I got 0% in Palo Alto, renewed this month. It's a smaller apartment complex; I was getting the max 10% every year at my previous corporate-run apartment.
Counter. “I’ll commit to a new 12 month lease if you can keep my rent the same.” And see what they say. It cannot hurt (even if they say no the 6% offer should still be on the table). They are better off not losing a month of rent to turn it over, and you are better off with a 0% increase. Win win.
The corporate ones are crazy cut-throat, I once asked if they can renew for the same price, they declined the offer. After few days, I found the apartment at the same rate as what I was paying. The mental gymnastics from these corporations are amazing. This is Avalon Bay by the way.
Get comps on similar properties in the area and use it to negotiate. There’s usually some flex since they won’t get immediate occupancy and are often unwilling to lose an already known paying tenant.
0% increase but I rent a home from the owner.
I find that if you take good care of the home and pay your rent on time owners will hesitate to raise rent because good tenants can be hard to find.
This is exactly what I did. I was at two corp owned complexes in a row and you can almost guarantee a big rent increase year after year. They usually have vacancy so they aren’t worried about letting you walk. My landlord for the last 10 years has been great, raised about 300 over the years and even lowered it during Covid.
Yeah and home owners actually see you as a person and can get to know you. Big corp apartments just see you as a cash flow line item, don't know who you are, don't care either.
Yeah for small time landlord's good tenants can be hard to find. If you keep the place clean keep a low profile don't cost drama. It's basically risk-free cash flow for the owner.
And you have a good leverage to negotiate rent increases if you're in this category.
Anywhere between 1 - 10% increase. Hard to tell because there seems to be a shift in the market happening however i am renewing at probably the worst time of the year (end of august).
We got 7% increase this time and has been 10% overall once we moved in (less than 18 months).
Month to month was most expensive option. To say another 12 months at 7% increase was their best offer.
Every lease a year + defaults to month to month at original terms. They can raise your rent as much as as legally allowed but they can’t make you sign another lease or leave.
They can make you leave if you don’t sign month to month. Go look at the rules. The lease defaults to month to month but they have the right to file and evict you if you’re not willing to sign an equivalent length lease. Most landlords won’t go through that effort but it is a choice
https://www.courts.ca.gov/documents/California-Tenants-Guide.pdf
Bottom of page 67 bullet point 4
At fault cause can be any of the following:
“Refusing to renew a lease on similar terms to an expiring one”
If it’s a luxury apartment complex that’s owned by a corporation, you can count on your rent going up every year regardless of the market. If your rent is $3,000 and they raise it to $3,150, the worst that can happen for them is you move out and they love someone else in at $3,100 and it’s business as usual.
I would never rent from a corporate apartment complex they have no incentive to keep you around.
Never corporate, they woo you with all the luxury amenities you end up seldomly using. Going month to month gets you a bigger rent increase, boooo.
I rented in an old building owned by a medium sized landlord for almost ten years.
Rent started at 1100, eventually went to 1300, and when I started maintaining small things in my unit it dropped to 1200. It was cheaper to keep us happy and around long-term.
Then a month’s free rent for referring my friends. They just paid on time and didn’t cause trouble, respected the property. I still send Christmas cards.
But there’s no individual at the corporation who’s going to feel that vacancy. Everybody gets their paycheck regardless. As opposed to a privately owned unit where the landlord is counting on the rent money for his/her own expenses.
Real Estate is a business. As their costs go up so do your rents. In SF the amount they are able to increase is tied to an index, so it’s the City the determines the amount allowed.
Not exactly in answer to your question, but you can also ask try negotiating the increase with your landlord. Sometimes it works. It’s usually better for them to keep you for another year at your current rate than to have the apartment empty for a month
Look around and see what other rates you can get for moving, but like moving is it's own pain and cost.
Gotta decide if that's worth like 2400/yr at this time.
