{ "media_type": "text", "post_content": "My landlord just raised my rent by 12% (20% from my covid deal \"net effective\"). It's not a rent stabilized building so no options there. I love, love my apartment. But the expense feels like a lot. (It will be 45% of my working budget - meaning after tax, 401k, ESPP, etc.) Any advice on negotiating? (Im unfortunately in nyu zone so this building has lots of turnover with apts funded by mom and dad).", "post_id": "61099c45593412002941e040", "reply_count": 14, "vote_count": 1, "bowl_id": "5aa3ebca6a56fa0013ec82de", "bowl_name": "New York City" }

My landlord just raised my rent by 12% (20% from my covid deal "net effective"). It's not a rent stabilized building so no options there. I love, love my apartment. But the expense feels like a lot. (It will be 45% of my working budget - meaning after tax, 401k, ESPP, etc.) Any advice on negotiating? (Im unfortunately in nyu zone so this building has lots of turnover with apts funded by mom and dad).

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Depending on the landlord, I’ve always found having a conversation or asking to talk about it first can help the situation. If you’re a good tenant and wish to stay, I have to imagine they will consider a counter offer or put forth some revised %. It may not be significant, but it will give you more breathing room. The one challenge would be if the 12% is what it was renting at pre-covid since places are being petty trying to get back to sky high pricing.

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No point in comparing to the "net effective" rate. Also, with how difficult it is to find an apartment in that area these days, I wouldn't be surprised if the landlord gets multiple offers over asking. You can try to negotiate but don't get your hopes up too much.

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How much was it renting precovid? You got a covid deal, did you expect it to last forever?

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EY 2 - I expect the rent to go up of course. But by $200 or so a month rather than $400. The data on this building is pretty scattered with nothing on this unit previously.

45% of working post tax budget feels alright? Obviously not ideal but it sounds like you’re still saving…and post Covid pricing was due to come at some point. Can you ask for wiggle room and try to land in 8-10% range?

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I’m going to have to deal with this soon as well. I like my apt but idk if I can stomach paying 20% more when my lease is up. With delta and other variants emerging I’m not even sure it makes sense to stay here long term if I can’t get the real NYC experience. Such a bummer

Is the rule of thumb for your rent to be 30% of your base pre tax or post tax? I always thought it’s pre tax

Not sure what PM1 is talking about, when people cite the 30% rule, it is pretax 30%. Said another way, your monthly rent should be less than 1/40th of your annual pre-tax income. For example, if you make $160,000 the max rent should be $4,000 per month, which is 30% of your monthly pre-tax income ($4,000/13,333.33).

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Do some market research on newly rented apartments near you on similar places. That will help you better figure out what your counter should be.

My suggestion is do an analysis of the cost to move , new furniture because you know some stuff won’t fit as well as the time it will take to find a new place. Maybe you’ll have some luck if you’re willing to sign a two year lease

Grab a roommate!

Landlords are greedy and stubborn. You'll probably only get them to budge by the same amount of total annual rent that it would cost them to turn over the apartment.

Lol, their running a business not a charity

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