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I know this may be a silly question, but why do apartments raise rent? My apartment recently raised my rent (by A LOT) and it came as a surprise to me considering they haven’t done anything to improve my "living situation" as stated in their letter about my lease. (It's about time to renew my lease and they raised my rent) My friend who also lives in an apartment had a rent increase but they got new appliances and they fixed up the landscaping and parking lot. My apartment has old appliances & parking lot full of potholes (not to mention a collection of junk cars throughout the parking lot). So just curious, whats the reason for raising rent?
Operating costs go up, employees want raises, as property values go up taxes increase. As things wear out they have to be replaced with items that are usually more expensive. If your area is experiencing growth, its possible that construction of new housing and apartment units has not kept up so market costs increase.
True! As a regular consumer you must notice that alnost everything you buy increases in price from year to year and rents are no exception. Not ALL residential landlords raise rent annually but many do, while others raise it only every couple of years and some don't raise it for years on end. All you can be guaranteed in a rental is that rent won't increase during its term but after that ...
I know this may be a silly question, but why do apartments raise rent? My apartment recently raised my rent (by A LOT) and it came as a surprise to me considering they haven’t done anything to improve my "living situation" as stated in their letter about my lease. (It's about time to renew my lease and they raised my rent) My friend who also lives in an apartment had a rent increase but they got new appliances and they fixed up the landscaping and parking lot. My apartment has old appliances & parking lot full of potholes (not to mention a collection of junk cars throughout the parking lot). So just curious, whats the reason for raising rent?
Why do people want a raise at work when they have the same job and do the same thing as a person did 20 years ago. Not trying to be an ass but everything that your surprised about cost money. This must be the dumbest question I have read on here.
Return on investment. this is what people do to earn their income . they put capital at risk and each year expect a gain on that capital that is inflation adjusted as well.
other wise why bother.
Last edited by mathjak107; 08-26-2014 at 02:00 PM..
For example, my trash pick up fees from the city doubled in two years. From $300 to $600 per year.
The new law that insures your "safety" over lead paint in old dwellings that requires landlords to test for lead every time a new tenant moves in? That adds another $400 to your rent costs over time.
Property taxes went up by about $50 a month for me. That's savings I'm also passing directly onto you, as a tenant.
Meanwhile, my cost to rent to you goes up, you pay extra while you think I'm filling the swimming pool with champagne, when in reality, I don't see an extra penny and the government takes it all.
They think you will just pay the higher rent because it's so inconvenient to move. This is a common game property managers play. If you want to call their bluff, don't agree to the increased rent and then wait a while. Once they start showing the place offer something slightly higher than what they are asking of the prospective tenants. Then it makes sense for the property managers to accept your offer. But there's still some risk they won't, in which case you'll have to move....
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