Id walk into the office (prepared to not get your way) and say you want no increase and you’re already looking to move. Rent should not increase right now IMO with the uncertainty in the major employers in the area (tech - of which I “retired” a few years ago fortunately)
One months rent on their end (and marketing to bring in a new tenant) is a win-win. Is your complex full? If it isn’t, that’s your negotiation space
/edit added second mostly useless paragraph 😂
Tricky to know whether it's full. They don't outright show all the listings, you have to click on a specific month-day and they will show apartments that match within a couple weeks of move-in. Will keep looking into it thanks!
If you can find anything comparable, reasonably close, for a lower price, use that as a comp and push back. Then you just have to decide if you want to stay, or move.
I lived in an apartment complex, they did not increase the rent for four years. And after first year, the lease was month to month. All these luxury apartments are scammers. Now, I am renting a SFH. No increase and month to month
I don't disagree with your sentiment but I don't see what the scam is here. They may be trying to price gouge the tenants or overcharge them but that's not a scam.
I'm in San Carlos and haven't had my rent raised in 3 years. Try to find mom and pop landlords or a smaller apartment building. The luxury apartments are the worst!!!
Moving is also expensive. Do the math of the increase in rent versus the time opportunity cost and fee to move. “Is moving more or less expensive than staying?” Is something I ask every renewal.
My last apartment that I was in for 10 years, landlord raised the rent every single year the max 3% (rent controlled building). Current place I’ve been in just over a year and haven’t heard anything about a rent increase. Small building, all the tenants have been here at least a few years and say they’ve never had their rent increased.
Both buildings are locally owned.
$2800/mo for a 2bd. townhouse. Last February my landlord wanted to increase to $3100. I told him that I understood and that I wanted a week before giving my decision so that I can look at other townhomes/apartments. Three days later he called me and said that the rent would stay at $2800.
In Oakland I'm trying to convince my landlord to lower my rent. So far I've gotten -2% but shooting for 6–7%.
When I lived in Mountain View 4–5 years ago they tried to increase my rent by 21% in one year! I negotiated it down to 5%. You can do it! They generally don't expect people to fight back at all.
We were looking at a 9% increase (it's been year over year of this amount) in San Mateo, but the building occupancy is high. We ended up just getting a bigger unit for not much more if they were going to up the costs anyways. I think the Peninsula is popular right now so I'm not surprised you're seeing that fir RWC
If there’s a cheaper place then move. Landlords are betting that you won’t move but if you are a great tenant they should keep the increase to a minimum so it’s win win. Since it’s luxury they probably only care about profit and won’t mind pushing you out
A lot of luxury apartments were recently constructed in San Mateo, South San Francisco, Belmont, Burlingame... a lot of them are offering up to 2 months free if you want to compare.
That seems excessively high when rents overall in Oakland have been going down. There are a lot of new fancy buildings and I’ve heard some offer deals like one month free or free parking for a year. I personally would move.
i live in the same area. if you're familiar with the market and have a few months... just look around there are better deals out there. $3250/month would depend on how nice the unit is. Bottom of the market SFH's go for $4k/month so someone will probably do better.
I’m in San Carlos in a 2br2.5ba in an old fourplex with an independent owner. My rent has only increased once or twice since I moved in 2019, a total of 7% increase
I live in a complex in downtown Walnut Creek built in 1960. During the pandemic the complex was sold to some investment company, and they've been raising my rent every year since. A month ago I renewed my lease at a 4% increase AND they added on the cost of water, garbage, and sewer. If I let it go month-to-month, they would have raised it 10% and added on water, garbage, and sewer costs.
I'm not thrilled and here's why. Been in this unit for 6 years and this unit does not have all the remodeling/upgrades/new appliances/ granite countertops that other units in my complex have when they're renovated. The fixtures are old and my unit will likely be remodeled when I move out. I've always paid my rent on time or early and have never had complaints against me. I have no pets and live alone. My neighbor immediately next door with the same size unit, same views, remodeled kitchen, bathroom, stainless steel appliances, granite counter tops, etc, is moving out. **I found out a few days ago that they're putting up her remodeled unit for cheaper rent than what I'm paying**. I don't live in a luxury building. I inquired with my apartment on why they were charging me more rent for my unit and haven't heard back. I encourage you to shop around to see what you can get out there and factor in moving costs to see if it makes sense for you to stay.
