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Old 04-27-2011, 01:58 PM
 
224 posts, read 569,278 times
Reputation: 98
Default Common apartment rent rate increase at the end of lease? (uptown)

So, we're at Manchester State Thomas right now paying $1333. I'll be as blunt as possible. (this is our first lease here, a 13-month lease)

Our lease ends in July, so I want to begin talks on new rates as soon as possible because if they get too high, then we'll have to give a 60 day notice and start searching elsewhere. I've heard some people's rates have jumped over $200/month!

I just checked their website and our floorplan is going for over $1600 a month right now! Granted, it's Summer time, but if this is the rate they are going to try to get me to, then there is no way I'll be able to do it. We'd be looking at nearly a $300 increase per month...


Any advice as to what I can expect them to fire back with? I'm hoping for something in the $1450 range... but I think it's gonna be something $1500+. Hell, maybe even $1600+. I know they can work with me, but they're a popular community and probably 98-99% capacity, so they can raise rates pretty easily.
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Old 04-27-2011, 06:21 PM
 
3,680 posts, read 7,461,065 times
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It's all about supply and demand. If they can get $1600 a month they will. You simply need to contact them and ask them how much will it be to renew your lease.
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Old 04-28-2011, 09:49 AM
 
224 posts, read 569,278 times
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Yeah. Gonna be a bummer when they ask for $1600 and I gotta find a new place to live!

I'd like to say part of it would be to make your current residents happy.. but we'll see how much that's worth ha
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Old 04-28-2011, 03:10 PM
 
224 posts, read 569,278 times
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Just got the bad news.

They are asking $1625/month for rent for a 13 month lease (the cheapest option). That's nearly $300 more per month than what we currently pay.

PEACE I'm out.
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Old 04-28-2011, 03:17 PM
 
Location: The greatest neighborhood on earth!
695 posts, read 770,130 times
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That's ridiculous.
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Old 04-28-2011, 03:28 PM
 
224 posts, read 569,278 times
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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
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Old 04-28-2011, 04:53 PM
 
41 posts, read 47,755 times
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Quote:
Originally Posted by andyATMcandy View Post
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
Always be wary of the 'teaser rate' they give you a break for a year and hope you'll renew rather than leave since moving can be such a hassle. That and the 60 day notice- it's only window shoppers who want to look at apartments that far out.

Call in asking about an apartment just like yours and see what they say- I would not be surprised if you could get your place for $1333 on 'special'. Don't forget everything is negotiable, especially if you are a good tenant. Or say screw them and get a teaser rate somewhere else.
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Old 04-28-2011, 08:30 PM
 
224 posts, read 569,278 times
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So, I emailed them saying I can't justify jumping $300 a month and 22% annual increase on rent is just unjustifiable. Told them I'll need to come in and give my 60-day notice.

They emailed back giving their we understand spiel and shot back with $1468..... down from $1625 lol wtf?

So, it's workable. I thanked her for her quick response and willingness to work with the rate. I said I thought from the beginning that anything over $1400 would be difficult and would like to come in and discuss further.

I'm thinking the final rate will be $1433 ($100 more than what I pay now)..... hopefully anyway. But they could play the "sorry, $1468 is as low as we can go" route.
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Old 04-28-2011, 08:43 PM
 
52 posts, read 70,749 times
Reputation: 82
Quote:
Originally Posted by andyATMcandy View Post
So, I emailed them saying I can't justify jumping $300 a month and 22% annual increase on rent is just unjustifiable. Told them I'll need to come in and give my 60-day notice.

They emailed back giving their we understand spiel and shot back with $1468..... down from $1625 lol wtf?

So, it's workable. I thanked her for her quick response and willingness to work with the rate. I said I thought from the beginning that anything over $1400 would be difficult and would like to come in and discuss further.

I'm thinking the final rate will be $1433 ($100 more than what I pay now)..... hopefully anyway. But they could play the "sorry, $1468 is as low as we can go" route.
Yeah -- it's amazing what a little negotiating can do. Never pay sticker price!
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Old 04-29-2011, 06:55 AM
 
1,586 posts, read 1,925,225 times
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I hold at apartment leasing agents in a lower regard than used car salesmen. Congrats on negotiating the deal. I would have come back at them with another offer for just a few bucks lower.
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