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Just wondering what the average increases per year for rent on a house. Our two year lease is up in December and in our lease agreement there was an increase after the first year. A significant increase, by my thinking. I am curious what we should expect or negotiate if we decide to continue leasing this home. Thanks
By what percentage will your rent go up?
My understanding it is this is an owner rental market, so I expect rents to move up in areas with high rental demand.
It may be unavoidable in many cases. Rent prices are going up in a lot of places for a lot of reasons. Insurance premiums are going up for many owners. Property taxes may have increased. The rental property registration the city is pushing (no cost now, but many people don't believe that will last). And it is a competitive rental market.
You can try to negotiate for anything you want. Just be reasonable. Instead of a 10% increase, say you'll do 3%. That should be acceptable so the owner doesn't have to worry about the time and expense of preparing the house to be rented again. The owner could lose a couple months' rent easily while the house is vacant.
If the owner refuses to budge on the increase, ask for some added value like lawn care or some minor updates to the home. The worst they can say is no.
We are property owners and our real estate agent that we work with(since our property is out of state) suggested that we increase our rent by $100 per year if the renters remain, however we are about to get new renters and we increased it by $400 per their suggestion because the rental market is so competative right now.
We are property owners and our real estate agent that we work with(since our property is out of state) suggested that we increase our rent by $100 per year if the renters remain, however we are about to get new renters and we increased it by $400 per their suggestion because the rental market is so competative right now.
Can you please give me an indication of what percentage is $100 of the present rent?
Of course it makes a big difference if $100 extra / month it is 5% for $2,000/month or 20% for a $500/month rent apartment...
I have a home in Ballantyne that I rent and I got a $25.00 increase monthly this past April. This was on the advisement of my rental agent. I would have liked to see it higher, but looking at the comp rentals I was still at the higher end for rent in the neighborhood.
If we have a good tenant, then we normally won't raise the rent.
Easier and less expensive than re-leasing the place.
^This. Focus on keeping good steady pay tenants for 5 years or even more.
Assuming that the original rent amount was appropriate to cover the expenses with some margin unless
those expenses have changed there shouldn't be any cost reason to change. Assuming that the original
rent amount was appropriate for the market at that time the year to year changes shouldn't be enough
to make a change either.
I have a home in Ballantyne that I rent and I got a $25.00 increase monthly this past April. This was on the advisement of my rental agent. I would have liked to see it higher, but looking at the comp rentals I was still at the higher end for rent in the neighborhood.
^This. A rental is a business, and you have every right to price the rent at market rate. Good tenants will understand in most cases, remember, it's difficult to pick up and move every couple of years.
PS - we use the same management agent, and I disagreed with his original recommendation for our rental property amount. I requested $150 more, he said I would never get it, and turns out we did.
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