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A ? for those who rent/have rented.
So, I get a phone call from my landlord (who lives in Florida, but kids live downstairs from me...totally irrelevant lol) saying he wanted to raise the rent $25 a month (we currently pay $1500). I was kind of taken back by this. We're excellent tenants (we're clean, pay rent on time every month etc.) and heard that the tenants before us were a nightmare...so, why would you possibly jeopardize a good thing by raising your excellent tenants rent after 1 year? Also, we go in half with the guy downstairs direct tv...to save him money (and of course ourselves too lol), but still! Anyway, my first reaction was "ooh, let me talk to my husband", but then I realized when we agreed to take this apartment a year ago, his daughter (who lives next door to the guy downstairs) said they wouldn't raise our rent for 2 years, so I told him this and his response was "ooh ok, if my daughter said that, then no problem". I'm not complaining about the landlord and his kids, because they are all very nice, but why would you want to potentially ruin a good thing? We could leave and then they could possibly get more nightmarish tenants. I would think when you have such good tenant, like ourselves, that you wouldn't want to burn your bridges...but, what do I know.
Anyway, my real question is: Are LL's allowed to raise your rent to whatever they want to, whenever they want to? DH's cousin says no (they rent out an apartment) and say you are only allowed to raise them a certain percentage, but my sis who also rents out apartments, says yes...they can raise it to whatever and whenever they want. Any ideas?
Re: A ? for those who rent/have rented.
If your apt is not rent stabilized/rent controlled, they can raise the rent any amount they want. If it is, there is a certain percentage increase allowed per year (I forget what it is, maybe like 3-4%).
But, I'm not sure why you are so surprised at the increase. Just b/c you're good tenants doesn't mean a landlord won't increase your rent. For the 6+ years I was in the city, my rent increased each and every year (on a one-year lease) and I was always an excellent tenant.
ETA: if you have a lease, they can't increase your rent WHENEVER they want, but can increase it when the lease is up, at which point you have the option to renew at the higher rent, or not renew.
idk...I think I am just being sensitive and taking it personal, when I know I shouldn't. lol Thanks for the info tho'...
If you are not in a rent controlled apartment, they can raise it whenever they want.
UNLESS it is stated in your lease exactly when they will raise it and the amount your rent will be raised, you pretty much dont know when its going to happen.
I wouldnt think any landlord would care whether the tenant was a good one or not, its a matter of money. And, in my opinion - its only $25, so not enough to really be upset about.
I had a landlord that called me once and said she was raising the rent $250.00 as of the first of the next month..which was like a week away. Take that for a surprise. LOLOL
It's definitely not personal, his costs might be increasing so he's trying to pass it along.
I'm sure his costs are increasing...his SIL made a comment a few months back about the water bill being high, so I'm sure that has something to do with it. We'll see what comes next year...if we're still here. =/
Seriously? Thanks for the notice!! LOL
Well, even if it was rent-controlled, a $25 increase per month is a tiny percentage (<2%) so that would be well within their right. Don't take it personally.
We were in rent-controlled apt before and also got preferential rent. Our LL only gave us a modest increase twice in the eight years we were there. We were very fortunate but I also know that we were good tenants (paid rent on time, quiet, clean, courteous, ...).
It seems like this guy is kind of an amateur at being a LL. I mean, it seems strange that you would have to remind him about the arrangements of your lease. And, yes, if you are good tenants he should be respectful of you as tenants.
I also am not sure that you should be doing them any favors. Why do you care about the guy downstairs saving money?
I lived in a rent-stabilized apt. I started with a preferential rent. The real rent they were allowed to charge was $300 more a month. Every year, my rent went up 3% and I'd have to negotiate a new preferential rent. It went up $25-30 a month every year. It's just business; nothing personal at all. But you really are at landlord's mercy. They could raise it to what ever they want at the end of your lease.
Ditto to what everyone said above. If you enter a lease on or after October 1, 2011 and have a rent stabilized lease your landlord is entitled, and in almost all cases will, raise your rent on a one year lease by 3.75% and 7.25% for a 2 year lease... I think they can raise it basically raise it to up to 20% if it is not rent stabilized because I believe there are no rent guidelines. I am assuming from your post that you are in a rent controlled or rent stabilized apt if you l/l is only raising it $25 per month.
Don't take it personally, its just business to them. I for one am so happy to have a rent stabilized apt on the UES that I may never leave lol! Good luck!
I don't think they are amateurs (not sure how many tenants before us), but I believe they have owned the house for about 10 years...I think. So, I'm sure he's had plenty of tenants in the past...plus, he has 2 other renters in the building. I would just assume if you are happy with you tenants, you'd want them to stay and not try and stir the pot...ykwim? I know they are entitled to raise it when and how much, but if you don't want to force out good tenants (not that we'd leave for $25), then I'd think you wouldn't want to give anyone a reason to leave...especially because of the nightmare they just had...but, what do i know?
As for the guy downstairs, we're not really just doing him a favor...we're benefiting too. We only pay $50 a month for cable with HBO, so I don't think that's too terrible. How we are giving him a break is by going in on his bill and paying half, so he is only paying like $70 a month (because he has more boxes).
ETA: ooh, also, we don't have a lease...it was by mouth that his daughter said they wouldn't raise the rent for 2 years.