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My guess is none... just like when the price of gasoline goes up.
I thought Maintenance requests would be completed a lot quicker if the rent went up. Now if the rent goes up in this place there is really nothing I would want to see changed because everything in the apt is new and the neighborhood is gorgeous. I would have to just pay the increase and make plans to relocate if goes up too much. First apt I ever had where I love everything about it.
I thought Maintenance requests would be completed a lot quicker if the rent went up. Now if the rent goes up in this place there is really nothing I would want to see changed because everything in the apt is new and the neighborhood is gorgeous. I would have to just pay the increase and make plans to relocate if goes up too much. First apt I ever had where I love everything about it.
@renter16 nothing has to change in a apartment/house for the rent to go up, you have to account for inflation, rising property taxes, insurance on the property going up etc and as well as the real estate market.
I read online that a 1%-3% rent increase per year is pretty normal, the house im mentioning in this thread was increase by around 3.25%, to begin with I'd say the price is definitely fair for the home/size and neighborhood and in the past year things have changed, homes for rents have gone up as well as the supply going down, (theres some ppl asking 1600-1750) for a 3br/2ba house.... and homes for sale have increased dramatically as far as the price goes etc.
So what changes were made to the building or unit once the rent increased to $800?
The landlord was getting closer to market value for it, plain and simple. One of the problems with renting, as opposed to buying, is that living in a place long term does not guarantee protection against inflation.
When the rent goes up the tenant always has the option of not renewing the lease and finding a better place. It's pretty funny actually how it works in reality. When increasing rent we don't increase the rate to market value for a current tenant, only enough to cover increases in HOA fees, taxes, utilities, and other associated costs. We've had tenants tell us they are going to look for "a more reasonably priced" place to live, then once they start looking we never hear another word. We have a tenant right now that once she moves we will be increasing the rent $250-350 a month to match market value. Her lease comes up for renewal in a couple of months and we will be raising her rent by $40 a month, primarily because of an increase in HOA fees. My husband swears if she makes a single complaint about it we will withdraw the offer to renew the lease.
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When something goes up whether it's rent, cable, or phone, people expect new changes. And $45 is a big increase so I can see why a tenant would expect something to be enhanced inside their home or outside their home. Especially if they didn't get a raise at the job to balance out the rent increase a little bit.
$45 is not a big increase for housing costs. And no, an increase does not mean you get something more.
When rent goes up, you get to decide if it's worth it to stay another year or find a different place to rent, nothing more.
@renter16 nothing has to change in a apartment/house for the rent to go up, you have to account for inflation, rising property taxes, insurance on the property going up etc and as well as the real estate market.
I read online that a 1%-3% rent increase per year is pretty normal, the house im mentioning in this thread was increase by around 3.25%, to begin with I'd say the price is definitely fair for the home/size and neighborhood and in the past year things have changed, homes for rents have gone up as well as the supply going down, (theres some ppl asking 1600-1750) for a 3br/2ba house.... and homes for sale have increased dramatically as far as the price goes etc.
I understand all of that but maybe something should change when people are paying more for rent like quicker maintenance resolutions. Just to show you appreciate a tenant who pays rent on time and been with you multiple years.
The landlord was getting closer to market value for it, plain and simple. One of the problems with renting, as opposed to buying, is that living in a place long term does not guarantee protection against inflation.
When the rent goes up the tenant always has the option of not renewing the lease and finding a better place. It's pretty funny actually how it works in reality. When increasing rent we don't increase the rate to market value for a current tenant, only enough to cover increases in HOA fees, taxes, utilities, and other associated costs. We've had tenants tell us they are going to look for "a more reasonably priced" place to live, then once they start looking we never hear another word. We have a tenant right now that once she moves we will be increasing the rent $250-350 a month to match market value. Her lease comes up for renewal in a couple of months and we will be raising her rent by $40 a month, primarily because of an increase in HOA fees. My husband swears if she makes a single complaint about it we will withdraw the offer to renew the lease.
See it was no way for me to know that when I rented my first apartment because I lived in a house my entire life. Also no one in my family ever lived in a apt by time i was old to get my first place so when the rent started going up I was confused. The other confusing part when does it stop because I was already forced out of one apt due to the skyrocketing rent increases. So basically it's no rush for a person coming out of college to get their own place when they can just stay home and save money for a house.
Yes but that adds up over a few years when someone works at a job that doesn't give annual raises.
Yes, yes it does. But you're being unrealistic. Prices on everything go up. If you are at a job that never provides raises or promotions, you may need to switch jobs or work 2 jobs.
Yes, yes it does. But you're being unrealistic. Prices on everything go up. If you are at a job that never provides raises or promotions, you may need to switch jobs or work 2 jobs.
Working two jobs just so you can keep a roof over your head is very depressing.
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