Community Chat

[on the bay]

Some states have rent caps and can only increase a certain percentage each year.

Other states can go hog wild. I've seen 20-30% increases-crazy!

It's scary but a house is not always a better alternative for some. You need a lot of money not only to pay the mortgage and property taxes and maybe homeowners fee if there, but all the repairs and replacements that will be pretty much all at once if the house is 17 years old or more.

Then there's the lawn, trees etc.

So like others have said @May5,

5% is the lowest I've heard and is a great bargain. And you can feel good about that.

[kaydee50]

From what I've read, 5% is a bargain.  

[Tinkrbl44]

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@May5 wrote:

Is a 5% rent increase a normal amount? Thank you.

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@May5 

Do you think that's too much?  Or are you trying to figure out how much to increase the rent of one of your tenants?

[qbetzforreal]

In L.A. we have rent control.  A landlord can only raise rent once in a 12 month period by 3%-8%. Rent increases were held inabayance due COVID.

[Spurt]

@May5 

I own my Condo, but my sister rents here in Texas...and her rent went up by $80 a month! WOW!!! 

[Meowingkitty]

@on the bay wrote:

Some states have rent caps and can only increase a certain percentage each year.

Other states can go hog wild. I've seen 20-30% increases-crazy!

It's scary but a house is not always a better alternative for some. You need a lot of money not only to pay the mortgage and property taxes and maybe homeowners fee if there, but all the repairs and replacements that will be pretty much all at once if the house is 17 years old or more.

Then there's the lawn, trees etc.

So like others have said @May5,

5% is the lowest I've heard and is a great bargain. And you can feel good about that.

Houses in my neighborhood are renting for around $2500 a month. They are just normal houses, around 1800-2100 sq feet. Fortunately mine is paid off so all I have to pay is around $1300 a year in property taxes,  no HOA, and I've saved for repairs should the need arise. If I was to buy a similar house in my area they are around $500,000 which I find ridiculous. Home prices in Arizona have increased around 30%.

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[Q4u]

Here's a good one.  A friend of my oldest son who can't walk due to an accident owns his own business and rents the facility where he does business.  Our little town is doing very well and buying or renting has made those that own think they can up prices to the ridiculous.  My son's friend was told to double the rent or move.  Nice guy believed he had my son's friend trapped because how easy would it be for a crippled guy to find a decent place and to pack up and actually move.  Get this.... the place had sat ten years EMPTY prior to being rented by my son's friend.

Well..... my son and other friends found a couple of places for him to pick (at lower rents btw) and he picked one.  He and his Dad made arrangements to rent while his friends packed everything up!  The following weeked his friends moved him to his new place and arranged his business~!!  He was moved and back in business in two weeks.  His former landlord was stunned when he told him that he was moving and wouldn't be paying the rent he was asking!!

I imagine the guy will be trying to rent his property again for the next ten years!!

[patbz]

My home is currently appreciating at 5% per month so yes 5% rent increase is beyond fair.  I'd try to lock into a multi year lease now.

[scatcat]

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@Meowingkitty wrote:

@on the bay wrote:

Some states have rent caps and can only increase a certain percentage each year.

Other states can go hog wild. I've seen 20-30% increases-crazy!

It's scary but a house is not always a better alternative for some. You need a lot of money not only to pay the mortgage and property taxes and maybe homeowners fee if there, but all the repairs and replacements that will be pretty much all at once if the house is 17 years old or more.

Then there's the lawn, trees etc.

So like others have said @May5,

5% is the lowest I've heard and is a great bargain. And you can feel good about that.

Houses in my neighborhood are renting for around $2500 a month. They are just normal houses, around 1800-2100 sq feet. Fortunately mine is paid off so all I have to pay is around $1300 a year in property taxes,  no HOA, and I've saved for repairs should the need arise. If I was to buy a similar house in my area they are around $500,000 which I find ridiculous

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@Meowingkitty 

Your taxes are $1300 a year? Congratulations!

[Spurt]

@Q4u 

There's a Hill Country Town called Fredricksburg thats a cute touristy town with many cute and unique shops....from what Ive been told one family owns and leases many of the buildings on the main street.....I was shocked when one shop owner told me she is charged $3,000 a month rent for just a tiny space, that landlord makes a fortune!....This is a town with a normal population of 10,000....Now during the Christmas season and busy tourist times like the summer she might do a good business, but what about the rest of the year....I dont know how those shops made their rent, especially in slow months like January....Whats funny is this shop keeper moved further down in an area just as you are coming into town and for that building (a cute Victorian house) she only has to pay $150 a month rent....SMH