Is it mandatory they jack up your rent? (Austin, Portland: 2013, apartments)

[hitpausebutton2]

As the topic saids.. My lease just come up for renewal, and they are raising it $150. Ask why, said it was market poll that determines the rent. So why are they following a poll that is designed by the foundation they represent? Of course they will find a way to jack up the rent. So now I have to find a Apt head hunter to find me another place to stay as this is beyond my budget. Do these management people know they are forcing people out when they do this, know that their pay checks doesn't go up when rent does? When will it ever end?

[Casper27]

Welcome to Austin, the economy, wage stagnation, 2016, capitalism, everybody-moving-here-so-someone-will-pay-it...take your pick. Happens almost everywhere. Sorry that it happened to you, are there any parts of Austin you'd like to try living in that you haven't? Might be a catalyst for a new adventure in a different neighborhood.

[another_hot-day]

That's how it goes unfortunately. There will be a line of people waiting to take your place.

[centralaustinite]

During the savings and loan scandal of the late 1980s, rents actually went down from year to year as so many banks closed and there was over capacity. I moved here in 1990 and was told that was the first year that rents were staying stable, my first apartment on Manor Road had an empty complex across the street (caught up in bank closing and another empty one next door).

Those days are gone! There is great demand for apartments in Austin and although new capacity is developed, it can't keep up with the increase. Landlords also have to deal with rising property tax among other expenses so yes, right now, you can expect your rent to rise every year. If you can, try for the longest lease that you can, lock in rent for 24 months instead of 12. Apartments with affordable rents are disappearing fast.

[Denver303TJC]

Agree with the above replies; I found a 1 BR in Midtown for around the same price I was paying before, although I now live in a smaller apartment, but I'm closer to the city. Sadly, this isn't just an Austin thing, rents are going up in my hometown of Denver, also in Portland, Seattle, Chicago, etc.

I can relate to your frustration of dealing with rising rents, but especially with Austin, people keep moving here or recent grads stay here, so the demand is outpacing supply. I think one of the winners in this day and age are people who bought their homes 10+ years ago. But, again, not groovy that rents keep going up overall.

[RunninJT]

Originally Posted by hitpausebutton2

When will it ever end?

It will end, IF the economy goes down the toilet and/or there is a mass exodus of the population of Austin. Thats the only way. They can not build new homes and apartments faster than people are moving to the area. It was the same 20 years ago when I lived in apartments. They raise your rent for one reason and one reason only, because they feel that if you move out, they can just rent your place to someone else at the increased rate.

Always be willing to move at the end of your lease. Always look for a better deal or be prepared to pay cash for the convenience of not having to move. If the nomadic lifestyle is starting to wear on you then you could always build up a bit of cash and look into the wonderful life of home ownership and building equity.

[Trainwreck20]

Back in the days when I was a renter (essentially 1985 - 1996) I don't ever recall wondering why the rent went up - I may have griped a bit, but more likely just sighed and got out the newspaper with rental notices. It is capitalism and they will set the rent at what the market will bear. Do people really not understand that, or is this just a gripe with faux confusion?

Of course, you can possibly negotiate - offer to sign a longer lease at a lower price or something. There is some cost (although minimal these days) in turning over a unit.

In the spirit of fair-play and self protection, make sure you document the move-out condition via video and make sure that you are there for the walk through. Hell, maybe even (surreptitiously) sound record the walk-through (video is probably too obvious) so they can't have a change of heart when assessing against your deposit.

[Aquitaine]

To give you a sense of the other side of this equation, your landlord might just ask "Is it mandatory that property taxes go up?"

It isn't just that they see the market going up and want to cash in on it. All the stuff that they pay is going up as well. Finding good subs for repairs is a lot harder than it used to be -- we just got gouged on a $500 repair for a $30 part because we made the mistake of not bringing in our "usual" person to appease an anxious tenant. Our property taxes in 2016 will be $150/mo than they were in 2013.

You do have some leverage in that most landlords will prefer to keep their existing tenants rather than go through the hassle of finding new tenants (which might involve paying a realtor or just a time sink in showing the place themselves) but "the market" impacts them as well as you.

[ScoPro]

Supply & demand, plus increased taxes & maintenance expenses. The owner isn't going to absorb those costs, you are.

[tickledpink]

Take into consideration any application fees/deposits/pet fees you have to pay if you move into a new apartment. That, plus the hassle of moving, might make the $150 worth staying.