[Drebu951]

So I’ve been apartment hunting for awhile now. One of the more expensive apartment communites now has a rental discount of $200 a month off of rent for the entire lease , bringing the rate down significantly. My question is is after the lease is up should I expect a $200 increase on the rent ?

[Heather67]

Short answer: Yes, you should probably expect that to happen.

Longer answer: Yes, and if rents in the area generally go up over the time of your lease, they might raise it more. On the other hand, if the local economic circumstances lead to more people moving from renting to buying, it might stay the same. It all depends on what the owners can reasonably expect to get for their space.

[craig11152]

Heather67 is spot on.

But it is curious that "One of the more expensive apartment communites now has a rental discount of $200 a month off of rent for the entire lease".
That suggests to me that at this point in time they are overpriced for the market or they wouldn't offer a significant discount for the entire (12 month?) lease. 12 months from now they could be in the same situation and willing to extend the rate. But negotiate early and be ready to move if you don't like the answers. They will probably bank on the notion that you would rather pay the increase than pack up and move. whether they are right only you can decide.

[jaynarie]

You should expect an increase (I can almost guarantee it will go up). The entire $200? Maybe not.

They will often offer another discounted rate to get you to sign another 12-month lease. The full market rate is typically reserved for those who want to be month-to-month. Your discount for year two most likely be significantly less than $200.

The only times I've seen someone get bumped to full market rate when renewing a 12-month lease is if there aren't any units available and perhaps a waiting list. They give discounts to fill units. If they have people willing to move in for full rate, they aren't going to give anyone a discount. However in most of your large complexes, this is pretty rare.

One more thing- your rent could go up $200 and still be a 'discount'. They tend to bump up the market rate annually. Say the unit is $1000 and they charge you $800 for the first year. Next year, they could bump the unit to $1050 or 1100 and charge you $1000, giving you a 'discount'.

[magellan]

Originally Posted by Drebu951

So I’ve been apartment hunting for awhile now. One of the more expensive apartment communites now has a rental discount of $200 a month off of rent for the entire lease , bringing the rate down significantly. My question is is after the lease is up should I expect a $200 increase on the rent ?

What does the lease say? The fine print either in the ad or on the lease will tell you what to expect (has to by law).

[Coldjensens]

they often use teaser rates to get people in. Once the are in and do not want to move, they can raise the rent if the market will justify it. Typically a higher end place will be selective about tenants and will select those who are more likely to stay put for a few years once they are in. The trick is getting them in to being with.

Unless your lease has renewal provisions when it ends, it is over. The next year, your rent will be whatever you negotiate for a new rental rate. I have had two situations where, after a year or two, I notified the landlord I was moving to a cheaper place and they lowered the rent to keep me. Someone who always pays the rent on time, does not complain or make problems and does not break things (I always fixed things rather than breaking them) is worth a lot to a landlord commercial or individual. However you are going to gt more negotiation from an individual.

Complain a lot or get complained about, pay rent late, call often for repairs on broken things - yes you should expect the next year to go up a few hundred dollars. It might anyway, it really depends on the market.

[Mitch Campbell]

Thank you for sharing. I'm actually experiencing a similar situation.