According to this Marketwatch article, the price to rent an apartment is under downward pressure, and consumers may be able to get their rent prices reduced just by asking.  Mike Haskins, a Raleigh area renter, was profiled in the story.  He took advantage of his local market circumstances – new rental units which had just been built in combination with a low capacity in his own building – to negotiate a rent decrease.

It took some pushing — and a threat to take his business elsewhere — but before long, Haskins made a deal. When he renewed his lease, his rent was $100 lower…

In response to vacancies, 68% of landlords said they were lowering rents and 68% also said they were giving one or more months of rent free; 38% said they were reducing deposits; and 18% were offering upgrades or allowing more leniency for breaking leases or changing status, according to the Rent.com survey. Fifteen percent are offering storage or parking at reduced rates, and 8% are relaxing pet policies.

The Seattle rental market is also facing downward pressure on rents, according to this Seattle area blogger, who recently negotiated an offer from his landlord from an increase of 3.5% into a decrease of 5%.


Do you have any rental reduction stories to share?  Post them here in the comments.