Opinions on a rent increase

[AStar617]

Consider the following cliffs:

- 1BR condo in MetroWest Boston area, freshly updated (new paint/switches/outlets, dishwasher, in-sink disposal), with pool on the grounds
- engaged (now married) couple as tenants for 1 year, now up for renewal
- rent was $875 incl heat/hot water (slightly below avg), and landlord only required 1st/last (no security) for move-in
- tenants take care of the place like its their own, assisting with minor "touch-up" repair (caulking etc)
- landlord replaced forced-air furnace and central air compressor during past year
- both tenants obtained higher paying jobs during past year
- landlord prefers small scheduled raises to long stretches without them, then big jumps
- tenants are never late with rent

Considering all of the above, do you feel a $50 bump in rent to $925 as a market rate adjustment is reasonable or unreasonable?

EDIT: The results are clear. Thanks for all the responses. I mixed up the facts in random order to mask my own perspective in the question. I am actually the landlord, not the tenant. The condo is in Shrewsbury, MA.

There have been some great comments and I'll address them in order.

 

[Juno]

market values are increasing.

 

[Felisity]

Considering your location .. yes very reasonable.

I use to live in an apartment in the north Fall River area (near assonett line.. nice part of the city) and we paid 1k a month for a 2 bedroom that included hot water/heat/ac. You describe West Boston metro, that's a really reasonable price even after the jump for that type of living space.

On a side note, contact ACORN and/or see a mortgage lender for BoA or equivalent bank... you would likely qualify for 0 down, no PMI, quarter point lower than the current going rate, 30 yr fixed mortgage if you haven't owned before. Stop throwing your money away pronto!

------------ACORN is......

National non-profit ACORN Housing has been providing free housing counseling to low and moderate income homebuyers since 1987. We have opened HUD-certified, Fannie Mae-approved housing counseling offices across the US, helping over 50,000 families to achieve homeownership.

ACORN Housing provides one-on-one mortgage loan counseling, first-time homebuyer classes, and helps clients obtain affordable mortgages through our unique lending partnerships.

We look at your savings and credit history to see if you qualify for a mortgage. We can help you with credit problems and to create a downpayment savings plan.

When you qualify, we can help arrange a mortgage with lower interest rates, lower down payments and lower settlement costs than what banks usually offer.

 

[amdhunter]

$925 for a place with a dishwasher and a pool?

I live in the f-in ghetto in the Bronx, in a roach-infested shithole where the boiler and elevator break every day, my car gets broken into at least once a year and the neighborhood kids pee and graffiti everything up and pay more...

I'd gladly pay 500 dollars more to live in a nice place like they have.

 

[tw1164]

did local taxes increase?

 

[AgaBoogaBoo]

It's perfectly fine, IMO.

Also, I don't think that things like the couple getting married, tenants getting higher paying jobs, etc. should be factored in at all - it's simply based on supply vs demand, what will the market pay for this apartment?

 

[nageov3t]

in Boston? anything over free is paying to much to live in that hole

 

[waggy]

Originally posted by: Kaelyn
Considering your location .. yes very reasonable.

I use to live in an apartment in the north Fall River area (near assonett line.. nice part of the city) and we paid 1k a month for a 2 bedroom that included hot water/heat/ac. You describe West Boston metro, that's a really reasonable price even after the jump for that type of living space.

On a side note, contact ACORNhousing.org and see a mortgage lender for BoA or equivalent bank... you would likely qualify for 0 down, no PMI, quarter point lower than the current going rate, 30 yr fixed mortgage if you haven't owned before. Stop throwing your money away pronto!

renting is not always throwing away money. if he has no plans on staying in the area for a long time why buy? also his payment is going to be mroe then $925 a month.


Anyway OP. that is fair. unless its a rent controlled area they are free to raise rent whenver.

 

[Capt Caveman]

Heat and hot water included seems to make it still a good deal.

 

[Felisity]

Originally posted by: waggy

Originally posted by: Kaelyn
Considering your location .. yes very reasonable.

I use to live in an apartment in the north Fall River area (near assonett line.. nice part of the city) and we paid 1k a month for a 2 bedroom that included hot water/heat/ac. You describe West Boston metro, that's a really reasonable price even after the jump for that type of living space.

On a side note, contact ACORNhousing.org and see a mortgage lender for BoA or equivalent bank... you would likely qualify for 0 down, no PMI, quarter point lower than the current going rate, 30 yr fixed mortgage if you haven't owned before. Stop throwing your money away pronto!

renting is not always throwing away money. if he has no plans on staying in the area for a long time why buy? also his payment is going to be mroe then $925 a month.


