Anonymous asked in Business & FinancePersonal Finance · 2 months ago

25% rent increase. Is this fair?

Ive been living in my apartment for 4 years. every year they raise up my rent around 5%. right now im paying 490 for studio. now for my new lease they want to raise it up by 25%. is this fair? 490$ may not seem a lot, and its not. but 25% increase will be because i get ssi. i cant work. I just want people opinions and know if they went through something like this

7 Answers

  • 1 month ago

    It may be that the landlord made comparisons on other rents in the area and found that he has been undercharging you. Or, his property taxes may have been raised due to a reassessment or whatever. He can charge whatever the market can bear in most areas.

  • 2 months ago

    You left out EVERYTHING relevant to fair. What is normal for a similar property in the area? More importantly, if you moved out, how much would someone else pay for the unit? The % increase means NOTHING with regards to fair. Your income means LESS THAN NOTHING about fair rent.

  • Anonymous
    2 months ago

    Is it fair for the property owner to have the freedom to decide how much rent is?   Yes.

    If someone else is willing to pay 25% more than $490, then the market will bear the increase.

    If you move out due to the increase and the unit sits vacant, then the increase is too high.

    The ball is in your court.   The question is whether you can move and pay less than $750 somewhere else. 

  • 2 months ago

    Stay or move.  You have no control over what they charge. 

  • What do you think of the answers? You can sign in to give your opinion on the answer.
  • 2 months ago

    It might not be fair. It's really impossible to say, because we don't know why they are increasing the rent that much. Maybe the landlord has things to pay for that cost more than they used to, or had to do work on the building that cost a lot. If the landlord has to pay for those things and doesn't pass on the cost of them to the tenants, then the landlord is subsidizing the tenants, and that isn't fair on the landlord. Landlords are not social assistance providers.

  • 2 months ago

    it dont sound fair but then life aint fair

  • 2 months ago

    Fair doesn't enter in to it. Talk to the landlord about it. It may have a clerical  error. If not you have 2 choices: pay up or move. 

Still have questions? Get answers by asking now.