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I'm living in a 2 broom apartment in a new community in Cary.
We moved here last Decemberand the place was not even finished yet ( they were still working on the other 2 buildings in the community, ours was the only one completed).
It was very nice to be the first people to live in the apartment with the brand new carpeting and appliances....etc.
but now management have sent me a note of the new lease if you want to renew and they want to increase the rent by 9% !!!
I'm not american and just moved here last year and i've heard that rent increase should around 4%....i don't know if that's true but that's what i've heard.
Could anybody clue me ? as to if this is just too much of an increase ???
Actually it is quite common and people will pay it.
They pull people in with the discounts and then your lease expires w/ that discount.
I rent and I have had to keep moving each time. It is cheaper to pick up and move w/ movers then to pay the increases these new apartment complexes are charging.
It is solely up to you if you can afford the increase or if it is cheaper for you to move to another complex.
Sorry.
To be honest, I have no clue about the rental business.
That being said, I would talk to the property manager and let them know that you were *thinking* of moving out because of the recent rental hike. I think it is a safe bet that they would rather keep you at your current rate versus trying to spend money on advertising to try and bring someone new in.
I think you'll probably see some rent increases around the Triangle since so many people that are moving here are having problems selling their homes in other markets. Many of them are renting until their old home sells before buying a new home. It's a simple matter of supply and demand.
I don't know if this fits your situation or not but often times when you first move into a place they offer a months free rent, or some sort of concession if you sign for a year or more. Then they will take that amount and prorate it. When it comes time to renew the rent, not only is there an increase but you might be used to the prorated rate so without the concession it appears to be a huge increase in rent price. Not sure if that is what happened but I've had that happen quite often.
Also the apartments are filling up in the area, rent is being driven up as occupancy is filling easily. I'm not that surprised at the increase.
It seems to me that rents are going up and 9% is not unheard of. Negotiate, though. I was once able to get a good discount by asking for it from the manager of my complex.
That's not a surprising number, actually.
When property management companies do renewal increases, it is based on the cost of utilities and such that go up and also how the overall market is doing (and the "market rate" of the apartments in the area). With new properties, most times they offer a lower rent or other incentive to fill their apartments, and the rates will adjust after that.
Seems to me that you probably got a good deal initially because the place was still being built. This is no different from the first people that buy homes in a new subdivision paying less than the people who move in near the completion.
One question you have to ask yourself is whether the new rent is competitive with other like options.
The overall Rent vs Buy market decisions come into play too. With the recent Real Estate Boom nationwide, many renters decided it was time to buy (low interest rates, subprime loans, quick appreciation, etc). That made the rental market more competitive. Now the pendulum has swung the other way and prices will reflect that.
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