patrick.net

Apartments might require another strategy, because they're usually a little more disconnected and realize that the cost of moving prohibits many from moving and puts an obstacle big enough that saving $X isn't worth it to move.

I'm heading towards one of these conversations, so help here would be appreciated as well :)

There are a bunch of use cases that we should be able to come up with, that could really help others out.

the best way to find out is just to ask. If other landlords are like me they probably already know what the going rents are and how much demand there is for comparable rentals.

ask the other tenants, especially new ones , what they are paying. I did this and negotiated $150 off my rent plus an extra parking stall.

repo4sale - "Land deals averaged 49.22% a month from 1999 to 2008!" Post that era, we are facing the inability of developers to finance the grandiose developments of that period. Maybe it will turn around after 2015 as you have said in other posts, but check out #9 of this article from last year. It usually takes 2 generations to ignore the errors of the past, so I reckon the big land boom that made you rich won't be happening again in our lifetimes.

I did something very similar a year ago however I focused on the 20 best comparables I could find rather than try to overwhelm the guy. I though that was plenty make the point without being an ass about it. Craigslist is a great source as you can cut and paste with pictures.

I talked my way into a 5% drop for a nice two bedroom house in Pasadena CA. It was less than I could be getting elsewhere but enough of a bone my direction to convince me not to move (figured that headache was worth a couple grand to avoid and I'm hoping to be shopping in 2012 anyways at the end of the mortgage reset wave).

That's certainly the most polite request letter I've ever seen, and it could be effective contingent on market circumstances. I think this is all contingent on where you live.

I own a few homes that I rent out in Las Vegas, which is the ultimate buyer's market and thus a landlord's market. Many of these are homes in what were nice neighborhoods in 2007, and are now declining because every other house on the block is in foreclosure and has a dead lawn.
But ex-homeowners still need shelter. A glut of foreclosed-upon properties means multiple people begging to rent my places. I can charge rent that covers the mortgage payments, however modestly, and expect perfect behavior from my tenants. You want to host a loud party and annoy the neighbors? This market isn't a prudent place to do that, when I can kick you out and find someone quiet who's willing to pay a premium for the privilege.

It is a very powerful letter especially if it is after September and before march.
A landlord will calculate that costs for repainting, carpet cleaning etc, along with one month or more of empty house may be less than the discounted rental.

Therefore, in the letter you may want to add that you will not request repainting carpet cleaning and so on, after lease expiration.

Or they may be able to call you on your bluff and then you'd have no place to live.

I also negotiated a rent reduction a few weeks ago. My letter was a little more aggressive than the one above.

Nice letter Patrick. Polite, respectful, yet very clear and direct about the hopeful outcome. The new rent suggestion is good also, instead of asking for simply a vague reduction.

Perhaps end it with adding a specified time frame in which the renter needs to hear back from the landlord: "Thank you for your consideration. I would appreciate a response by (August 31) so we may discuss this matter further". Or, "Kindly get back to me by (August 31) so I may move ahead with my planning. I look forward to hearing from you".

First I went out and actually filled out some applications so the landlord received phone calls for references. Hence the idea of reality!! After a short period I received a phone call from the landlord asking why I would look around locally for a new place. I told her that I could save 4k-5k a year with a little bit smaller place.( my current rent was 1500.00 a month) So with that said I received 100.00 a month reduction with a 1 year lease. I will simply do the same thing again until I save the 5k a year. Oh, and I am putting 100.00 a month in a moving expense coffee can.