Question for those that are living in large managed apartment complexes

[Svnla]

First of all, I am talking about big managed complexes with staffs, managers, etc., not a small place with owner.

Do you get break from the rent if you live in the complex for a while (at least 2 years or more)? I get a small increase every time I renew (6 months and 1 year lease - no other term avaiable).

I asked my apartment manager this morning and she said no break for anyone, even with long term residents, but since I live there for a couple years already, she could upgrade the amnecities/goodies in my current place.

Edit: When I said "break on rent", I mean the increase should go slower for me than the newer folks...ie..the increase should be on every other lease renewal, not everytime. Not about paying less on current lease.

 

[nageov3t]

I've never heard of such a thing, although the increases seem normal as property taxes go up (of course, don't expect a commensurate decrease should taxes go down).

that's one thing I like about living in a small place with the owner... I get a break on the rent in exchange for helping out with yard work, snow removal, etc.

 

[rcpratt]

I've never gotten a "break." My current place is relatively with it though...well taken care of, nice pool, they've upgraded my carpet and washer/dryer without asking, maintenance is prompt. They are more flexible with lease terms (anything you want, really), although you'll pay for it.

Glad to be out of the renting situation soon.

 

[Dr. Detroit]

State of the market - rents go up with demand and demand for apartments is higher than in previous years.

If you want to know what current rent is for new tenants - call the leasing office and inquire what a unit similar to yours go for. If its lower, then haggle or put in your 30-day notice.

 

[dave_the_nerd]

Yeah, I've never had rent go down. Just up, or, if I was lucky, stay the same.

(Back when the housing bubble went and everybody was getting foreclosed on, my rent did NOT go up, the management company didn't take unfair advantage of the uptick in demand, and I commend them for that.)

 

[Wreckem]

Rent only goes down because of clerical errors. The SOP is to adjust rents upwards slightly or leave them unchanged.

 

[ElFenix]

i've never seen rents go down in a big place. within the next 6 months to a year there's several high end apartment projects that are going to finish in a very small area around here, so *maybe* rents will go down for some of the other places. but i doubt it.


rents are seasonal, summer months are higher demand so the initial lease is at a higher rate than in winter months, apparently.

 

[nageov3t]

i've never seen rents go down in a big place. within the next 6 months to a year there's several high end apartment projects that are going to finish in a very small area around here, so *maybe* rents will go down for some of the other places. but i doubt it.


rents are seasonal, summer months are higher demand so the initial lease is at a higher rate than in winter months, apparently.

that would make sense.

in my old place, my neighbor and I (we moved in at the same time) discovered that other tenants were paying substantially less than us for bigger apartments... he asked for a break on the rent and was basically laughed off (both of us moved out a few months later, and the apartments sat open for like a year, so fuck them! )

 

[BurnItDwn]

It's possible if you sign a longer lease then it will be longer between rent increases ... they will likely still increase the same amount over time ... however ... you may be able to delay them a little bit .... most landlords like tenants who stay at one place for a long time and who sign a long lease ....

 

[TheKub]

Rising rent is normal, though its new residents that tend to get special offers (free months rent, free "upgrade").

 

[Ichinisan]

When the time for lease renewal came, my complex offered a small discount for choosing a longer renewal term. To renew for only 6 months or 1 year would have been an increased charge, if I recall correctly.

 

[Aikouka]

My rent has only ever gone up. Although, I received a pretty hefty discount when I signed my first lease of about $180 off per month. They've been chipping off $10 each time I renew my lease.

 

[Glitchny]

Yea I've been places before where there is a small discount, usually the first month or 2 is cheaper, if I sign a longer lease.

 

[Svnla]

Thanks to all the replied.

 

[gorcorps]

Nope. Most places don't have trouble keeping units filled, so if you don't want to pay that they don't really care and will find somebody who will rather easily.

 

[Skeeedunt]

What they said. I'll add that might apartment complex has changed hands 4-5 times in the 7 or so years that I've lived here - I'm not sure if any good will, however minor, rolls over to the next crew.

 

[the DRIZZLE]

Realistically, they have very little incentive to give you a break. Most people aren't going to move or not move because of $50/month.

 

[bvalpati]

Why are you spending so much time worrying about $50 or $100 or $150 a year or w/e the trivial amount you're stressing over. In 5 years you're going to be so much more upset that you wasted 15-25K per year renting that this post will seem silly to you.

 

[nageov3t]

Why are you spending so much time worrying about $50 or $100 or $150 a year or w/e the trivial amount you're stressing over. In 5 years you're going to be so much more upset that you wasted 15-25K per year renting that this post will seem silly to you.

it's not really "wasted" if rents are cheaper than mortgages/property taxes and you can invest the difference.

 

[bvalpati]

it's not really "wasted" if rents are cheaper than mortgages/property taxes and you can invest the difference.

True, if you can find investments that pay high enough interest to offset the additional costs you incur as a homeowner, and have enough capital to make it work, it's possible that renting could be less expensive than buying a home. However, in my experience those types of investments are only available if you have a lot more money to invest than someone considering renting.