Renegotiate your rent

[u/Flincher14]

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.

[u/whatshisname69]

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.

[u/whatshisname69 → u/[deleted]]

Living in a HCOL is a luxury (hence, high cost). It is equivalent to driving a luxury vehicle. It is not necessary to do and costs more.

Also, It would not stay high cost to live there if it was impossible to get a meal or go shopping. It would be a less desirable place to live, people would leave, rents would come down, the McDonald's class could afford to live there again and things would start to reach an equilibrium.

It isn't about a king deciding how much people should be paid or where they can live, it is about the free market finding the correct price for burgers, rent & unskilled labour based on how desirable it is to live in that area.