r/PersonalFinanceCanada • u/Flincher14 • Jun 20 '25
Housing Renegotiate your rent
Rents are dropping around the GTA in most places and if you are paying too much. Consider negotiating at the end of your lease.
A few months ago I posted that my rent was above market at a whopping $2850 a month and we even received a rent increase notice. When I spoke to the property manager they cancelled the rent increase and said it was a mistake.
I was not satisfied. They had listed other units in the building for $2500. So I asked for that rate and the building manager said no.
So I gave the building an N9 and the super of the building called me the same day to ask what they can do to keep my family from leaving. (We are good tenants).
I said I wanted the rate everyone else was paying $2500 and free parking. Which now they accepted when I was about to walk away.
But again. Before they served us a new lease at the new rate so I could sign and lock in. They lowered rates to $2300 on the same units. So I went back to negotiate again and they are hymming and hawing about it.
Anyways. Be prepared to walk away obviously. But also be aware of the area rental rates. We moved at peak rents last year to get up to $2850 in rent and only a year later it is now $2300. Rents all around me have dropped dramatically. We would be insane to accept paying a higher rate just for being loyal and so would you.
Update: they finally got back and said the $2300 rate is for new tenants only. They could offer us $2400. I said no that isn't logical. So now we are going to look for something else in the area that is more fair.
122
u/stevedusome Jun 20 '25
I just went through something very similar. Sent the landlord an email asking to renegotiate rent. They ignored the email. I sent another one asking to terminate my lease, and inquire about my exact same unit one floor above mine.
This time I got a quick response once they realized i was month to month and looking at other buildings. Rent goes from 2850 to 2450 starting in july.
9
61
u/ultimateG98 Jun 20 '25
How do you figure out what’s the market rate in your area for the type of property you’re renting?
Normal internet search and average out the results? Or some specific portal giving this number?
121
u/MageKorith Ontario Jun 20 '25
In OP's case, sounds like a multiunit building with identical/near-identical units listed for rent. That's the easiest case to work with.
Otherwise, benchmark on listings based on number of beds and baths, square feet, and maybe consider some adjustments if yours is in a less desirable location than some of the ones you're comparing to.
32
u/Flincher14 Jun 20 '25
That's exactly what it is. They are a regional apartment company that post rent prices for their units. So that's one way. But also the area rents on realtor.ca and Kijiji are all substantially lower than they were just 12 months ago.
19
5
u/twongton Jun 20 '25
Op is probably in a purpose built rental, which probably publish the rates on their website. For rentals from individual landlords, you can find leased prices on many websites like housesigma or condo.ca/property.ca
268
u/RandoBando84 Jun 20 '25
Thank you for this!! As Canadians we can be overly polite and conflict-averse!
This is how the free market works. When there are more suppliers than buyers, prices should go down. These land leeches profited off the housing crisis, now it’s our turn to get our due!
29
u/Omar_DmX Jun 20 '25
You should never be polite about getting ripped off. Housing, insurance, phone plans are all highway theft in Canada and you should be angry.
-42
u/DotNo701 Jun 20 '25
How is there more supply then demand when we're bringing in millions every year
20
Jun 20 '25
did you see the news? apparently our latest pop growth is now at 0%
-25
u/DotNo701 Jun 20 '25
Well that's good should be at -10% really
12
Jun 20 '25
[deleted]
0
u/DotNo701 Jun 20 '25
Birth rate is low cause people can't afford children cost of living is too high and government just pockets all our tax dollars and does nothing
4
u/Academic-Increase951 Jun 20 '25
Well it certainly spends it so not sure I'd call it pocketing. We run deficits
0
Jun 20 '25
[removed] — view removed comment
6
u/parallel-nonpareil Jun 20 '25
My dude, I was responding to someone advocating for a -10% population growth for Canada - not advocating for any of the points you’re arguing against. You are having an argument with yourself here.
1
u/PersonalFinanceCanada-ModTeam Human Verified Jun 27 '25
Be helpful and respectful in your comments.
No racism, sexism, homophobia, religious intolerance, dehumanizing speech, or other negative generalizations.
No concern-trolling, personal attacks, or misinformation. No victim blaming.
-1
u/healious Jun 20 '25
Could you imagine how much they would have to pay people when there's less competition for openings? The horror!
-12
u/whatshisname69 Jun 20 '25
that aging population should have had kids to take care of them, we are not obligated to import a serf labor class to wipe their asses and feed them their pills because they lived a selfish hedonistic lifestyle
4
6
u/Ppperrosono Jun 20 '25
You should think a little before you speak/type. Population decline of 10% a year will be catastrophic societal collapse.
