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Old 09-22-2016, 11:04 PM
 
Location: Chicago, IL
1,033 posts, read 2,495,915 times
Reputation: 659

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My landlord has been raising the rent by $25 a month every year lately and was wondering if other people experience the same thing (or if better or worse). When I first moved to my current apartment, it was $1725 a month. Now it is going to be $1775 if I renew my lease again.
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Old 09-23-2016, 05:16 AM
 
Location: Chicago
2,884 posts, read 4,460,218 times
Reputation: 2762
oh NO!

Seriously, that's a tiny increase. Mine went up $35 on a much lower rent.
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Old 09-23-2016, 06:37 AM
 
186 posts, read 195,877 times
Reputation: 155
Yearly rent increases are expected.
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Old 09-23-2016, 07:10 AM
 
2,422 posts, read 1,539,209 times
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Probably depends on a lot of factors.

I was in the largest unit of a 3 unit building for several years. My roommates and I were able to get them to lower the rent at the time to keep us since they wouldn't have to give up a one month rent commission to a locator.

My last apartment was 4 units. Our rent didn't go up until the last several months of this year (new lease, partial year), likely to make up for the RET increase. The monthly increase to us was minimal and our rent was still below market for the neighborhood.

Some large high rises will likely raise rents annually because someone will be willing to pay what they're offering.
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Old 09-23-2016, 02:01 PM
 
Location: Cleveland, OH USA / formerly Chicago for 20 years
3,990 posts, read 6,455,512 times
Reputation: 2943
Quote:
Originally Posted by Caldus View Post
My landlord has been raising the rent by $25 a month every year lately and was wondering if other people experience the same thing (or if better or worse). When I first moved to my current apartment, it was $1725 a month. Now it is going to be $1775 if I renew my lease again.
Look at it this way: That's only about a 1.5 percent annual increase.

When I lived in a rental highrise from the mid-1990s to about the mid-2000s, my rent typically went up 5 to 6 percent a year, except during economic recessions.

My last Chicago apartment was in the same highrise after it had turned condo. I rented from the unit owner, and she didn't raise my rent at all for three years. Afterward, she raised it only $10 a month.

Point being, you might have better luck renting someone's condo if it's the only rental unit they own, because they know that if you move out, it's a 100 percent vacancy rate for them and they might lose serious money.
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Old 09-23-2016, 02:02 PM
 
Location: Sugarmill Woods , FL
6,232 posts, read 7,171,564 times
Reputation: 13728
Rent got raised EVERY year, now we bought our own place so no more!
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Old 09-23-2016, 02:21 PM
 
2,318 posts, read 6,179,148 times
Reputation: 1801
Quote:
Originally Posted by froglipz View Post
Rent got raised EVERY year, now we bought our own place so no more!
now you can just look forward to property taxes rising every year!
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Old 09-23-2016, 02:28 PM
 
1,851 posts, read 1,796,716 times
Reputation: 1283
Quote:
Originally Posted by via chicago View Post
now you can just look forward to property taxes rising every year!
Lol.
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Old 09-23-2016, 03:49 PM
 
Location: Lincoln Park, Chicago
498 posts, read 633,841 times
Reputation: 777
$25/mo? Count yourself lucky
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Old 09-27-2016, 11:21 AM
 
Location: Chicago
3,313 posts, read 5,894,597 times
Reputation: 3991
I once had an $800 a month increase on a $2000/month apartment. It was in Wicker Park right while it was booming. We got a killer deal on the place to start but then they decided to ask an insane amount the next year. Forced me out, that's for sure!
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