Renters - How much does your rent increase each year?

Discussion in 'Community Discussion' started by puma1552, Oct 19, 2013.

  1. puma1552 macrumors 601

    Joined:
    Nov 20, 2008
    #1
    Just got our lease renewal notice, our first one at this place. The price is jumping from $1075 to $1150, which seems like an astronomical increase. Other places I've lived usually increase it by about $20 per year. I sent an inquiry to negotiate to $1110, hoping to land at $1125 which is still a pretty steep increase but more stomacheable.

    How much does your rent increase year to year, particularly this year?
     
  2. Zombie Acorn macrumors 65816

    Zombie Acorn

    Joined:
    Feb 2, 2009
    Location:
    Toronto, Ontario
    #2
    Think they can only do a 2% increase by law here depending on the year. So mine would only go from 1350 to 1380 or so at most.
     
  3. krazykleo macrumors regular

    Joined:
    Aug 17, 2013
    Location:
    Everywhere and nowhere
    #4
    This.

    Especially here in British Columbia, Canada. Your landlord cannot increase the rent more than 2% which is regulated by the housing act or whatever.
     
  4. mobilehaathi macrumors G3

    mobilehaathi

    Joined:
    Aug 19, 2008
    Location:
    The Anthropocene
    #5
    This is obviously a region dependent question, but my rent increased 0% this year. I have to mention though that I have been unusually lucky relative to my colleagues who rent.

    Perhaps I'll add that I had a friend whose rent increase by 20%.
     
  5. Menel macrumors 603

    Menel

    Joined:
    Aug 4, 2011
    Location:
    ATL
    #6
    0%! but that's one of the benefit of a mortgage.

    Skip email, go see the leasing staff in person, before any deadlines.

    I've always been able to nix or reduce increases. Any theft/crime notices come out, point it out. Or other deficiencies around the complex. Excessive washroom, pool, road, gate maintenance that have been untimely repaired? Drive a little guilt into the office person.

    At the least point out the % increase. 1075->1150 is a 7% increase (which isn't horrible, I've heard of friends having apts try and push 20% increases). Still make the strong point inflation is only 1.5% right now.

    Make an offer. Ask them to take 1090.
     
  6. Nermal Moderator

    Nermal

    Staff Member

    Joined:
    Dec 7, 2002
    Location:
    New Zealand
    #7
    I'm a landlord and I've been renting out a place since 2008. In that time I've kept the rent stable at NZ$270 (rent is quoted per week here, but I'm guessing that the figures above are per month - either that or they're horrendous!)

    I guess it depends on the specific person; I don't really see a need to increase the rent because I'm getting enough money in and am successfully paying off the mortgage. I'm sure that I'd have a different opinion if I was broke!
     
  7. mobilehaathi macrumors G3

    mobilehaathi

    Joined:
    Aug 19, 2008
    Location:
    The Anthropocene
    #8
    For a lot of people, 'enough money' is as much as they could possibly extract from the other party. I applaud you.
     
  8. Menel macrumors 603

    Menel

    Joined:
    Aug 4, 2011
    Location:
    ATL
    #9
    Valiant, yet for your own sake. You should read this.
    http://www.daveramsey.com/index.cfm?event=askdave/&intContentItemId=122109
     
  9. snberk103 macrumors 603

    Joined:
    Oct 22, 2007
    Location:
    An Island in the Salish Sea
    #10
    Residential Tenancy Act

    Luckily, I also live in a socialist jurisdiction, so government regulations control how much the capitalist landlords can raise rents by :). In BC, this year, it's 2.2% (Link to BC Gov Site). This rate is a determined each year to take into account inflation plus a margin for the landlord to go above that a little bit.
     
  10. hallux macrumors 68020

    hallux

    Joined:
    Apr 25, 2012
    #11
    Mine goes up $10-$20 per month each year, maybe as much as $25 once. I figure the complex (952 units) is paid off so the only expenses are payroll, upkeep and taxes. New renters getting renovated units (new carpets, linoleum, cabinets) pay $50 a month more than I do.

    I THINK it figures out to 2.6% increase (last increase was $20 on $750 a month).
     
  11. senseless macrumors 68000

    senseless

    Joined:
    Apr 23, 2008
    Location:
    Pennsylvania, USA
    #12
    3% is reasonable, 7% is high. It depends on supply and demand in your area and if you are a good tenant. Or, the landlord might be pushing you as far as he can, because he knows that moving costs money and time. I had a bad landlord and it was very aggravating.

    Consider buying a house if you are able. It's empowering.
     
  12. wrinkster22 macrumors 68030

    wrinkster22

    Joined:
    Jun 11, 2011
    Location:
    Toronto
    #13
    I know where I live (Toronto) you can only increase the rent to whatever inflation percentage is. However this is not a good thing, this results in a lot of run down rental buildings. As long as your building is well maintained or you can see how the money is spend then I guess its fine, if there is no change then I guess start looking for a new apartment.
     
  13. senseless macrumors 68000

    senseless

    Joined:
    Apr 23, 2008
    Location:
    Pennsylvania, USA
    #14
    I think the series "Love It Or List It" is shot there. $500,000 (I guess it's Canadian dollars) buys you a run down tiny house there.
     
