Standard rent increase??
My landlords just increased my rent from $1600-$1850, making that a 15.6% increase. I’m a month-to-month renter, so i know they have the right to raise it to whatever they want. However, that is way above standard, can I negotiate?
My landlords just increased my rent from $1600-$1850, making that a 15.6% increase. I’m a month-to-month renter, so i know they have the right to raise it to whatever they want. However, that is way above standard, can I negotiate?
When my tenants lease was about to expire he wanted to know if I would drop the rent by $400. a month. He is an investment banker and said his bonus will be very little this year.
Meanwhile all the banks went south.
I should have put 2 and 2 together and got my money out of the stock market but I didn’t.
It never occurred to me to go deeper into the conversation.
Obviously he knew something and I didn’t read between the lines.
The apartment is vacant. Do I care? No.
For me it is an opportunity to renovate my apartment and use the extra one till the work is done,
It is all in the same building.
I think you should look and compare for the price you are paying. I like the comment from rh. I’m a landlord too and I value good tenants: both commercial and residental and I raise rents based on how much my taxes, insurance and utilites go up rather than on market rates. I like to keep good tenants. So there is a lot of advice out there but if you have an alternative place that you can move to, then your bargaining hand is stronger — but not a guarantee. Don’t try to bluff because if they call you, either you are forced to move out from embarrassment or you look like a liar.
bktycoon – yes, a small 1 bedroom in a narrow brownstone. it’s about a 14″ wide building. it’s definitely no larger than 500 sq ft.
if we do stay and pay the increase, am i entitled to a new paint job (or is that only for stabilized/controlled apts? we’ve been here 3.5 years and have not asked for any fixes in the apt. and it could definitely use some. my fault for not signing a lease, as they would non have been able to raise the rent until march of next year.
The landlord is running a business. His business expenses (mortgage, utilities, etc) have most likely gone up, so his fee for services (providing a house) have gone up.
Don’t take it personally. He can easily find a replacement that can pay that amount, and be on time each month, and probably walk his dog too. You don’t hold any bargaining chips.
tell him you want to move out if he raises it. And see if you can meet in the middle.
Elizabeth –
This is a troubling situation, especially considering the part about walking their dog and watching their kid. Landlords can really be jerks. May i ask for more details re: sq. footage? Im assuming this is a 1BR. If this apt is over 500 sq ft, 1850 isnt that far out of line in cobble hill. i know, it sucks, but cobble hill isnt a cheap area unfortunately…
If you choose to stay and pay the increase, forget the dog walking and babysitting for free. As a landlord and pet owner (no kids) I know how valuable that is! A dog walk runs about $20-25 and God knows how much babysitting is. Not to mention, finding someone you like.
Insurance rates & water rates have also gone up. Some analysts think that, with fewer people able to buy, rentals will be more desireable & therefore rents will increase.
http://www.nytimes.com/2008/10/01/nyregion/01develop.html?hp