What do you think the fair value of the apartment is for you? Outside of how much it costs... it's just a matter of comparing it to its weight in new suits and drinks and trips overseas.
And, negotiating will get you the real value of the place from your landlord's perspective. Easy math!
I'm glad I'm not the only one who measures the price of things in terms of trips overseas. Most things are measured against the one-flight-to-paris bar.
I'd negotiate - a tried and true paying tenant is worth more than the risk of extended potential vacancy, crappy tenants, etc.
if that doesn't work (I know a lot of hardass landlords), look for a new place. I definitely think you can find something in that price range pretty easily. especially around may/june when people are leaving the city.
That's quite a significant rent increase. I say negotiate if possible. otherwise, get the heck outta there! I'm guessing he'll have a tough time renting the place out at such a price.
Well, my answer's always "negotiate." But we know the following to be true:
* If you move, he'll just post the apartment on Craigslist (or a reputable site) "classic Bowery studio - $2175." And the NYC market being what it is, he'll probably fill it. So "I'll move out" might not be a real threat.
* OR: he may just want the apartment vacated for his own purposes (I dunno how landlords think). So he's changing the rent to something he thinks you won't reasonably pay, hoping you'll move out. And if you would pay - bonus!
If he wants me to move out he can unconditionally refuse to renew my lease. I have no gaurantees of lease renewal.
I am unsure about #1. I am somewhat suspicious that this is a "Let's see if this guy is a sucker. We saw his financials when he moved in and he can afford more" kind of play. If I move out he can then rent it for something like 1900 or 2000 to someone else. At least he made a play for more right? There is also the "I'm a great tennent" card (which I am). Though I'm unsure how much this really matters these days.
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And, negotiating will get you the real value of the place from your landlord's perspective. Easy math!
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if that doesn't work (I know a lot of hardass landlords), look for a new place. I definitely think you can find something in that price range pretty easily. especially around may/june when people are leaving the city.
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* If you move, he'll just post the apartment on Craigslist (or a reputable site) "classic Bowery studio - $2175." And the NYC market being what it is, he'll probably fill it. So "I'll move out" might not be a real threat.
* OR: he may just want the apartment vacated for his own purposes (I dunno how landlords think). So he's changing the rent to something he thinks you won't reasonably pay, hoping you'll move out. And if you would pay - bonus!
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I am unsure about #1. I am somewhat suspicious that this is a "Let's see if this guy is a sucker. We saw his financials when he moved in and he can afford more" kind of play. If I move out he can then rent it for something like 1900 or 2000 to someone else. At least he made a play for more right? There is also the "I'm a great tennent" card (which I am). Though I'm unsure how much this really matters these days.
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* in the past year, the market value of this apt has gone from [your current rent] to x; and
* that $2175 > x
If so, then the answer seems clear: talk the price down to x. If he really wants to keep you, he'll go there (since x > [your current rent]).
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