Snowflake079, Renter in Saint Petersburg, FL

Is it typical for rent to increase every year when you live in the same apartment?

Asked by Snowflake079, Saint Petersburg, FL Thu Oct 25, 2012

A new company took over my complex and said the standard is a 3% increase. The old company never raised my rent.

Help the community by answering this question:

Answers

7
Yes it is typical and should be spelled out within the contract.

I would be working towards becoming a homeowner instead while the economy is giving you the chance to do so.

Rent prices have started to stabilize which is good news for you as a renter. They were increasing very rapidly over the past couple of years due to demand. A lot of new investors have come in to help increase inventory levels.
0 votes Thank Flag Link Sun Oct 13, 2013
It depends. A lot has to do with the individual owner and their desire to keep the existing tenant. But if they are losing money they might want to keep up with inflation.
0 votes Thank Flag Link Mon Oct 29, 2012
Good answers, and I concur: rental increases of a mimimum of 3% are necessary to keep up with inflation and housing costs overall. This is one reason we have leases--to fix the price on an annual basis. With rental demand higher now due to the high rate of foreclosures and short sales, I predict that rental prices will come up closer to 5-10% in the next few years, so my advice to renters is find yourself a good landlord and stick with her!
0 votes Thank Flag Link Thu Oct 25, 2012
Hi, you ask a wonderful question. It is typical for a property manager or landlord to increase rent on a yearly basis. Typically, as the markets move in either direction your landlord must ensure that their property or properties are continuing to remain profitable. I would suggest on researching your current rental market, just to ensure that you are being charged a fair amount for your apartment. Good luck.
0 votes Thank Flag Link Thu Oct 25, 2012
Yes an annual 3% increase is typical, especially when regarding a large managed community. When the profit in rental is truly understood you will come to realize how this mechanism churns the revenue stream. This has been true for over 10 years, and is not related to today's economy.

Of course, anything can be negotiated and other options are available.

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us

First Look: http://youtu.be/PumYpkgybXE
0 votes Thank Flag Link Thu Oct 25, 2012
Rent increases have been 'typical' in the last few years as the demand for rentals has increased. The inability to qualify for mortgages, low value of housing available has increased demand for rentals. To sign a contract for a 3% increase, however, is not necessarily a standard practice, and will vary by area.

Rental increases have contributed to the purchase of a home more attractive....the break even point from a financial perespective now occurs in months rather than years as was historically the case.
0 votes Thank Flag Link Thu Oct 25, 2012
Rental properties demands remains very solid with rent's rising 5.6 percent nationally year over year. With rental market booming is almost expected to get an increase in your rental every year. What you should find out if that increase of a 3 percent is legal in the area that you are renting out the condominium.

Best of Luck,

Maria Cipollone
Century 21 Tenace

http://www.Flahomespecialist.com
0 votes Thank Flag Link Thu Oct 25, 2012
Is it normal that increasing from 700 to 825 in three year?
Flag Tue Jun 3, 2014
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer