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If higher than market price, show them the listings that are comparable, if not, then all you can do is ask
Market is 🔥 only argument is that they might save some agent and renovation costs, but even that depends on the building. Your biggest argument is to avoid switching cost and hassle and you can ask if that helps lowering the increase
20% sounds not so bad compared to some horror stories I’ve heard. Are you in a prime area? Advice I’ve heard is to not complain about issues in the building, but rather to emphasize what a good tenant you are. Your good record of paying on time, etc.
It will cost them at least 1 month’s rent to turn over the apartment, so that’s 8% of yearly rent. Maybe you could negotiate it down to a 12% increase? That way they’re breaking even for the coming year and keeping a good tenant.
Rising Star
This is what my broker told us so 🤷🏻♀️
Off longer term lease or cash up front? Neither of these worked for me but I feel like as a landlord I would want a good tenant to stay longer and cash upfront to invest Vs losing to inflation
Rising Star
It’s illegal for a NYC landlord to take cash upfront of more than a month’s rent. And how does that benefit OP? They’d lose use of the money to invest.
Offer to sign a 2 or 3 year lease with steep penalties of you breaking it.
Your only hope is saving the building hassle from tenant turnover. However, just know that there are so many people looking for apartments and would gladly pay the 20% increase. If you decline it, you better start looking asap.
20% ?? Damn. Is rent stabilization uncommon?