Q: Can I revise my lease if ownership is changed?
I renewed my lease a month ago which goes into effect in two days. Today I was informed that ownership and management has changed as of today. All of the rent prices dropped significantly. Am I stuck for the next 15 months paying the higher rent which I signed or since there is new ownership can I reach out to renegotiate? It's a luxury building/corporate ownership, not mom and pop landlords. 1 bedrooms are now priced at what I am paying for my studio apartment.
Go see them and negotiate a change in your lease to upgrade your apartment or get a reduction. If they won't do it, sue in small claims for the difference over the term of the lease or see a local Tenant's rights attorney.
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