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If my building increased rent by even a penny I would move. First 2-6 weeks free is pretty common in my area and there are literally new buildings going up as I type so no reason to eat any rent increase. I'm pretty disappointed in how my building's handling covid and the fact that it's not doing more to open up amenities sooner (ran into the mailman a couple months ago who said mine's the only one that hasn't opened them up) so I've started shopping around for living arrangements with 8 months left on my lease.
I'm looking to buy in the next 24 months max so hopefully this one or next is the last landlord I have to churn through.
Really? Do you stop buying groceries because of a cost increase? What about gas?
FYI: if your mortgage includes taxes and insurance, your payment will increase each year. Taxes go up, insurance goes up... what are you going to do then?
Really? Do you stop buying groceries because of a cost increase? What about gas?
FYI: if your mortgage includes taxes and insurance, your payment will increase each year. Taxes go up, insurance goes up... what are you going to do then?
If its a ridiculous increase make preparations to move like I did
If its a ridiculous increase make preparations to move like I did
What’s considered ridiculous?
$15, $30? I certainly hope not. Moving is going to cost more than that increase paid out over a 12 month period. Unless you can move without taking any money out of your pocket at all, but that seems unlikely.
I just don’t get why people freak out about a rental increase when they don’t freak about anything else increasing in price
$15, $30? I certainly hope not. Moving is going to cost more than that increase paid out over a 12 month period. Unless you can move without taking any money out of your pocket at all, but that seems unlikely.
I just don’t get why people freak out about a rental increase when they don’t freak about anything else increasing in price
In my case it would be something like 50 or higher. And I would make plans to leave by 2022
$15, $30? I certainly hope not. Moving is going to cost more than that increase paid out over a 12 month period. Unless you can move without taking any money out of your pocket at all, but that seems unlikely.
I just don’t get why people freak out about a rental increase when they don’t freak about anything else increasing in price
And I haven't freaked out at all about the 15 dollar increases since 2016 because I know things go up. That increase amount has actually been the lowest since I started renting 20 years ago. Before 2016 my rent always increased 35 and higher
We were relieved that rent stayed the same with our new lease. We've had (what I consider to be) really high increases every year since we moved in. Like $75-150/month.
Depends on the market at the time. Rents are trending steady or down in my area with many vacant units to choose from. With current market dynamics? $0. I would expect a rent decrease since my building doesn't have amenities (they're all closed) and competing buildings do. Rental apartments are fungible when location is comparable.
Quote:
Originally Posted by Kim in FL
$15, $30? I certainly hope not. Moving is going to cost more than that increase paid out over a 12 month period. Unless you can move without taking any money out of your pocket at all, but that seems unlikely.
If your market doesn't support a rent increase $0 is an acceptable increase. If the market only supports a 10% decrease, not even -5% is an acceptable change. Mine certainly doesn't. If amenities are not reopened by the time my renewal comes around, I'd expect a decrease. They're offering a product that is no longer competitive with market and I expect prices to be adjusted accordingly (e.g. reduce rent in line with apartments with no gym, pool, resident's lounge, activity center, bbq area etc). I don't care that it's not their fault since they don't care if I lose my job because of covid. It's no longer not their fault FYI since competing buildings and buildings that my coworkers live in have reopened amenities.
The way I see it, my building has to compete for my business, like every other building I'm considering, every time my lease comes up for renewal. It gets no preferential treatment just because I already live there. No exceptions. They would bid up rents in a second if there were more than one tenant competing for a unit. This goes both ways when there are lots of buildings competing for my business. I check out market rents in my area once a month to get an idea of market trends.
There are 30+ apartment buildings within a 3 mile radius of my address, all with more than one vacant unit. There's absolutely no reason to tolerate any increase in rent when they're running free first month promotions left, right and center. Period. Moving costs are irrelevant because I factor them into my cost of housing anyway, and would be offset by the free rent promotions if I leave vs stay.
Quote:
Originally Posted by Kim in FL
I just don’t get why people freak out about a rental increase when they don’t freak about anything else increasing in price
I'm getting the best value for money by churning landlords based on market dynamics. There is no freaking out here. The building will do its thing to maximize its profits, and I'll do my thing to maximize mine.
FYI - I get competitive bids for car insurance, renter's insurance, etc etc etc on every renewal and choose the best rate. Sometimes it's my current provider, sometimes it's not.
Last edited by albert648; 09-06-2020 at 06:27 PM..
I can understand that frustration because not every gets a increase in their income every year to balance out the annual rent increase. In my case whatever the rent increase wont start until next spring and I get a raise sometime in October. Now if it suddenly rises $30 due to covid I will be a little annoyed when it only went up 15 a year.
No frustration about the rents, just protecting my own financial interests and making sure that I'm paying fair market value for my apartment. The only frustration is the building's refusal to reopen amenities using covid as an excuse (but of course it's safe for them to enter my apartment unannounced without prior notice "for repairs".....god knows what they're up to while I'm at work.).
This isn't about income. If I got a 10% raise tomorrow, it doesn't mean I should spend 10% more for the same apartment. If market rents fall 10% and my lease was up for renewal, I expect my building to offer me a 10% rent decrease or I'll upgrade to a nicer apartment or save on rent somewhere else. Same thing if the total package changes in any way from when the lease was initially signed (e.g. availability of amenities and the state of the apartment/building).
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"for repairs".....god knows what they're up to while I'm at work.).
