Common apartment rent rate increase at the end of lease? (uptown) (Dallas: rental, insurance)

[andyATMcandy]

Mr Bungle, we aren't finished.

I told her from the beginning that anything over $1400 was going to be difficult and that I'd come into the office today to discuss further details.

I'm really aiming for $1400 but I bet we end up settling at $1433 (which would be $100 more than what I pay now)

[Texan#1]

That's just the reality of the rental market right now... it is hot! I've had a difficult time adjusting to it since moving back here from Lubbock in 2008. I lived at the Ashton and they went up $500 and I then moved into a condo downtown and the owner went into foreclosure. I have a buddy that's at the Element and his rent went up $200!

Good luck with your rent!

[31.7% increase in 3 yrs]

I found your thread searching for some sense of my experience. Your thread has helped me. Simply said I moved in 2010, 15 month lease for best rate, 2b2b apartment, $707. Not a move in special. Market rate on lease shows $925. First renewal increase $70, market rate still $925. Second renewal increase $90 (lowered to $70), market rate $925. Third and current is $93.50, verbal info provided from staff is market rate $940. So a 31.7% increase on a $15 market rate, how is that fair? Did I mention I am a great tenant and they know it. Apparently this is common but that wasn't the info I expected to find. Seems like bait and switch to me. People in blogs I saw say just move, don't whine. I didn't know big increases were common. I certainly haven't had them previously. Moving is expense, schools, deposit issues, them probably justifying keeping deposits, etc, installed 2 ceiling fans.

[31.7% increase in 3 yrs]

Forgot to say, I did attempt negotiations but other than the $20 reduction on second, they aren't budging. Very nice about it just say market rate regulates. But my legal binding document says market rate has not fluctuated. Well the jest is take it or leave it and I must cut my losses. Clearly they'll get me again next year if I don't.

[DaveG99]

$1400 a month for rent is ridiculous. Thats a mortgage payment.

[Aceraceae]

Originally Posted by DaveG99

$1400 a month for rent is ridiculous. Thats a mortgage payment.

Lots of rents are higher than that.

[Mr.Bungle]

Originally Posted by DaveG99

$1400 a month for rent is ridiculous. Thats a mortgage payment.

I won't tell you how much the places I'm looking at cost. Ok, I will. $1900 for 2bd 2ba 900sq feet. My mortgage was...$1100 with insurance and all that jazz. C'est la vie.

[ritholtz]

Originally Posted by DaveG99

$1400 a month for rent is ridiculous. Thats a mortgage payment.

$1450 for 2BR apartment in Coppell and Coppell ISD. It is very busy time for apartments with good school districts. They were paying same amount for 3BR in CA and wondering why everyone thinks living cost is less here.

[TrueDat]

In Uptown, rents are insane. I picked what I assume to be one of the nicer Gables properties, Villa Rosa, to see what they're charging. Granted, this is at the top end so you can find cheaper than this but still...nearly $2500/month for a not-huge 2 br. apartment? And you're not in Manhattan or in a real villa in the south of France?

Gables Villa Rosa Apartments: Photos, Floorplans, Availability and Pricing. Address: 2650 Cedar Springs Rd, Dallas, TX. Luxury Gables Apartments for Rent.

[grneyedmustang]

Downtown has gotten crazy as well. I was in a sister Gables Property in the heart of downtown, and my last lease renewal, they wanted to go up $200. I really liked the apartment, but I couldn't justify paying over $1500 for a 1 bedroom apartment. Needless to say, I don't live there anymore.