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@lamariniere: Wow, that's a long lease. Are there any penalties if you have to break a lease early?
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I've never lived in an apartment that didn't increase rent every year. We moved when it was a big increase, but under maybe $75 I wouldn't even think anything of.
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My rent went up 10% in the DC area. That's why we always signed a 15 month lease. Once we were paying $2300 for an apt it finally clicked to DH to stop being so scared and let's buy! Now our mortgage is the same as rent but over double the square footage and everything is new.
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@bluestriped bee: in our last place we signed a 3 year lease and had no penalties if we stayed at least one year (we stayed about 18 months). In our current place we have to stay 3 years to be penalty free. The penalty is losing the deposit, which is three months rent, so it's a huge incentive to stay!
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When we rented in NYC, we had an increase yearly.
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So when I rented... I had options of doing 6 month lease, 1 year lease or 2 year lease with the understanding that my rent would increase after the lease. Aka if you plan to stay a while you should do the 2 year lease. Which is what I did. I was there for two renew cycles and they tried to increase my rent 10% each time! I went in and talked to the leasing office. Plead that it was too much and they usually cut the increase in half... so I would be only increased by 5%. It was still a lot but not enough for me to move all my stuff to somewhere else.
I'm pretty happy I don't have to do that anymore!
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