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How much of an increase is expected when renewing a lease? My first lease is about finished, and I can renew another year for about 5% (about $60) more. Just wondering if this is reasonable.
...I can renew another year for about 5% (about $60) more.
Just wondering if this is reasonable.
Was the amount of rent you were paying before reasonable?
Comparable in the market there? Maybe a little under now?
How much would moving cost you?
Quote:
How much of an increase is expected when renewing a lease?
I expect a zero increase on the first renewal.
The LL should have been charging enough to begin with and they should want to
encourage/reward tenants to stay put. Others may (will) feel differently.
How much of an increase is expected when renewing a lease? My first lease is about finished, and I can renew another year for about 5% (about $60) more. Just wondering if this is reasonable.
Depends on where you live and if there is a max allowed for a LL to increase the rent yearly.
You should check that out.
The highest I have even been able to increase rent (as property taxes rise) is 2.5%. And that was only ONE year. Every other has been 2%. Sometimes I do, sometimes I don't. Depends on the improvements made to the unit.
Depends on where you live and if there is a max allowed for a LL to increase the rent yearly.
You should check that out.
The highest I have even been able to increase rent (as property taxes rise) is 2.5%. And that was only ONE year. Every other has been 2%. Sometimes I do, sometimes I don't. Depends on the improvements made to the unit.
No improvements or anything, but what they are renting the same floorplan at now to new renters is higher than when we first signed.
The LL should have been charging enough to begin with and they should want to
encourage/reward tenants to stay put. Others may (will) feel differently.
I agree with this. One of my landlords, after saying I wanted another year, took $5 off the rent price because I always paid on time. Saved me $60. I would of renewed again, but I was sick of the Wisconsin winters
How much of an increase is expected when renewing a lease? My first lease is about finished, and I can renew another year for about 5% (about $60) more. Just wondering if this is reasonable.
Is it reasonable to you? Can you afford it? Only you can answer this question. And you have to realize that not all tenants pay the same rate even if they have the same unit.
Nothing we can answer. It is all about your own local market.
Exactly! And if you move out due to a rent increase, the unit will be rented by the next person waiting for an apt to open up. The demand for rentals has increased and LLs are not hesitating to cash in.
FYI...rents are on the rise in many areas of the country. This has made national news.
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