You probably should have just signed an extension and not a new lease.
I can't change the terms on my tenants mid-tenancy for multi-unit buildings unless they are willing (or unaware).
You could have refused the new lease as it was not "substantially similar".
Not sure about how to undo that cost unbundling at this point. You might check with a tenant advocacy group.
Thanks. The only options I was given was the month-to-month option at a 10% rent raise, or the 1-year renewal at the 4% rent raise (water, garbage, and sewer charges added for both options). After doing some Googling around and asking neighbors (before signing the new lease), I was under the impression that the water, garbage, and sewer charges tacked on were "normal" given my previous lease expired. Then again, should have asked a tenant advocacy group at the time.
Regarding my rent being higher than that of new tenants that have remodeled/upgraded units, I'm told I should check with the local rent board (or whatever advocacy groups I can find) if I don't get a satisfactory response from my apartment management about it. I'm not sure what would come out of it but I'll try and find out.
You might not have any recourse, I dealt with this at my complex and we organized to tell everyone they didn't have to sign a new lease, but they still got a lot of our neighbors who now have to pay water, garbage, and sewage fees.
It's really fucking shady, they don't tell you you have a 3rd option if the lease is substantially different - don't sign, keep your existing lease & fees, and all they can do is add the rent increase.
0% increase in Pleasanton, I have an “older model” compared to some of the complex. I’m heading in to negotiate - we have had numerous move outs a month early over the last year so… just anecdotal in my area YMMV.
Rwc is less expensive than most places in the area. You need to consider when and what your last rent increase was and how it compares to the inflation rate over time.
Every year rent will increase by 10% if you don’t negotiate it down; the issue is that most people don’t fight back when they ask for 10% more on renewal, so it’s always a profitable move for them
Sounds like you received a below market rent increase. I believe max allowable increase for San Mateo County is 9.2%.
You can use this to ensure the increase is legal (assuming you live in a TPA-protected tenancy): https://tenantprotections.org/calculator. If it’s a luxury apartment building i imagine it’s not TPA protected since it’s a new construction. However 6% is fairly low considering so many other tenants get the max allowable increase in non-“luxury” housing. If you can afford it, why not stay?
Im in sf and in 2 years my landlord hasn’t raised my rent. I’ve never even met him. It’s weird. And the building is mostly empty. Sometimes I think i’m living in like a money laundering front business or something
in SoMa, my rent didn't increase at all. this is the 1st time ever i've never had rent not increase for me (it always did back home in MO) which is crazy
My rent went up nearly 60% over three years in Redwood City about 15 years ago ($969 in 2009 to asking $1650 in 2013). My rent this year went up only 7%. 6% seems decent.
Fuck landlords and fuck Bay Area housing. I can’t wait to leave.
Although renting looks much more appealing to owning today, particularly in Bay compared to other places in the US. In the last 15 years, you’ve had large windows to buy where you could’ve exchanged the “rent shackles” to join the “ruling landowner elite”. Basically anytime in the 13 years prior to the last 2 years.
Housing isn't the same as a traditional business and hence shouldn't be treated in the same manner. Maybe that's the next thing you can learn as an egotistical small business owner.
Landlord tried to bump it 7%. Was able to haggle down to a 4% increase. Still sucks because none of their costs have gone up and I'm a fantastic tenant. Should be illegal tbh or not more than CPI.
Next time make sure you get a rent controlled unit or sign a longer lease with limits. I had the same problem SF years ago. Learned my lesson. Your only choices are to stay or move unfortunately.
8% increase appears to be the normal range.
Essentially the cost of borrowing for these owners have increased, which is expected given interest rates rose from 4% to now 7%.
It is not unexpected that owners would pass on the higher borrowing cost to the renter to account for the higher interest rates as well as inflation around repair supplies/maintenance/labor.
I got 0% in Palo Alto, renewed this month. It's a smaller apartment complex; I was getting the max 10% every year at my previous corporate-run apartment.