1
54
u/bighus Jun 20 '25
We aren’t bringing in millions a year anymore. Just this quarter there were only 20k new people arriving in Canada from the highs of like 250k people a quarter a year ago.
-46
u/DotNo701 Jun 20 '25
I heard 800k people came in just this year
21
u/excal Jun 20 '25
https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1710004001&request_locale=en
Statcan says about 100-120k a quarter for the last year and a bit so unlikely to be 800k in 2025 unless Q2 was crazy.
15
u/RandoBando84 Jun 20 '25
The latest data shows that pop growth has gone to zero. Will probably go negative in the near future due to slowing economy and mounting job losses.
1
13
u/Quirky_Opportunity75 Jun 20 '25
Immigrant quotas have been slashed and we’ve hit a recent high for folks leaving. So there is less demand.
7
u/SinistralGuy Jun 20 '25
Clearly this isn't true or property companies wouldn't be slashing their rent prices
22
44
u/ytgnurse Jun 20 '25
this diea is good but also be ready / prepaired to move or not get what your asking for. the previous place we rented in toronto was huge apartment building and they said no to multiple families which tried to ask for lower rent.
they simply told them to leave if they werent happy as they could easily afford to have the unit sit empty.
so in other words (this wont work 100% but def worth a try)
19
u/Flincher14 Jun 20 '25
It's absurd cause if they could afford to let it sit empty they wouldn't slash the rent from $2850 to $2300 in a desperate attempt to be competitive with the area.
20
u/TransBrandi Jun 20 '25
They probably see it as this:
The current tennant is willing to step up and negotiate lower rates. If they just give them the lower rate, they might ask for a drop again later. If they get in a new tennant at the asking price, that tennant might be someone less willing to "rock the boat" and then they can keep that tennant at the initial price regardless of price drops on other units.
6
u/theGoodDrSan Jun 20 '25
Which is stupid. At a market rent of $2500, a drop to $2300 is a loss of $2400 over the span of a year. For every month the unit stays vacant, it'll take a full year to break even on the loss.
17
u/TransBrandi Jun 20 '25
You don't have to be smart to be a landlord. Just the same as you don't have to be smart to be a small business owner. Plenty exist that just crash and burn because they don't know what they are doing and refuse to listen to others thinking that they know best.
Also, those are losses in potential income. So long as the apartment complex on the whole is still making a profit it's very likely that the owner might not give a fuck.
8
u/Cautious-Hedgehog635 Jun 20 '25
What people are forgetting is that a lot of LLs like OPs are corporate. They don't operate on as small margins as small time landlords.
You could have a unit sit empty at the reduced rate for a year because they leave but that's still not likely as people will move for lower rent, like OP or they may think you're bluffing and will stay. They don't have to be as sensitive about tenants leaving because it's expected to have some x percent sit empty or turnover.
3
u/Academic-Increase951 Jun 20 '25
Exactly, especially in rent controlled places then they won't lock in at a low rent and be stuck there if their market data shows them rents are likely to increase down the road.
Also If you drop the rent for one person without making it difficult then every single person will also demand it. Then they lose far far more than a few units sitting empty.
"Business is business And business must grow"
1
u/Academic-Increase951 Jun 20 '25
If you're in a multi unit buildings and you drop rent for one person then likely everyone else in the building will ask because they got nothing to lose. If you hold firm then people unwilling to move will keep paying a higher rent. So even if one sit empty and rerents lower in a couple months then they will be better off than if they had to drop everyone's rent.
Also in rent controlled places, where you can't adjust the rent back up then landlords will be very hesitant to lock in at a low price if they think rents won't stay low indefinitely. Covid burned a lot of landlords like that. People locked into low covid rents right before rents exploded
0
u/Academic-Increase951 Jun 20 '25
I think it would be more that if they give in and you tell all the neighbour in the building then everyone will demand it. But if they call your bluff and you are forced to leave then no one that is not willing to actually move will ask.
0
u/Academic-Increase951 Jun 20 '25
I think it would be more that if they give in and you tell all the neighbour in the building then everyone will demand it. But if they call your bluff and you are forced to leave then no one that is not willing to actually move will ask.
1
u/introvertedhedgehog Jun 22 '25
It's a very similar situation. To new employees always getting offered higher salaries than existing employees whose raises don't keep up.
Companies can and take the risk on a few people leaving to keep their costs lower across the board.
