Increase at Renewal

regulations? lol

huntersburg got bored.

What kind of lease do you have Berta? If it isn't a regulated lease (rent stabilization) then no, there aren't regulations, just the free market at work for or against you.

columbiacounty, really, you made an appearance even before I did. Please explain that.

There is no regulation if you are a market rate renter. The landlord can increase your rent by whatever he wants.

We are market rate renters. So therefore my rent at the time of renewal can be any percentage amount above the rent previously paid on the lease. But does the building increase every apartment the same percentage amount, or can that vary from tenant to tenant. In other words, can management increase someone who is in good standing one amount and then someone they would want to move out of their building, increase at a higher percentage.

very little...on a two year lease my rent went from $2125 to $2175...on a one year lease it would have been $2150.

Absolutely, in a market rental, if the landlord wants to encourage someone to leave he can say that he will only renew the lease at some high rent.

Berta--No, the LL does not have to increase every tenant by the same percentage. In our case, for example, the building was recently sold to a new owner who wants to jettison all the tenants and recapture the apartments for a massive reno. He's increased rates for market renters anywhere from 20% to as much as 50%. He's within his rights to do that. Some market tenants are sucking it up and renewing at the higher rates, others are fleeing.

We are in the process of possibly renewing our present lease at a 5% increase. 3,000 to 3,150. I was just wondering if this is a fair increase. The building management here is dispicable, and I would not put anything past them to screw a tenant. Just want your opinions if this is too much of an increase.

berta...that's a fair increase..

Thanks Julia! It is for a one year lease.

Berta--that sounds right on target. The norm is roughly 4%-6%.

Thank you bramstar. They were right in the middle.