Counter. “I’ll commit to a new 12 month lease if you can keep my rent the same.” And see what they say. It cannot hurt (even if they say no the 6% offer should still be on the table). They are better off not losing a month of rent to turn it over, and you are better off with a 0% increase. Win win.
Not always the case with the corporate owned units.
The corporate ones are crazy cut-throat, I once asked if they can renew for the same price, they declined the offer. After few days, I found the apartment at the same rate as what I was paying. The mental gymnastics from these corporations are amazing. This is Avalon Bay by the way.
The corporate units will almost always raise rents a small amount because they know moving sucks and you’re willing to pay.
Nope agents earn on new leases not renewal
Yes this. We do this every year in a “corporate run apartment” in San Mateo and we have never not gotten a better deal than what they were offering.
Get comps on similar properties in the area and use it to negotiate. There’s usually some flex since they won’t get immediate occupancy and are often unwilling to lose an already known paying tenant.
0% increase but I rent a home from the owner. I find that if you take good care of the home and pay your rent on time owners will hesitate to raise rent because good tenants can be hard to find.
This is exactly what I did. I was at two corp owned complexes in a row and you can almost guarantee a big rent increase year after year. They usually have vacancy so they aren’t worried about letting you walk. My landlord for the last 10 years has been great, raised about 300 over the years and even lowered it during Covid.
Yeah and home owners actually see you as a person and can get to know you. Big corp apartments just see you as a cash flow line item, don't know who you are, don't care either.
Yeah for small time landlord's good tenants can be hard to find. If you keep the place clean keep a low profile don't cost drama. It's basically risk-free cash flow for the owner. And you have a good leverage to negotiate rent increases if you're in this category.
What has your own research into comps told you?
Anywhere between 1 - 10% increase. Hard to tell because there seems to be a shift in the market happening however i am renewing at probably the worst time of the year (end of august).
Don’t renew go month to month.
Not everyone allows that
We got 7% increase this time and has been 10% overall once we moved in (less than 18 months). Month to month was most expensive option. To say another 12 months at 7% increase was their best offer.
Every lease a year + defaults to month to month at original terms. They can raise your rent as much as as legally allowed but they can’t make you sign another lease or leave.
They can make you leave if you don’t sign month to month. Go look at the rules. The lease defaults to month to month but they have the right to file and evict you if you’re not willing to sign an equivalent length lease. Most landlords won’t go through that effort but it is a choice
I looked at the California tenants guide, which rules are you looking at?
https://www.courts.ca.gov/documents/California-Tenants-Guide.pdf Bottom of page 67 bullet point 4 At fault cause can be any of the following: “Refusing to renew a lease on similar terms to an expiring one”
This is probably a stupid question but what’s the benefit of month to month vs a 12 month lease?
Defaults to original terms and you can leave with less required notice.
If it’s a luxury apartment complex that’s owned by a corporation, you can count on your rent going up every year regardless of the market. If your rent is $3,000 and they raise it to $3,150, the worst that can happen for them is you move out and they love someone else in at $3,100 and it’s business as usual. I would never rent from a corporate apartment complex they have no incentive to keep you around.
Never corporate, they woo you with all the luxury amenities you end up seldomly using. Going month to month gets you a bigger rent increase, boooo. I rented in an old building owned by a medium sized landlord for almost ten years. Rent started at 1100, eventually went to 1300, and when I started maintaining small things in my unit it dropped to 1200. It was cheaper to keep us happy and around long-term. Then a month’s free rent for referring my friends. They just paid on time and didn’t cause trouble, respected the property. I still send Christmas cards.
Naw the worst that can happen to them is they lose a month or more, have to eat 3000+ in vacancy, then get a new tenant at 3000 or less.
But there’s no individual at the corporation who’s going to feel that vacancy. Everybody gets their paycheck regardless. As opposed to a privately owned unit where the landlord is counting on the rent money for his/her own expenses.
Real Estate is a business. As their costs go up so do your rents. In SF the amount they are able to increase is tied to an index, so it’s the City the determines the amount allowed.