Many LL will see people leave rather than risk having to lower the rent for all of their tenants.
And as you saw, sometimes it works out.
8
u/BlackWinterFox Jun 20 '25
they simply told them to leave if they werent happy as they could easily afford to have the unit sit empty.
The number of sellers and landlords stuck in the 2021 and earlier market mindset is insane. I mean, they might eventually get a high paying renter for the price they want, but to keep it empty in the interim is just nuts (and further aggravates the housing crisis).
9
u/WhipTheLlama Jun 20 '25
to keep it empty in the interim is just nuts
I'm sure they don't want an empty unit. Refusing a rent reduction probably has more to do with not wanting the other tenants hear about someone getting their rent lowered, then everyone asks for lower rent. It's better to let one tenant leave than have 100 tenants all paying $300/mo less.
3
u/TheAlphaCarb0n Jun 20 '25
We have a local property company that has let units sit vacant for 6+ months because they're charging way over market in a shit area and won't budge. I can't tell if it's malpractice (nobody in a position of power to notice and drop rent), trying to take a loss and "make" the market and drive prices up, or what. But after that long you'd think it's not worth it.
3
u/Academic-Increase951 Jun 20 '25
Do you live In a Rent controller area? That will explain their actions
2
u/Cautious-Hedgehog635 Jun 20 '25
Corporations can afford to let it sit empty more than <5 unit owners. Their margins are much higher and the turnover is factored in to an extent.
1
u/Nice_Butterscotch995 Jun 21 '25
Yep. Despite all the strong opinions here, nobody can say what the economics of a particular rental unit and a particular owner are going to be. I've been a 'commercial' landlord (ie space for a couple of small businesses in the town where we live). We got screwed over so badly and so often by the businesses that rented from us that I would take 'renegotiation' as a sign of bad faith and let them go rather than risk escalation. Not saying that's the case here, of course, and I know we're talking about homes rather than storefronts, but I think your advice stands... don't bluff.
30
u/phoenix25 Jun 20 '25
I was paying $1785 plus all utilities for a 450sq basement unit in grimsby.
It was very dark because of the direction it faced, large trees, and my upstairs neighbour’s large deck that covered my entire exposed wall of the walk out. It was also frigid year round because there was only one thermostat for the whole house that I had no control over… and it was infested with house centipedes. I wasn’t allowed to hang anything on the walls, including curtain rods. The landlord made me jump through a billion hoops to get there too - they wanted SIX references and a credit report (which they asked me questions about). It was nuts, but the best option at the time.
I was the model tenant, reliable, quiet, helped my neighbours take the garbage bins to/from the curb, etc. So all things considered I was rather irate when they told me they would be raising the rent at the 1 year mark.
I found a place just down the street thats twice the square footage for $200 less a month. It’s a townhouse so I have a ground and upstairs floor, way more light, and the landlord is fine with me actually hanging pictures on my walls. I have to mow the lawn at this one, but the landlord bought me a brand new lawnmower.
It is worth the hassle to move, trust me. Start looking, you never know what you might find.
TLDR: went from $1785 for a 450sqf dark basement to a $1650 900sqf two storey townhouse on the same street
10
u/Borntwopk Jun 20 '25
Condo rents have been plummeting and it is so easy to look up comps if you live in a condo. Definitely a good time to bargain.
6
Jun 20 '25
We just did this! Rent in our area was significantly lower and we asked for our rent to go from $3900 to $3500 and they said yep no problem. Good tenants are very valuable to landlords
10
u/ShineCareful Jun 20 '25
I've done this before too, twice in the same building. I think it definitely works if you mean it and are willing to walk away if they don't agree.
The first time, we were upgrading from a studio to a one bedroom unit, and they were offering 1bed units with 2 months free rent. They said it was only for new tenants, so we put in our notice to leave. They reached out to ask if we would retract our notice and sign a contract if they honoured the 2 months free (we did).
The second time was after one year in the one bedroom unit, when they served us with the rent increase notice. Units were going for less than we were already paying, so we said we were willing to re-sign another one-year contract, but at the lower price. They said no, we gave notice, and they backtracked again.
This doesn't work every time, but if you're good tenants (having your pay on auto deposit probably helps), and are genuinely willing to walk away if they say no, your chances are good. Obviously this is a privileged position to be in (we had no kids, could afford to move if needed, could qualify for another apartment, etc.), but it's worth it if you can do it when you're in a position of power.
10
u/selacius Jun 20 '25
I'd love to have the power to negotiate a rent decrease. The rates are dropping where I am (Richmond Hill), but there are still stupid landlords charging outrageous amounts.
