I have a bit of a problem. I'm currently renting a convertible apt for $1200.00. Landlady had called about a month ago and told me that when the lease is renewed, there would be a rent increase of about ~$50.00 or slightly more. Today, she calls and leaves me a message saying the new rent is going to be $1355.00. Her reason being that new elevators were installed in the building, and some other minor work done, so I think that is the cause of the increase. Even with that, $150.00/month increase seems a tad bit high. Those of you who are in the business, is a 13% increase standard? I really can't do much about it since the lease is up and all, but what points could I use in my favor to argue for a lesser increase in the rent? God, I miss Texas rent prices.
Time to start looking for a different place to live This could be a sign that she has another person wanting to move in willing to pay more money.
I see both sides of the coin, as I live both of them. As a tenant (in California): I HATE when this happenes. I had a SWEET pad 2 blocks from downtown in Palo Alto 2 years ago and the landlord lady asked us to pay $300 a month extra to renew our lease! thats $3600 extra a year. We left and someone else moved in. As a landlord (In Austin): I can charge whatever I want, and if someone is willing to pay for it, then more power to me. I recently raised my rents from $900 to $1050. The tenants agreed to it and signed a new lease, because they really like my place. It's all about suply and demand. The only way to control how much you pay, is to buy your own place.
LongIslandIceSIP, if I may ask; what are the usual reasons for raising the rent by >10%? I understand the average is like 3 - 5% (I could be wrong).
because the market bears the new rental rate. i don't mean to be a dick but are you really expecting her to lower the rent she wants because you think 13% is too much of a hike?
did you ask to put that in writing and sign? appeal to her sense of fairness by bringing that up, but you really don't have a leg to stand on.
I guess I was just wondering what you were after. There's no "standard" amount rates go up. Some landlords won't up the rent for the same tenant, some will go up 5%, some will go up $100....it's all just up to the landlord and is completely arbitrary (as to landlords...they will go up with the market as time goes by). This landlord apparently thinks she can rent the place for $1355. Any negotiation with her will depend on whether or not you're worth a lower rent amount simply to keep you as her renter. If you get 10 landlords that come on here and say they each up their rents exactly 7.395% per year and take that to her, it would and should mean absolutely nothing to her. If you could show her similar properties in the area with lower rent amounts, THAT would be a good place to start your negotiation with her.
My landlord is increasing our rent by only $20 a month (total was $1900). I think the amount is entirely up to the discretion of the owner, and can be influenced by a number of elements: taxes, popularity spikes in the area, and most assuredly by other renters/offers. I would just call her and ask her what the reasoning is behind the increase. Explain to her that you have been loyal and have paid on time (if applicable), and ask for the $1250 rate. If she says no, then you should probably start looking for another place.
it's whatever the market will bear unless you live in NYC then it's more, or less is you live in a rent controlled or stabilized place.
I guess I am missing something here, but she can charge whatever she wants since it is her property. If she can get a 13% increase then more power to her. You should feel lucky that you have been living in a place that was priced 10-13% below market and now she is making a correction. If this assumption is wrong then the place will stay empty until the price is adjusted again.
She can charge whatever she wants. Most times, they don't increase it much because they don't want to spur people to move thereby incurring the expense of fixing up and leasing the vacant apartment.
From an owner/landlord perspective - the first thing they teach you is that there is no room for being Mr. Nice Owner in the business world. You should charge what the market is willing to pay. Anything less and you are short changing yourself.
If you've been paying your bills on time and you keep the place nice, point that out to her and ask her if she's really willing to risk getting a non-paying tenant or one that may not take care of the property like you. On my rental, I'd be happy to keep a good tenant by not increasing the rent too much...
I have nothing constructive to add to this, I just wanted to brag that my landlady reduced my rent after living here for 4 years and I now only pay $100 to live a block off of Lake Austin in a fairly big place w/ a huge deck.
My old place in the UES of NYC was 2475. When we got the renewal notice it was $2795 for 1yr, and 2895 for 2. I went to the rental office thinking that the 2 year was a mistake (usually you get a deal for a longer term). It wasn't. Since rents go up so much here every year, it cost more to rent longer. I wasn't planning on renewing anyway, but I was pretty shocked. Moved to queens and dropped my rent in half. It sucks, but if the market is good for rentals (which it is now, especially with people losing their homes to foreclosure more), rents will get jacked up. I just need to become the jacker, not the jackee.
I had one of the best deals in the city ever. 1000 sqft with 12 ft ceilings for $1700/mth. My yearly increases were like $50 a month. That was a great apt. Of course it was a 5th floor walk up but that never bothered me. It helped we looked at apts in Oct of 2001.
Boy am I glad I moved to Seattle over San Diego... my place right now is about 1000sq feet for $1300 a month with Italian marble floors and granite counter tops. I'm pretty sure that would cost me $2500-$3000 down there!
naijahorn sorry for the late reply. The reason I raised the rent 10% was because the tenant had had the same rent for 2 years. The properties all around were paying more rent, so I raised it to match the status quo. However, IF I thought I could get away with it, I could raise it by a lot more.
I just rented a 2BR/2BA condo in mid-town Atlanta which is on the 13th floor, overlooks the 6th floor pool, has a grocery store on the 1st floor and is right across the street from the Cheetah Club. It is a little expensive but is worth the money for at least a year.
I was renting a 3-1 in Austin last year for $1500. Just after the lease ended, we were going month-to-month, and the rent was raised to $1800. Turned out the owner wanted to sell the house.
