After 2 years in my current condo, my rental lease agreement was up for renewal – so I was keen to see what was available on the market – noting that the ‘housing conditions’ had put the market in the favour of the rentee rather than then landlord – lets see whether this will be the case for me.
I started but trying to negotiate with my current landlord, but I was keen to only renew for one more year (rather than another two years) – he was keen to keep the rent at the same level – he commented that it was a good price having been low to start with, and because I had asked for one year only.
I was not that convinced, so started to look around before I responded. I noted that in my current condo, there were a number of smaller units between $2400 – $2800 – so I knew I couldn’t push lower by much, but then I saw that there was a similar sized unit (570 sq ft) for rent – that was priced at $3000 a month. I asked to check the place and went up to have a look – I asked what was the best price he could offer, and he suggested he could push for 2800. I was quite shocked that they were willing to reduce $200 a month to easily, so the landlord must have been keen to rent it out. Anyway, I said I would think about it for the weekend, and then decided to email my current landlord’s agent, who stated that $2900 (current rental) was the best and the landlord would not go lower. I decided to take a risk and email the landlord directly, who responded in a day to state that he was willing to go down to $2800 – a bit interesting that I get a different result when I liaise with the landlord directly isn’t it?
I started to think about staying, but I decided to visit the new condo unit again with my girlfriend. There were a few pros and cons in both apartments. Lets start with my current one:
Current Unit – Pros:
- Don’t need to move
- Don’t need to dry-clean curtains
- Don’t need to worry about changing addresses in everything
- Landlord seems pretty nice and responsive
- Lots of wasted space with the staircase
Current Unit – Cons:
- Agent is a bit annoying and seems to not communicate effectively or accurately
- Only partial furnished
And now the new one for comparison…
Potential New Unit – Pros:
- Cheaper unit
- A higher floor
- Fully furnished – also a con due to furniture I’ve purchased!
Potential New – Cons:
- Need to move
- Layout is worse than current, bomb shelter is on ground floor
- No ground floor wash room
- Staircase location wastes space
The new agent then contacted me for a decision, and I said that I will likely renew with my current unit – and I then preceded with the confirmation. The new agent then stated that the landlord was willing to reduce to $2700 – wow – what a quandary…save another $100 a month. I then presented this to the existing landlord, who then responded saying ‘now what?’ – as the documentation was being prepared. I asked him that I was very keen to move due to the price reduction, but had decided to stay as I preferred to stay with him as the landlord (better the devil you know, as they say). He then responded stating that he will match that price – so I got the same unit, for 1 year renewal, at the $2700 rate – a $200 reduction per month – not bad methinks. I think I could have gone lower, but at least it is a saving.
I now need to sort out the new repayments and get part of my deposit back, as I only need a month’s deposit of the 2 month’s that I currently have settled with the landlord – he owes me $$$ for a change (all of $3100) – haha!