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Lacerta - if the market rate goes up, because of what you said, then why dont they LOWER the rent when the market rate goes down YES!!! I would love that!!!!!
a few possibilities i can think of right now that drives the rent increase
-as the price of the construction supplies increases, the cost of maintenance increases
-for bad tenants who doont take care of the property, the cost of maintenance increases
-property tax increases
-mortgage rate changes, even fixed rate. Because of the words fixed rate, many people think the monthly payment will indefinitely remain the same over the course of the loan with a fixed-rate mortgage. While the portion of the mortgage bill devoted to principal and interest remains the same, the monthly payment can change.
-the cost of the insurance for the property increased
-market rate
a few possibilities i can think of right now that drives the rent increase
-as the price of the construction supplies increases, the cost of maintenance increases
-for bad tenants who doont take care of the property, the cost of maintenance increases
-property tax increases
-mortgage rate changes, even fixed rate. Because of the words fixed rate, many people think the monthly payment will indefinitely remain the same over the course of the loan with a fixed-rate mortgage. While the portion of the mortgage bill devoted to principal and interest remains the same, the monthly payment can change.
-the cost of the insurance for the property increased
-market rate
I ask because I spoke to one of my neighbors and she moved in a few days after I did. They didnt raise her rent at all. But they did raise mine. We both have a one bedroom apartment. Same size, she's downstairs and Im upstairs (thats the only difference). I know it sounds like a dumb question, just thought they only target certain tenants when it comes to raising the rent. I have been somewhat of pain to them. My a/c wasnt working for most of this summer and I kept complaining and they told me it was due to all the humidity (It's dry heat here in my part of TX not really any humidity). I finally had to go to the higher ups turns out the pump was broken thats why it wasnt working (but the maintenance guy kept refusing to check it)
I ask because I spoke to one of my neighbors and she moved in a few days after I did. They didnt raise her rent at all. But they did raise mine. We both have a one bedroom apartment. Same size, she's downstairs and Im upstairs (thats the only difference). I know it sounds like a dumb question, just thought they only target certain tenants when it comes to raising the rent. I have been somewhat of pain to them. My a/c wasnt working for most of this summer and I kept complaining and they told me it was due to all the humidity (It's dry heat here in my part of TX not really any humidity). I finally had to go to the higher ups turns out the pump was broken thats why it wasnt working (but the maintenance guy kept refusing to check it)
I'm not 100% sure what you mean when you say she moved in a few days after you did, and they didn't raise her rent. I assume you mean you both moved in a long time ago, and your leases were up and they raised your rent at renewal time?
The most likely explanation is that her unit was correctly priced for a downstairs unit, and yours was underpriced. However, it is also possible that they were doing increases across the board, but waived the increase for tenants who have been "no-hassle", as in no complaints, paid rent on time, etc. If the latter, and the only thing you've ever done wrong is the A/C call, that is wrong in my opinion, but if you also wait until the last day of the grace period to pay every month, then it is reasonable. Just throwing out possibilities here, not making any accusations.
I would say around 50% of our tenants wait to pay on the last day of the grace period, not understanding, or not caring, that that is actually 4 days late. Those people do not get special consideration when it comes time for rent increases.
I'm not 100% sure what you mean when you say she moved in a few days after you did, and they didn't raise her rent. I assume you mean you both moved in a long time ago, and your leases were up and they raised your rent at renewal time?
The most likely explanation is that her unit was correctly priced for a downstairs unit, and yours was underpriced. However, it is also possible that they were doing increases across the board, but waived the increase for tenants who have been "no-hassle", as in no complaints, paid rent on time, etc. If the latter, and the only thing you've ever done wrong is the A/C call, that is wrong in my opinion, but if you also wait until the last day of the grace period to pay every month, then it is reasonable. Just throwing out possibilities here, not making any accusations.
I would say around 50% of our tenants wait to pay on the last day of the grace period, not understanding, or not caring, that that is actually 4 days late. Those people do not get special consideration when it comes time for rent increases.
We both had a yr long lease that was priced the same. Ive never been late on my rent. The a/c thing, I had to call someone. Living in a city where our summers are 100+ it isnt fun living in one hot apartment. I placed work orders and the maintenance guy would just sign them saying "No need to check anything, a/c wont work in humidity". I was honestly upset he'd actually put that on a work order! This was 3x! I spoke to the apartment manager who told me the same thing.(Yet their a/c works wonderfully, it was actually freezing in there!). I went to corporate so I could ask if I could hire someone to look into it. Explained my situation and they said they'd take care of it. Thats when the maintenance guy really did look at it and left a work order saying "Pump broken and rusted, replaced" If I hadnt gone to corporate, it probably would not have gotten fixed
We both had a yr long lease that was priced the same. Ive never been late on my rent. The a/c thing, I had to call someone. Living in a city where our summers are 100+ it isnt fun living in one hot apartment. I placed work orders and the maintenance guy would just sign them saying "No need to check anything, a/c wont work in humidity". I was honestly upset he'd actually put that on a work order! This was 3x! I spoke to the apartment manager who told me the same thing.(Yet their a/c works wonderfully, it was actually freezing in there!). I went to corporate so I could ask if I could hire someone to look into it. Explained my situation and they said they'd take care of it. Thats when the maintenance guy really did look at it and left a work order saying "Pump broken and rusted, replaced" If I hadnt gone to corporate, it probably would not have gotten fixed
I agree, if the A/C was the only thing you'd called in on, if they raised your rent over market rate because of that, that is wrong, but I don't know whether they did, or if they only raised it to market rate.
Rent gets raised because most people will still stay there when it does.
I'm perfectly happy to pack my bags and leave if the rent raises higher than I can find elsewhere.
This makes me wonder about what is going in locally: Landlord has big increase on local commercial properties, tenents all leave, building goes into foreclosure for lack of tenants.
Seriously, we have had 4 major commercial buildings representing a major fraction of our little villages "downtown" including a small strip plaza all hit their successful tenants with a big 20-30% rent increase. Immediately, in ALL cases, the tenants just closed up or moved out. Now 6-9 months later the buildings are all in foreclosure. Why was this a better option for the owners?
Chef's Hat, an excellent, always crowded Mexican Restaurant, and the lunch spot of choice for the local Border Patrol. The LL raised the rent from $700/mo to $1700/mo, away they went. Went into foreclosure 8 months later, never occupied since.
Had a lawyer, dance school, feed store, deli and corner market along with a U-Haul rental. All prosperous. LL doubled rent, within weeks, only the corner market remains (on 10 year lease with pre specified rent increases) Property hit market at $650K, now a year later down to 250K still no action. Why would these, under any circumstances, be a good business decision.
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YES!!! I would love that!!!!!
