my landlord is trying to offer a 6.2% increase over last year. this is in a city-style 3-flat (1 floor) apt. I was thinking more along the lines of 2-3% would be fair.

3/27/2008 11:09:29 AM

hmm 4% seems to be the expected rate this year for chicago

3/27/2008 11:25:08 AM

depends..i know some places that rent who do not increase every year, so the years they do it is a bigger than average increase.

3/27/2008 11:31:19 AM

In truth, unless you live in a market with rent control laws, they can raise it to be whatever they want.

3/27/2008 11:58:53 AM

well, no shit. I can always.. not accept the new rate and move.

3/27/2008 12:00:10 PM

Lake Johnson Mews has no problem raising rent by 10% or more every year.

3/27/2008 12:16:13 PM

YEAH YOU CAN BEND OVER NEXT TIME YOUR LEASE COMES AROUND

3/27/2008 1:28:00 PM

Depends how hot the area is renting wise. If there are lots of people wanting to move in at that price then yeah take it or leave it. If you are in an area you know they will have a hard time filling the space then call the bluff and see what they say. Everytime I have had someone try to raise my rent I simply say ok I have seen plenty of for rent signs around here for cheaper than what I am paying now and I was gonna just stay here to not have to deal with moving. They quickly say its fine if you keep paying what you have been.

3/27/2008 2:32:45 PM

my landlord usually does a 3% increase every year.


Try this: just say no. Say you don't want to move, and you don't want him to raise the rent. You are a good renter and there is no need to do so. Just refuse to pay.

He then can either give in and not raise your rent, and you get what you want, or you are exactly where you are now, either pay and stay or get out.

3/27/2008 2:35:13 PM

1) depends what's in your lease, and
2) depends how long since it's been since he raised rent last time.

Somtimes a landlord could go 5 years without raising it, then he goes up 6% in one year and people will scream bloody murder, but in real dollars it is still cheaper than it was 5 years ago

3/27/2008 2:44:37 PM

I have successfully negotiated for no rent increase. Called the rental agency and told them I have paid rent on time and taken very good care of the place and suggested that it would be in there best interest to keep a good tenant as opposed to taking their chances with someone new.

The $50/month they were trying to squeeze out of me would be less than their losses if the place didn't rent for three weeks between me moving out and someone else moving in. They would also be taking a chance on getting a terrible tenant who doesn't pay rent and trashes the place.

You can make a pretty good case against the increase if you try.

[Edited on March 27, 2008 at 2:55 PM. Reason : l]

3/27/2008 2:55:12 PM

I've lived in my current apartment for 3.5 years now and they've increased my rent between 8-10% every year. But then, they always seem to have a waiting list of people wanting to move into the complex.

3/27/2008 3:21:10 PM

My rent goes up every year. I'm paying $78 more than I did when I moved in four years ago. They have tried to go up even more.

3/27/2008 10:11:14 PM

Even affordable housing complexes are raising it ~6% per year with the way expenses are headed across the board

good lord i just wrote way too much...delete....just go argue with them about the increase

[Edited on March 27, 2008 at 11:32 PM. Reason : asdfsad]

3/27/2008 11:24:09 PM

they said 1700 after 1600
we countered with 1650
they offered 1675

just as expected

that was easy

3/28/2008 11:14:52 AM

that's still seems kind of high

3/28/2008 11:21:12 AM

Don't concern yourself with what is an "average rent increase". Find out what they are renting comparable units at (anonymously if need be) in your complex, and other places in the area if necessary. Negotiate with that info, then decide if any remaining difference is worth the hassle of moving your stuff + application fees, moving expenses, cashflow of getting your deposit back, etc.

3/28/2008 12:08:26 PM

Quote :

"they said 1700 after 1600 we countered with 1650 they offered 1675 just as expected that was easy"

I would have countered with $1600.

3/28/2008 12:40:17 PM

Quote :

"they said 1700 after 1600 we countered with 1650 they offered 1675 just as expected that was easy "

I hope you never have to play the role of hostage negotiator because if you do, its gonna turn into a blood bath.



[Edited on March 28, 2008 at 3:57 PM. Reason : .]

3/28/2008 3:55:49 PM

the apartment I live in now was $650/mo when I moved in back in the summer of '04. I now pay $820/mo for it. But they lease it to new people at $850/mo now.

3/28/2008 4:03:27 PM

I dont want to move, it's a bad year to buy, and I dont live in a complex. I live in a house in the north side of chicago. it's a nice place. not as easy as calling up the ol office

and yes, it's a bit high

still don't want to move

[Edited on March 28, 2008 at 4:37 PM. Reason : .]

3/28/2008 4:36:50 PM

how is it a bad year to buy

it is the best time to buy, depressed housing prices with a low interest rate

3/28/2008 7:44:11 PM

uh, this is the best time to buy in a LONG time.

3/28/2008 8:03:08 PM

i'd imagine chicago is one of the places where its already happened

bur

i sure as hell wouldn't buy anything in central NC right now. im still waiting for the hit. i think everyone around here is. my instant equity down payment is gonna get flushed!

3/28/2008 8:28:11 PM

nobody sells anything worth owning in a bad housing market, they are all holding out

quit playing economics and try looking at the actual product

[Edited on March 29, 2008 at 3:21 AM. Reason : .]

3/29/2008 3:15:37 AM

now is probably the only time in the past decade that the product and the economics look similar. its not like the houses are worth less than the bricks they're built with.

3/29/2008 3:01:37 PM

Quote :

"Lake Johnson Mews has no problem raising rent by 10% or more every year. "

yeah that was some bullshit here. funny thing though is that for entry level tenants they raised rent prices by 15% in a year's time and not have trouble filling all the apartments. mine only got raised approx 1.2% signing into my second lease.

4/4/2008 7:49:16 PM

Quote :

"nobody sells anything worth owning in a bad housing market, they are all holding out"

thats bullshit

people are going to move and need to sell regardless of the housing market

sure it make take some more work to find something, but you will still be ahead with the current conditions

4/5/2008 11:23:28 AM

Quote :

"it is the best time to buy, depressed housing prices with a low interest rate"

Interest rates are not low, and whoever you just quoted was right, the properties on the market now are bailouts, not typically high return or nice places.

Raleigh is still in its own little bubble with a lot of good properties available in different areas.

This year is a really stupid year to buy a house in general

4/5/2008 1:39:34 PM