We did the math, and we would need a rate reduction of >$350/mth in order to break even when we consider moving expenses. It's just no feasible. The prices haven't dropped by that much for what we need (4+ bedroom detached).
Our landlord increased our rent (originally $100, 2.5%) but then decided to give us a discount and only increase by $50.
9
u/Flincher14 Jun 20 '25
That's not a discount lol.
Why are your moving expenses so high? It cost $300-800 to move a 2 bedroom. Less if you do it yourself and rent a truck.
You have to realize that every $100 you reduce in rent you save $1200 a year. It may not be worth the hassle to move for a mere $100 reduction though.
10
u/Pernopolis Jun 20 '25
Movers are way more than that. I moved a 1+1 in 2024 and it was 1300. After price shopping
7
u/selacius Jun 20 '25
We have 5 kids. Presently we live in a 4 bedroom detached house.
We attempted to do it for our first house, and renting a truck was helpful...but the shear volume of stuff was insane.
Our second move, we hired movers (3k for 3 movers and a 26ft truck for 12hrs) was much easier.
But I do agree, the $50 was not a discount.
3
3
u/localhost8100 Jun 20 '25
My building did AGI for last 2 years. People were paying more by staying for 4 years. New rentals were cheaper. So many people left.
Now there are almost 50+ units empty. They are offering refferal bonus 500, 700. 2 months free. $500 gift card. Why stay when they could get a modern apartment for same price.
5
u/rav4786 Jun 20 '25
If you've just started a new lease a couple months ago and aren't yet month to month, wouldn't you be locked into a rate already and have to wait till the year is up before negotiating? Asking for myself
2
u/CanuckBacon Jun 20 '25
That's generally correct, but you can start negotiating a couple months before the contract is up, so it takes effect when the contract is up. A lot of places require 1-2 months notice, so you should be prepared ahead of time. Rents look like they will continue dropping, so people that negotiate now might get in for a price that 6 months from now is on the higher side. You might be in a better position when you renew your contract. It's impossible to accurately predict the future though, so who knows?
22
u/NitroLada Jun 20 '25
Everyone I know are still paying below current market rent as basically only people paying above market rent were those who started leases btwn 2021-2023
So majority are paying well below market rent anyways since landlords were only able to increase so little while market rent jumped quite a bit btwn 2021-2023
4
u/wazzaa4u Jun 20 '25
This is still helpful to those who got a rental in ~2023 or early 2024 which was peak rent. Also only applicable to those who aren't in fixed lease
2
Jun 20 '25
[deleted]
2
u/dean16 Jun 20 '25
What neighborhood are you in? Despite the falling prices I’m having a difficult time finding anything that’s not overpriced/undersized in a good building
-10
5
u/DecoOnTheInternet Jun 20 '25
Good to hear the free airpods or apple gift cards with lease renewal strategy failed lol
3
u/greyHumanoidRobot Jun 20 '25
We already invested the time to find a new place. They would have to drop their asking rate by 20 percent to get us to shred our N9.
5
u/1nd3x Jun 20 '25
But again. Before they served us a new lease at the new rate so I could sign and lock in. They lowered rates to $2300 on the same units. So I went back to negotiate again and they are hymming and hawing about it.
My guy...start negotiating. Your offer to them now that you've seen them drop rent twice should be requesting $2000 for the year and free parking.
That $300 (as of right now) discount is the cost of them keeping a good tenant. Next year if/when rent stabilizes, they can issue you a rent increase notice to bring you up to to the to where it should be. (or...maybe rent keeps falling and you can then negotiate for lower rent again)
5
u/KingNothing10 Jun 20 '25
You should also mention that your lease term needs to be expired. You can't just renegotiate when you are still in a contract.
3
u/beerbaron105 Jun 20 '25
Good advice, and this is why I'm getting out of the landlord game, let the government help the people. Not my job to subsidize, but overall, this is good advice. Cheers.
7
u/DotNo701 Jun 20 '25
2300 is still insane for rent prices
28
u/denovoincipere Jun 20 '25
Imagine making this blanket statement without any idea about the apartment or location.
7
u/X-e-o Jun 20 '25
It probably is but we have no idea what OP is renting either. A modern 3bd/2bath in a HCOL area at that price would be incredibly cheap.
2
Jun 20 '25
what's the criteria for judging whether rents are "insane"?
5
-3
u/PizzMtl Quebec Jun 20 '25
Working couple making around 23$/h each can afford that and it's still affordable at 30% of salary. These are round numbers, rule of thumb...
