Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
We have great tenants who pay on time and have been with us for years. We won't raise the rent until they leave.
FWIW: In our state we are advised to rent without lease, so that's what we do. After 2 years we return the security deposit. The real reason we do that is so that good tenants won't move; they know if they move they will have to come up with another deposit.
Before 2016, my last rent increase was $15.00 before the building was sold. In 2012 the rent increased $45.00 and I had to leave because I was unemployed and making less money. The only good thing about rent increases now is my current job gives annual raises so it allows me to keep pace with the increase. Now that I am in living in a cheaper apt with a annual raise expected in July, I will be way ahead for a while which is a good thing.
I don't live in the city, so if my landlords had the balls to bump my rent up I would just move out.
The downtime between tenants, even if it was just a month or two would far outweigh the increase in rent. Since my rent is 2300, trying to get an extra 100, or even 200 wouldn't ever really make sense.
Perhaps if I had been here years and property was really shooting up, but to risk a good tenant who treats the property like their own and pays on time is just foolish. I'd imagine this is a much different environment than a packed apartment complex or in a city where there is insane demand.
That's my line of thinking. Even with the insane rents out here, I rather keep the rent the same. Finding A tenant is easy. Finding great tenants is hard.
That's my line of thinking. Even with the insane rents out here, I rather keep the rent the same. Finding A tenant is easy. Finding great tenants is hard.
Its the correct line of thinking. I for example, have always paid on the 1st or the day before, have had zero complaints from neighbors, and only had to contact them once about a minor issue with the sink. It would be demented greed to try and sneak a few extra bucks when you could get stuck with someone who pays late, gets you complaints from the neighbors, disregards your property, and could even potentially need to get legal involvement in terms of lawsuits, evictions, court for damages etc.
That on top of the fact that financially, you might have a vacany for a little while, and need to pay an agent half a months rent in fees, really makes it a bad decision to fiddle with rent, and in poor taste. Again, this might be different in new york etc. obviously.
My rent was slated to go up $60.00. However 1 week after extending the renewal rate, my complex sent out a letter stating that they will not be renewing my lease. Upon speaking with the property manager, she indicated that I was a long term resident, who always paid on time, and never had any complaints, but it was a unit/business decision not to renew my lease. She claims she's unable to disclose anything more than that. I read that to say I'm not paying market rent so I have to go.
3br/3ba currently in my complex ranges from $1254.-$1545(the $1545. is month to month). I pay less than the $1254.00. Here I was thinking if I pay my rent on time and cause no problems, I was a model renter. So much for thinking that.
My rent was slated to go up $60.00. However 1 week after extending the renewal rate, my complex sent out a letter stating that they will not be renewing my lease. Upon speaking with the property manager, she indicated that I was a long term resident, who always paid on time, and never had any complaints, but it was a unit/business decision not to renew my lease. She claims she's unable to disclose anything more than that. I read that to say I'm not paying market rent so I have to go.
3br/3ba currently in my complex ranges from $1254.-$1545(the $1545. is month to month). I pay less than the $1254.00. Here I was thinking if I pay my rent on time and cause no problems, I was a model renter. So much for thinking that.
I think thats because you are with a complex. They are inclined to run more like a business being more cutthroat about getting the most out of every tenant. I think it would be a different story if you were renting a house or part of a house.
If someone is willing to pay it then that is the market rent.
Unfortunately that is the excuse greedy LLs use. The ones who rent out lower standard units are more concerned about profit than being ethical.
An 30+ year old apartment with severe air leaks around all windows/doors, insufficient insulation, parking 'wherever you can find it', in a high crime area charging the same rent as a brand new apartment with attached garage, no air leaks, proper insulation, in an upscale low crime area is beyond ludicrous and nothing more than slum lords running amok.
Mine has been going up $50 at lease renewal but a new person coming in would probably be paying $100-$200 more.
Seems pretty common for apartment complexes to raise the rent annually (perhaps individual private LLs not as much). Have read that since there are many who lost their homes and now have to rent there are fewer rentals available. . . so again, the LLs are thinking: Cha-Ching!! Cha-Ching!! The rental market is saturated, so let's raise the rents!!
Granted, if a LL's costs increase annually (taxes, insurance, maintenance, etc., etc.) then I can see the justification to increase the rent to help with those costs. But to just to slap a high increase on their tenants 'just because' a brand new luxury apartment complex 15 miles away is charging more is pure greed.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
