Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
"The New York metro area, including New York City and its New York and northern New Jersey suburbs, saw a 3.7% drop-off in effective rents in the fourth quarter (compared with a 0.5% increase in the fourth quarter of 2007), according to Axiometrics, which surveys landlords across the nation once a month."
The place I have been renting put the rent up but also offered a big discount on the first month if we renewed the lease which spread out over 12 months meant the rent would have actually been less.
I guess they don't want to miss the chance to put the rent up (since they can't jack it up 15% next time if things change) but don't actually want to charge more and lose tenants.
yes taxes go up.. but I'm not broke and still have a positive cash flow.. besides I prefer tenants that are on time and I'm already comfortable with than tenants that I have to get to know and take the risk of missing rents.. if someone misses 1 rent that's approx 1500. if I loose 30 bucks a month * 12 is 360 dollars more.. I'm still gaining.. that's the problem with many people, they get greedy.. yes I will raise rents eventually.. but prob 50. this year.. people like this idea better.. also i try to have 2 yr leases.. I know that for 24 months the rent will be there.. and they know the rent won't go up in 2 years.. i think this is a better business model.. there are tons of apartments everywhere.. landlords must be conscious with the tenants.. I guess that's why my tenants are content and stay for long periods of time..
Yes, this model works but it's hard to find places like this because landlords know they can charge what they want and somebody will pay. The turnover might be high but they don't seem to care...
I know this is a NJ form but in L.A I was good friends with a man who owned apartment buildings and he took me under his wing because at the time I was looking to get into real estate just like him so he would take me around and show me how to manage property's. Anyhow, this one building he bought (30 units) the last landlord was a SLUMLORD!!!! It was just awful and this one apartment had like 15 people living in a 2 bed apartment filled to the brim with roaches! Ohh, it was so sad because children were living there too!!
Geez, I remember when he evicted the people from the this particular nasty apartment and they were tearing up the place to remodel it and even 3 weeks later there were so many roaches running around when nobody was living there...
Anyhow, like I said he bought the place and he remodeled the building from the ground up and believe it or not he charges LESS rent then the other nasty apartments that surround the area so the turnover ratio in his building has DROPPED; furthermore the whole moral of the tenets has changed to where they actually care about the place.. You know, they don't leave trash around or let there kids tag on the walls anymore...
Can rental apparment management increase the rent by 5% every year? I have received the rent increase notice second time in consecutive two years.
Can anybody share some views on this?
Thank you. Please
inflation my friend, inflation.. i agree it's ridiculous. i have an idea that maybe it's also due to the new trend of people not buying houses in big metro areas, leaving plenty of potential tenents able to pay higher rent
but the poorer/lower income areas with older apartments and renting, the rent stays the same because those properties are paid off and the inflated money doesn't seem to trickle on this part of society
Can rental apparment management increase the rent by 5% every year? I have received the rent increase notice second time in consecutive two years.
Can anybody share some views on this?
Thank you. Please
This depends on your local rent control laws. Call your city's rent control office and ask what the max yearly percentage increase is and also check if your current rent is legal.
5 to 7 % ? my rent increased 13% in one yr 190.00 a month
i now pay 1550 per month for a 2 bedroom
not for long
When they raise rent like this, for some that can automatically exceed their standard when allowing new tenents based on their income.. I wonder if ever push tenents out for more qualified ones with those increases.
This depends on your local rent control laws. Call your city's rent control office and ask what the max yearly percentage increase is and also check if your current rent is legal.
Exactly. I'm only allowed to raise the rent in my apts by 3% every year. 7% if I show improvements at a minimum of $1200. I've got one apt renewing this June and I didn't have the heart to raise the rent on them...and it's not an easy apt to rent (given location) and I'm happy to not have to go through the hassle of re-renting it. Next year I will have to raise the rent. Taxes go up and I didn't buy the place for $30K 25 years ago like the previous owners did.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Ohh, it was so sad because children were living there too!!
