How do you negotiate rent in lease renewal in a luxury apartment? Or is there really no way to do that? For context, it’s a luxury apartment complex in West New York, NJ. Any tips and tricks would be very helpful!

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Ask for a 2 month concession vs lower rent. You’ll be more likely to get that.

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Its covid, market is tough. Some landlords in in NJ are offering a few months free rent. Find comparable apts with better deals and tell the landlord about it. Find a way to use covid to your advantage 1) if you have a good job and you are likely to stay employed regardless of the pandemic thats a huge plus 2) if your employment was affected by covid then explain that too (need reduced rent bc of reduced pay etc)

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I have a rider to my contract that states the year 2 and 3 rent. Both parties have to notify 60 days before lease ends for it to renew.

In NJ or NY? How much were your agreed upon increases?

I always do this. 1) ask for a discounted rate.. 2) ask for 2 months free as you were offered it previously and 3) compliment the building and explain high-level financial hardships. Also if the building hadn’t delivered on a few things, kindly call that out (e.g., ongoing construction)

Ask them if there are any deals running right now. They’ll give away a couple free months rent which lowers the overall net rent. Usually preferred by landlords/brokers - I think it has something to do with the rent history so they can reflect the monthly rate, and not the net rate for future renters.

Probably better not to mention your own financial hardships to negotiate a lease renewal. You want to look like the most attractive renter to get the best rate. Negotiate based on the overall market and the idea that you could easily move to a comparable apartment for less money.

I’ve done that in the past - check what similar apartments in your building or similar ones nearby are asking for new renters, and use that to negotiate your new lease.

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