Apartment Rent - Big Increase
I live in a Tier-3 Midwestern City (suburbs, about 20min from downtown in a nice area) and my rent is going to go up 13% when I renew... wtf? That's unheard of as far as I was aware 2-5% is much more typical.
What's more messed up is they're raising my rate to the current market rate - meaning, I'm not getting any kind of discount for being a current tenant.
Obviously this has to do with the state of the current housing market, but wow.
Anyone else seeing these kinds of increases in the suburbs?
Yea bro I bought that shit at a 3.00% cap u think I'm doing 2% rent increase? LMFAO
Woh woh woh. Where can I find these 3 cap deals?
- Multifamily fanboy aka dipshit
It probably didn't go up the two renewals before... everybody wants to be a capitalist until the free market lays one on them.
Why should you? They provide you a place to live, and basic services to maintain it for you, and you pay them. You're not their child, they owe you nothing beyond the bounds of your contractual relationship.
If anything, they know they have you over a barrel, because it'll cost you money to move and inertia is a powerful force on it's own. Sounds like maybe you should be grateful that you got a couple years of cheap rents in before you started paying fair market value.
"VP in Commercial Banking"
So for you particularly, you should at least try to negotiate with the landlord. I've had luck doing that in the past.
The reality is though that rents in a lot of markets are through the roof at the moment. I got a no joke 30+% increase on my renewal notice just this month. Now I was paying a below-market rate due to the prior negotiating that I mentioned, and I was luckily planning on moving anyhow, but I'm not exaggerating with that increase. Over 30%.
I’m confused? So you’re upset that you have to pay market rents?? As for if other people are seeing these types of increases…probably not because most of their rents are already at…market…or else it wouldn’t be the market rent anymore?
ya straightforward... guys prob got a covid deal and its getting better (ish) now and LL's are popping rent back. Even happening in major metros...
You picked the wrong place to post this if you were looking for a sympathetic audience....
haha yeah I realized that pretty quickly... oh well
JPOW
Jerome Powell is not, and I cannot stress this enough, responsible for increases in multi family rents
Why would you get a discount for being a current tenant? From what I've seen places make you pay more than market because they're calling your bluff that you won't go through the hassle of moving.
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