[00:00] The single biggest expense for most people is their rent and yet they never take the time to realize...
[00:13] In fact, it's true even in Manhattan where I am sitting right now. You can negotiate rents because there is a glut of apartments. Now it's true it depends on a variety of factors.
[00:28] All these things factor in to the negotiability. You say, "Based on the data, it appears that apartments in this
[00:40] neighborhood are trending down by... In some neighborhoods right now, they're down over 15%. What you say to them is, "I've been a good tenant.
[00:52] I plan to be here for many years more. I'd like to negotiate for a lower rate. It might be a pain for you to move out.
[01:05] It is a pain to pack up all your stuff and move. But if you can negotiate, you can often save hundreds of dollars a month. All for one single conversation.
[01:21] I would recommend you begin this conversation about two months before Because if they say no, then you have a decision to make. Do you want to stay and basically eat it or do you want to move out?
[01:35] If you move out, they've got to scramble. That's thousands and thousands of dollars in lost income to them.
[01:48] So remember this: Your rent can be negotiated. Sometimes your landlord will flatly say no. But when it does work, it works big.