Increased rent $400 in one year (Boston, Marlborough: 2013, apartment, lease)

[redpetticoat]

We are moving out of our current apartment and are looking for someone to take over our lease. But we just heard our landlord increased the monthly rent for next year by $400 (a ~20% increase compared to what we currently pay). Is this a normal increase from 2012 to 2013 for the city of Boston? We signed our lease just last year, so a 20% increase in one year seems excessive to me.

I understand it's not really my concern, but if our apartment doesn't rent out soon I'm afraid our landlord may not let us stay an extra month. We are trying to get someone to start their new lease a month after ours is supposed to end, so we can stay there that one extra month until the lease for our new place starts. Confusing, but it all boils down to getting someone to rent out this place and I'm afraid at the current price the landlord has it listed at it isn't going to happen. What do you think? Is this market crazy enough that someone will pay that price eventually?

[Beachcomber4]

That does seem like a really steep increase in one year. I would think it would be to your advantage for it not to lease. Maybe he would be happy just to get any rent and will be agreeable to letting you stay the extra month. You might have to pay the new going rate but if he likes you and you've been good tenants he may just let you pay what you have been. Good luck.

[Urban Peasant]

That is a really steep jump but your landlord probably didn't do it without thinking twice about it. Your landlord might have many potential residents lined up already and they are all willing to pay the high cost. You must live in a highly desirable neighborhood in Boston.

[miu]

Perhaps the property taxes on your building were greatly increased?

[bjimmy24]

Where do you live?

[miu]

According to her past posts, on Marlborough St. in the Back Bay.