In a no rent control area, is it normal for a 50% increase right now?

Topic Author
Deborah Kay Volker
2 years 3 months ago #61217 by Deborah Kay Volker
I work in the industry and lease myself... In a no rent control area is it normal for a 50% increase right now, I'm having trouble wrapping my mind around this the highest I've seen in my market is 20% and can't help but wonder if this is an error but of course the corporate office where I rent doesn't return phone calls, I just want answers? Any insight?
2 years 3 months ago #61217 by Deborah Kay Volker
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  • Thank you received: 3
2 years 3 months ago #61218 by James Shannon
That seems high but right now a bunch of places are high. If corporate isn’t getting back to you, stick with the number they gave..,
2 years 3 months ago #61218 by James Shannon
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2 years 3 months ago #61219 by Karen Kossow
I know that in DC we have some going as high as 30%. In the city itself (we're DC Metro so DC, MD, VA) our rents dropped significantly in 2020 and we were not allowed to pass increases along at all until this year (first letters sent in January for March) since the start of COVID. Our market rates are finally right about where they were pre-COVID so in the District people are getting some pretty hefty increases but with those are still under market and under market pre-COVID.
2 years 3 months ago #61219 by Karen Kossow
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2 years 3 months ago #61220 by CJ Harbin
2 years 3 months ago #61220 by CJ Harbin
Topic Author
Matt Stephens
2 years 3 months ago #61221 by Matt Stephens
I just got a 50% increase in Atlanta. Class A Lincoln Property Co community.
2 years 3 months ago #61221 by Matt Stephens
Topic Author
Jodi Kissane-Barkley
2 years 3 months ago #61222 by Jodi Kissane-Barkley
Matt Stephens is it Lincoln owned or fee managed? The owners set increases not the management companies.
2 years 3 months ago #61222 by Jodi Kissane-Barkley
Topic Author
Matt Stephens
2 years 3 months ago #61223 by Matt Stephens
Jodi Kissane-Barkley It’s a fee-managed community
2 years 3 months ago #61223 by Matt Stephens
Topic Author
Brandon Payton
2 years 3 months ago #61224 by Brandon Payton
If only our salaries were increased to match these insane rent increases.
2 years 3 months ago #61224 by Brandon Payton
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2 years 3 months ago #61225 by Miles Scruggs
The percent of the increase isn’t exactly relevant. Maybe you were 60% under market rent before and a 50% increase leaves you 10% under still and should be thankful for the screaming deal you previously had and still enjoy. What is relevant is for that same price you are being offered can you go find similarly appointed housing. If you can find it for less then they are likely out of touch and hopefully you can send them some comparables to help bring them back to reality. If not then move to the better option.
2 years 3 months ago #61225 by Miles Scruggs
Topic Author
Debbie Haskell
2 years 3 months ago #61226 by Debbie Haskell
Miles Scruggs very well said.
2 years 3 months ago #61226 by Debbie Haskell
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2 years 3 months ago #61227 by Laura Renaldo
2 years 3 months ago #61227 by Laura Renaldo
Topic Author
Lori Lindley
2 years 3 months ago #61228 by Lori Lindley
YouTube totallytoni.com she did 2022 trends great info on rent increases . Insurance, property taxes all time high , supply cost and salaries higher too . It’s a simple way to explain
2 years 3 months ago #61228 by Lori Lindley
Topic Author
Brad Wuerer
2 years 3 months ago #61229 by Brad Wuerer
Wow 50% is quite high
2 years 3 months ago #61229 by Brad Wuerer
Topic Author
Sarah Eckman
2 years 3 months ago #61230 by Sarah Eckman
It’s normal. Especially if they were paying well below market rate to start with.
2 years 3 months ago #61230 by Sarah Eckman
Topic Author
Mathew Merrill
2 years 3 months ago #61231 by Mathew Merrill
Common this year; the only justification is the demand propped up by the federal funds paying all the rent and the stimulus induced mobility.
2 years 3 months ago #61231 by Mathew Merrill
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2 years 3 months ago #61232 by Rochelle Kirk
Mathew Merrill or the highest property taxes and insurance seen in a very long time. Not to mention rising costs of materials, suppliers, etc.
