Thinktwice it is really hard to be able to give you an answer without some very concrete comparisons. Also, unfortunate as it is, sometimes you do not get straight answers from other realtors and owners when asking what they are charging the current tenants as rent. The more accurate thing to do is to talk to the tenants which is what it sounds like you did.

Are you in a current lease and if so for how long? I take it you are coming up on a renewal period?

I would agree with you that an ocean view AND being west of the 5 should make a difference. I think your realtor is quite incorrect for that statement. Thus you being east of the freeway without a view should command a lower price. That makes sense but there is no obligation by anybody to change the terms in the middle of the lease.

Again, it is hard to give an accurate answer without really seeing your home verses other available rentals.

SD Realtor

Just so i’m clear, you’re trying to get a rent reduction, when you already live there? And you believe this to be possible?
I’m not trying to be cute, just trying to understand why you think you could negotiate this.

From their perspective, you should just rent one of the other places if you feel you can get more bang for your buck. Otherwise I think you have to suck it up.

What’s the 10% in a dollar value?

I’d say something is definitely wrong, but not out of the ordinary for folks who own property in CV or East Del Mar. 95% just can’t come to grips with things. I just rented a beautiful house in CV, gated enclave, very private, 4 years old, 4000+ sf, lots of upgrades, other houses in same neighborhood for sale at $1.2 – $1.4m (neither of which will bring $1m once the owners get realistic). I’m paying $4,000 and the owner better feel fortunate to have me.

Negotiating in this sort of situation is really simple: You’ve got all the power as long as you’re actually willing to move if they don’t grant you the rent you want. Your willingness to move is a function of (a) the availability of a similar rental for an equal or better price and (b) your willingness to bear the cost and hassle of moving. It’s that simple.

If you’ve found another place that you’d be willing to live that’s a better deal then you should move there if your landlord won’t meet the rent you want.

In general, rents are sticky. They move up and down pretty slowly and down, in particular, really slowly (and rarely). Asking for a 10% reduction in rent probably won’t fly at this stage of the cycle, but might fly in a couple of years. I’ve forgotten what the figures were, but I think that even at the bottom of the 1990s recession here in CA, rents only declined by 12% or thereabouts from peak to trough, and that took 6 years. So, asking for a 10% year-over-year reduction in rent probably won’t work (I obviously don’t know the specifics of the situation, however), particularly if the owner is confident they can get someone in there for roughly what you’re paying now. But it never hurts to ask.

Personally, I’d raise the rent on you by 2%-3%. If you move, you move. I’d get a new tenant and just eat a couple of months rent. No biggie. You gotta remember, if you decide to move, it’s going to be expensive and a pain in the arse – and your landlord knows this. But if you’re willing to bear the cost and hassle, move on.

thinktwice,

I think you are mixing up two different markets – Rental & purchase. They don’t have to act in unison. Because purchase price is very high right now, a lot of sensible people (who can very well afford to buy) are renting. That puts pressure on rental supplies causing increases. Especially true in inelastic markets like Del Mar where a lot more than just $ and cents are involved in living. Somewhere I read that if one is concerned about money they are probably not in RSF; probably applies to Del Mar too! (Like some store somewhere in Las Vegas (?), no price tag on the antiques. If one has to see price tag, it is not for him!)

Where I am living here, many listed homes haven’t moved in 7 months; prices are dropping but my rent increased. I am gladly paying it since it is a fraction of ownership cost and I am certain the real purchase price will drop after the Big Bang is over.

thinktwice that is good strategy. Just make sure you are not breaking the lease, so that you don’t have any financial obligations.

SD Realtor