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I'm searching online and I can't find the answer so I'm hoping someone on the board can help:
Is there a cap to the amount rent can be increased at one time? Our apartment complex was purchased by another company last year. When all leases come up for renewal now, the rents are being increased to match "market value." Our rent was increased by 20%. We have less than 2 weeks to decide if we're staying or going.
Any info or links to sites with rental increase laws would be super helpful. Thanks in advance! Rachel
I think its 6% as the max change come a renewal, but alas, I don't know for sure. You could call a random apt complex, and ask them their rates, and what the raise is come renewals, since they would know.
I stopped by a apartment complex just yesterday in morrisville, they wanted 1050 for a one bedroom, I laughed in their face. There are cheap apartments around you have to look. Here is my theory: Apartments near work areas are going up in price because of gas prices. People want shorter commute to work so demand for those apartments are going up. What I suggest is that people keep the cheaper apartments some distance from work and buy a scooter. Also nearing spring time, which is moving season. Rents go when the weather warms.
Last edited by Slinkycat; 02-28-2011 at 11:34 AM..
Reason: Wanted to add a point
I don't see why there would be a cap. Unless it is a subsidized or rent-controlled apartment, the landlord should be able to set the rent at whatever they want. A lease is a contract with a stated amount of rent for a specific time period. If the renter doesn't want to pay that amount, the renter doesn't sign the lease contract. That also means the renter doesn't get the goods (housing) in return.
I've been researching landlord-tenant law and haven't seen anything regarding your issue in chapter 42 of the NC General Statutes. There is a section stating that cities and counties can't control the amount of rent charged in GS 42-14.1. Here's a link to the landlord-tenant statutes: North Carolina General Assembly - General Statutes - Chapter 42: Landlord and Tenant.
No idea about caps specifically, but to give you a frame of reference:
2 bed apt, approx 1050 square ft.
2008-2009 - first year
2009 - 2010 - second year, no change
2010 - 2011 - third year, increased by $10 per month
2011 - current. Just renewed again now, increased by another $10 a month
Living in Brier Creek, so not sure if that would negatively or positively impact it. The complex I'm in seems to be fully occupied most of the time
If I recall correctly, when I lived in LA county, the maximum the rent could be increased at a time was 7% (could go up to 10% if the landlord filed notification paperwork for justifying the increase.) I realize this is a different state and like I posted initially, I couldn't find anything myself about NC.
Rent controlled and rent increase caps are different animals...at least in my experience of living in CA and IL.
My increase is actually 19%. I guess I'm just shocked because we have lived here for 3 years, have never been late or a problem and if we move, they have to spend money-replace carpet and clean for a new renter. Maybe I'm just venting...since this doesn't seem like a surprise to anyone else. Arugh.
And we are in Cary (by Apex/Holly Springs) not near RTP or any business parks.
Well, just because it seems to be allowable, doesn't mean we wouldn't be as shocked as you are! 2 weeks and 19% is pretty awful.
Maybe they are trying to flush out some undesirables (not you, specifically) and/or increase their profits to do some fixing up.
Did you mean you have two weeks to decide? Or two weeks to find a new place?
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Arugh. 