Anyway OP. that is fair. unless its a rent controlled area they are free to raise rent whenver.

True.. but even if they are in the area for a few years, it's worth it IMO to purchase versus rent. Why not get the tax savings and build equity toward your future? This part of the country is not home for me and I won't live here more than a few more years (if I can even stand it that long), but I still found that purchasing a home and paying a little more per month will give me alot more return on my money than just throwing it toward rent each month.

 

[waggy]

Originally posted by: Capt Caveman
Heat and hot water included seems to make it still a good deal.

oh skimed over that.

hell yeah. with heat and hot water it is a really good deal.

 

[homercles337]

How far "WestMetro" are you? I live in Central Square and my landlord is messing with me too. My year long lease renewed in April, but i got a letter about 1.5 months ago indicating that he was raising my rent by 10% ($1000 -> $1100). I got a lawyer and im not paying it. I ask how far west because if youre no where near a T $50 is not reasonable. As far as my lease is concerned my rent can only go up based on property taxes (and when the lease renews). Youre rent just went up by 5.7 percent. Not reasonable. I have lived all other the states and i have never had rent go up by more than 1 to 2 percent. Were both getting screwed because of all the foreclosures. :|

 

[IceBergSLiM]

for boston. yeah. hell yeah. your lucky to be only paying that.

 

[waggy]

Originally posted by: homercles337
How far "WestMetro" are you? I live in Central Square and my landlord is messing with me too. My year long lease renewed in April, but i got a letter about 1.5 months ago indicating that he was raising my rent by 10% ($1000 -> $1100). I got a lawyer and im not paying it. I ask how far west because if youre no where near a T $50 is not reasonable. As far as my lease is concerned my rent can only go up based on property taxes (and when the lease renews). Youre rent just went up by 5.7 percent. Not reasonable. I have lived all other the states and i have never had rent go up by more than 1 to 2 percent. Were both getting screwed because of all the foreclosures. :|

hmm.


is there a law limiting how much they can raise rent?

 

[Garet Jax]

Originally posted by: AStar617
Consider the following cliffs:

- 1BR condo in MetroWest Boston area, freshly updated (new paint/switches/outlets, dishwasher, in-sink disposal), with pool on the grounds
- engaged (now married) couple as tenants for 1 year, now up for renewal
- rent was $875 incl heat/hot water (slightly below avg), and landlord only required 1st/last (no security) for move-in
- tenants take care of the place like its their own, assisting with minor "touch-up" repair (caulking etc)
- landlord replaced forced-air furnace and central air compressor during past year
- both tenants obtained higher paying jobs during past year
- landlord prefers small scheduled raises to long stretches without them, then big jumps
- tenants are never late with rent

Considering all of the above, do you feel a $50 bump in rent to $925 as a market rate adjustment is reasonable or unreasonable?

What does it matter what we think - we aren't the landlords. If you think you can do better, than pack up everything, move and unpack everything.

 

[Capt Caveman]

Originally posted by: homercles337
How far "WestMetro" are you? I live in Central Square and my landlord is messing with me too. My year long lease renewed in April, but i got a letter about 1.5 months ago indicating that he was raising my rent by 10% ($1000 -> $1100). I got a lawyer and im not paying it. I ask how far west because if youre no where near a T $50 is not reasonable. As far as my lease is concerned my rent can only go up based on property taxes (and when the lease renews). Youre rent just went up by 5.7 percent. Not reasonable. I have lived all other the states and i have never had rent go up by more than 1 to 2 percent. Were both getting screwed because of all the foreclosures. :|

You must be living in a rent control'd apartment.

 

[FoBoT]

in a free market , the landlord should charge as much as he can get

 

[waggy]

Originally posted by: Capt Caveman

Originally posted by: homercles337
How far "WestMetro" are you? I live in Central Square and my landlord is messing with me too. My year long lease renewed in April, but i got a letter about 1.5 months ago indicating that he was raising my rent by 10% ($1000 -> $1100). I got a lawyer and im not paying it. I ask how far west because if youre no where near a T $50 is not reasonable. As far as my lease is concerned my rent can only go up based on property taxes (and when the lease renews). Youre rent just went up by 5.7 percent. Not reasonable. I have lived all other the states and i have never had rent go up by more than 1 to 2 percent. Were both getting screwed because of all the foreclosures. :|

You must be living in a rent control'd apartment.

i hate rent control laws. i can see in some areas. but hell a 10% rate is not bad.

only being able to go up based on property taxes is insane. just does not seem right.

