Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I'm not a lawyer, I'm just a caveman who fell into some ice and was thawed out by your scientists. But here is what the NC Real Estate Commission has to say:
My one-year lease has expired, but I still live in the property and pay rent on a monthly basis. Now the landlord says he is increasing my rent. Must I pay the increase?
It depends upon the terms of the lease. Most leases provide that when the lease expires, you automatically become a month-to-month tenant and are no longer guaranteed a particular rental rate. In that case, the landlord can increase the rent by any amount by giving you the same notice of his intent to raise the rent that he would be required to give to terminate your tenancy. You may either stay and pay the higher rent or move out. However, some leases automatically expire at the end of the lease term and have no renewal provision. In that case, the landlord may demand a rent increase in order for you to remain in possession after the expiration of the lease. But if the landlord accepts your rent payment in the usual amount for the month following the expiration of your lease, he has effectively renewed your lease for another year at the old rate.
I believe the situation you have cited is NOT the OP's situation. She is not renting from month to month, if I understood correctly. She had a lease, wh/ she signed, and the lease is now up. She has the option of either renewing the lease, at a higher rent, or she can move. Her situation is not the same as the one in the example you cited. The landlord has given notice that the rent will increase if she stays. I believe once he gives notice, that changes the terms of her staying, even if she rents from month to month.
I was told me rent would increase $125/month if I renewed with a 13 month lease. I checked their website back when it was still available and they were renting units out for 200 dollars less than what they wanted me to pay.
I opted to Buy and am scheduled to close Thursday.
After I leave, the building I was in will have 6 of the 13 apts vacant. If the LL doesn't want to negotiate, then I'd suggest moving (buying or renting is a whole other decision, but 8K for free helped me choose). My moving cost using Two Men and a Truck will be 400-600 dollars, you'll recoup that in 3-4 months (assuming the 150 dollar increase)
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, rent is like any of thing we assign value to - it's worth what someone else is willing to pay for it. Obviously this landlord beleives his property is worth what he's asking. Nessie has the option of moving out and proving him wrong, OR PERHAPS proving him right. Either way, contrary to what you might think, rents have not been going down in the desirable parts of Charlotte.
Yes, rents are going down in desirable neighborhoods. My complex has reduced rents on their units and has given tenants a rent decrease if they went into management office threatening to move. A lot of tenants do move to other units or other complexes because they find it cheaper to do so. If you move into a unit with a decrease in the unit, the landlord may bump up the rent outrageously back to market when your lease expire. I've spoken with leasing agents about this and I was told the more rental units they have available the more promotion to rent them--so they lower the rent. The longer the units sits, the cheaper the apartment becomes. However, this poises a problem to the tenant when its time for lease renewal. The landlord increases their rent back to market value.
Yes, rents are going down in desirable neighborhoods. My complex has reduced rents on their units and has given tenants a rent decrease if they went into management office threatening to move. A lot of tenants do move to other units or other complexes because they find it cheaper to do so. If you move into a unit with a decrease in the unit, the landlord may bump up the rent outrageously back to market when your lease expire. I've spoken with leasing agents about this and I was told the more rental units they have available the more promotion to rent them--so they lower the rent. The longer the units sits, the cheaper the apartment becomes. However, this poises a problem to the tenant when its time for lease renewal. The landlord increases their rent back to market value.
This is news, thanks for confirming. This is good information for those renting.
Rents currently in the entire Charlotte area are becomming more stable. Three months ago you probably could have negotiated lower rent and won it, but now with the summer season which is the busy season, the rents will start to go up. One good thing is that the market has been reset and pricing for apartments now is more reasonable than they were 2 years ago. You can probably negotiate a lower rent. They are just doing their job and running a business, but your tenency is important to them and most likely will try to work with you as much as they can. All I have to say is if you are getting that kind of increase, you must have gotten the apartment cheap in the first place. They must be trying to bring you up to what the current market is. go in, be nice and negotiate. If you communicate with them it will go a long way. Good luck!!
Now, next Friday come I didn't have the rent
so out the door I went
She all howlin' about the front rent
she'll be lucky to get any back rent
She ain't gonna get none of it!
But seriously, the only protection I've ever seen about any of this is just what is in one's lease. Some leases have stipulations about increases and when, and some don't. It's generally tougher if you're renting privately than if you are renting from a company because their leases are less specific... Good luck!
this is true..but at least all that money goes for something you own instead of flushing it and putting it in someone elses pocket...
If you bought in the Charlotte suburbs around 2007-2008, you actually LOST money (on paper) by buying because the value of your home has decreased. Before the housing police come on here and dispute this, I am not Advocating renting over buying, I'm just dispelling a common statement made all the time about "flushing" your $$ down the toilet when you rent...in certain common situations, you haven't flushed money down the toilet.
Quote:
Originally Posted by Emma77
If you plan to stay awhile, why not buy..if you're uncertain..then by all means, rent..
Exactly. No one size fits all answer is correct. Every situation is different. It might be better to rent OR buy depending on your personal situation.
Quote:
Originally Posted by Emma77
I really have no clue what HOA fees are...I don't live in a neighborhood that has one
HOA (Homeowner Association) Fees are paid twice a year usually to have services paid for. (ie a community pool which has insurance, power for the lights, pay the lifeguards, etc...) I live in a subdivision that has an HOA. Some people prefer HOA's, some don't...different strokes and again, no one size fits all is the correct answer...depends on your PERSONAL situation.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
