Common apartment rent rate increase at the end of lease? (uptown) (Dallas: real estate, renter)

[TX75007]

Originally Posted by andyATMcandy

Seriously. Is there some kind of law on how much an apartment can raise a resident's rate at the end of their lease?

This is a 22% annual increase over what I pay right now.... sick

We also need a law that says you can't move out if you find a better place to live when rents fall. Its not fair to the landlord.

Seriously, what is going to incentivize a builder to build a new apartment unless there is a rise in prices?

The DFW area is growing and that means that the slump in rental prices is over with.

Everything is negotiable. I would not take the attempt to raise rent as a personal thing. Go down and negotiate.

[DaveG99]

apartments are hoping that you are too lazy to move. No one likes to move and apartments know this. Find a cheaper place and move is the best option. Or buy a house. I was paying a little over $1200 for a two bedroom in plano up until a few months ago. I bought a brand new house that is 100X's nicer than the apartment I had and my mortgage is less than the rent I was paying. And no more listening to my neighbor's kids stomp on the floor above me!

[dfwuno]

I own several properties in the North Oak Lawn area....(north of Lemmon) and have never advertised a unit except placing a sign outside. A majority of prospects call and ask if I would hold it for 60 days....ahh sorry no. All the complexes have a 60 day notice to move which makes it hard for people to give a notice and then find some other place. Yes there are some bad individual landlords but you need to size them up like they size you up. It does take more time and effort to drive the streets and look for signs but that's how it works in this area if you want a good unit and landlord that does not jump up the rent when the first year lease is up. Best areas to drive and look is the North of Lemmon area south of Highland Park, the Mansion area and the four streets on both sides of Fitzhugh that is Uptown Lite or North..... Sad to say but not everything can be done online or with your smart phone. Take a couple of days, drive around and it will pay off big time.

[AMB_Dallas]

Originally Posted by Mr.Bungle

I won't tell you how much the places I'm looking at cost. Ok, I will. $1900 for 2bd 2ba 900sq feet. My mortgage was...$1100 with insurance and all that jazz. C'est la vie.

Yes, our rent for something similar near the Knox/Henderson area just rose from $1300 a month to $1900. That is almost a 50% increase! Insane....

[SVTRay]

Originally Posted by AMB_Dallas

Yes, our rent for something similar near the Knox/Henderson area just rose from $1300 a month to $1900. That is almost a 50% increase! Insane....

Our Uptown rent went from $1900 to $2400 in two years...we renegotiated for $2200.

[dfwuno]

If you use all the perks of a large new complex like the pools, workout areas, secured parking and business office areas or have the need to be entertained by their social gatherings then maybe the rents are worth it.........but really now who is the more insane party the one asking or the one paying. Just saw a sign this am for a loft apartment with garage in a five plex in the north Oak Lawn area asking 975.00 for 780 sq ft. completely remodeled with new appliances etc. If was a in a large corp complex with the extras it would easily go for 1600 or higher. Will see if the sign lasts thru the weekend

[dexter14]

Anyone paying $2k or even $1500 to live in an apartment is crazy. There are big HOUSES for the same price, if not less...

[RonnieinDallas]

Originally Posted by mbell75

Anyone paying $2k or even $1500 to live in an apartment is crazy. There are big HOUSES for the same price, if not less...

Not in Uptown, Oak Lawn, or Turtle Creek. Not all of us want to live in a tract home in the suburbs.

[Aceraceae]

Originally Posted by RonnieinDallas

Not in Uptown, Oak Lawn, or Turtle Creek. Not all of us want to live in a tract home in the suburbs.

True. Sometimes living in McKinney makes me want to punch myself in the face for moving up here.

[Adamson865]

Originally Posted by dfwuno

I own several properties in the North Oak Lawn area....(north of Lemmon) and have never advertised a unit except placing a sign outside. A majority of prospects call and ask if I would hold it for 60 days....ahh sorry no. All the complexes have a 60 day notice to move which makes it hard for people to give a notice and then find some other place. Yes there are some bad individual landlords but you need to size them up like they size you up. It does take more time and effort to drive the streets and look for signs but that's how it works in this area if you want a good unit and landlord that does not jump up the rent when the first year lease is up. Best areas to drive and look is the North of Lemmon area south of Highland Park, the Mansion area and the four streets on both sides of Fitzhugh that is Uptown Lite or North..... Sad to say but not everything can be done online or with your smart phone. Take a couple of days, drive around and it will pay off big time.

So 60-day notice is de rigueur in Dallas too? I was baffled why of all the places I've ever lived, Austin was the only place where landlords required a 60-day notice. It does take a deep breath and a roll of the dice to give 60 days notice and then hope something you like is available two months out.