IAC Apartment Lease Renewals

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MissPijon_IHB

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I know there have been some posts about renewing leases for IAC apartments, but I haven't seen any recently.



I'm curious what anyone's recent experience with lease renewals has been? Right now if I look online at my apartment community, my floorplan is going for $190 less than what I pay, and I've been here for almost 4 years. $190 less..that's $2280 I could be saving in a year! They have over 20 vacant apartments right now. When my renewal comes up in a couple months, I want to ask to get this same rate they are offering for new tenants. It is ABSURD that I could break my lease then move back in as a brand new tenant and pay less. Absolutely absurd. I really don't get this whole "value new tenants over existing ones" mentality.



A couple years ago I brought up this same issue with the leasing consultant at the time of my renewal then, and she very politely told me that they are not allowed to lower rents and that keeping my rent the same INCLUDED my "existing tenant discount." But I'm pretty sure after reading other posts here that she was just lying to me. I've heard other people on here able to negotiate their rent down.



Should I try to play hardball with them in a couple months with my renewal? I know I can play the "Ok, that's fine, then I'll just move" card, but I also know how heartless IAC is, and I honestly don't want them to call my bluff and say "Ok then, bye." I'd like to stay here, I just want my rent lowered to the current going rate, which I don't think is unreasonable. Suggestions?
 
I could threaten to move, but I didn't know if that would make a difference. Does anyone have experience with that working? Or do they just say "Ok, bye"?



EDIT: I will move if they don't lower my rent, yes. But that does not answer my question. My question is what can I do to get them to lower my rent INSTEAD of moving.
 
Funny that you post this up because I got my lease renewal offer yesterday (my lease expires on 10/31). I lease the 683sf 1bed/1bath unit at Quail Meadows and pay $1,445/mo. They have "provided me the opportunity" to renew my lease for 12-18 months at $1,445/mo. Yeah right, especially when I see that they are offering my unit for $1,395/mo and a $1,000 move-in incentive. What's the best way to put the screws to them and get their best possible deal??? I will threaten to move out if I have to (it won't be a bluff either). Any advice folks???
 
Someone I work with says they offered him $300 a month discount on his rent if he extended his lease. He's not at the end of the lease, they just approached him. He said the complex fairly empty.
 
[quote author="usctrojanman29" date=1252041519]Funny that you post this up because I got my lease renewal offer yesterday (my lease expires on 10/31). I lease the 683sf 1bed/1bath unit at Quail Meadows and pay $1,445/mo. They have "provided me the opportunity" to renew my lease for 12-18 months at $1,445/mo. Yeah right, especially when I see that they are offering my unit for $1,395/mo and a $1,000 move-in incentive. What's the best way to put the screws to them and get their best possible deal??? I will threaten to move out if I have to (it won't be a bluff either). Any advice folks???</blockquote>


I ignored a similar early renewal offer close to my current rent, then they left a phone message with the new rental offer sometime later (better price). Saw a similar ad for my apartment plan which was even less. Went to talk to them about it in a nice way to see if they would match it. Long story short, ended up with even a better deal than that. Was super nice to them the whole time, and they were super nice to me. I don't think you have to get all worked up to get a good deal, just be logical & nice.
 
Thank you, McMansion! That confirms that the girl who told me they "are not allowed to lower rent" was just flat-out lying to me. I will see if they will lower my rent to AT LEAST the current going price, and if not I may just tell them I'm moving.
 
[quote author="MissPijon" date=1252044859]Thank you, McMansion! That confirms that the girl who told me they "are not allowed to lower rent" was just flat-out lying to me. I will see if they will lower my rent to AT LEAST the current going price, and if not I may just tell them I'm moving.</blockquote>


Note: they didn't lower my current rent (ie. I pay the higher old rate until my lease is up). It is true that they "cannot lower your rent" (ie. you have to wait until your lease is up). It was a decrease in rate for my new lease in the same apartment.
 
[quote author="Anonymous" date=1252045811][quote author="MissPijon" date=1252044859]Thank you, McMansion! That confirms that the girl who told me they "are not allowed to lower rent" was just flat-out lying to me. I will see if they will lower my rent to AT LEAST the current going price, and if not I may just tell them I'm moving.</blockquote>


Note: they didn't lower my current rent (ie. I pay the higher old rate until my lease it up). It is true that they "cannot lower your rent" (ie. you have to wait until your lease is up). It was a decrease for my new lease in the same apartment.</blockquote>
Do you mind share with us which apartment complex you live in? Did they also offer you $500 or $1,000 off the first month's rent?
 
