If you’re a renter in New York, you’re probably missing out on the biggest source of free money around: your landlord.
Much more significant than the extra pennies you might take home from Obama’s tax cut, there’s a good chance that your landlord will cut your rent if only you ask. In fact, anecdotally, we’ve heard stories of NYC landlord preemptively giving their tenants rent cuts of 10% or more, just to be sure that they don’t up and move.
Last year there was some speculation that rents would go up even as the cost of condos would go down. The idea was that would-be homebuyers whould become renters, thus pushing prices up.
Turns out that may have been wishful thinking for the NY real estate market. Landlords are facing the same supply/demand economics as everyone else.
All those new, luxury development combined with the loss of income on Wall Street and elsewhere is making the price of living cheaper for everyone.
In fact, check out Craigslist. A lot of new for-sale condos are now rental units.
So what are you waiting for? Talk to your landlord tonight. Otherwise you’re just leaving free money on the table.