Can I negotiate a lease renewal?

My 1 year lease lease is almost up, my roommates and I were good tenants (no noise violations/paid on time/kept apartment in good condition/etc). We received our renewal letter which states a reduced rent from our current rate if we renew for a year, or an almost 37% rent increase if we chose to go month to month. We definitely cannot afford an increase, our 3rd roommate has transferred schools, leaving 2 of us to cover the extra rent. I feel that they may be hurting for tenants since they lowered the rent for a long term renewal, does this give me some wiggle room for negotiation? We are both students, I will be graduating in January, my roommate in May, we would like to remain here for school, but don't want to commit to an entire year.

Thanks for any help/insight/thoughts.

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