Q: Can I argue my lease because the rent dropped significantly right after I signed it & all the other apt are empty now?
I felt pressured into resigning my year lease with a 5% increase right when COVID-19 shut downs were happening. Two months later, my apartment building is 2/3 empty and they're offering identical size apartments for $500/month less than I am paying. Buying out of my currently lease would be $3500 versus the ~$5000 I look to save by having the lower rent for the next year. Or I could take my $45k/year rent to another complex. Is there leverage to negotiate now that the situation is different?
A: From your facts, it certainly seems that you have a number of facts that you could use to discuss a rent reduction with your LL. There is no law that would require your LL to automatically reduce the rent when the situation you describe occurs, unless you are in rent controlled housing. If that is the case you should consult with a Tenant's Rights attorney in your area.
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