recently apartment manager stated that he was in pre foreclosure wants me to pay less rent to stay.

If you don't pay the rent, he can legally evict you and you will have an eviction on your record. Keep paying the rent and be lucky you're getting a break.

If you're lucky, once the property goes back to the bank, they will probably either allow you to continue to rent or pay you money to leave. Just make sure you have a valid lease before the landlord loses the building.

As long as the landlord is the legal owner of the property you are obligated to pay rent, regardless of if he is in foreclosure or not.  This is a very "gray area" with alot of debate on whether it is right or not.  If you have not signed a lease in four years you are now on a month to month tenancy and either of you can termite the contract with 30 days notice.  If you don't pay rent the owner can legally evict you.  Good luck to you.

First question is, is the apartment manager actually the owner of the building?  If your apartment manager is as he says in pre-foreclosure, it might suggest that he is actually the owner of the property.  It is somewhat academic, because he may be acting on behalf of the actual owner.  Either way, it sounds as though he has authority to either offer you a deal, or evict you. 

So, here are your options.  First option, take the deal.  If you decide to take the deal, you will want to get it in writing.  Second option, stop paying rent.  In my mind this is a bad idea.  If you refuse to pay, you will likely be evicted.  Simply deciding that you will not pay until the new owner takes over, is probably not a very viable option, as eviction rights still hold for the Landlord, even if he is about to lose the property.  If you are not current (as I will point out a little later in this post), you can be evicted by the new owner immediately (5 days).  So, in all likelihood, deciding to be a squatter is not going to work.  Your third option is to move out.  This of course probably means you will be moving to a place where the rent is the same or higher than you are now paying.  Plus there is the hassle of the move itself. 

Regardless of which option you decide to pursue, the one area that you probably should address right now is with regard to your deposits and/or prepaid rents.  You need to get credit for, or return of those now, because if the property is foreclosed on, those deposits will probably disappear with the previous owner.  In other words, good luck trying to get those back.....even if the law is on your side.

As for the new owner, after foreclosure,Nevada law states that the new owner is obligated to honor your lease for either 90 days, or the remaining term of the lease, which ever is less.  There are a few restrictions however that you need to be aware of.  First, the lease must be in writing.  Second, the rent of the lease must be at fair market rates.  Third, you must be current.  Fourth, you cannot be related to the old owner in any way.

If it were me, I would want to find out what stage of pre-foreclosure he is in, and then I would want to renew the lease for an extended period of time (remembering that the bank is obligated to honor the lease up to 90 days), and I would get it in writing for an amount that is at the bottom of the market for rent, but at an amount that is still defensible.

Best of luck, and thanks for reading.