Rent Renewal Rates

adava1126

Hi ladies!

It's that exciting time of the year where I get to renew my lease. The renewal rate went up by 7.5 percent. Is this normal? If you don't mind sharing, what percentage did you renewal rates go up by? I am meeting with the property tomorrow, so I just want to have my story straight. It looks like the average increase in the DC area over the past year was 2 percent...?

 Thanks in advance! Have a fabulous weekend!

maryandkirk0909

Ours was just under 3%

ETA: I'm in Old Town. 

rnin02

The first offer they gave us was around 5% and I was able to get them down to about 3%. What worked for us is that there are a number of vacant apartments in our complex (and some have been vacant for months, not just the normal turn around time) and I pointed out my COL increase at work wasn't 5%, shoot, its not even 3% this year, but I was happy to talk them down any amount. A coworker of mine who lives nearby but in a different complex had around a 7% increase (could be less, but I don't think so) and she was not able to negotiate. Good luck! This is all in Ashburn by the way.

megstoo

We just bought a house but last year when we rented our renewal went up less than 1%... It went from 1650 to 1700 and that was from a private landlord (Kingstowne).

When we rented an apartment in Pentagon City our rent went up 7% - needless to say we didn't renew. 

lynnyloo

Our rent renewal rate at Grosvenor (MD) went up 12.5%.  I was able to talk them down to about 7%, but ended up moving anyway.