 

[Gibson486]

reasonable....unreasonable would be the max increase.

BTW, where is this? $925 a month for that seems like a steal....I live in Boston and I pay 1575 and i do not get a dishwasher or pool and I heat is only covered up to a certain amount.....I your apt is not in boston, but you cannot even get a price like that in Lowell.

 

[Gibson486]

Originally posted by: waggy

Originally posted by: homercles337
How far "WestMetro" are you? I live in Central Square and my landlord is messing with me too. My year long lease renewed in April, but i got a letter about 1.5 months ago indicating that he was raising my rent by 10% ($1000 -> $1100). I got a lawyer and im not paying it. I ask how far west because if youre no where near a T $50 is not reasonable. As far as my lease is concerned my rent can only go up based on property taxes (and when the lease renews). Youre rent just went up by 5.7 percent. Not reasonable. I have lived all other the states and i have never had rent go up by more than 1 to 2 percent. Were both getting screwed because of all the foreclosures. :|

hmm.


is there a law limiting how much they can raise rent?

I think it's something like 15% per year.

 

[homercles337]

Originally posted by: waggy

Originally posted by: Capt Caveman

Originally posted by: homercles337
How far "WestMetro" are you? I live in Central Square and my landlord is messing with me too. My year long lease renewed in April, but i got a letter about 1.5 months ago indicating that he was raising my rent by 10% ($1000 -> $1100). I got a lawyer and im not paying it. I ask how far west because if youre no where near a T $50 is not reasonable. As far as my lease is concerned my rent can only go up based on property taxes (and when the lease renews). Youre rent just went up by 5.7 percent. Not reasonable. I have lived all other the states and i have never had rent go up by more than 1 to 2 percent. Were both getting screwed because of all the foreclosures. :|

You must be living in a rent control'd apartment.

i hate rent control laws. i can see in some areas. but hell a 10% rate is not bad.

only being able to go up based on property taxes is insane. just does not seem right.

What doesnt seem right about that? There has to be some laws protecting the tenant. Or slumlords can raise your rent as much as they want--thus making the apartment now outside someones budget. There is also the incentive of getting good tenants. Landlords do this by not shiting on their tenants. It sounds like the OP is in suburbs. VERY different than living in the metro area (yes, i know he claims to be "metrowest"). You guys have a distorted idea what suburban living in the boston area is like. Trust me i have spent the last couple days on craigslist because of my issue. In case you didnt read carefull enough, my landlord is trying to raise my rent by 10% in the middle of my lease. And, yes, if i stay he will likely raise it again when it renews. I can find something nicer for what my rent will be in April (probably $1200).

 

[homercles337]

Originally posted by: Gibson486

Originally posted by: waggy

Originally posted by: homercles337
How far "WestMetro" are you? I live in Central Square and my landlord is messing with me too. My year long lease renewed in April, but i got a letter about 1.5 months ago indicating that he was raising my rent by 10% ($1000 -> $1100). I got a lawyer and im not paying it. I ask how far west because if youre no where near a T $50 is not reasonable. As far as my lease is concerned my rent can only go up based on property taxes (and when the lease renews). Youre rent just went up by 5.7 percent. Not reasonable. I have lived all other the states and i have never had rent go up by more than 1 to 2 percent. Were both getting screwed because of all the foreclosures. :|

hmm.


is there a law limiting how much they can raise rent?

I think it's something like 15% per year.

Nonsense. My lease explicitly states that rent can be increased when property taxes are increased. I dont know of any city that increases taxes 15% or any job that gives 15% yearly increases in pay. Meh, whatever. Before coming to boston i lived in philly, austin, and berkeley. Everyone of those leases increased about 1-2 percent upon renewal.

 

[waggy]

Originally posted by: homercles337

Originally posted by: waggy

Originally posted by: Capt Caveman

Originally posted by: homercles337
How far "WestMetro" are you? I live in Central Square and my landlord is messing with me too. My year long lease renewed in April, but i got a letter about 1.5 months ago indicating that he was raising my rent by 10% ($1000 -> $1100). I got a lawyer and im not paying it. I ask how far west because if youre no where near a T $50 is not reasonable. As far as my lease is concerned my rent can only go up based on property taxes (and when the lease renews). Youre rent just went up by 5.7 percent. Not reasonable. I have lived all other the states and i have never had rent go up by more than 1 to 2 percent. Were both getting screwed because of all the foreclosures. :|

You must be living in a rent control'd apartment.

i hate rent control laws. i can see in some areas. but hell a 10% rate is not bad.

only being able to go up based on property taxes is insane. just does not seem right.

