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I would LOVE for that small of an increase. Our last apartment was a 20% increase if we wanted to renew it. We didn't... 15% at the apartment before that one. The drawbacks of living in a city that's growing faster than they can build new complexes.
I live in a typical suburban community that is part of a large metro area. There are no rules regarding what rent they can charge us. I was just curious what people's experience has been in large complexes in the suburbs with no rent control.
Maybe you would get better and more accurate results by posting in your specific state's forum in the city you live in. By asking posters from all over the country in different size complexes and apartments with different housing costs and demand it is not going to give you accurate information at all.
Your best bet is to contact a realtor for your specific city and have them e-mail you some rentals that are close by that are the same sq ft as your current residence. That is the best way of seeing if you're getting a fair shake.
No rent control here. But we had a increases of $54 [don't know the %] BUT I find it funny when a complex with More adminities Dropped their rent by $100. Our 2 bedroom has Laundry Room on site. Other complex 2 bedroom has Laundry Room on site + hookup in each apt ALSO has Swimming Pool, Hot Tub, Huge Exercise Gym w/handball court Basket ball courts out door play area for kids & fenced area for pets to play! ALL for what I pay here! Yes I plan on saving up to move but going to take 2 years at least
Do you know for sure that they are charging new renters the price you started with 5 years ago (or whatever price is 24% lower)? I've had the opposite experience. They've raised my rent this year, like you, around 4.5%. We live in a 3 bedroom (and there are very few of those). I know that when my rent increase came (a few months ago), they were renting 2 bedrooms out to new renters for 200$ MORE than we were paying with our rent increase.
I do 2% on every unit every year but I'm more interested in avoiding turning units than increasing profits. I will say though one tenant I had gave me hell for doing a big jump one year, I bring up to market value at 5 years no matter the %. If that 24% more includes move in incentives you don't really have room to negotiate but if you find a comparable place you can move or try to negotiate.
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