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My apartment management changed to Archstone in the middle of my lease last year and the lease renewal terms have rent increase of 20%. My last year lease with the previous management had a base monthly rent of X amount during the lease term and a month-to-month clause that stated a month-to-month rent amount of X+300 after the end of the lease.
However, the new management has the lease renewal offer with the base rent that is greater than the old lease month-to-month rent (X+300), and a new month-to-month rent far greater than the new base rent.
Would the old-lease's month-to-month terms still apply (as it is the lowest amount, lower than both the new base rent and the new month-to-month rent), or do I have to either renew the lease or pay the new month-to-month rent?
Does the old lease get completely overridden with the new lease?
My apartment management changed to Archstone in the middle of my lease last year and the lease renewal terms have rent increase of 20%. My last year lease with the previous management had a base monthly rent of X amount during the lease term and a month-to-month clause that stated a month-to-month rent amount of X+300 after the end of the lease.
However, the new management has the lease renewal offer with the base rent that is greater than the old lease month-to-month rent (X+300), and a new month-to-month rent far greater than the new base rent.
Would the old-lease's month-to-month terms still apply (as it is the lowest amount, lower than both the new base rent and the new month-to-month rent), or do I have to either renew the lease or pay the new month-to-month rent?
Does the old lease get completely overridden with the new lease?
The new lease replaces the old one. A month-to-month agreement can be terminated by either party with appropriate notice.
...the lease renewal terms have rent increase of 20%.
That is a VERY large bump.
Quote:
the previous management had a base monthly rent of X
and a month-to-month... of X+300 after the end of the lease.
Another rather large bump (Are you certain of the math?).
Quote:
...the new management has the lease renewal offer with the base rent that is
greater than the old lease month-to-month rent (X+300),
and a new month-to-month rent far greater than the new base rent.
Unless the original rent amount was super low (set 20 years ago with no increases since?)...
I'd say it's time to look for a new home.
Quote:
Would the old-lease's month-to-month terms still apply...
Until you BOTH sign a new lease you're BOTH bound by the prior agreement.
Which also brings up the issue of whether that high M2M rent bump terms are legal there.
I'd investigate what the law there allows for.
Quote:
Does the old lease get completely overridden with the new lease?
Yes. This is why so many PM's like new leases rather than "roll overs".
The new lease probably has twenty other detail changes in it you haven't noticed.
Another rather large bump (Are you certain of the math?).
Unless the original rent amount was super low (set 20 years ago with no increases since?)...
I'd say it's time to look for a new home.
Until you BOTH sign a new lease you're BOTH bound by the prior agreement.
Which also brings up the issue of whether that high M2M rent bump terms are legal there.
I'd investigate what the law there allows for.
Yes. This is why so many PM's like new leases rather than "roll overs".
The new lease probably has twenty other detail changes in it you haven't noticed.
Yes the math is correct. The original rent was a little lower than X and was increased to X by the previous management over a period of around 1 year.
When the management changed to archstone, I did not sign any new lease (as Archstone lease is available online and can be viewed there from my apartment complex account). I assumed that the old lease carried on and archstone continued collecting rent based on the old lease. Does that mean old lease terms of old month to month rent amount of X+300 still apply?
Another rather large bump (Are you certain of the math?).
Unless the original rent amount was super low (set 20 years ago with no increases since?)...
I'd say it's time to look for a new home.
Until you BOTH sign a new lease you're BOTH bound by the prior agreement.
Which also brings up the issue of whether that high M2M rent bump terms are legal there.
I'd investigate what the law there allows for.
Yes. This is why so many PM's like new leases rather than "roll overs".
The new lease probably has twenty other detail changes in it you haven't noticed.
If the agreement is month to month, the landlord and the tenant are "bound" to the agreement for a month. Either party can terminate the arrangement - the tenant can't stay indefinitely at the "old rate" - the landlord can terminate the lease or change the terms with notice - apparently the landlord is giving that notice right now.
The only exception to this would be in you are in an area with any sort of rent control program. If you are, which you do not indicate, you may be able to fight the increase. If you aren't, the LL gave you notice of the increase.
You can continue to pay X + 300 since that is the lease that is in effect now.
You can refuse to sign the new lease. Good chance the landlord gives you a 30 day notice to move.
Maybe you can try to negotiate the rent in the new lease to maybe a 10% increase. It's worth a shot. if they say No then you can decide whether you want to sign new lease or not. If not, likely you will get a 30 day notice or whatever the number of days required for notice in your state.
You can start looking at places to move now and give notice as well. I bet many in your complex have been doing this to avoid the large increase.
You might find out rents have increased elsewhere quite a bit as well. You might check before you refuse to sign the lease because maybe the 20% increase is a decent rate.
Most likely if you don't sign the new lease they are going to give you your 30 day notice.
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