If you rent - when your lease is up do you expect your rent to raise or stay the same if you renew for another year? Would you move if your rent increased slightly (like $25/mo)?
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No, I don't expect it. If it's going to increase- I'd need advance notice.
Our first apartment was the lower level of a home and she increased rent the second year and it was above market price so we left. Our rent at our new building hasn't changed the last two years -
Yah, our rent goes up every year... but rents in NYC usually go up every year, so we kinda expect it.
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Definitely expect it. Usually it's been 1-2%.
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I expected annual rent increases when I was renting. I definitely wouldn't even consider moving over a $25 increase.
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Yes, I would expect an annual rent increase in line with the market. In most parts of the country rent is increasing pretty steadily.
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Rents in nyc typically go up every year, so yes, I expect it.
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Yes, we expect it. I forget the percentage but it's reasonable.
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If there is an explanation like cost of maintaining my rental unit increasing I would understand. But a increase just to make more money from me, no matter how small would annoy me enough to move when I was renting. And I did move once because of this.
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I expected a small increase and definitely had it every yet when I lived in NYC (common theme). I considered myself lucky that my last landlord did not raise our rent.
For $25 a month, we would pay far more to move than to just pay the extra rent, so I'd suck t up, unless I was already looking to move anyway and could actually find something comparable easily. Finding a new rental and moving sucks.
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@Peasinapod: Rent increases are often just due to keeping up with inflation.
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Yep. Have rented for many years and always expected it to go up. Wouldn't move over a small increase if I was happy with the place! But then again DH and I have moved 5 or 6 times in the 9 years we've been together, yikes!
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It was written into my lease, so I knew if I renewed for one or two years what the increase would be.
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I've never rented in a place that didn't have annual increases. Seven apartments in three states and two countries.
I moved once because I felt the increase was unreasonable. My rent went from like $700 to $950.
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In a complex/with a bigger management company, generally, yes, unless it was a year like 2008/9. Small increases like $25/mo are often called "nuisance increases" and landlords don't expect that tenants will move due to those. I would move if it made the cost of moving look appealing.
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I've only lived one place more than a year lease and our rent didn't increase in 6 years. Once it was increasing, it was significant and we had 6 months notice. We would have had to move anyway as it was literally a 30% increase but we relocated due to DH's job.
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I've never rented a place. But I always raise rent on our rental property when the rental contract expires.
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I've only rented from homeowners, so I haven't experienced rent increases, but I would expect a 1-3% increase per year it if I was renting in an apt building etc.
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Expected and wouldn't cause me to move.
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Ya I always expected it.
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When we lived in a college town they always went up about $25 a year. It was really annoying, but expected.
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Yes, I always expected an increase when I was renting so I always tried to sign two year leases where possible.
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i think it depends on where you live. we were landlords for a house in va. in four years, we didnt raise rent because we didn't think it was worth it to potentially lose our tenant.
in nj, we rented and left because he wanted to increase it $700+/mo, crook. we would have stayed if its only $25/mo. the cost to move is not worth it to save a few bux a month. but also, depends on if you can afford the increase. 25 increase on $200 rent is heck of a lot more than 25 on $2500/mo.
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We own now, but in the past I always expected my rent to increase by a reasonable amount. Landlords pass along the costs of increased property taxes, maintenance, and utilities (if they're included) -- as long as the increase seemed mostly limited to these things, I'd accept it. If it seemed unreasonable and the landlord was just trying to gouge me, I'd start looking for a different place. Moving itself is expensive so unless the cost of staying outweighs the cost and hassle of moving or you find a new place that's significantly cheaper, it's probably not worth it. I'm pretty sure all the apartments I ever rented required at least 90 days notice of a rent increase and then I had 30 days to let them know whether I'd accept it and stay or not...or maybe it was 60 and 30 days? Something like that, anyway.
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I wouldn't say I expect it but I know it does happen. I wouldn't move over $25.
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I've rented an apartment, townhouse, duplex, and single family home. I renewed the lease at the apartment and went month-to-month at the duplex, but never had the rent increase so I probably wouldn't expect it. If I liked the home I doubt I'd move for a small increase, though.
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Yes, as another NYC-er, we expect rent increases at each lease renewal (and often try to lock in 2-year leases to minimize this). However, if I feel like it's too much of an increase (% wise), I'll consider moving...though moving is so pricey I'd have to feel like the cost increase was really out of line with the current market to justify a move.
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I usually expect it. I wouldn't move over $25/month, but would start thinking about it if the rent was over market value and the monetary difference was significant enough to justify moving expenses.
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Ugh, when I was renting an apartment, a 2-3% increase was reasonable. Now that I'm renting a house, it's been going up 5% each year. (Is this because the housing market is doing so well?) Landlord said it was due to the increase in market value. Ugh, hopefully we are moving soon. I don't mind renting but for once I'm actually hoping we move somewhere we can buy.
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@oliviaoblivia: How is that even possible?!
Was this in the US?I never had a rent renewal - usually go by month to month after the first year and it would always increase every year by the rate established by the province.
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To be honest I've never even thought about it. I've been in one apartment 2 years, a duplex 2 years and now a freestanding house for 3 years and never had an increase at any of those places. Personally, we're not thrilled with our current rental, so we might move if the rent was increased, just because it would be the proverbial straw that broke the camel's back.
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@bluestriped bee: Increased market value means increased taxes and insurance since they are both based on value of the property. I just saw an increase in my market value (for tax purposes) of 30% over last year. I'm not suggesting your rent should increase by 30%, but the costs to the owner are increasing.
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@MamaG: Oh, I see. I have heard about school taxes increasing in my area. Thanks for explaining. That does make sense.
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@Freckles: yeah. It was an old apartment building in Virginia very close to Metro. The building was owned by a family and they sold to a developer. It's now a lovely brand new condominium.
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Yes, I always expected an increase. I wouldn't move over 25 a month but might consider it it it was over 100? Eta: ha, I answered before!
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Yes, I always expect an increase. But we usually start renewal negotiations at least 60 but more like 90 days before the end of the lease term so that both sides have adequate time to make arrangements should we decide to vacate. I think up to 5% increase in one year is acceptable (but I live in Northern California), 10% is pushing it for me, but I have to balance it against the hassle of finding a new place, moving, putting new deposits down and what not. We lived in our last rental for several years and the while the rent went up every year, it was reasonable until the last year, when the place started falling apart and required both bathrooms to be gutted and we'd helped the landlord landscape the backyard, but she wanted us to move out for 2 weeks on our own dime to fix the bathrooms (which isn't legal) and then increase our rent like 12% because the house was "upgraded." At that point, our rent would have been slightly less than our current mortgage, so we bought a house instead and she got a renter at the rent she wanted.
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@oliviaoblivia: @autumnlove: LOL oops I didn't realize this was an old thread.
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Yes I always expect a small increase. Moving costs money, time and stress as well, so unless it's out of proportion I wouldn't move over an increase.
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@autumnlove: @Freckles: Yeah, I bumped an old thread.
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I actually have no idea for where we live. We could have signed a 10 year lease and rent would have stayed the same for the 10 years. Right now we have a 5 year lease (they looove long leases here) and there are no increases scheduled within the current terms of the lease).
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45 comments