70 Percent of Landlords Would Cut Rent

| Posted Nov 2nd 2009 12:30PM

According to a recent survey, 69 percent of smaller, independent landlords would reduce rents to keep tenants in their homes. One third (32 percent) say they already have reduced rents in the past 18 months.

Tracey Benson, president of The National Association of Independent Landlords, points out that in today's tough economy, renters absolutely should approach their landlords if they need help making ends meet.

"Just like everyone else in this recession, landlords are trying hard to pay their mortgage and cover their bills. As long as renters pay on time and take good care of where they're living, landlords will work with them," Benson said.

Of those landlords willing to negotiate, 61 percent said they would drop rents up to 5 percent, and another 29 percent said they would take off up to 10 percent; the handful of those remaining said they would consider even steeper discounts.

So 69 percent of landlords say they might be willing to reduce your rent (assuming you are a good tenant), and almost 7 percent of the total would be willing to reduce it by more than 10 percent!

As we wrote about previously, some landlords are willing to go out of their way to keep a good tenant that they feel will deal with them in good faith.

Mortgage rates are at an all-time low. What's keeping you from buying?
Lender requirements are too strict. I can't qualify for a loan.	5025 (39.5%)
I have to sell my current home first.	4348 (34.2%)
You could bring the interest down to 0 percent -- I still couldn't afford the monthly payments.	3359 (26.4%)

Mortgage rates are at an all-time low. What's keeping you from buying?

Lender requirements are too strict. I can't qualify for a loan.

5025 (39.5%)

I have to sell my current home first.

4348 (34.2%)

You could bring the interest down to 0 percent -- I still couldn't afford the monthly payments.

3359 (26.4%)

Reader Comments (26)

by AngeL's Bargain Shop - November 8th 2009 @ 2:33PM

I was Bless to have such nice landlords. I keep their place spotless and neat and take care of it. I treat the home like is my own, all landlords apreciate that. I was unemployed and went to them and they
gave me 36% off the rent. I almost faint. God Bless them. I'm still
searching for employment and I still have a roof on top of my head.
Amen!

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by dionna - November 8th 2009 @ 2:47PM

Peg...you have issues. All these issues have accumulated over the last 8 years. Don't try to put them on someone who hasn't had a chance to even take a year to work on them
Angel, I am glad your landlord worked with you. Truly a blessing

by LOOKING FOR A GOOD lANDLORD - November 8th 2009 @ 2:52PM

Well my landlord is an idiot. I pay $900 a month and have lived here for 7 years. We are great tenants, no complaining and we try to fix things ourselves before we call him. But still somehow he has mananged to be under foreclosure twice now and did not even have the courtesy to tell us. The first time we found out from some guy knocking on the front door wanting to buy the house and he showed me the newspaper clipping. This time we found out from the law firm handling it they sent a letter to the occupants of the house. When I called him all he could say was oh I guess I need to get on that. When I went to his office all he could say was soory to be putting you through this and I asked what has happened to our rent money we pay he said he just has not been able to catch up.WHAT...it's xmas time and I may have to move my kids, I am miserable and wish there was something I could do...I can't buy the house and I have no down payment. I HATE him.

by Bob - November 8th 2009 @ 3:09PM

Thanks Obama!

by Marcus - November 8th 2009 @ 3:20PM

The economy sucks from the previous eight years of bad decisions. I am happy landlords are working with tenants because they know that it will be hard to get any to move in. My complex has been running specials for a while, and they have been trying to get 30 leases since the summer. So far they only have gotten eleven. Every one will have to make cuts even landlords to ensure they make some kind of profit.

by kitty - November 9th 2009 @ 7:32PM

PEG!! You think immigrants are here cuz they want to be here?!! They are actually here to make a better life for their families. Unlike you and others that don't support immigrants, all you people can't and won't take a job for less than minimum wage will you?! So do me a favor, be glad that you have food on your table cuz its the immigrants that busts their backs to get the products out to your nearest retail stores. Think before you speak next time! Besides, your ancestors were immigrants, this land belongs to the Indians!!

