Large Rent Increase (Charlotte: real estate, apartment, leasing)

[coped]

Exactly. And why would a landlord want to put up with the hassle of losing a tenant in an economy where it's going to take a while to find a new one willing to pay such a high price?

If it's not the fair market value (i.e., not what similar places in the neighborhood are renting for), don't accept. Convince him that it's not worth he's not going to get much from another tenant. And he's going to have to deal with the hassle of showing the apartment and going a couple months without rent.

Your condescending attitude and advice, "Just take it or leave," is not helpful. Are you a landlord?

[coped]

It might help if you tell us the size and rent you're paying and also how close you are to shopping, interstate, etc.

[wheelsup]

Start looking now for another place, if you find one give notice, if not either go month to month if you can or sign the new lease. This is why I bought a place; I hated rent increases and the stress of finding a new place. My "rent" won't ever increase but a few dollars a month for increased taxes.

[anifani821]

Originally Posted by coped

Exactly. And why would a landlord want to put up with the hassle of losing a tenant in an economy where it's going to take a while to find a new one willing to pay such a high price?

If it's not the fair market value (i.e., not what similar places in the neighborhood are renting for), don't accept. Convince him that it's not worth he's not going to get much from another tenant. And he's going to have to deal with the hassle of showing the apartment and going a couple months without rent.

Your condescending attitude and advice, "Just take it or leave," is not helpful. Are you a landlord?

Again, you are making a lot of assumptions about the landlord and also about how much the OP is now paying. She/he didn't tell you how much the rent is now! Maybe the landlord realizes he is charging too little for the apartment. Maybe his expenses have gone up. Who knows?

If I were the landlord and the tenant started a big negotiation attempt, my eyes would glaze over. Landlords don't arbitrarily raise rent b/c they know full well it could mean a tenant will leave. Landlords and tenants sign contracts and as long as each has lived up to his/her side of the contract, then neither party has a reason to complain. The fact that the OP made an assumption about the rest of the world being like NYC - now that really wasn't the landlord's fault, was it?

As far your perception that I have a "take it or leave it" attitude . . . if that's the way you read it - I guess you can take it or leave it.

[anifani821]

Originally Posted by Nessyb

Thank you all for your responses. I live in a townhome community in Ballantyne. I am never ever late on rent and I must say that I am a great tenant. The landlord mentioned that he was getting much more for the unit prior to me moving in.

I have also lived in other cities where I have rented. The maximum increase that I ever received was $45 per month. I wasn't certain if there were rules with rental increase clauses thus the questions. I understand that I don't live in the City anymore.

I just have never heard of such an increase. I did inquire about increases when I signed the lease and I was told it was based on market. I don't know how to specially find out what market is for Ballantyne.

Well, there is your answer. He has landlord's remorse. He has probably stayed aggravated the entire year of this lease that he agreed to less rent money than he felt he should get.

Just for the record - our kids all rented apartments in other cities (Chicago, Boston, Atlanta and Savannah) when they were in college. We never experienced a rent increase as LOW as $45. And the last kid graduated over 10 years ago.

[mullman]

Originally Posted by anifani821

We never experienced a rent increase as LOW as $45. And the last kid graduated over 10 years ago.

+1

My wife used to live off Selwyn and at the end of one lease the landlord went up $110/month.
This was 15 years ago. It does happen. This is not NYC.

[coped]

Nessy, When did you move in? Was it after the crash this October. If so, then your landlord should have been getting less from you. Still, check out other townhomes in the area and what they are renting for. Don't pay more than you have to.

Ani, if you accepted such large increases, you were a sucker. In Chicago or Boston, maybe. But in Charlotte and Rock Hill over the past nine years, I've never had an increase of more than 3-5 percent.

[anifani821]

Originally Posted by coped

Nessy, When did you move in? Was it after the crash this October. If so, then your landlord should have been getting less from you. Still, check out other townhomes in the area and what they are renting for. Don't pay more than you have to.

Ani, if you accepted such large increases, you were a sucker. In Chicago or Boston, maybe. But in Charlotte and Rock Hill over the past nine years, I've never had an increase of more than 3-5 percent.

COPED - I am not trying to give you a hard time but really - how can you compare a townhouse in highly sought after Ballantyne to Rock Hill - and indeed - to many areas of Charlotte?

And I stated the cities - Boston, Atlanta, Chicago and Savannah. My DH and I (for our living quarters) have rented a townhome once in 30 plus years. That was for temporary housing when we moved back to Charlotte - and I not only negotiated a lower monthly rent b/f I signed the contract, I had it spelled out in the contract what the maximum % of increase would be IF the landlord wished to raise the rent at the lease term's end. That is the whole point of a contract. No surprises. If that makes me a sucker, oh well.

[Nessyb]

Moved in End of July 2008. Rent is currently $1200.00.

[Emma77]

Originally Posted by Nessyb

Moved in End of July 2008. Rent is currently $1200.00.

Holy Crap..run..and run towards a mortgage broker..you pay what I pay in my mortgage