For those who rent, does your landlord increase your rent every year?

[Baletrina]

Originally Posted by jason.

Our landlord did not raise the rent the first time we renewed the lease on our West Loop condo. He did - by $50 per month - at our second renewal. The taxes on the unit went up, as did the association fees. We're covering these increases. Even so, the rent is well below market rate, so we're getting a good deal.

Exactly why we have to raise the rent on our condo every year. After taxes, mortgage, insurance, assessments, etc we have to raise the rent to break even. This year we make a $50/month profit!! Who-hoo!

[jason.]

Originally Posted by Baletrina

Exactly why we have to raise the rent on our condo every year. After taxes, mortgage, insurance, assessments, etc we have to raise the rent to break even. This year we make a $50/month profit!! Who-hoo!

I think most tenants understand that condo owner landlords aren't charities. I don't begrudge a good landlord a reasonable profit, and I think there's enough competition in even the hottest markets to keep rates in check.

That said, I should update or amend my post to say that after we gave our LL 45+ days notice on the condo, he hired some random agent from waaayyyy out in the far west burbs who cut and paste the listing from 3 years ago, jacked the price well over market rate, and put all kinds of conditions on showing the place.

So it's clear he's not interested in renting again but will probably leave it empty over the winter and try to sell in the spring. Guy is never going to know what hit him when the new inventory comes online and he has to rent under market rates because no one will want an old building at new construction prices.