How much would you expect rent to increase in a year?

Question

How much would you expect rent to increase for an apartment in a given year. Try putting into a percentage to adjust for cost of living.

So I think I'm getting taken here. I live in an apartment complex in upstate ny. Nothing is included except for water and garbage collection. There are several vacancies in the apartment complex plus it's not really in any better location than the other apartments in the area.

I'm just asking because I'm paying 530 a month now for a 1bdrm and next year it's being increased to $634 (a 20 percent increase in a single year)

Answer 1

20% seems high especially since your utilities are not included. look around in your area and see what else you can find -- most likely you can live cheaper.

i live in southwestern ny in a very nice neighborhood and for a one bedroom i pay $300 / month with nothing included.

good luck.

Answer 2

The last two places I lived did 2-3%/year, but your landlord can do whatever he wants. It may be that there has been an increase in demand for rental housing in your area and he wants to capitalize on that.

It wouldn’t hurt to shop around.

Answer 3

check with the other tenants--did their rent go up 20%? If theirs did not go up 20% contact the Fair Housing Department in your city.  It could be that she has a friend or relative that wants your unit.

The normal rent increase is from 2-6%.  If over that amount the owner needs to show what improvements have been made to the building or major repairs.

I lived in an apartment building that the rent was lower than the average on that street.  The new owner decided that he was going to raise all rents $100 per month.  Out the twenty-five units only four of us when to the city hall to complaint. Half of the tentants give their 30 days notice and moved out.  

At the city hall they have an person that handle issues like this for free.  A notice was sent to the owner advising him that he could mess with us until the city had decided that the increase was fair.

We paid our regular and three months later we got a letter that was mailed to the owner stating that the four units rent would remain the same for six months.  After six months are rent went up 2%.  I lived there for four more years and my rent went up 2% each year.  As new people moved into the units they were paying way more then we were.

If you don't stand up for yourself, no body will do it for you.

Answer 4

In a NY City rent-controlled (or rent-stabilized) apartment, the typical raise is about 5 to 6% per year.

You need to know the going market rate for similar apartments in your neighborhood.

  If you've been paying under-market, the raise may be justified.

If you not paying under-market, find a vacant apartment in the mid-$500 range and tell the landlord you'll move if he jacks up the rent too high.  If you're a good tennent, he may not want to lose you.  Don't be afraid to bargin.

Answer 5

I raised the rents in my properties by 10-12% this year due to increased utility costs and a major property tax hike after a reval.

All rents in my area increased by similar amounts, for the same reasons. We have a healthy rental market. The tenants complained, but were unable to find anything comparable to my properties at a lower rent.

There is no cap on how much a landlord can raise the rent.

If it is too high and you can find a similar place for less money, then move out.