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My rent went up 107 in one year. In MA and CT that would be illegal without alot of renovations but I guess it is normal here. We are very good tenants with our rent paid on time but it is a complex and that was their increase in a year's time
I really don't think there are any laws that apply to this. Whatever the owner/landlord wants to do, they can do it. Of course if they raise it too much, people will leave...so they usually find whatever balance they feel the local market will support.
It's an issue of rent control vs. no rent control, which doesn't have to be state-wide. Where I've lived (outside NC), some municipalities have it and others don't. If it was "illegal" in MA or CT, they must have rent control, which wouldn't surprise me of those states.
I haven't done any 1031 exchanges to NC for rental property, but I have yet to hear of any rent control in the area where I'm looking. However, it may be different in other cities. Perhaps someone can speak for their own towns or Li-Sung can specify which town is of interest.
It all comes down to differences across different states. For example, it can take many months for a landlord in some states to evict a deadbeat renter. The landlord ends up unfairly carrying the renter for up to 6 months or longer with little to no recourse. However, in another state, three days after the renter misses his payment the landlord can take pay a small fee to the Sheriff's Department and have the renter physically evicted. It's just differences in the politics and viewpoint of the population.
^ Again, I could be wrong, but in living in NC all my life, I've never ever once heard at any time of any laws regarding how much a landlord can charge for rent....period.
Obviously, if a landlord charges too much, no one will lease the place, so they'll charge the highest amount that a tenant would be willing to pay.
Our rent did not go up after being here a year. We stayed at the same amount as long as we signed another year lease, otherwise it would have gone up by $50. Now that we are looking to buy that puts us in a time frame, hopefully we won't find something we like until this lease is up! By the way we are in a home, and not a complex.
^ Again, I could be wrong, but in living in NC all my life, I've never ever once heard at any time of any laws regarding how much a landlord can charge for rent....period.
Obviously, if a landlord charges too much, no one will lease the place, so they'll charge the highest amount that a tenant would be willing to pay.
I'm not aware of any rent control laws either. I've been in NC off and on since July of 1960. Supply & demand seems to be the rule for setting rents in NC.
There is definitely no rent control in the state of NC or any provision about maximum increases. The specific statue can be found here: http://www.ncga.state.nc.us/EnactedLegislation/Statutes/HTML/BySection/Chapter_42/GS_42-14.1.html]GS_42-14.1 (broken link)
It reads: "No county or city as defined by G.S. 160A‑1 may enact, maintain, or enforce any ordinance or resolution which regulates the amount of rent to be charged for privately owned, single‑family or multiple unit residential or commercial rental property."
I can also personally attest to this-my rent is increasing $200/month in July, a 32% increase. At least our representatives are working for us and not corrupt at all. *scoffs*
Last edited by CLTBrad; 05-04-2008 at 03:34 PM..
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I say if your rent goes up and you don't want to pay the increase then you move to someplace cheaper. Obviously if people raise the rent too much then no one will want to live there. I don't believe in rent control since I'm a capitalist, but I do believe that if someone is charging too much for your tastes then you have every right to move out and find a cheaper place.
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