Topic: Re: In a no rent control area, is it normal for a 50% increase right now?

Deborah Kay Volker's Avatar Topic Author
Deborah Kay Volker
I work in the industry and lease myself... In a no rent control area is it normal for a 50% increase right now, I'm having trouble wrapping my mind around this the highest I've seen in my market is 20% and can't help but wonder if this is an error but of course the corporate office where I rent doesn't return phone calls, I just want answers? Any insight?
Posted 4 months 2 weeks ago
James Shannon's Avatar
  • Karma:
  • Posts: 21
That seems high but right now a bunch of places are high. If corporate isn’t getting back to you, stick with the number they gave..,
Posted 4 months 2 weeks ago
Karen Kossow's Avatar
  • Karma:
  • Posts: 1
I know that in DC we have some going as high as 30%. In the city itself (we're DC Metro so DC, MD, VA) our rents dropped significantly in 2020 and we were not allowed to pass increases along at all until this year (first letters sent in January for March) since the start of COVID. Our market rates are finally right about where they were pre-COVID so in the District people are getting some pretty hefty increases but with those are still under market and under market pre-COVID.
The following user(s) liked this message: Peggy Crowley
Posted 4 months 2 weeks ago
CJ Harbin's Avatar
  • Karma:
  • Posts: 9
Wow
Posted 4 months 2 weeks ago
Matt Stephens's Avatar Topic Author
Matt Stephens
I just got a 50% increase in Atlanta. Class A Lincoln Property Co community.
Posted 4 months 2 weeks ago
Jodi Kissane-Barkley's Avatar Topic Author
Jodi Kissane-Barkley
Matt Stephens is it Lincoln owned or fee managed? The owners set increases not the management companies.
Posted 4 months 2 weeks ago
Matt Stephens's Avatar Topic Author
Matt Stephens
Jodi Kissane-Barkley It’s a fee-managed community
Posted 4 months 2 weeks ago
Brandon Payton's Avatar Topic Author
Brandon Payton
If only our salaries were increased to match these insane rent increases.
Posted 4 months 2 weeks ago
Miles Scruggs's Avatar
  • Karma:
  • Posts: 9
The percent of the increase isn’t exactly relevant. Maybe you were 60% under market rent before and a 50% increase leaves you 10% under still and should be thankful for the screaming deal you previously had and still enjoy. What is relevant is for that same price you are being offered can you go find similarly appointed housing. If you can find it for less then they are likely out of touch and hopefully you can send them some comparables to help bring them back to reality. If not then move to the better option.
Posted 4 months 2 weeks ago
Debbie Haskell's Avatar Topic Author
Debbie Haskell
Miles Scruggs very well said.
Posted 4 months 2 weeks ago
Laura Renaldo's Avatar
  • Karma:
  • Posts: 3
Miles Scruggs totally agree
Posted 4 months 2 weeks ago
Lori Lindley's Avatar Topic Author
Lori Lindley
YouTube totallytoni.com she did 2022 trends great info on rent increases . Insurance, property taxes all time high , supply cost and salaries higher too . It’s a simple way to explain
Posted 4 months 2 weeks ago
Brad Wuerer's Avatar Topic Author
Brad Wuerer
Wow 50% is quite high
Posted 4 months 2 weeks ago
Sarah Eckman's Avatar Topic Author
Sarah Eckman
It’s normal. Especially if they were paying well below market rate to start with.
Posted 4 months 2 weeks ago
Mathew Merrill's Avatar Topic Author
Mathew Merrill
Common this year; the only justification is the demand propped up by the federal funds paying all the rent and the stimulus induced mobility.
Posted 4 months 2 weeks ago
Rochelle Kirk's Avatar
  • Karma:
  • Posts: 10
Mathew Merrill or the highest property taxes and insurance seen in a very long time. Not to mention rising costs of materials, suppliers, etc.
Posted 4 months 2 weeks ago
Carol Ann Cordell's Avatar Topic Author
Carol Ann Cordell
Do you work at the same place you live? Or with the same company? Our employees only get a max of an 8% increase, even though we are generally sending out anywhere from 20-60% increases to residents
Posted 4 months 2 weeks ago
Brandon Payton's Avatar Topic Author
Brandon Payton
Carol Ann Cordell do your employees also get an 8% salary bump to contend with the increase?
Posted 4 months 2 weeks ago
Carol Ann Cordell's Avatar Topic Author
Carol Ann Cordell
Brandon Payton they all don’t, but it’s not a set amount so it’s possible they could get 8%.
Posted 4 months 2 weeks ago
Brandon Payton's Avatar Topic Author
Brandon Payton
Carol Ann Cordell thanks, was just curious.
Posted 4 months 2 weeks ago
Debbie Malloy DiBernardo's Avatar Topic Author
Debbie Malloy DiBernardo
Im in the industry working for an apartment association that represents landlords.. with that said, i am also a renter. I feel that landlords should increase rent, but also be cognitive of their tenant as not all tenants are equal. If you have a great tenant that pays their rent on time ( or early-like i do) and treats your property really well- do you really want to take a chance on losing that tenant for someone that may end up trashing your place to only cost you more than the 10% increase?? When I say “ trash” I mean getting a tenant that may have to illegally sublet people to help them pay the rent, which means more wear & tear on your unit. If you already have a great tenant,,, do what you need to KEEP them-if that means only increasing rent 5% or golly, not at all... It might be the smarter move.
Posted 4 months 2 weeks ago
Debbie Halverson's Avatar Topic Author
Debbie Halverson
Debbie Malloy DiBernardo when I rented, that is exactly what I did, treat it as it were your own, make improvements. I was rewarded with no rent increases for 6 years.
Posted 4 months 2 weeks ago
Debbie Malloy DiBernardo's Avatar Topic Author
Debbie Malloy DiBernardo
Debbie Halverson same. My place in RSM they only charged me $50 increase 2 of the 6 years I was there, no rent increase the other years.
Posted 4 months 2 weeks ago
Debbie Halverson's Avatar Topic Author
Debbie Halverson
That's the way it should be, good paying and respectable tenant should be rewarded. That's what we did with our tenants when we rented out our house, no increase in rent if they paid on time and kept the place up, that's all you can hope for!!! The house up the street from us here in LN, the guy increased his rent from $2,500 month (10 year tenants) to $5,400 because that is what his RE agent told him he could get. I advised him to rent lower amount to get a long-term renter. He didn't heed my advice and went for the higher rent and the tenants stayed less than one year. So he's left turning the house again. As a renter, we know...
Posted 4 months 2 weeks ago
Lap Luu's Avatar Topic Author
Lap Luu
You need to @them on social media.
Posted 4 months 2 weeks ago
Jordan Else's Avatar Topic Author
Jordan Else
Not normal. Not okay. No one working in the industry should normalize this. I’m sorry you’re going through that.
Posted 4 months 2 weeks ago
Deborah Kay Volker's Avatar Topic Author
Deborah Kay Volker
Thanks for a little insight, I just don't find it justified... it's not like I live in an elite area either it's a very run down 1960's townhouse in a low income/rougher part of town. I do my own maintenance, lawn care, and snow removal. The only amenity is a pool that has been broke for 4 years. It would be different if I felt that extra $500 a month was being seen in improvements to the community. When asked no improvements are planned. It's just infuriating. The last four years it was only a $30-$60 increase.
Posted 4 months 2 weeks ago