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"I live in a three bedroom one bath in Gramercy and we paid 3855. We managed to negotiate our rent down to 3050 which is more than 20% off. The landlord was offering the same three bedroom a few floors down for 3200 so we called their bluff when they tried to renew at 3855. In this market I would start at 20% when negotiating for a better lease." [Rental Watch]