2 years 3 months ago #61232 by Rochelle Kirk
Topic Author
Carol Ann Cordell
2 years 3 months ago #61233 by Carol Ann Cordell
Do you work at the same place you live? Or with the same company? Our employees only get a max of an 8% increase, even though we are generally sending out anywhere from 20-60% increases to residents
2 years 3 months ago #61233 by Carol Ann Cordell
Topic Author
Brandon Payton
2 years 3 months ago #61234 by Brandon Payton
Carol Ann Cordell do your employees also get an 8% salary bump to contend with the increase?
2 years 3 months ago #61234 by Brandon Payton
Topic Author
Carol Ann Cordell
2 years 3 months ago #61235 by Carol Ann Cordell
Brandon Payton they all don’t, but it’s not a set amount so it’s possible they could get 8%.
2 years 3 months ago #61235 by Carol Ann Cordell
Topic Author
Brandon Payton
2 years 3 months ago #61236 by Brandon Payton
Carol Ann Cordell thanks, was just curious.
2 years 3 months ago #61236 by Brandon Payton
Topic Author
Debbie Malloy DiBernardo
2 years 3 months ago #61237 by Debbie Malloy DiBernardo
Im in the industry working for an apartment association that represents landlords.. with that said, i am also a renter. I feel that landlords should increase rent, but also be cognitive of their tenant as not all tenants are equal. If you have a great tenant that pays their rent on time ( or early-like i do) and treats your property really well- do you really want to take a chance on losing that tenant for someone that may end up trashing your place to only cost you more than the 10% increase?? When I say “ trash” I mean getting a tenant that may have to illegally sublet people to help them pay the rent, which means more wear & tear on your unit. If you already have a great tenant,,, do what you need to KEEP them-if that means only increasing rent 5% or golly, not at all... It might be the smarter move.
2 years 3 months ago #61237 by Debbie Malloy DiBernardo
Topic Author
Debbie Halverson
2 years 3 months ago #61238 by Debbie Halverson
Debbie Malloy DiBernardo when I rented, that is exactly what I did, treat it as it were your own, make improvements. I was rewarded with no rent increases for 6 years.
2 years 3 months ago #61238 by Debbie Halverson
Topic Author
Debbie Malloy DiBernardo
2 years 3 months ago #61239 by Debbie Malloy DiBernardo
Debbie Halverson same. My place in RSM they only charged me $50 increase 2 of the 6 years I was there, no rent increase the other years.
2 years 3 months ago #61239 by Debbie Malloy DiBernardo
Topic Author
Debbie Halverson
2 years 3 months ago #61240 by Debbie Halverson
That's the way it should be, good paying and respectable tenant should be rewarded. That's what we did with our tenants when we rented out our house, no increase in rent if they paid on time and kept the place up, that's all you can hope for!!! The house up the street from us here in LN, the guy increased his rent from $2,500 month (10 year tenants) to $5,400 because that is what his RE agent told him he could get. I advised him to rent lower amount to get a long-term renter. He didn't heed my advice and went for the higher rent and the tenants stayed less than one year. So he's left turning the house again. As a renter, we know...
2 years 3 months ago #61240 by Debbie Halverson
Topic Author
Lap Luu
2 years 3 months ago #61241 by Lap Luu
You need to @them on social media.
2 years 3 months ago #61241 by Lap Luu
Topic Author
Jordan Else
2 years 3 months ago #61242 by Jordan Else
Not normal. Not okay. No one working in the industry should normalize this. I’m sorry you’re going through that.
2 years 3 months ago #61242 by Jordan Else
Topic Author
Deborah Kay Volker
2 years 3 months ago #61243 by Deborah Kay Volker
Thanks for a little insight, I just don't find it justified... it's not like I live in an elite area either it's a very run down 1960's townhouse in a low income/rougher part of town. I do my own maintenance, lawn care, and snow removal. The only amenity is a pool that has been broke for 4 years. It would be different if I felt that extra $500 a month was being seen in improvements to the community. When asked no improvements are planned. It's just infuriating. The last four years it was only a $30-$60 increase.
2 years 3 months ago #61243 by Deborah Kay Volker