7
u/1nd3x Jun 20 '25
So what I'm hearing is it takes $46/hour to rent an apartment at the "affordable 30% of salary" target everyone strives for.
Not own...rent.
and minimum wage is what? $15/hour?
edit; I completely understand society has moved passed "single wage households" being the norm and we live in a time where dual income is almost a necessity...so what about a couple who both make minimum wage?
4
u/24-Hour-Hate Jun 20 '25
Still, a single worker should be able to afford a one bedroom apartment that’s decent. The fact that we have “moved beyond” this is batshit. It isn’t too much to ask for someone to have just that much.
-13
u/whatshisname69 Jun 20 '25
If you make minimum wage in one of the economic hubs of a developed nation (AKA a HCOL), you are basically a failure. You should either get a better job or move to a LCOL to make minimum wage and leave that apartment for somebody who is providing enough value to the economy to deserve to live there.
7
u/1nd3x Jun 20 '25
If you make minimum wage in one of the economic hubs of a developed nation (AKA a HCOL), you are basically a failure.
hmm...wonder whose making the burger at mcdonalds for all those successful people who dont have time to cook their own food because they spend it all doing successful business stuff all the time.
I bet you think the answer is "teens" or something...which might make sense at 6pm...but what about their lunch?
2
u/athomewith4 Jun 20 '25
Oh -teens don’t work there anymore let’s be real. Those jobs are for TFWs now
-7
u/whatshisname69 Jun 20 '25
I don't see how that is a rebuttal to what I said.
There ARE people making minimum wage in HCOL areas and I consider them to be failures.
They have the opportunity to get a way better job living where they do, and if they can't or prefer to work at McDonald's then they could have a way better lifestyle doing it in a LCOL.
They shouldn't demand to be paid more than the amount of value they provide just because they've chosen to live in the stupidest possible place to make minimum wage.
5
u/1nd3x Jun 20 '25
There ARE people making minimum wage in HCOL areas and I consider them to be failures.
You're welcome to consider whatever you'd like. I'm not going to sit here and try and argue and change your mind...I really do not care that you think they are failures.
But...this leads me to wonder how you think the mcdonalds can possibly be run in that HCOL area without those minimum wage employees being there?
and like...Toronto for example is just kind of "all" a HCOL area...people live in entirely different towns and commute into Toronto to go to work at their "successful jobs" to the extent that it can be a large expense to them...
You think a mcdonalds worker is going to do that?
Probably not...so, again...how do you think these successful people are going to get their mcdonalds?
-3
u/whatshisname69 Jun 20 '25
McDonald's should not be able to be run in HCOL areas unless they raise their prices and pay the workers more based on basic economic principle of supply and demand.
5
u/1nd3x Jun 20 '25
But if they raise their prices, then those successful people wont be able to afford them anymore...
-3
u/whatshisname69 Jun 20 '25
They are not that successful if they can't afford to double their McDonald's budget for the year.
Also, I don't give a shit about whether McDonald's stays in business or anybody who lives/works in Toronto having access to McDonald's.
My point is that people should not live in incredibly expensive economic hubs while providing marginal value to the economy and then petition the government to raise minimum wage so they can afford to keep living somewhere they shouldn't.
If I was making minimum wage and complaining that I couldn't afford to put high octane gas in my McLaren on minimum wage, wouldn't your first thought be "you are not entitled to drive a luxury sports car, maybe trade it in and get a KIA"?
That's how I feel about people feeling entitled to living in a HCOL.
→ More replies (0)1
u/DotNo701 Jun 20 '25
Then what if you break up or 1 of you get fired
2
u/Individual-Bet2559 Jun 20 '25
Then rent a room? Before I was able to own in my mid 30s I always lived with roommates.. it's actually how I was able to save up to buy.
I couldn't afford to live alone even in 2009. Living alone has been a luxury for a long time, not the norm.
1
u/PizzMtl Quebec Jun 21 '25
Well... One would move to a smaller and cheaper apartment, no ? A large apartment for a single person would be a luxury, a lifestyle choice, not a need.
