What is a normal amount for apartment rents to increase at the end of a lease term? We just got the renewal paperwork for our lease which expires at the beginning of October. It is going up about $150/ month, which seems like a lot to me. Anyone have any experience with this?
Did you get a special move in rate? They can really get you that way, and increase more than the state percentage.
Our increase structure was listed plainly in our lease at the time of signing. I'm not sure if that's common, but check your lease to see if you already agreed to this amount or percentage.
At our last apartment it went up $50 the first year and $25 each year after that. We negotiated it to no increase the final (3rd) year because we knew they were still renting units at the same base rate and it wasn't fair to make us, their good tenants, pay more. Trying to negotiate can't hurt, especially if there's nothing in your lease.
The rental increases here is 2.5% for 2015. So for a $25 raise the rent has to be $1,000, and so on. So here $150/month increase would only be allowed for a $6,000/month rental.
amaranth, they did not tell us any specifics about increases when we signed the lease. I don't think it was a special move in rate either. I looked on their website to see what they are advertising for, and it's about the same as what they quoted us for the increase, so I don't know how much room there will be for negotiations. I will still try though! awick14 2.5% sounds reasonable. I do live in a HCOL area, but this is still like 7.5% increase, that seems like a lot.
maybe I can convince H to start looking for another house, because we could definitely have a cheaper house payment than the new rent!
Post by HoneySpider on Jul 30, 2015 7:34:18 GMT -5
That does seem like a lot It's been a while since I've lived somewhere with a rent increase so I don't remember specific numbers. I know in our current apt they legally can't raise it more than 5%. We were told when we moved in that if you're a good tenant, they generally don't raise it that much. LOL. It's a business for them, I'm sure they are going to raise it the max they can. I'm interested to see when we get our renewal.
mac08- I live in a HCOL area and I would freak at that amount. If would try and negotiate with them, if not I would move out of I could find something else.
Seems high to me too. We rent out our old house and haven't raised the rate in the 2-3 years that's been. I'd rather keep our good tenant than make a few more bucks a month.
That seems like a lot. The most I've had rent increase is $50 at a time. You might ask them if they will offer you a lower price if you sign a longer lease (if that's something you're willing to do). We had that deal with the last apartment we lived in.
Okay, I'm glad that I am justified in thinking that this is high, I will definitely try to negotiate. I really don't want to move to another rental though, that is such a pain! And it was difficult for us to find a place that accepted our 2 dogs, so we might be stuck, unfortunately. katespade they listed the cost for a 24 month lease in the paperwork too, and it's actually an additional 100/month for that, bringing the total increase closer to 250! So nuts. ginkgoleaf I would have thought they would rather keep an existing tenant as well! They know we pay our rent on time and are quiet and respectful, plus they would save on refurbishing the place and having it empty while they do so.