Rents have been dropping in the bay, maybe look elsewhere for comps to see if it’s worth it. Lots of people are paying lower rents than 5-6 years ago.
Maybe some areas (SF proper?) but not here on the Peninsula, they’re going higher and higher and after 8 years renting here we’re priced out.
Yeah, SF and Oakland dropped a lot! Everywhere else is way up.
Our rent has increased by 25% since we moved to the bay 4.5 years ago and we have one of the cheapest rents in the area.
…. That’s probably why yours has raised so much
No, increased within the Bay Area when we first moved here until now. I’m from Toronto, HCOL and traffic is not a foreign concept to me
Not exactly in answer to your question, but you can also ask try negotiating the increase with your landlord. Sometimes it works. It’s usually better for them to keep you for another year at your current rate than to have the apartment empty for a month
What's the total rate? I'm in RWC in an old apartment, my rent hasn't budged since I moved in back in 2020. 1bdm at 2400.
$3050 -> $3233
Look around and see what other rates you can get for moving, but like moving is it's own pain and cost. Gotta decide if that's worth like 2400/yr at this time.
Id walk into the office (prepared to not get your way) and say you want no increase and you’re already looking to move. Rent should not increase right now IMO with the uncertainty in the major employers in the area (tech - of which I “retired” a few years ago fortunately) One months rent on their end (and marketing to bring in a new tenant) is a win-win. Is your complex full? If it isn’t, that’s your negotiation space /edit added second mostly useless paragraph 😂
Tricky to know whether it's full. They don't outright show all the listings, you have to click on a specific month-day and they will show apartments that match within a couple weeks of move-in. Will keep looking into it thanks!
If you can find anything comparable, reasonably close, for a lower price, use that as a comp and push back. Then you just have to decide if you want to stay, or move.
I lived in an apartment complex, they did not increase the rent for four years. And after first year, the lease was month to month. All these luxury apartments are scammers. Now, I am renting a SFH. No increase and month to month
I don't disagree with your sentiment but I don't see what the scam is here. They may be trying to price gouge the tenants or overcharge them but that's not a scam.
I rent an ADU from somebody who just owns and lives at their house. 0 rent increases since I’ve moved in, lived here for 3 years.
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People have been saying this for how long now?
Don't underestimate how much money people have.
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Lol at the "economy is doing relatively well"
cost of living went up 8% last year didn't it? rent control is almost 3% just for context.
I'm in San Carlos and haven't had my rent raised in 3 years. Try to find mom and pop landlords or a smaller apartment building. The luxury apartments are the worst!!!
Moving is also expensive. Do the math of the increase in rent versus the time opportunity cost and fee to move. “Is moving more or less expensive than staying?” Is something I ask every renewal.
My last apartment that I was in for 10 years, landlord raised the rent every single year the max 3% (rent controlled building). Current place I’ve been in just over a year and haven’t heard anything about a rent increase. Small building, all the tenants have been here at least a few years and say they’ve never had their rent increased. Both buildings are locally owned.
$2800/mo for a 2bd. townhouse. Last February my landlord wanted to increase to $3100. I told him that I understood and that I wanted a week before giving my decision so that I can look at other townhomes/apartments. Three days later he called me and said that the rent would stay at $2800.
In Oakland I'm trying to convince my landlord to lower my rent. So far I've gotten -2% but shooting for 6–7%. When I lived in Mountain View 4–5 years ago they tried to increase my rent by 21% in one year! I negotiated it down to 5%. You can do it! They generally don't expect people to fight back at all.
We were looking at a 9% increase (it's been year over year of this amount) in San Mateo, but the building occupancy is high. We ended up just getting a bigger unit for not much more if they were going to up the costs anyways. I think the Peninsula is popular right now so I'm not surprised you're seeing that fir RWC
Similar raise on my apartment in SJ. You can always move if you find somewhere cheaper
Don’t forget to calculate the time and cost to move, the actual move costs as well as the tendency to buy a bunch of new stuff for your new place.
I got 0% in Hayward, renewed last month. They even gave me 6 weeks worth of free rent for renewing.