by Kim - November 8th 2009 @ 3:56PM

majianxiaoa17..........I think I figured out why your boyfriend broke up with you.........you are a lunatic

by Linda - November 8th 2009 @ 3:59PM

When I was a landlord my tenants paid about 1/2 of the going rate on rent in our area. I wasnt getting rich, but I was paying my bills and giving someone a break. In the 15 yrs my last tenant lived here I raised the rent 3x. Let me tell you what I got for it. The tenant was a pig, she didnt clean, she didnt tell me when she was having plumbing issues, she didnt water her yard..which was the only yard work she had to do. When I evicted her,
so we could remodel and sell, she didnt get her deposit back, she paid me extra because she broke the toilet and I still had $12k worth of damage to repair. On top of that it took so long to get the place livable that the housing market crashed and now I cant afford to sell it. So I put my kid in the house. He is a slob..but at least I can kick his azz for it. He pays 1/3 of what the last tenant paid..it barely helps with the bills, but at least I dont have to deal with someone who isnt family.

by danieieastman - November 8th 2009 @ 4:01PM

Sorry to tell you political blame-game people...this whole this results from decades of lpaying the status quo game by not just politicians but banks, Wall Street, and EVERYDAY people. All of whom are still trying to play the Industrial Age version of Capitalism. We're in the Information age and we're swiftly learning new rules need to apply...and as usual, we're learning the hard way and blaming those we should be thanking and for keeping it from getting worse once they realized what was happening...both CURRENT AND the MOST RECENT political administrations!! Stop complaining, learn to get your butt out of the dirt, and do your part as well as support those trying to do theirs.

by HOPE - November 8th 2009 @ 4:14PM

Being in the multi housing industry off and on for 8 years, I have seen it all. We did a rental increase once in two years. It was not a large one. We have very large apartments, with nice community amenities, and everyone around us is so much higher in rents and smaller in space. I cannot see reducing rents. People have asked, and I do feel for them as I have experienced a job lay off through my husband. So many people are moving back to their parents homes, or even renting rooms. The economy is slowly picking up. There are jobs to be had, and they may not be glamerous, but it is a job. I will not cut rents.

by Maria - November 9th 2009 @ 9:30PM

I have rented for the last 2 years. I live in FL but my landlord in NY. Rent has always been on time. We are currently on a month to month basis, and mailed him a notice last month telling him I am leaving on November 30th. I paid him 1st and last month plus security deposit when I first moved in. He is bitter and yesterday posted a 3 day notice to vacate on the door. FL law says on a month to month, you are only required to provide a 15 day notice. Moreover, I paid the last month over 2 years ago! He is a total jerk trying to bully me to pay him an additional month's rent. I do not believe landlords are willing to cooperate due to the currently economic situation. On the contrary, they are trying to pass down to honest tenants their own financial problems. I am getting an attorney tomorrow to deal with this nonsense!

by Thomas - November 9th 2009 @ 7:12AM

I'm a small landlord out here in Phoenix, Arizona. I had to get creative to get my places rented. I offered discounts if you pay up front. The choice of pay 2 months, get 1 free (quarter to quarter instead of month to month) or pay 6 months, get 6 months free. It is not for everybody, but it worked. People who saved for a rainy day, got rewarded and saved a ton of money. My back was against the wall, and now I have some breathing room. Also, there is no first, last, and security deposit. They pay way ahead, so I can take more chances. So far, it seems like a win / win situation. I went 14 months without being fully rented. Now, things are great, and If asked, I'd continue to do even more.

by Ed - November 8th 2009 @ 5:20PM

When rental rates are reduced the capital rate of return goes down. That in turn reduces the value of the property. Property taxes should go down. However the local government can't continue to operate if they do. The tax to income return goes up creating additional downward pressure on the value, the ability to borrow, and possible forclosure when the loan balloons. Typically every 5 years. We are not out of the woods yet. The local government needs to allow for tax relief and make up the difference by floating bonds. The US government is going into debt to keep the economy going. The local Gov. needs to do the same and keep local business from walking away to leave empty urban wastelands that produce no revenue for the government. This is going to take a long time to fix.

by Vaughan - November 8th 2009 @ 5:28PM

When will this madness end... its been almost a year and this Obama has had time to golf, push for socialise medicine, cap and tax and a plethora of other socialist items but still the loyal liberal says he doesn't have time for anything that will benefit the taxpayer. Great now will you stop blaming everyone else and put a fire under this putz and have him think of America for a change??

by Joe - November 8th 2009 @ 5:41PM

Manhattan apartment leases are renewing for as much as 20% less. Don't be a chump.

by Rich - November 8th 2009 @ 6:07PM

Don't you mean "NO THANKS OBAMA?" He's done nothing to turn the economy around. I manage two apt buildings, If people would pay their rents on time, We just had someone move out who Never paid his rent till btw the 10th & 15th of each month for over 4 years. Should he get a break with his two luxury vehicles?

