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!
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.
The "Eckler Team"
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 .
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 â€œDanâ€ Weisenburger, GRI
Vanguard Realty, Inc. GMAC Real Estate
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,