Raising Rent

[monoso]

let's shift the focus away from what landlords are allowed to do to what they are actually doing.
Leases are ending with rents being in the $1100-$1200 range and the going rate is $1400-$1700.
Are landlords raising rents on existing tenants and by how much?

Some definitely are, and there are a bunch of fights and bargaining. At the end of the day, there is nothing the landlord can do to kick out the tenant, in a funny way the tenants can have the upper hand, they will keep on saying there is nothing available and I'm looking for another apartment.... I would suggest giving a moderately high increase of 150 or so, and tell the tenant there will be a 5% increase annually, and perhaps offer to repaint and or upgrade flooring carpet etc. Otherwise you are setting yourself up for a fight.

[ae123]

Ok, now that we're 6 months since the last post - where are things holding?
Basements that were going for $1100 a year or two ago are now going for at least $1800.
Are landlords raising rents to market value?

[jye]

Ok, now that we're 6 months since the last post - where are things holding?
Basements that were going for $1100 a year or two ago are now going for at least $1800.
Are landlords raising rents to market value?

Even if a landlord doesn’t want to stick it to his tenant and raise him from $1200 to $1800, anything under $1300 means he is charging less rent than last year in inflation adjusted dollars.

[ae123]

Even if a landlord doesn’t want to stick it to his tenant and raise him from $1200 to $1800, anything under $1300 means he is charging less rent than last year in inflation adjusted dollars.

Good point.
But I'm still curious to know what people are actually doing.

[Sam Finkelstein]

Even if a landlord doesn’t want to stick it to his tenant and raise him from $1200 to $1800, anything under $1300 means he is charging less rent than last year in inflation adjusted dollars.

They are also paying less mortgage in inflation adjusted dollars as well.

IME most landlords rent only to help them afford the house, not as a business.

[jye]

They are also paying less mortgage in inflation adjusted dollars as well.

IME most landlords rent only to help them afford the house, not as a business.

My tenants central air unit is up for replacement soon. Cost went from $3500 to over $5000. Maintenance, repairs, taxes, and homeowners insurance (cost of rebuilding a small house is up close to 400k from 3 years ago) and all other associated costs are going through the roof. Mortgages may be holding steady but the monthly payments are going higher anyway due to increased escrow to cover the above.

[ari3]

Good point.
But I'm still curious to know what people are actually doing.

Praying for their tenants to move out so they can cash in

[ari3]

My tenants central air unit is up for replacement soon. Cost went from $3500 to over $5000. Maintenance, repairs, taxes, and homeowners insurance (cost of rebuilding a small house is up close to 400k from 3 years ago) and all other associated costs are going through the roof. Mortgages may be holding steady but the monthly payments are going higher anyway due to increased escrow to cover the above.

insurance is up up to 50% over the last couple of years on some policy's. Taxes are probably going to be rising significantly now that the stimulus that the local gov't got is no longer. If you need to pay a repairman that is going to cost you significantly more (besides it being very difficult to find). Need to replace an appliance? Pay up.

when there was a glut of apartments and tenants were asking for reductions I never heard any of them asking if landlords expenses went down so why does the landlord need to justify an increase because his expenses have risen.

[herb]

insurance is up up to 50% over the last couple of years on some policy's. Taxes are probably going to be rising significantly now that the stimulus that the local gov't got is no longer. If you need to pay a repairman that is going to cost you significantly more (besides it being very difficult to find). Need to replace an appliance? Pay up.

when there was a glut of apartments and tenants were asking for reductions I never heard any of them asking if landlords expenses went down so why does the landlord need to justify an increase because his expenses have risen.

I'm guessing you are a tenant...