West Cary development & apartment rentals... (Kelly: apartment complexes, renter, chapel)
Raleigh, Durham, Chapel Hill, CaryThe Triangle Area
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I moved to West Cary off O'Kelly Chapel Road roughly 4 years ago; when Parkside Commons was a field, UNC Wellness Center didn't exist, and there was no elementary school. With every lease I sign, the rent goes up and up. Yes, I know, this should be expected. But in less than 4 years, my rent per month has increased to the point where I'm pushing nearly a $400 per month increase. Is this a normal progression, or a bit high? I may move next year if this continues....
I moved to West Cary off O'Kelly Chapel Road roughly 4 years ago; when Parkside Commons was a field, UNC Wellness Center didn't exist, and there was no elementary school. With every lease I sign, the rent goes up and up. Yes, I know, this should be expected. But in less than 4 years, my rent per month has increased to the point where I'm pushing nearly a $400 per month increase. Is this a normal progression, or a bit high? I may move next year if this continues....
How many times have you moved in 4 years?
I've lived near Park West for about 3 years in the same apartment and I think my rent has only gone up about $100.
I moved to West Cary off O'Kelly Chapel Road roughly 4 years ago; when Parkside Commons was a field, UNC Wellness Center didn't exist, and there was no elementary school. With every lease I sign, the rent goes up and up. Yes, I know, this should be expected. But in less than 4 years, my rent per month has increased to the point where I'm pushing nearly a $400 per month increase. Is this a normal progression, or a bit high? I may move next year if this continues....
Looks like you're already planning on moving to Atlanta?
I think big apartment complexes are like cable companies. They'll keep pushing you and pushing you until you leave and go somewhere else. I know it's a pain to move, but it probably makes more financial sense to bounce around, or find an independently owned rental.
I think big apartment complexes are like cable companies. .
Yes, to the extent that I believe the rents can be negotiated.
My sister has a co-worker who rents - she's a great tenant and can afford any increase, but when she was notified of a rent increase this year she said "no thanks, here's my notice" and she meant it - and they countered with "that's ok, stay another year at your current rate".
I’m guessing early on your complex had to offer cheaper rates to fill apartments since there was nothing nearby. Now that the area is more built out, they can up prices and still keep their occupancy rates up. Sucks for early customers, but that is the risk you take as a renter without a long term lease.
I've been in my apartment for eight years and my rent has increased by about $300 over those years. I usually see a 3-4% increase each year, sometimes as much as 5%. I think that's pretty standard.
But like someone mentioned above, you really should be comparing your current rent to the current rent to other similar places in the area. You're not going to save much money if what you're paying is pretty standard for the area.
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I may move next year if this continues....
