what the market is like in your area, how much it would cost you to prepare the apartment for a new tenant (paint, repairs, etc), and if you can absorb the loss of rent for a couple of months don't take it personally, it is just business