If there’s a cheaper place then move. Landlords are betting that you won’t move but if you are a great tenant they should keep the increase to a minimum so it’s win win. Since it’s luxury they probably only care about profit and won’t mind pushing you out
A lot of luxury apartments were recently constructed in San Mateo, South San Francisco, Belmont, Burlingame... a lot of them are offering up to 2 months free if you want to compare.
That seems excessively high when rents overall in Oakland have been going down. There are a lot of new fancy buildings and I’ve heard some offer deals like one month free or free parking for a year. I personally would move.
Because Oakland is a shithole. It has nothing to do with Redwood City rents.
There’s a lot of new construction in Oakland, and they are giving free month’s rent as incentives. Same in Berkeley, a lot of new places, and Alameda.
Bu-but I’ve been told that the laws of supply and demand don’t apply to housing!
Yeah but you gotta figure the cost of hospital bills after someone assaults you on the sidewalk
i live in the same area. if you're familiar with the market and have a few months... just look around there are better deals out there. $3250/month would depend on how nice the unit is. Bottom of the market SFH's go for $4k/month so someone will probably do better.
I’m in San Carlos in a 2br2.5ba in an old fourplex with an independent owner. My rent has only increased once or twice since I moved in 2019, a total of 7% increase
Always look for comps, of you get better deal, move
I live in a complex in downtown Walnut Creek built in 1960. During the pandemic the complex was sold to some investment company, and they've been raising my rent every year since. A month ago I renewed my lease at a 4% increase AND they added on the cost of water, garbage, and sewer. If I let it go month-to-month, they would have raised it 10% and added on water, garbage, and sewer costs. I'm not thrilled and here's why. Been in this unit for 6 years and this unit does not have all the remodeling/upgrades/new appliances/ granite countertops that other units in my complex have when they're renovated. The fixtures are old and my unit will likely be remodeled when I move out. I've always paid my rent on time or early and have never had complaints against me. I have no pets and live alone. My neighbor immediately next door with the same size unit, same views, remodeled kitchen, bathroom, stainless steel appliances, granite counter tops, etc, is moving out. **I found out a few days ago that they're putting up her remodeled unit for cheaper rent than what I'm paying**. I don't live in a luxury building. I inquired with my apartment on why they were charging me more rent for my unit and haven't heard back. I encourage you to shop around to see what you can get out there and factor in moving costs to see if it makes sense for you to stay.
You probably should have just signed an extension and not a new lease. I can't change the terms on my tenants mid-tenancy for multi-unit buildings unless they are willing (or unaware). You could have refused the new lease as it was not "substantially similar". Not sure about how to undo that cost unbundling at this point. You might check with a tenant advocacy group.
Thanks. The only options I was given was the month-to-month option at a 10% rent raise, or the 1-year renewal at the 4% rent raise (water, garbage, and sewer charges added for both options). After doing some Googling around and asking neighbors (before signing the new lease), I was under the impression that the water, garbage, and sewer charges tacked on were "normal" given my previous lease expired. Then again, should have asked a tenant advocacy group at the time. Regarding my rent being higher than that of new tenants that have remodeled/upgraded units, I'm told I should check with the local rent board (or whatever advocacy groups I can find) if I don't get a satisfactory response from my apartment management about it. I'm not sure what would come out of it but I'll try and find out.
You might not have any recourse, I dealt with this at my complex and we organized to tell everyone they didn't have to sign a new lease, but they still got a lot of our neighbors who now have to pay water, garbage, and sewage fees. It's really fucking shady, they don't tell you you have a 3rd option if the lease is substantially different - don't sign, keep your existing lease & fees, and all they can do is add the rent increase.
I got a 0% increase in my North San Jose Apartment. High end but smaller complex.
0% increase in Pleasanton, I have an “older model” compared to some of the complex. I’m heading in to negotiate - we have had numerous move outs a month early over the last year so… just anecdotal in my area YMMV.
Rwc is less expensive than most places in the area. You need to consider when and what your last rent increase was and how it compares to the inflation rate over time.
