[quote author="punchenpie" date=1222303072]I am loving this post. Perfect timing, too, because I just got the renewal letter from one of our LC's. I'd like to pick your brain before I call them up to renew.
So yeah, firstly, I'm pretty set with re-signing my lease. I live in Woodbury Lane and I love it there. I have a 1X1 on the third floor, and the garage I have comes with extra storage space. Last year, they offered me a 14-month lease at $1,710 per month (a $30 increase from my current rate back then), and I took it.
This year, they are offering a 12-month lease for $1,727 per month. I'm in no rush at all to buy a house, so I was considering asking if I could get another 14-month lease. From what you said in your post, it looks like it would be okay to ask for that, right? A friend of mine also told me that if you've been an IAC renter for 2 years, you can get a 3% discount on rent...I wasn't sure if that was still in effect, but if it is then maybe I should mention it too?
I checked the current rent range for my unit, and it's between $1,685 - $1,730. I'm guessing that the extras are what drives the rent up, but I don't really know if I can even get them to bring down the rent any further than applying the 3% discount, what do you think?</blockquote>
Punchenpie (do i detect a subtle Southpark reference?) it sounds like the most important thing for you here is the lease term. If the property is offering a 14 month lease at the moment, you should be able to request one without a problem.
If you want to get into the head of the leasing consultant assigned to your renewal, know that any renewal increase below $50 pays him/her the same $50 commission. If they were asking for anything higher than $50 the LC would be looking at getting paid dollar for dollar your increase amount (ie if you're increasing $120 then the LC's commission is $120...if they negotiate down they take a commission equal to your increase amount). So this is a case where I would consider the LC your ally. They don't care if you get a $17 increase or a $0 increase...they are rewarded the same either way.
There is a longevity discount of 3% below market if you've been a resident for 2 full years (at 3 years it's 4%, 4 years = 5%, etc capping out somewhere between 5 and 7%, i'm not certain). However, many properties usually will not allow the longevity discount to lower the rent below what you're currently paying...ie the best possible scenario at these properties is a $0 increase. As with anything, it really depends on how bad the property is hurting. If they are dreading the idea of one more intent to vacate notice, you may be able to pull off a semi-significant decrease.
Incidentally, I called over to your property, they are offering up to an 18 month lease term and as much as $125 off market rent for immediate new move in on some vacant 1 bedrooms. I'm shocked by both the lease term and the discount. You MAY be able to work down your rent by first calling as a prospective new move in to get them to quote you the specials...but don't be too surprised if they draw the line at a $0 increase. Though it seems absurd, some properties will let a new resident walk to fill their apartment with a new move in paying less. I think it has to do with "maintaining rent integrity" which is a fancy way of saying they're afraid you'll tell all your neighbors how bad they are hurting and everyone up for renewal will be looking for a huge, property crippling decrease.
good one 