What doesnt seem right about that? There has to be some laws protecting the tenant. Or slumlords can raise your rent as much as they want--thus making the apartment now outside someones budget. There is also the incentive of getting good tenants. Landlords do this by not shiting on their tenants. It sounds like the OP is in suburbs. VERY different than living in the metro area (yes, i know he claims to be "metrowest"). You guys have a distorted idea what suburban living in the boston area is like. Trust me i have spent the last couple days on craigslist because of my issue. In case you didnt read carefull enough, my landlord is trying to raise my rent by 10% in the middle of my lease. And, yes, if i stay he will likely raise it again when it renews. I can find something nicer for what my rent will be in April (probably $1200).

i can u nderstand being pissed abotu him raising it in the middle of teh lease. he can't do that.

BUT after the lease is over yes he should be able to raise it. if you do not like it move. shrug.


if he prices it to high he won't rent it.

 

[Gibson486]

Originally posted by: homercles337

Originally posted by: Gibson486

Originally posted by: waggy

Originally posted by: homercles337
How far "WestMetro" are you? I live in Central Square and my landlord is messing with me too. My year long lease renewed in April, but i got a letter about 1.5 months ago indicating that he was raising my rent by 10% ($1000 -> $1100). I got a lawyer and im not paying it. I ask how far west because if youre no where near a T $50 is not reasonable. As far as my lease is concerned my rent can only go up based on property taxes (and when the lease renews). Youre rent just went up by 5.7 percent. Not reasonable. I have lived all other the states and i have never had rent go up by more than 1 to 2 percent. Were both getting screwed because of all the foreclosures. :|

hmm.


is there a law limiting how much they can raise rent?

I think it's something like 15% per year.

Nonsense. My lease explicitly states that rent can be increased when property taxes are increased. I dont know of any city that increases taxes 15% or any job that gives 15% yearly increases in pay. Meh, whatever. Before coming to boston i lived in philly, austin, and berkeley. Everyone of those leases increased about 1-2 percent upon renewal.

That is what it says on your lease. Just beause it says that on your lease, it does not mean that is the MA law (if it was, then it would not be on your lease). 15% is the max increase in Boston if I remember correctly. Landlords rarely use the max increase because it costs them more to relist and clean teh apt if teh tenants decide to leave.

 

[Gibson486]

Originally posted by: waggy

Originally posted by: homercles337

Originally posted by: waggy

Originally posted by: Capt Caveman

Originally posted by: homercles337
How far "WestMetro" are you? I live in Central Square and my landlord is messing with me too. My year long lease renewed in April, but i got a letter about 1.5 months ago indicating that he was raising my rent by 10% ($1000 -> $1100). I got a lawyer and im not paying it. I ask how far west because if youre no where near a T $50 is not reasonable. As far as my lease is concerned my rent can only go up based on property taxes (and when the lease renews). Youre rent just went up by 5.7 percent. Not reasonable. I have lived all other the states and i have never had rent go up by more than 1 to 2 percent. Were both getting screwed because of all the foreclosures. :|

You must be living in a rent control'd apartment.

i hate rent control laws. i can see in some areas. but hell a 10% rate is not bad.

only being able to go up based on property taxes is insane. just does not seem right.

What doesnt seem right about that? There has to be some laws protecting the tenant. Or slumlords can raise your rent as much as they want--thus making the apartment now outside someones budget. There is also the incentive of getting good tenants. Landlords do this by not shiting on their tenants. It sounds like the OP is in suburbs. VERY different than living in the metro area (yes, i know he claims to be "metrowest"). You guys have a distorted idea what suburban living in the boston area is like. Trust me i have spent the last couple days on craigslist because of my issue. In case you didnt read carefull enough, my landlord is trying to raise my rent by 10% in the middle of my lease. And, yes, if i stay he will likely raise it again when it renews. I can find something nicer for what my rent will be in April (probably $1200).

i can u nderstand being pissed abotu him raising it in the middle of teh lease. he can't do that.

BUT after the lease is over yes he should be able to raise it. if you do not like it move. shrug.


if he prices it to high he won't rent it.

waggy is right....that is against the law.