Have you received a rental increase notice that was in your mailbox or slipped underneath your door? If you have, your not the only person this has happened to. Although you might be a little surprised by the price increase, rent increases are just part of the apartment business.
There are several reasons why your rent may have been raised. Read on to figure out why you may be getting a rent increase. Remember there is something you can do about it.
Your Apartment Special Has Ended
Chances are when you first signed your apartment lease, the apartment complex gave you a great discount of the normal rent amount. Apartments realize they in order to attract a plethora of renters they have to entice them with some sort of special. This promotional deal can come in many forms. Some apartment communities may offer you two months of unpaid rent. Others may simply give you a discounted amount for the length of your lease term. And as you know, once special rates expire, the community will want to raise your amount to the market. Most long term leases will have a 12 or 13 month term.
Its always a good idea to ask the leasing agent or apartment manager about any rental increases. Especially if you plan on staying for more than a year. But remember, you can always start shopping the rental market 60 days or so before your lease expires. Let your apartment community know you will move out if you don’t get an extra incentive.
The Cost of Living has Gone Up
Inflation and cost increases are part of live. So in order for the apartment community to stay competitive and due to inflation, the community may see price increases as a necessary evil. And its also a way for the apartment community to generate more income for their business.
And if neighborhood values improve over the years, the cost to live in the neighborhood will also increase.
Upgrades to the Property
Many apartment communities will upgrade their units as they age. Some will add granite counters to their kitchens and bathrooms. Other examples may be the construction of a new swimming pool or the addition of a state of the art fitness center.
Sometimes apartment units around the property will need additional repairs. Rent increases may be justified in order to make ends meet. Usually the rent increases will offset the repairs.
Remember rent increases are normal. But they can be negotiated.
Andrew Reichek - Andrew Reichek is a Texas Real Estate Broker. His company assists apartment renters find the type of apartment housing they are searching ...
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