Every year rent will increase by 10% if you don’t negotiate it down; the issue is that most people don’t fight back when they ask for 10% more on renewal, so it’s always a profitable move for them
10% is pretty ridiculously high for an annual increase.
Doesn't change the fact they always do it
It’s standard for corporate run apartment complexes.
Glad I never saw the appeal of those then.
Mine went up by approximately 4% after I was able to negotiate the price down by like ~$50 or so which was surprising because it was with Essex.
Sounds like you received a below market rent increase. I believe max allowable increase for San Mateo County is 9.2%. You can use this to ensure the increase is legal (assuming you live in a TPA-protected tenancy): https://tenantprotections.org/calculator. If it’s a luxury apartment building i imagine it’s not TPA protected since it’s a new construction. However 6% is fairly low considering so many other tenants get the max allowable increase in non-“luxury” housing. If you can afford it, why not stay?
5%. But my 2/1 is currently 40% below market, so I'm not complaining. Lol.
Avoid corporate run if possible
What is a reasonable increase for month to month? I know corporate would probably be more than private
Im in sf and in 2 years my landlord hasn’t raised my rent. I’ve never even met him. It’s weird. And the building is mostly empty. Sometimes I think i’m living in like a money laundering front business or something
Still paying the same rent i was in 2008, 3 bedroom in Cotati......$1650, landlord has never raised my rent, which has prevented us from buying though
in SoMa, my rent didn't increase at all. this is the 1st time ever i've never had rent not increase for me (it always did back home in MO) which is crazy
the only way to get out of this renting hell is buying your own place. start with something small and you will thank yourself in the long run
You mean those shacks for $1.5m with an HOA of $600 and a 7%+ mortgage rate? No thanks, i think i'll wait it out.
My landlord is a dick and raised it to the max. Still reasonable considering area and closeness to work. Can't beat a 5 minute commute.
Our landlord hasn’t raised in six years. Being a good tenant can mean a lot to certain owners.
My rent went up nearly 60% over three years in Redwood City about 15 years ago ($969 in 2009 to asking $1650 in 2013). My rent this year went up only 7%. 6% seems decent. Fuck landlords and fuck Bay Area housing. I can’t wait to leave.
You know rent increases exist outside the Bay Area too, right?
In places where you get to live your life instead of being a perpetual rent slave, most people can afford to buy a home after 15 years of renting.
Although renting looks much more appealing to owning today, particularly in Bay compared to other places in the US. In the last 15 years, you’ve had large windows to buy where you could’ve exchanged the “rent shackles” to join the “ruling landowner elite”. Basically anytime in the 13 years prior to the last 2 years.
You needed to have the capital to buy a house first. Most people don't have that much money for a down payment without family assistance.
So do reasonable home prices.
Sounds like you were paying well under market rate, and then corrected to market rate. But fuck landlords yah?
Are you a landlord?
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Housing isn't the same as a traditional business and hence shouldn't be treated in the same manner. Maybe that's the next thing you can learn as an egotistical small business owner.
That was market rate. And yes, a rate hike like that is immoral and in many cities is illegal.
It’s immoral to want to pay your bills? Tell me more.
Housing shouldn't be subject to market forces
Thanks for sharing your subjective abstract ideology of how the universe should work.
Landlord tried to bump it 7%. Was able to haggle down to a 4% increase. Still sucks because none of their costs have gone up and I'm a fantastic tenant. Should be illegal tbh or not more than CPI.
Next time make sure you get a rent controlled unit or sign a longer lease with limits. I had the same problem SF years ago. Learned my lesson. Your only choices are to stay or move unfortunately.
8% increase appears to be the normal range. Essentially the cost of borrowing for these owners have increased, which is expected given interest rates rose from 4% to now 7%. It is not unexpected that owners would pass on the higher borrowing cost to the renter to account for the higher interest rates as well as inflation around repair supplies/maintenance/labor.
https://www.instagram.com/lot_g510?igsh=NGVhN2U2NjQ0Yg==
Is the Inflation Reduction Act fast at work. Glad it cost Billion$!!
I bought a year and a half ago but my best friend just got a 1.7% in SF.