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Old 09-24-2008, 07:05 PM
 
Location: Scottsdale, Arizona
1,271 posts, read 3,041,103 times
Reputation: 1044
Default Rent Increases

Ok, when I relocated to Arizona last year, I knew I was getting a huge concession on my rent. Market rate for my unit and garage were something ridiculous like $1480. I got it at $1079 on 15 months.

Now lease renewal time. Increased to $1190 or $111/month on 12 months--->about 10%. Hope I get a 10% raise this year to cover it lol! ;-)

But they also gave "$500 off first month". Which would effectively bring it down to about $1148 if the $500 were prorated. Which still comes in around a $70 increase per month.

How much is your rent increasing?
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Old 09-25-2008, 01:06 PM
 
Location: South Tampa, FL.
1,367 posts, read 3,377,286 times
Reputation: 407
I live on a property I just transferred from. My 20% off went to 10% so we were paying $1101 to $1239. Well, I just found out that I still get my 20% and now instead of $1101 I will be paying $1130 for my renewal rate, so I got raised about $29.00. Now I must say, your management company is raising you pretty darn high...our company has never raised anyone higher than $45 monthly...and we live in the Tampa Bay area. Rental prices are not too much different than AZ (I lived in Tucson).
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Old 09-25-2008, 01:19 PM
 
Location: San Jose, CA
6,555 posts, read 15,657,415 times
Reputation: 2272
My rent hasn't gone up yet. Still paying the same as I was in April 2007, partly because there was a HUGE fire last September that displaced us all for about 4 months. Since then, the onsite apt manager has definitely shown preferential treatment towards those of us who went through that with her.
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Old 09-25-2008, 02:22 PM
 
Location: Volker, Kansas City, MO
12,062 posts, read 17,824,602 times
Reputation: 3597
My last apt. complex wanted to raise my rent $100. I promptly moved.
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Old 09-25-2008, 06:16 PM
 
802 posts, read 1,892,737 times
Reputation: 449
Default me too

My last complex was 1/3 empty when I moved in in 2002, they gave $ 150. month concession $600.00 per month ....cheap rent, first year raised $ 10.00 , okay, second year $ 40, not so great, got third renewal and complex was 90% full, wanted additional $ 80. NOPE. Those apartments weren't worth the first rent - paper thin walls, could hear everything between floors, no insulation. Told them thanks but I was leaving, and guess what??? would renegotiate to $675.. still said no, moved on and new complex went up$ 15 first year $ 35 this year, and have heard $ 25 this year. I downsized to a 1 bedroom so still below the original $ 600.00.
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Old 09-25-2008, 06:47 PM
 
3,364 posts, read 5,341,259 times
Reputation: 4602
We're renting a single family home. We have a one year lease. If we choose to extend the lease by another year, the rent will increase by $30/mo each year. If we want to go month to month at the end of the lease, the lease says the rent will be "negotiated".
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Old 09-25-2008, 07:34 PM
 
Location: the luxury ghett-oh-noes
181 posts, read 402,031 times
Reputation: 465
My rent increased $350.
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Old 09-25-2008, 09:05 PM
 
Location: Scottsdale, Arizona
1,271 posts, read 3,041,103 times
Reputation: 1044
Wow docindigo76! THAT is an increase.

Net net I suppose my increase isnt that bad. Even at the $1190, there are definitely more expensive places around here. I looked at a few of them when I was relocating here last year and nearly fell off my chair. Now granted they were nice but... (Tho that said-I also negotiated one heck of a whopping raise for my relocation accordingly...) I am still at the low end for this part of town.

Location location location. I live in north Phoenix/north Scottsdale. This is the "live like you are on vacation" neighborhood. High end spas. Golf courses. Luxury and exotic car dealers. More restaurants and retail than anyone could ever possibly need in a lifetime. Convenience. That is what the price is for. And the unit and complex is really nice too-I have no complaints there.

About 2-3 miles west of me, a big new retail/live/work/play/shop/spend your money development is in progress. Rumor has it some of the rental units there will top $2 SF. YOWZA! I have almost 1200 sf. That would put me in the $2400 a MONTH range. That is a ridiculous chunk of cash for an apartment.

Nearby for sale condos at Kierland Lofts that just opened are going in the (choke) $800-900K range for even the smaller units at 1300 sf. Larger units are fetching into the millions. That is a ridiculous chunk of cash for a condo. So I will take my $1190 and enjoy the same neighborhood for a far less steep price tag. ;-)
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Old 09-25-2008, 09:23 PM
 
Location: the luxury ghett-oh-noes
181 posts, read 402,031 times
Reputation: 465
Quote:
Originally Posted by ivanabacowboy View Post
Wow docindigo76! THAT is an increase.

That would put me in the $2400 a MONTH range. That is a ridiculous chunk of cash for an apartment.
Tell me about it. That's where I am for the next two years. That does not include things like parking/pet rent, etc. It was already pretty bad, but my unit and models like it increased in rent 20%. And I have a 1 br.

And get this--it's in West Philly, not exactly the garden spot of the world.

My complex goes for roughly $3/sq. ft.
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Old 09-26-2008, 02:07 PM
 
Location: In my mind
629 posts, read 1,410,767 times
Reputation: 654
Well I guess mine isn't so bad, to renew the rent was going up 33%, $60. I was paying about $1.81 per sq. ft, going up to $1.87. Instead of renewing I moved, to another state....lol
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