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Hi, this is my first post--this place seems to be a pretty good forum for renting issues.
I was wondering, is it unusual to have a rent increase on the order of 15-20% on an apartment in one year alone?? Now, I do live near downtown in a major city (not NYC though) in a complex, but I have not noticed such huge increases in buildings comparable to mine in unit square footage and amenities.
There are a few things about my place that make it rent at a premium from the get-go, such as being across the street from a major university, having a pool, fitness center, media rooms, and on-site parking (that for which we pay a monthly fee) in addition to what the unit costs per month. The building is also brand new, and we sign yearly leases. While an increase can be expected from year-to-year, I've never, ever encountered one this steep, and I've been renting in various markets for 13 years now. I'd also like to note that the increase doesn't seem to be reflective of demand, especially gven its prime location--there are quite a number of empty units here.
If any landlords may have any insight on something such as this, I'd appreciate what you'd have to say as to help me understand how the overall rental market may work.
From my personal experience..Thats pretty high. But then I think how everything is jumping up in prices now. My current place jumped 5% But its a ******** and I am leaving anyway. Maybe talk to the rental office about a lower jump or ask the reason why? It sounds like a nice place. I would accept a 10-15% jump. But 20...Thats really pushing it. Even 15 is kinda high.
What's odd is that the rental market in the rest of the city seems to be holding fairly steady, with only modest increases, or in some cases, prices have been reduced. I already pay thousands to live where I do so the large jump really hurts.
I would talk to them for sure then and maybe talk about putting a rent control clause in a renewal or doing a multi-year lease. It seems they want the current tenants taking up slack for the vacancies. But at least thats a bit better than just letting trash move into the building.
I would talk to them for sure then and maybe talk about putting a rent control clause in a renewal or doing a multi-year lease. It seems they want the current tenants taking up slack for the vacancies. But at least thats a bit better than just letting trash move into the building.
Good ideas, especially that the increase may be taking up slack for the vacancies--I hadn't thought about that one. I do plan to talk with them about the basis of this huge increase and will definitely put what you mentioned forth as a possiblity and see how they react.
I'm not sure how the rent-control would go over; we don't have that in my city but I don't suppose it would hurt to bring it up.
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