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I moved in to an apartment complex in NC last year, everything is fine except after a year the new lease rent jumped by 4%, I like to know if this is the normal rent increase rate? I feel this is very high if increase 4% year after year. In NYC rent increases about 3% bi-annually
I moved in to an apartment complex in NC last year, everything is fine except after a year the new lease rent jumped by 4%, I like to know if this is the normal rent increase rate? I feel this is very high if increase 4% year after year. In NYC rent increases about 3% bi-annually
thanks
We have none. Our LL appreciates having competent, emloyed, responsible tenants...she even gives us our 12th month rent-free...
Koale
There are no set rules for rent increases; it depends on the LL. Some complexes will base rent increases on the market value in their area.
Have been in my apt for 11 years and the rent has increased a total of $40 during that time. Some years there was no increase, one year they actually reduced the rent (I know, unheard of!). Averaged out, it would amount to approximately .6% increase/year.
There are no set rules for rent increases; it depends on the LL. Some complexes will base rent increases on the market value in their area.
Have been in my apt for 11 years and the rent has increased a total of $40 during that time. Some years there was no increase, one year they actually reduced the rent (I know, unheard of!). Averaged out, it would amount to approximately .6% increase/year.
that's nice, is it apt complex owned by company or private owner?
i am looking for an apt with stable rent long term, really don't like to deal with rent increase every year
I've never had a rent increase--I've always owned. But landlords are free to raise the rent as they see fit (and as they think the market will bear). When I was a landlord, I rarely raised the rents if I had good tenants who paid on time...but larger outfits usually try to increase their rental rates each year. Four percent may be on the high side, but it's certainly not extraordinary.
that's nice, is it apt complex owned by company or private owner?
i am looking for an apt with stable rent long term, really don't like to deal with rent increase every year
I moved in to an apartment complex in NC last year, everything is fine except after a year the new lease rent jumped by 4%, I like to know if this is the normal rent increase rate? I feel this is very high if increase 4% year after year. In NYC rent increases about 3% bi-annually
thanks
0%. I have been renting since I was out of college, I have never received a rent increase. I've been renting for 5 years.
Since the bulk of our tenants are governement defense contractors, we raise it as high as the schedule will allow. If the schedule for the area is reimbursable up to $1,500 for a studio we raise the rent to $1,500 a month, if the next year it goes up $200, so shall the rent. So long at the tenant can charge the increase to uncle sam, we have no reason not to raise it to the max. For those who are regular self-paying tenants, the increase is actual cost adjusted and can be - 3% to + 3%. Yes we have decreased rents on self pay units.
My rent increased 7% in just one year. Many people who, in previous times, would be buying houses, are choosing to rent instead. There is a shortage of rentals, thus landlords are able to raise the rent, and still keep their tenants. That being said, I will be looking for a smaller, cheaper apartment, when my lease is up. I can't afford 5-10% rent increases year after year.
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