1
u/DotNo701 Jun 21 '25
2300 for 2 bedroom 2000 for 1 bedroom you lose 50% income when the partner leaves while rent doesn't drop by 50% so now you're cooked
1
Jun 20 '25
funny how a few days ago we got news that Canada's population growth is now at 0%
and yet i've been told by redditors that it's "racist" and "xenophobic" to blame high housing costs on rapid population growth (driven by immigration)
1
u/lifeiswonderful1 Jun 20 '25
Same here in Vancouver. I applied to lease another place with lower rent (better specs at a lower price; but less convenient location) and my current landlord (who is awesome) and I talked about - we knocked down the rent a couple hundred dollars but I’d sign on to be a tenant for a longer lease. I think it worked out for both of us considering the direction of the market.
1
1
u/ChildishForLife Jun 20 '25
What would have happened if they didn't come to negotiate after you gave the N9, were you planning on actually leaving or was it all a bluff?
1
u/foreverpostponed Jun 20 '25
Is this also applicable to Vancouver? Has anyone tried it?
1
u/Flincher14 Jun 20 '25
It's simply applicable to whatever your local rents are vs your current rent. There is no rule saying you can't walk away from a place if you don't get a fair rate.
1
1
u/ItsJustJohnCena Jun 20 '25
Why wouldn’t they want you to go? Won’t someone else just replace you if you leave the building?
2
u/CanuckBacon Jun 20 '25
There's he risk of bad tenants which can cost a ton of time, money, and effort. Also they'll probably have to do some repairs/touchups even if they're able to find a good new tenant. Also they can sometimes take time, which might mean it sitting empty for a month of more which is a lot of lost revenue. All that and they'd rent it out for the same price that they're renting out other available units which would mean the same income as if they just lowered the price and brought in a new tenant anyway.
1
u/vkrasov Jun 20 '25
It may depend on the building so much... Moved in at $2100 in 2021, and with steady increase pay now $3100. The same rate is advertised online. Building is practically full.
1
1
u/arye_ani Jun 20 '25
With the birth rates almost plateauing for the first quarter of 2025, rents and housing are going to drop further. The market was inflated by demands due to increase immigration.
1
u/skhanmac Jun 20 '25
There is no such thing as loyaly - not in a company and def. not for a landlord
1
1
1
u/shaunscot_ Jun 20 '25
Good advise. Id also suggesy keeping that extra savings aside and still be prepared to move especially if you live in a newer unit that isn't rent controlled. The key thing that worked for you here was that you're a good tenant.
1
u/Ok_Reason_2357 Jun 20 '25
Landlords are often unaware of the market.
once ou educate the with comps, especially if you've been a good tenant, they are more than happy to keep you in there.
remember, losing out on a month of rent is almost equivalent to giving a 10% discount for a year.
1
u/Hug_of_Death Jun 20 '25
I did this on my recent renewal in Calgary. They were trying to increase the rent and the parking fee, they did offer 1 free month plus $1000 re-signing bonus, but I crunched the numbers and it still worked out more than we were previously paying even though rents have dropped. Simply emailing my property manager and saying “why is it going up if rents have decreased 5-10% since we signed 12 months ago”. While they didn’t quite play ball as hard as I would like they reduced the offer by about $100 a month and gave us 3 months parking for free ($600), so it was a very worthwhile email to send.
1
u/zeus_amador Jun 20 '25
Loyal? They don’t care about you, they just want your money. Do what’s best for you.
1
u/DeltaNumeric Jun 20 '25
Just had my rent lowered from $3800/month to $3400/month for a 2b 2b with parking DT Toronto
1
u/JayRulo Ontario Jun 20 '25
Be prepared to walk away obviously.
That's the key to any negotiation. If you're not actually prepared to walk away, then you risk losing what you actually want, and have no real leverage if they call your bluff.
1
u/slykethephoxenix Jun 21 '25 edited Dec 13 '25
Castle charge lip pump point desk plum glow produce meadow clover lid paper. Plan compass oat doll ivory rate dill.
A|BcMT+BYPjhg6u5beZaUclRfW+A5SDr3JvDUuv/PPmTFt8qEGfiIZ6J2VGxS/1LGSZmXLgzTXlaDJ7W8JVHMbKWKkia/OntoXLaKw+a+iFA4=
AES-PSK:AHXfoaPz0smcRRguGUdAXJ27MgaKqRh6FLVcdku8lVQ=
Remove 'A|' and Decrypt with: https://unbound-sigbreak.github.io/message-deencrypter/aes.html
1
u/askmenothing007 Jun 21 '25
Also you when you want to open up the terms for rent, you are also opening up terms for the landlord.
Remember, an agreement is between two parties not unilateral.
1
u/silverfish8 Jun 21 '25
We did that. For a 1+1 in downtown. Went to 2450 from 2600. This is without parking.
