Rent increase | Imamother

amother

Sand

Wed, Jan 31 2024, 8:32 am

amother Turquoise wrote:

A year.

I think for new renters for a similar apartment to mine it’s even more expensive though. So they tell us just be happy with that.

That's not ok then. Maybe the first bump from 1200 to 1400 which was still below market, but definitely not the second one.

If my landlord would raise like that and I couldn't move, I would be so so angry.

amother

Chambray

Wed, Jan 31 2024, 9:02 am

To go from $1250 to $1750 in 2 years is basically saying we want you to leave so we can charge more...
I don't know if it's legal or not, if BD would agree or not, but it's an extremely not proper way to treat your tenants.
Or they realized too late that they were way under market value compared to other appartment in your neighborhood.
So not nice but somewhat understandable.
Is it a 3 br basement?

amother

Aster

Wed, Jan 31 2024, 10:06 am

We own. Our tenant lease allows a 5% increase annually. We can’t afford to not raise the rent but don’t want to be too greedy so we don’t raise the rent every other year and instead just raise it 10% the next year to catch up. The tenant still gains a year without an increase.
Btw, home insurance costs in Lakewood probably went up over 40% in the past 2 years. Maybe more. Cost of servicing or replacing appliances has also skyrocketed. Property taxes also continue to increase. My heart goes out to tenants but some of the increases are just keeping up with costs. That said, you can probably feel if your landlord is just keeping up or is being greedy.

Chayalle

Wed, Jan 31 2024, 10:15 am

amother Aster wrote:

I honestly don't understand the obsession with "not being greedy". My 5% increase annually does not make me greedy. It makes me someone practical who needs to cover my costs.
When they call me to fix something, they aren't being greedy either.
Everything is spelled out in the lease. Both their responsibilities and mine.