Market Conditions in 33486>Question Details

Julia, Both Buyer and Seller in Boca Raton, FL

We are renting a 3 bedroom townhouse in Boca Raton for $ 1600 a month. Lease comes up in June. Owner just

Asked by Julia, Boca Raton, FL Thu Apr 10, 2008

said if we want to renew, the lease is going up $ 200!! Is that usual? I think it is excessive...

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Hi Julia,

I understand your landlord possibly needing to increase the rent on his property due to rising costs - possibly mtg pymt, taxes, insurance, etc. Understandable from his perspective.

However in our area, Brevard , 2 1/2 hours to the North (I lived in Deefield Beach for 7 years) we have an overabundance of homes available for rent. Lots of owners that can't sell are attempting to rent their homes. Thus, rents are declining here. I have an empty rental of my own for over 50 days now. I have had to lower my rents on empty houses by $50 - $100 to remain competitive. Good tenants seem to be few and far between. I know of some instances where it is taking 2, 3 even 4 months to find a tenant. I am happy to have good paying tenants, and this year I have ceased making any rent increases on any of the rentals I own. I can't afford to lose anyone right now, because I don't know how it will take me to find a new tenant AND i don't know what I'm getting when I find a new tenant, either. What if they're not as good as my previous tenant? As a landlord, I have security in knowing who is already renting from me, versus a stranger.

If I raise my rent by $200 (which I never have-only $25 to $50 when the market was appreciating - however many landlords do), and my tenant decides to move, then I must go and spend a week+ cleaning, repairs, etc.. When it goes on the market, if it sits empty for 3 months, then I have lost $1600 x 3 = $4800 + my cleaning expenses. Even if it only stays empty for 2 months, then the landlord is behind by $3200. His proposed rent increase would have only given him $2400.

Do the math.........the unfortunate thing is.....that many landlords don't!

Good luck to you..hope you can work something out!
1 vote Thank Flag Link Thu Apr 10, 2008
We agree it seems like a lot.....try negotiating it down to where you are comfortable. This is common but it doesn't have to be accepted. Look around, identify some potential rental units, and use them to make your case when you approach your landlord.
Good luck,
The "Eckler Team"
0 votes Thank Flag Link Sun Jun 8, 2008
Not sure if you are still looking, but if so, I will rent you a 3 bedroom never before lived in townhouse in Boynton Beach- Renaissance Commons for $1450/month.
0 votes Thank Flag Link Thu Jun 5, 2008
Yes, in this market it it usual for rent to go up as Property Taxes alone have skyrocketed. Also HOA's have gone up as well. Some communities have seen their HOA due double and triple because of all the foreclosures and vacant homes. Since you are already living there it doesn't hurt to try to negotiate the lease. Offer him an extra $100.00 which is half of what the owner asked for and see if he will accept. If you don't come to a decsision and have to move out you will have to pay for moving expensives etc. It's worth a try.
0 votes Thank Flag Link Wed May 21, 2008
Hi Julia
It could be greed,higher taxes or many other different things,instead of guessing ,just call me or email me with your community name ,location and I will let you the going rate and current rental market in your area. that also depends on where you are ,east boca location near FAU,lynn U, nowadays a lot of Fau and Lynn U students are trying to secure a rental upon the end of the school year which makes the demand high but comes June demand should soften again until August when students return.
but feel free to contact me and I will definitely help you .
A.J.Zaki Realtor
0 votes Thank Flag Link Sun Apr 20, 2008
look for a better place that is cheaper than you currently pay
there are lot of flippers desperate for any income
rent a nice condo
the $200 / month you save will more than pay for your move
0 votes Thank Flag Link Fri Apr 11, 2008

I don't know what they county tax collector has done in your poart of the state but I can relate what has happened to my rental properties regarding taxes. In my last tax bill my rental properties went up an average of $325 per month. I believe the local taxing authorities were afraid of loosing revenue with the new homestead exemption rules that they all knew were coming. As a result, since rental properties were not protected under the old law last year from extreme tax increases mine increased. I am willing to bet your landlord has the same problem and if he does, so will all the other landlords in your area.

JD “Dan” Weisenburger, GRI
Broker-Associate REALTOR®
Vanguard Realty, Inc. GMAC Real Estate
Web Reference:
0 votes Thank Flag Link Thu Apr 10, 2008
Julia, do you have any idea as to the square footage of the townhome? Is you square footage more or less than 1800? Rentals can be running right around their square footage give or take for any upgrades or pluses.
0 votes Thank Flag Link Thu Apr 10, 2008

It is not unusual for a rental to go up a reasonable amount after a 1 year lease. The operative word being "reasonable".

There is a chance that the owner of the property has had some increase in expenses to maintain the home, be it mortgage, insurance, property taxes (not all property taxes went down - especially if the status changed from homestead to non-homestead), etc.

That being said, you should still be able to negotiate with the homeowner and explain that a $200 increase in rent per month is not something that was budgeted for. I would ask them if they could kindly reconsider the increase to something that you could afford - like say $100 more per month. They may go for it as most owners who are renting out their property do not wish to loose good and consistently paying tenants.

Try it and let us know the outcome.

All the best,

Web Reference:
0 votes Thank Flag Link Thu Apr 10, 2008
Why don't you ask him to split the difference with you as you had not anticipated a rise, and $100 is more doable than $200 a month? That could work. His expenses could have gone up. Marilyn Farber Jacobs.
0 votes Thank Flag Link Thu Apr 10, 2008
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