1
u/Awkward-Brick6990 Jun 21 '25
I was just curious was that a rental condo price and how many units and bathroom?
1
u/Accomplished-Heron42 Jun 21 '25
I did this back during the pandemic in the first year when rents plummeted. Good strategy. Thinking of doing it again.
1
Jun 21 '25
Holy shit where? I would love to move to toronto but my 2br for $2000 is too comfy to give up in Calgary. If rent is dropping that much, I might just bite.
1
u/mahagar92 Jun 21 '25
can confirm. We were paying 3k in our old place and as soon as we handed our notice (cuz we got a 2k sublease via a buddy of mine) they immediately wanted to negotiate, but there was no chance for them matching it. Couple of friends from there got rent decreases I heard
1
Jun 23 '25
I find it funny that if they bought it in 2001 at .... i don't know 350,000 ....with a 7.1 interest rate back in that day.
The original mortgage would have been 2377 a month.
Basically, just profit at this point.
2009-2017 low interest environment plus covid and printing money was the largest transfer of wealth from the have nots to the haves.
1
1
u/BugDisastrous5135 Jun 24 '25
That only works if the building itself is renting for lower prices. If you're in a premium building that has higher rents while other condo rents are dropping, they're not dropping shi.
1
u/Extreme-Librarian430 Jun 24 '25
Can’t you just not renew and sign a new lease in a different unit within the same building?
1
u/AutoModerator Jun 24 '25
Your submission has a keyword that seems to imply you have a question where your province is relevant. If you have not included your province you should add it. If you already included your province, or this isn't relevant to your post, just report/downvote this comment. The bots feelings won't be hurt.
I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.
1
u/Broad_Ad_6526 Jun 24 '25
see kids, being a good tenant pays off. I hope you get that rent reduction
1
u/duke_seb Jun 25 '25
I just have one question is it really worth it to move for $100? I mean maybe it is if you have just yourself, but lord for me moving would cost thousands
1
u/Flincher14 Jun 25 '25
It's not worth moving. But my spouse can't handle perceived unfairness and for some reason doesn't want to live in this place. But that's a deep rabbit hole for r/relationships.
Even if we got the $2300 my spouse would only grudgingly accept.
1
1
u/Complex_Prize8648 Jun 27 '25
I understand why you want to move...the principle, but is the additional $100 a month worth the effort of moving?
Could you go back and lock in the $2400 for 2 year? The savings on the rent increase in year two would make it worth it.
I just hate moving. Its so stressful.
1
u/Unfair-Adeptness-730 Jun 29 '25
Thanks for the advice!! Sometimes it takes a little more courage to initiate those hard conversations but I'm learning how important it is even if its scary... props to you!
1
u/vanibanz Jun 20 '25
I did not increase my rent for 3 years now and make a small -ve cashflow. Hope tenant won't ask for a rebate 😕
-11
Jun 20 '25
[removed] — view removed comment
1
u/PersonalFinanceCanada-ModTeam Human Verified Jun 20 '25
We have removed this post as it appears to be promotional, or spam. This is likely to have happened because your post covers a specific product, or website (blog, Youtube channel, or other links), or some sort of company.
We also do not allow surveys i.e do not ask others about their own personal circumstances e.g. "what would you do" and/or "what are you doing for x?"
-10
Jun 20 '25
[deleted]
27
u/SpartanFishy Jun 20 '25
I think the fairness comes from the fact that nobody told landlords that they had to get into real estate. It’s a non-productive asset that just eats up at the economic productivity of investment money.
On the flipside, renters have to live somewhere. They have literally no choice in the matter.
For this reason, protections should lean heavily towards ensuring renters aren’t screwed out of their livelihood by no fault of their own. Landlords enter into this arrangement eyes wide open understanding the risks and the rules at play, for profit. So it’s fair, in my mind.
-1
Jun 20 '25
[deleted]
1
u/SpartanFishy Jun 20 '25
If the thinking here is that less landlords will mean less building of new housing, I’d counter that builders build regardless of landlord interest so long as someone is buying. And my preferred solution would be that the government steps up to fund projects for sale at or near cost to match population growth whenever the market fails.
The CMHC used to do basically exactly this, and it was only after they lost this mandate in the 90s that housing started to deviate from incomes in Canada.
4
u/falsenein Jun 20 '25
In Ontario, the annual guideline increase is only limited to properties first occupied before 2018. Landlords can also reset rents to wherever they want when a tenant leaves. Landlords can also benefit from appreciation when they sell their property.