  14. Mr. McMac Suspended

    Mr. McMac

    Joined:
    Dec 21, 2009
    Location:
    Far away from liberals
    #15
    I haven't increased my tenant's rent since he moved in 14 years ago. What he pays me covers my property tax and utilities. I'm not greedy.
     
  15. wrinkster22 macrumors 68030

    wrinkster22

    Joined:
    Jun 11, 2011
    Location:
    Toronto
    #16
    Toronto has some of the most expensive real estate in North America. It would be hard to find a detached home for under a million dollars. A part of me cries when I watch American real estate shows and I see what I could get down there... Perhaps if I was not paying so much for taxes and such I could always get a new macbook air! We are also renovation crazy.... to add to all the cost. 500K CAD is pretty close to 500 USD.
    PS. A 500sqf condo can sell for over 500k depending on its location
     
  16. snberk103 macrumors 603

    Joined:
    Oct 22, 2007
    Location:
    An Island in the Salish Sea
    #17
    Yeah, When I lived in Vancouver - the other place with some of the highest real estate, I owned my condo mortgage free. I'd see those shows, and think to myself that I could buy an entire city block sometimes. Then then again, it was a block of mostly vacant and derelict homes... So then I had the brilliant idea of buying vacant (but sound) homes in places like Buffalo, or Cleveland (cities on the Lakes) and barging them across the border to places like Toronto or Windsor which can't build houses fast enough.

    It is much much cheaper to move a large home than to build one.

    But I live on the West Coast.... so I throw that idea out there for someone else.

    Think of how many apartments could be created in some of those large vacant homes. More apartments on the market helps to keep the supply up and the rents down. One barge will easily hold 2 to 4 homes... 4 to 8 apartments per home, and you get whack of new flats in short order.
     
  17. senseless macrumors 68000

    senseless

    Joined:
    Apr 23, 2008
    Location:
    Pennsylvania, USA
    #18
    I guess I have to ask, what's the huge attraction of Toronto?
     
  18. snberk103 macrumors 603

    Joined:
    Oct 22, 2007
    Location:
    An Island in the Salish Sea
    #19
    Safe, lean, strong economy, and - despite its mayor - well run. In general, large Canadian cities do really well in most lists that rank cities.

    For one timely example, Toronto ranks 2nd in the "Reputation" rankings... (though I'm sad to report it was at the expense of Vancouver :( ) Link

    The Canadian economy managed to navigate through the worst of the last economic meltdown with only minor (relatively) problems... so, as Canada's biggest city and the economic capital of the nation it only makes sense that people are flocking to Toronto. And in general, all the big Canadian cities are seeing big population growth, with the higher prices that results from that. Toronto is now the 4th largest city in North America (Mexico is the biggest, btw).
     
  19. Jschultz macrumors 6502a

    Jschultz

    Joined:
    Mar 14, 2005
    Location:
    Chicago, IL
    #20
    It's the biggest (population-wise) city in Canada, and probably the most urban in my opinion, so many people flock to it.

    Also, Toronto is seeing a pretty massive increase of immigrants (just like Vancouver, I believe) so housing is pretty tight. I spent a week and a half in Toronto last year and absolutely loved it. I was surprised to see how many construction cranes littered the skyline. It reminded me of Chicago during the massive gentrification of the late 90s and early aughts.

    But yeah, Toronto is likely the only other city I'd really want to live in aside from Chicago. It's a shame housing is so expensive.

    To keep on topic, I'm on my third lease re-up and my landlord hasn't raised my rent yet. She's really great and I think the key is that my rent check has never ever been late and I've made *zero* calls or complaints about the apartment.
     
  20. Zombie Acorn macrumors 65816

    Zombie Acorn

    Joined:
    Feb 2, 2009
    Location:
    Toronto, Ontario
    #21
    Safer than most bigger US cities like Chicago or New York is probably one big draw.

    Canadian housing seems expensive though even with this accounted for.
     
  21. snberk103 macrumors 603

    Joined:
    Oct 22, 2007
    Location:
    An Island in the Salish Sea
    #22
    Actually, technically, safer than any US city.
    Supply and demand. Lots of people are moving to Toronto and are demanding housing. Supply can't keep up. Despite the costs of housing in Toronto and Vancouver are appealing to more and more people and, people are moving there faster than they can build condos.
     
  22. AutoUnion39 macrumors 601

    AutoUnion39

    Joined:
    Jun 21, 2010
    #23
    Resigned my 12 month lease on my place in Boston. Zero increase. Still paying $3,650.

    In fact, the management company gave me a $1k check for re-upping our lease :D
     
  23. prostuff1 macrumors 65816

    prostuff1

    Joined:
    Jul 29, 2005
    Location:
    Don't step into the kawoosh...
    #24
    I am going to assume that is per month as it is the only thing that makes sense... but damn. That is 3 solid months paid towards the mortgage on my house. I could not afford to live Boston at that price.
     
  24. Tomorrow macrumors 604

    Tomorrow

    Joined:
    Mar 2, 2008
    Location:
    Always a day away
    #25
    Mine went from $980, to $1075, to $1240, to $1385 in consecutive years.

    I didn't pay $1385; I went and bought a house.
     

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