[quote author="usctrojanman29" date=1252045959][quote author="Anonymous" date=1252045811][quote author="MissPijon" date=1252044859]Thank you, McMansion! That confirms that the girl who told me they "are not allowed to lower rent" was just flat-out lying to me. I will see if they will lower my rent to AT LEAST the current going price, and if not I may just tell them I'm moving.</blockquote>


Note: they didn't lower my current rent (ie. I pay the higher old rate until my lease it up). It is true that they "cannot lower your rent" (ie. you have to wait until your lease is up). It was a decrease for my new lease in the same apartment.</blockquote>
Do you mind share with us which apartment complex you live in? Did they also offer you $500 or $1,000 off the first month's rent?</blockquote>


Sorry, the apartment complex shall remain nameless. I didn't get any offer off the first months rent, and I had to agree to a longer lease period than a year to get an additional reduction.
 
The village was also not giving me a discount, I put in my notice and told them I was really disappointed. I was ready to move and put a deposit on a Quail Ridge Apt. Two weeks up to the point of moving out I got a call from the building manager telling me they will give me a 10% discount from my current rent plus $1000 off the first month (Basically matching the same offer given to new tenants. The only caveat was I had to sign a new lease on that day. I told them I would agree if they gave me the $200 extra off the first month since I was going to loose that for my Quail Ridge deposit. They agreed and I signed.



Don't renew and put in your notice. The deal will come. If it does not, they don't care and prepare to move.



Also right now the building are full because of summer. Better deals come up when the buildings start to empty out (Winter).



Good luck
 
Thank you rick_r! Actually, even though it is summer, my complex has over 20 vacant apartments right now! My lease will be up closer to winter, so I'm hoping they will be more willing to negotiate with me by then.



McMansion: I'm aware what you meant, that they lowered your upcoming lease's rent (not your current one). I was told at the time of renewal 2 years ago that they cannot lower my rent for the upcoming year, if I renewed. That was obviously not true.
 
[quote author="MissPijon" date=1252046525]Thank you rick_r! Actually, even though it is summer, my complex has over 20 vacant apartments right now! My lease will be up closer to winter, so I'm hoping they will be more willing to negotiate with me by then.



McMansion: I'm aware what you meant, that they lowered your upcoming lease's rent (not your current one). I was told at the time of renewal 2 years ago that they cannot lower my rent for the upcoming year, if I renewed. That was obviously not true.</blockquote>


Oh, BTW, don't let them sucker you into signing an 18 month lease. That's BS. Just get at a minimum exactly what they offer new tenants.
 
[quote author="MissPijon" date=1252046525]Thank you rick_r! Actually, even though it is summer, my complex has over 20 vacant apartments right now! My lease will be up closer to winter, so I'm hoping they will be more willing to negotiate with me by then.



McMansion: I'm aware what you meant, that they lowered your upcoming lease's rent (not your current one). I was told at the time of renewal 2 years ago that they cannot lower my rent for the upcoming year, if I renewed. That was obviously not true.</blockquote>


Well, two years ago that probably was true. We are in a very different rental market now. I got a rent hike and had to pay more 2 years ago.
 
[quote author="rick_r" date=1252046997]Oh, BTW, don't let them sucker you into signing an 18 month lease. That's BS. Just get at a minimum exactly what they offer new tenants.</blockquote>


The 18 month lease tells me one thing: that they forsee rents dropping even lower and they want to lock you into a rate now before that happens. It benefits only them and I agree with you, is total BS.
 
[quote author="MojoJD" date=1252048113] I guess in my case, you're not always right.</blockquote>


Boy, that would be nice to always be right. Good thing I never claimed I was.
 
And yet I refuse to start a fight with someone on a forum. Sorry to ruin your fun. Your posts are now being ignored by me.



Does anyone else have experience with lowering their rent RECENTLY? I really appreciate everyone's input so far. I feel confident I can negotiate something when my renewal comes up, so thanks to everyone. :)
 
[quote author="rick_r" date=1252046210]The village was also not giving me a discount, I put in my notice and told them I was really disappointed. I was ready to move and put a deposit on a Quail Ridge Apt. Two weeks up to the point of moving out I got a call from the building manager telling me they will give me a 10% discount from my current rent plus $1000 off the first month (Basically matching the same offer given to new tenants. The only caveat was I had to sign a new lease on that day. I told them I would agree if they gave me the $200 extra off the first month since I was going to loose that for my Quail Ridge deposit. They agreed and I signed.



Don't renew and put in your notice. The deal will come. If it does not, they don't care and prepare to move.



Also right now the building are full because of summer. Better deals come up when the buildings start to empty out (Winter).



Good luck</blockquote>
That's why I'm happy that my lease expires at the end of October. I know they will have more incentive in trying to keep me.
 
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