As Charles stated, rentals are in high demand and prices are increasing. You may also want to check into if your apartment falls under rent control by visiting:
Have an amazing day!
Check with many fine Property Management companies or you can call me.
Also check on Craigslist.org or backpage.com
One can expect yearly rent increases of 5-15% depending on the city.
Craigs list is a very good source of information. Check it out to see what other units (Similar to your unit) are renting for.
Also, in your message you state your apartment. Are you talking about an apartment complex or a Condo (Your options will depend on answer to this question)? Reason I ask is that Landlord does not have to provide any justification for increasing the rent. However, in San Jose (You may want to confirm this with City) only one and two unit properties are exempt from rent control and all other generally fall under City rent control ordinance. What this means is that if the property falls under rent control, the owner/landlord is limited to how much and how often they can increase the rent.
As previously mentioned, rents have been going up significantly. By looking at different resources, you can see if it is viable to pay higher rent and stay or move to another rental with more reasonable rent. Keeping in mind, if your property falls under rent control, then, your Landlord cannot exceed the rent beyond what is allowed by the rent control ordinance.
I'm not very familiar with San Jose's rent control process. I believe it would be difficult to challenge an 8% or lower raise (or 21% raise if no other raise for more than two years). Landlords have the burden of proof to justify greater increases.
If you hope to stay where you are I would recommend you look on craigslist and various real estate websites such as trulia and mlslistings to find something which you would settle for, then talk to the landlord telling him why you've been a great tenant but you find it very difficult to pay the increased rent and that other rentals are available. You may be able to negotiate a smaller increase or maybe even no increase.
I have links for various San Jose housing information sources at:
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With respect to the verification of the current Fair Market Value of the apartment building where you live, you really need an appraisal by a competent real estate appraiser. I recommend Frank Schmidt MAI. Frank Schmidt has the MAI designation from The Appraisal Institute and many years of experience as a Residential and Commercial Real Estate Appraiser.
However as I read your question what you really need to know what is the market rent for your unit. An excellent source for that information is a property manager who manages apartments similar to yours. Call the property manager and ask him or her what they are asking for rent for units similar to yours. This will give you a good idea what the local property managers are asking for rent.
Currently the market value of rents is rising very rapidly in The City of San Jose. There is an enormous amount of demand for units to rent and a severe shortage of places to rent. That is forcing the market value for rents up very rapidly.
To determine the market rent for your apartment that people are actually paying, is something that you can do on your own. Look for similar apartment units in your neighborhood. Call the tenant in the apartment or knock on the door and explain to the tenant that you are trying to determine the market rent in the area, and ask the owner if he or she will tell you what they are currently paying in rent. If you will talk to 5 or 6 people, that will give you a good idea of the current market rent for units similar to yours in the area.
Also look for units similar to yours that are advertised for rent and ask them what they are asking for rent for that unit. Try to negotiate them down and see what they say. Also follow those units that are advertised for rent and see how long it takes for that unit to be rented.
Because rents are rising so rapidly, now may be a good time for you to consider the purchase of a single family house or condominium, rather than to continue renting.
Interest rates are very low right now. If you purchase a home with a 30 years fixed rate loan, you now will have your housing cost fixed for 30 years. you do not have to worry about future rent increases. Also, after 30 years, when you have the loan paid off, your home is yours. Also, as the Fair Market Value of the property increases you will build up a substantial amount of equity in the property. In addition, the mortgage interest that you pay on your home loan is tax deductible. That further reduces the cost of purchasing a home rather than renting. The money that you pay in rent is not tax deductible.
For more information, you may reach me at my cell phone: (408)509-6218, or send me an email at my email address: email@example.com
Charles Butterfield MBA
Real Estate Broker/REALTOR
Cell Phone: (408)509-6218
Email Address: firstname.lastname@example.org