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I made an appearance on ABC News Now yesterday discussing how to negotiate with your landlord for a lower rent. I talked about some of the tips I mentioned here, on the HotProperty blog a couple days ago.
You can watch the interview here.
There are a few things I didn’t have time to get into during the interview. For starters, landlords aren’t lowering rents everywhere. A lot depends on the supply and demand in a particular city or even in a neighborhood.
I’ve heard from some readers who say that their landlords are not budging. I’ve heard from some landlords that they don’t need to give discounts and are getting a bit tired of tenants pushing for a month or two of free rent.
In hard-hit New York City, landlords are being proactive, sometimes lowering rents automatically as leases come up for renewal. Would love to hear your experiences. Send them along.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.