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$99 a year increase is NOT 'reasonable' ~ $20-$40 a yr is reasonable. Even $40 I consider on the high side. Esp if you are signing a long term lease.
I'm having trouble getting my mind around this statement. Why is $20 reasonable and $40 not? Doesn't it matter how much the apartment cost to rent? Or is $40 unreasonable for a $500 apartment and a $2,000 apartment? Shouldn't we look at percentages?
The OP said in the first year his rent went from $640 to $670. That is not actually an increase in rent, that's just a 3.5% increase which keeps up with inflation. If the price had stayed the same, that would be a decrease in rent because of inflation, which runs around 3.5% per year.
$670 in 2010 and $640 in 2009 are the same amount of money.
The 2010-2011 rent increase of over 30% however...oh my goodness! I haven't read this thread because I'm sure it's just a bunch of rants blaming greedy this and greedy that, but at the end of the day the problem is caused by a bad economy killing housing starts and then a large number of people moving into Austin. Increased demand with little increased supply results in a large price spike. I feel bad for renters, but at least on the plus side people will rush to build new units here or convert units into rentals so the problem should mellow somewhat.
Nobody is buying. All these jobs being created in Texas don't pay much. Rent is way more expensive than buying. It's cheaper to buy but good luck getting credit.
Can you show me the numbers on which you base this? I'd like to know where I can buy cheaper than renting so that I can own rentals there.
The numbers I've seen tell me that people are buying because sales are going up, and that it is far more costly to make a mortgage payment per month than it is to rent per month right now.
Ok, I don't mean to detract the thread but I'm wondering:
I'm getting a small 1-BR apartment in North University for $900/month (San Jacinto, right over UT). Water and trash included.
Is that a good deal given the area and proximity to UT (grad student here) or am I getting a little bit gypped? By comparaison, A 2-BR, even for 800, sounds great.
You do but you also want the rent to go down. Is it worth the extra $200 a month by staring at that view?
I am not the OP.
Quote:
Originally Posted by NextstopAustin
Ok, I don't mean to detract the thread but I'm wondering:
I'm getting a small 1-BR apartment in North University for $900/month (San Jacinto, right over UT). Water and trash included.
Is that a good deal given the area and proximity to UT (grad student here) or am I getting a little bit gypped? By comparaison, A 2-BR, even for 800, sounds great.
It depends, is the place a total dump or halfway decent? There are some barely livable apartments around campus (although they seem to be dwindling, being replaced by high priced mid-rises) that should rent below $700. But if the place is decent, and you actually have a wall between your living room, bed room, and kitchen, then $900 seems typical - especially if it's within walking distance to campus.
Rent close to campus is expensive. If your place has a dishwasher and isn't a total dump, you're not getting ripped off. The OP is describing some place much farther out where there's mega apartment complexes.
Rent close to campus is expensive. If your place has a dishwasher and isn't a total dump, you're not getting ripped off. The OP is describing some place much farther out where there's mega apartment complexes.
Thanks! And yes dishwasher, fridge, oven, microwave, and w/d. And partly furnished....Nevermind then.
A $200/month increase is ridiculous. I'd find somewhere else to lease, or find a comparable apartment in the same area and let the management know that they are out of line.
A $200/month increase is ridiculous. I'd find somewhere else to lease, or find a comparable apartment in the same area and let the management know that they are out of line.
That's assuming he can find somewhere else to lease for less or a comparable agreement in the same area. Rates are going up all over and if he was given a real bargain rate for the first two years, this new rent may reflect the market rate.
My rent also went up by $200/month. We were already on the fence about moving to South Austin and paying an extra $350/month anyway so when it turned into only $150 extra after the increase we went for it.
A 10 minute commute is so much nicer than 45 minutes. It's amazing what it's done for my quality of life.
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