Landlords Lowering Rents to Keep Tenant Eyes from Wandering

Painfully aware that they no longer have the upper hand in the bargaining process with renters, more and more landlords are taking the inevitable step to keep the tenants they have from looking for unbelievable Craigslist deals and simply cutting their rent—sometimes voluntarily. The Times talks to landlords who admit that they've been sending out new leases at renewal time with unexpected discounts since they've seen so many tenants eager to jump ship to test a buyer's market. After a big spike in new rentals this spring after a tremendously slow first quarter of the year, one president of an appraisal firm tells the Times, “There’s a confusion between more activity and rents rising. I think the spring saw more activity.” Making things worse is the fact that 14,000 new units are expected to come online in 2010 alone. While some renters are getting unsolicited price cuts, one Williamsburg resident had to make an offer he had his doubts about. Not only was it accepted, he didn't even have to renew his lease. He tells the paper, “After I got my rent lowered here, I started negotiating with everyone. I got my cable bill lowered!”