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Old 04-15-2007, 01:20 AM
 
12 posts, read 43,363 times
Reputation: 13
Default How does rent increases work?

I'm moving to a community that currently has their market rent discounted at $100 less. After my year lease are they likely to increase my rent the $100 plus the annual rent increse. It's an Irvine Company Apartment community and I have been able to fine much help on the internet about their rent increases. Does anybody has any info on this?
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Old 04-15-2007, 01:35 AM
 
11,728 posts, read 23,513,186 times
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If its anything like the corporate-owned complex I lived in, they'll send you a letter a couple of months before your lease expires. The letter will list the terms of the new lease. You can either agree to it or submit your 30 notice. They don't really care. They're going to keep every apartment at market rate and don't really care if you leave since they've got people on staff who can make it ready for someone else very quickly and cheaply. $100/mo increases every year wouldn't be uncommon. It really all depends on what the market will bear. Smaller, privately owned complexes tend to be easier on the rent increases since they're often more concerned with retaining good tenants and keeping turnover low than squeezing every last dollar out of everyone.
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Old 04-15-2007, 09:04 AM
 
12 posts, read 43,363 times
Reputation: 13
On no, maybe I shouldn't be leaving my current complex. My current complex tried to get me to stay by offering some incentitives. I just couldn't get over the fact that they were trying to chage me the same thing for a nonupgraded unit as an upgraded unit and didn't offer any incentitives until I made a decision to move. The complex I'm moving to now has there rent at $100 off. I just don't want them to make up for difference at the lease renewal.
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Old 04-15-2007, 06:20 PM
 
Location: Long Beach, CA
2,074 posts, read 8,089,202 times
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Let's say you're on a one year lease. They cannot raise it during that one year. They can raise it afterwards ........... if it's over 10%, they have to give you a 60 day notice. If it's less than 10%, 30 days.
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Old 04-15-2007, 06:28 PM
 
13,389 posts, read 24,348,575 times
Reputation: 7638
Don't forget to check whether or not the property is subject to Rent Control. If it is, there are very specific steps to follow regarding rent increases and the amount of increase.
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Old 04-16-2007, 05:58 PM
 
Location: Rancho Cucamonga, CA
96 posts, read 531,145 times
Reputation: 56
I live in a smaller, privately owned complex and the rent goes up $35 every year. I've lived in several other complexes (big and small) over the last 12 years and have had the rent raised anywhere from $25 to $50, but never more than that.

That's not to say you won't get hit hefty at the end of your lease, but you're probably be safe in assuming your rent will increase the $100 you're currently being discounted plus anywhere from $25-$50 more. Good luck to you.
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Old 04-18-2007, 01:16 AM
 
Location: Oklahoma(formerly SoCalif) Originally Mich,
13,387 posts, read 9,347,182 times
Reputation: 4611
Landlords/owners, and management companies are trying to raise the price of all rental properties to Market value.
You need to know your "Tenants Rights and Responsibilities"

http://www.hud.gov/local/ca/renting/tenantrights.cfm
or
Consumer Affairs@
www.dca.ca.gov
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