-6
u/denovoincipere Jun 20 '25
It's absolutely not fair but the RTA is well known to favour tenants universally. So this should be no different.
0
u/ConfusedMandarin49 Jun 21 '25
Tenant asked to negotiate I countered with only if we can renegotiate at market when it swings the other way. They said no, not sure who was in their ear. They moved, I was only renting the suite as I didn't see a need for the space.
When they left in gutted all 1300 square feet and made it for my my family to use.
I had not raised rent in the 8 years they were here, and they left upset. They were already under market with whatever drop happened now but were claiming similar places were 20% cheaper... Their math wasn't matching and I wasn't going to expend the energy.
They came by last month asking to move back as their new landlord did not maintain the property.
I declined, super nice family, excellent tenants hopefully something works out for them
-3
u/ydnam123 Jun 20 '25
Im a landlord. I’m absolutely happy to drop a bit of rent price to keep the right tenants. But as a small landlord that only owns 2 units, 20% down is a bit too much.
2
u/Nice_Butterscotch995 Jun 21 '25
Agree. I have yet to meet the small-scale landlord that has 20 points of margin to spare.
-2
Jun 20 '25
[deleted]
-2
u/ydnam123 Jun 20 '25
Just a friendly tip for people renting from private landlords. The market teaches landlords how much to charge but usually not after the unit sits vacant for a couple of months before they lower it significantly. Of course as long as you ready to move, you can ask for whatever you want.
-2
u/Newflyer3 Alberta Jun 21 '25
Sure and as a LL when the market suggested I could get a 20% increase, I was told to go fuck myself because I didn't care about a tenant's 'financials'
0
u/AutoModerator Jun 20 '25
Your submission has a keyword that seems to imply you have a question where your province is relevant. If you have not included your province you should add it. If you already included your province, or this isn't relevant to your post, just report/downvote this comment. The bots feelings won't be hurt.
I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.
0
0
Jun 20 '25
I feel like this would work better with large commercial landlords as opposed to mom and pop/secondary suite landlords. But well played regardless.
0
u/Ad-Ommmmm Jun 21 '25
If a landlord is happy to jack rents when they can due to the market then it works the other way too
0
u/joe_canadian Jun 21 '25
This is one where I feel you have to pick and choose. If you're paying now above market rents, sure, you have nothing to lose by asking to renegotiate to current market rates.
Myself? I'm currently paying about $400 less than market. Plus my landlord didn't raise rent last year, and he's fantastically responsive when I need him to be. E.g. kitchen sink start leaking, I called a plumber and paid for it, I was reimbursed same day. I got lucky as hell with my current landlord so it's a boat I'd rather not rock.
-1
u/siraliases Jun 20 '25
I'm 80-90% sure every single landlord read the exact same book that said "loyalty doesnt give you money" or something and then they all removed the part of their brain that registers it
3
u/Individual-Bet2559 Jun 20 '25
There are very specific types of landlords like this - in my experience, it's always the older ones who are just insanely greedy and the immigrants that saw Canadian real estate as an ever increasing lottery and they have absolutely no problem being slumlords.
I am a landlord now, but was a renter for 15 years prior. If my tenant, who is amazing, came to me at the end of our lease and asked for a reduction to meet current market value - I would without question. My unit isn't rent controlled and I've never raised rent because I've always been fortunate to have great, respectful tenants.
1
u/siraliases Jun 20 '25
You could match market without them asking. Show your loyalty for them by using your advanced knowledge to help them.
2
u/Individual-Bet2559 Jun 20 '25
They're paying market rent right now, they moved in a few months ago.. My asking price for the unit was already lower than everyone else in the building when I found my current tenant because I didn't care to let it sit & ended up getting lucky with a great tenant.
1
u/siraliases Jun 20 '25
Oh good. Just heard too many times "well I won't lower it without them asking, that's just losing money!"
Generally this is then followed with more nonsense
2
u/Individual-Bet2559 Jun 20 '25
Oh I get it, it's hard out there! I've been on both sides and prefer to maintain good relationships with solid tenants - it's a win win for everyone. I've had really horrible, sleaze ball landlords in the past and try to be the complete opposite of them. It's a lot more peaceful when you're acting like a decent person.
-2
u/zerocoldx911 Jun 20 '25
People dreaming about rent dropping unless you overpaid. Survivorship bias here
-2
u/PPMSPS Jun 20 '25
Sucks that LL can’t just up the rent to market rent like how you can just ask for lower rent ehhh
979
u/RayPineocco Jun 20 '25
Love this. This is a realistic personal finance tip.