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Old 08-14-2007, 06:40 PM
1 posts, read 7,919 times
Reputation: 10


in 9/96 i met a person with a 100 yr old 1.5 story farm house that years before had had a fire and been gutted and sitting empty. i offered to rent it from him to use as dry storage for my remodeling co. the building had electric service only / no gas, water or sewer unless you count the old broken hand pump. we agreed on a mo. rent of $ 200.00 and that i would paint & reroof the building and he would supply the materials needed and we were good. The rent stayed @ 200 untill 3/05 and was then raised to 250.00 per mo. This month when i went to pay the rent he told me to waite and he needed to think about raising the rent, he told me that he was told that he should have raised the rent 3% to 6% compounded per year.
also last winter most of the roofing came off in a storm and the paint has pealed and now the town is ordering him to fix the building, by inturn he told me and had me make the repairs at my cost. now that the work is being done and the rent goes up. any way the building is 24X38 sitting on blocks and the 2nd floor has 5' knee walls / no heat,water or sewer and has a 40x70 stone parking/yard space included and i installed a roll up door and loading dock. Located in buffalo ny area what would be a fair rent value keeping in mind i do the repairs and that i paid for the materials this time and what is a fair rent increase % per year
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Old 08-14-2007, 07:30 PM
Location: North Pittsburgh
353 posts, read 1,458,641 times
Reputation: 154
He owns the property - he can charge whatever he wants. You have the choice to accept or reject it. At a 6 percent increase per year from 1996 until 2007, you would be paying $365. now.
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Old 01-07-2008, 09:28 PM
Location: Maryland
1,667 posts, read 7,777,782 times
Reputation: 1573
But, there are laws preventing landlords from excessive rent increases, as that is a good way to get people out, usually due to discrimination. In Maryland, it is (or was) 12 percent since the last rent increase. If it was $200 rent 12 months ago, he can raise it to $240, regardless of what it was earlier than that. I've seen landlords charging low rent because they didn't care. If suddenly they want more, they can only increase it by 12 percent annually. If he charged $10.00, he could only raise it to $11.20, until the tenant moves. Then it's a whole new ball-game. I always increase the rent, but discount the raise if rent is paid on time. Some tenants are paying $350.00, which could double if I decide to drop the discount. Keeps the rent coming on time, too. They don't want to force my hand and pay the "real" rent.
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Old 04-09-2013, 02:54 PM
2 posts, read 2,867 times
Reputation: 10
Can a Landlord raise the rent in Chicago $200 to $300.00 in one year? The apartment is base off of the price of the condo in the area with amenties.(washer,dyer,jacuzzi,isle).Hud give less money to certain areas of Chicago like Bronzeville saying the area isn't that expensive to live Bull S. So why is HUD allowing owners to do this and passing the rent onto the tenant? The voucher on southside are less than northside but their are more condo. Price out in Bronzeville and its not right.You can find more 3 to 4 bedrooms than two. You can only get a 2 with bedroom even thous you find a 3 for that same amount.
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Old 04-09-2013, 03:07 PM
2,091 posts, read 5,461,346 times
Reputation: 2097
I had a landlord go in increments from 650 to 950 in a period of 2 years. I was month to month and they raised it every 6 months. They obviously wanted me out they even told me they thought they could get 1200. Maybe but not without thousands in Reno's. Anyway I asked my landlord if they would give a good recommendation to the bank for me and they did and I bought a a house and left peacefully. They were shocked when I showed up the day before leaving with a final rent check paid up to the second.
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