Has anyone recently renewed a lease on their apartment or remember how much the price went up for a lease renewal? Our current lease expires soon and our rate is going up $45 from $745 (6% increase). I think that is reasonable but I am just wondering what others experiences have been. Also, I imagine where you live and when you renew make a big difference.

7/28/2006 11:32:28 AM

That sounds about right. The biggest factor for property owners is property tax and the state of the housing market. If they are having trouble renting units, they are going to be less inclined to raise rent lest they lose more tenents.

7/28/2006 11:40:23 AM

they tried to up our rent by like 20 bucks

i said we would resign but we wont be paying anymore in rent

they agreed.

7/28/2006 11:42:29 AM

Happens all the time. The average place will agree to resign you at the old price if you are known for paying your bills on time. The last place wouldn't, so I left.

7/28/2006 11:45:37 AM

Find out what kind of deals, if any, they are giving out as incentives to get new people to rent there. You can use that as a bargaining chip. Got one free month that way. In my case the free month averaged out over a year was just about the same amount they were going up on me. Net gain... nothing.

7/28/2006 11:46:24 AM

Mine wanted to up ours from 639 to 715, but I negotiated them down to 696.

7/28/2006 2:01:33 PM

Common. Mine was only $10

7/28/2006 2:02:42 PM

Mine dropped 20 dollars because I always paid the rent the first day of the month.

Plus they gave me a 200 discount on the first month's rent of the renewal and I now have cable free for 3 months

I think they hooked me up with the extra stuff because I am a teacher

7/28/2006 2:06:08 PM

I hear some places offer a prepayment discount too.

7/28/2006 2:10:36 PM

^^^^Well, considering that that much of an increase is illegal, of course they just told you that as a bargaining number. Rent may only change by 10% from one year to the next.

Most places, if they have decent management (Not Preiss company) will work with you to keep you there. You could probably get them to accept a much smaller increase, like 20-25, instead of 45.

It cost a landlord much more to rent out to a new tenent than it does to keep the previous tenent at 5-10% lower rent.

My landlord wanted me to sign a new lease at the same rate & I told her I would stay in the apartment at that rate only on a month-by-month basis. She then agreed to drop the new lease requirement altogether.

[Edited on July 28, 2006 at 2:13 PM. Reason : ]

7/28/2006 2:13:16 PM

Just got my notice a few days ago. Rent will go from 679 to 733. Which I think sucks, but it is still lower than what they are offering new tennants. I orginally moved in 2 years ago at 659 right before the last management left so I guess they were giving out really good deals. At least compared to what our apartments arer going for now ($759) plus we got a free washer and dryer.

Speaking of lease renewal, does anyone know of any really good deals for 3 bdrm apartments that aren't student apartments pref in Cary? Hoping to stay under 800 but could go to 850.

[Edited on July 28, 2006 at 2:43 PM. Reason : 3 bdrm]

7/28/2006 2:40:51 PM

Quote :

"Rent may only change by 10% from one year to the next. "

Link?

7/28/2006 2:43:59 PM

If more than a 10% increase is indeed illegal, I know how my apartment complex and perhaps others get around it.

At my apartment complex, each apartment has a base rent. When I signed my lease, I signed all of these papers lining out the base rent of the apartment, which is $200-$300 more than what I am paying right now. The papers line out that I am getting a discounted rate or "concession" on the rent because it is a new apartment community and still in the midst of some construction. I was encouraged to sign for a longer lease period because the rate would go up when I resigned.

My apartment is in Cary and it is a 2 bedroom for $1095, so you might not want to look at The Park or the Lodge at Crossroads.

[Edited on July 28, 2006 at 5:13 PM. Reason : more]

7/28/2006 5:11:42 PM

Yeah, my lease is about to go up from $660 to $693. Debating on if I want to move out. Any good places in Cary for around $700?

7/28/2006 6:14:20 PM

my first apartment on crest rd. did that but we were not planning to resign anyway so it was all good(about 20 per month apiece)

college inn did that but we were not going to resign so it was all good(about an extra 17 dollars per month per person)

if my current apartment were to raise the price i would definitely not resign because its not that great of an apartment anyway(current rent 570/month- 2 bedroom)

i'm trying to get some place off crest now, and if the rent is higher than what the guy that lives there told me it was, i'm gonna say well i know this one guy that lives here for this price and if i cant get this price i'll take my business elsewhere(520/month - 2 bedroom)

[Edited on July 28, 2006 at 6:18 PM. Reason : .]

7/28/2006 6:17:31 PM

I live in woodbridge off of maynard which isn't too bad.

7/28/2006 6:24:51 PM

Quote :

"Well, considering that that much of an increase is illegal, of course they just told you that as a bargaining number. Rent may only change by 10% from one year to the next."

I am calling BS on this, there is absolutely no law that says anything of the sort in the state of NC. As a matter of fact at the end of your lease your landlord can boot you if they so choose and you dont have any recourse.

7/28/2006 9:57:16 PM