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Old 12-07-2010, 09:35 PM
 
12 posts, read 20,176 times
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I just got my new renewal letter for my place downtown.. been leasing the same unit for 2 years... never late, no issues at all... the rent+parking will go form 1350 to 1650 over night... there have no improvements to the complex or any upgrades to the units.
Is this happening all througout the city? or what the hell is going on?
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Old 12-08-2010, 07:19 AM
 
247 posts, read 558,838 times
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That's crazy. Where do you live?
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Old 12-08-2010, 07:50 AM
 
2,238 posts, read 9,017,965 times
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Probably there's more potential applicants now so they will raise the price to what the market will bear. Last time I rented way back in the 90s my rent went from $650, where it'd been for 2-3 years to $950 for the next renewal. That's what gave us that extra nudge to buy our first house.
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Old 12-08-2010, 08:24 AM
 
554 posts, read 1,746,247 times
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This seems to happen at the end of lease if you live in a corporate owned place. You can negotiate with the manager in many cases but I usually just moved. I'm sure you can find multiple places downtown who would love to have you for $1350 a month. Find a rental agent, their services are free.
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Old 12-08-2010, 08:58 AM
 
Location: Central Texas
20,958 posts, read 45,410,702 times
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It's also possible that the taxes have gone up, and while people say that if you rent you don't have to pay property taxes, that's not true at all, because all costs of a property, including taxes, have to be included in the rent in order to stay in business and not be foreclosed upon.

Plus, demand for leases is higher these days, in my experience.
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Old 12-08-2010, 09:25 AM
 
12 posts, read 20,176 times
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The rent is actually going up 18% (1350 to 1590) plus $81 for parking, which means a total increment of 24% of living expenses...
I went to their site, and those are the ongoing rates for similar units.... They are charging me exactly what they would be charging new residents.... I have a feeling they're trying to get rid of me because they feel they can get a new person to pay what they want.
Have any other people noticed similar changes around Austin?
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Old 12-08-2010, 09:28 AM
 
12 posts, read 20,176 times
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Quote:
Originally Posted by TexasHorseLady View Post

Plus, demand for leases is higher these days, in my experience.
That is true; however, I doubt there are many people who are able/willing to pay $1500+ for one bedroom units.
I don't doubt demand is up, but I find it hard to believe that luxury units are be snapped left and right in this economy.
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Old 12-08-2010, 10:34 AM
 
Location: Maple Valley, WA
982 posts, read 3,307,569 times
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I've been living in the Round Rock/Pflugerville area for several years now. I went to my local HEB one late afternoon in mid-August, and it was crawling with new UT students (lots of young people wearing T-shirts). I had never seen this before this far north, and it occurred to me that the rents near campus must be jumping. Your post confirms this. Oh well, to heck with the luxury place! The college experience just isn't complete without sharing rent in a crappy old house living on Ramen noodles

ETA: I just assumed you're a student because of your 'name.' Sorry if I got that wrong.
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Old 12-08-2010, 11:00 AM
 
2,238 posts, read 9,017,965 times
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Quote:
Originally Posted by mrsengle View Post
Oh well, to heck with the luxury place! The college experience just isn't complete without sharing rent in a crappy old house living on Ramen noodles
I dunno the trend appears to be luxury all the way. Was on west campus a few months ago and there was a board for roommates at a yogurt shop and it was full of rooms for $1000-$1500/month + utilities. What parent is paying that? Plus, what I've heard from my babysitter who goes to UT, it's amazing what student housing sounds like...her current place in a student complex has granite counters, stainless steel appliances, hardwood floors, etc.
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Old 12-08-2010, 11:56 AM
 
20 posts, read 42,605 times
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Sounds like the property taxes are going up and you will help pay for it. AS a home owner my mortgage goes up yearly due to property taxes and my escrow account. That's life nothing new, but really paying the much in rent its time to look for home ownership
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