by Therisa - November 8th 2009 @ 7:05PM

I dont see where 5 or 10% is helping much as when you are paying 700.00 a month or more plus utilities, and being unemployed. Yes, there are jobs out there but I have been fighing with new college grads, over qualified people, and I have the experience. So owners can keep their units sitting empty and losing each month than getting something. Its great to go every week and apply for a job, travel and interview to know you are not getting it anyway because they got over 1000 apps for 130 jobs.Try to feed your kids and pay car insurance too. Its a shame then you have to fight 50 people for even a job at Burger King! Whatever! Shelter are full and housing is bottoming out! You are lucky if you have family to move in with then. So they can sit and wait for that 1000.00 month rent! I dont fell for those non feeling higher than god attitudes!

by Therisa - November 8th 2009 @ 7:20PM

Yea, the economy is slowly picking up...No, quickly in China! The unemloyment rate is higher than posted. Think about the ones who have exhausted their benefits, they are not accounted for or the ones who wont apply.

by Therisa - November 8th 2009 @ 7:21PM

This isnt a white/black thing. I can barely pay the 500.00 month rent and utilities on a dumpy 1976 trailer I had to move into. I am enrolled in job programs,6 temp agencies,State workforce etc. I have to wait to get help to travel etc. I had to go get help and have experience in a couple of fields and was a prior business owner. Its gonna get worse. It all but drives you crazy. And no I was not one of the ones who had to get the cars and the 300,000.00 house like the others. I just worked and paid bills. Ive paid taxes for 40 yrs so I dont want to hear the welfare lecture. Atleast a thanks for applying for a position with our company would be nice! Your just another number to those that have...and have not lost it YET!

by Karen Anne - November 8th 2009 @ 7:23PM

Linda, when I first started to read your post I thought you were my LAST landlady posting - but she never had the chance to really evict me, I left!

You see, I was paying about what everyone else was paying (instead of the 1/2 or so you mention). In the 15 years I stayed there, she raised the rent three times - I KEPT the place up nicely...kept the yard done (it was a total disaster when we moved in). BUT, SHE was the one with issues! Plumbing? Puh-leeeze! She knew when we moved in that every single faucet in the place dripped/leaked and needed replacing; "someone will be there within a week to take care of all of it". After several months, WE did the work/replacements (and didn't get any remuneration - or a thank you). Lines/drains backed up? WE fixed them.

When the septic bank finally went (she admitted to NEVER having had it pumped in over 40 years and you KNOW you can't be sure previous tenants had treated it monthly), instead of pumping, she had some morons out to dig up the yard and put a NEW leach bed in front of the house - they refused to allow us the time we needed to remove a brick patio we'd installed and instead tore it to shreds with their back-hoe! Pay us back? Nope. They had to install an electric pump for that leach bed, so WHEN the original became overwhelmed (this is THEIR logic mind you), the pump would come on and send run off to the front of the property - uphill. In the many years we were there AFTER that, the motor only came on twice - both times during monstrous deluges we endured during hurricanes! Tell you something?

When the roof was badly damaged (during one of those hurricanes) causing leaks in EVERY room, did she have the roof repaired/replaced? NOPE! She could even have used insurance for that since it happened during the hurricane. It wasn't until her daughter (who went on the roof to use a blower to get pine needles for them to sell) nearly went through it, that she finally did something! We couldn't afford repairs (and why should we), so instead installed plastic in the attic to catch the rainwater for evaporation - it worked, but there WAS already damage.

A couple of days after moving in the A/C broke down - I had made a point, when looking the place over, of telling her that the A/C was ONE thing I absolutely had to have for health reasons. But it wasn't until I threatened to move to a motel and make HER pay for it that the A/C issue was rectified!

This woman wanted her money and didn't want to care for the property in any way! When the drains finally got so bad that we could no longer do anything and the only option was for ME to have a plumber in, is when I'd finally had enough! Calls and messages and mailings did no good with this woman! I refused to pay any more rent until the issue was resolved and her answer was to "attempt" eviction (instead of doing the repairs). I had already found another place and when the judge heard about her ways (and saw pictures and receipts for parts/work) he basically told her to suck it up and gave us ALL OF THE TIME WE NEEDED TO MOVE! Last I heard the health department was in on it and was keeping an eye on her and her properties! About time, too!

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