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Old 04-24-2008, 03:31 PM
 
703 posts, read 2,934,409 times
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Am I wrong or what? I have always thought that after your initial one year lease, if you opt to stay, your rent automatically becomes month to month with minimal increase in the rent amount. This had been the case in the last couple of apartments I have had to live in, but this time it's different.

Now, if I choose a 10-14 months "renewal" lease, than my rent only goes up by 5%; a 6 months "renewal" would be an increase of 5% + $75 "monthly premium", and finally a month to month would be 5% + $150 "monthly premium".


Have I been lucky with all my previous rental apartments, where there were no surcharges for month to month AFTER the first year?
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Old 04-24-2008, 04:39 PM
 
297 posts, read 1,269,198 times
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I've never had a "monthly premium" surcharge added onto the percentage increase after the first year - that just ridiculous!! It may be time to find a new place.
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Old 04-25-2008, 12:42 PM
 
Location: Tennessee
37,743 posts, read 40,805,800 times
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Every apartment complex I have ever lived in over a period of 30 years, charges a higher monthly rate for month to month than if you signed a full years lease renewal. It has no basis on how many leases you've had prior to the month to month. This was in 3 different states.
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Old 04-25-2008, 05:21 PM
 
Location: Toronto
215 posts, read 1,658,266 times
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This "monthly premium" sounds like a sneaky way to break the law (assuming your city has rent controls)
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Old 04-28-2008, 10:32 AM
 
703 posts, read 2,934,409 times
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Another thing that got me wondering is that for the "6-months" and "month to month" lease renewal, it would be market rate of the apartment PLUS the "monthly premium of either $75 or $150" rather than the normal first year + 5% increase.
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Old 11-19-2008, 03:14 AM
 
Location: Wisconsin
91 posts, read 294,076 times
Reputation: 40
Where are you people living ?..... Sounds like these complexes want everyone out after a year. I cannot believe they would up the rent on anyone. No one could afford a place to stay around here at that rate. We have always keep the rent low just so it stays rented. That works for us.
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Old 11-19-2008, 12:05 PM
 
1,678 posts, read 3,932,015 times
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Quote:
Originally Posted by Ceanna View Post
Where are you people living ?..... Sounds like these complexes want everyone out after a year. I cannot believe they would up the rent on anyone. No one could afford a place to stay around here at that rate. We have always keep the rent low just so it stays rented. That works for us.
not necessarily, I asked around in my office to others who rent and they say the same thing, if you renew the lease for 12 months there's an increase, if you renew for 6 mos, a higher increase and month to month, higher, because they know they'll eventually have to turn the apt around, maybe with less than 1 month's notice, thus finding another resident. Most complexes desire 12 month leases or longer. More incentive to sign for 12 mos.
One of my coworkers has a 24 month lease, which I wish my complex offered. I definately would have signed a 24 month lease when I first moved in, 'cuz I knew I'd be there at least 24 months.
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Old 11-19-2008, 01:17 PM
 
8,411 posts, read 39,176,161 times
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Ive seen that but the increase is more by %...
Like month to month would be 10% increase..lower as the lease gets close to LT

Hey at least it allows you some flex time to find a new place for not too much cash.
Better than having to pay a 3 month rent lease fee breaker.
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Old 11-19-2008, 06:47 PM
 
Location: Wisconsin
91 posts, read 294,076 times
Reputation: 40
Why don't you renters look for smaller landlords. Get away for big business. None of us have ever raised the rent on a tenant. The only raise comes after they leave. Which is in 2 years. The raise is to help cover the raise in property tax and the increase in insurance. We are not out there to rob you.
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