Rent increase!!!

[jeyjeybee]

I am wondering,
only 5% increased for my rent last time.
But, year of 2005, they will increase 10% for my new rent at Tower America buildings.

Does anyone know this reason? Please let me know about yours.

Thank you in advance!

[PHXguy]

Yes, I am wondering, too. I've been hearing about how soft the rental market is lately (people buy homes in lieu of renting thanks to low interest rate) but why are all landlords increasing the rent by 10%? For individual landlord with 1 or 2 rentals, this has been a difficult time to get new tenants. But not the case for building owners like Newport, Marbella etc. How is that possible? :confused: Job market is not that great considering upcoming inflation. I must be missing something.

[yankees400]

The problem is, as long as people are willing to pay the rent they will keep raising it. That's why many rents are so outrageous to begin with. If they raise it 10% and you stay there, they'll probably try it again next year. Everyone has the choice of living further from the PATH or further from the city, but most people prefer convenience over price, so that's why they can gouge you. Also, if you live in a home that's rented by a private owner (as opposed to a large corporation like LeFrak) you have more negotiating power and are probably less likely to face a rent increase. I rent from a private owner (outside of Newport) and I'm actually paying less than what he was originally asking.

[NewportLady]

Rents in Newport are market driven. The landlord is claiming the rental market for your apartment has increased by 10%. Hold off on signing your new lease, you have several months in which to sign. Are you completely happy with your apartment? Or do you have complaints? this is the perfect time to put in writing what repairs your apartment needs. You can also try negotiating the increase rate down.

LOL

[LostinLaMancha]

The rental market is pretty strong, i believe. I live in Avalon, and every weekend I see tons of visitors at the Avalon Leasing office. Housing market is strong I agree, but really, with jobs coming back to the city, and economy showing signs of improvement, rents are only going to go one way. up. There is almost no vacancy at Avalon. So is the case with TOA and the other buildings. Do you guys see a whole lot of available apartments? I am pretty sure you don't.

And that is why rents are going up.

[PHXguy]

I guess it's about time for us to give business to individual owners. Living in a brownstone can be fun, too. I used to live in one in Hamilton Park, a fully restored 1851 brownstone with central AC & Heat, marble bath, crown mouldings. Different experience. :p

[zimzima]

i'm desperately seeking a nice 1 br in the towers of america preferably and no one's moving out!! it is SO true. there are no vacancies ANYWHERE. people ARE choosing convenience over price. 10% is a lot.. even 5% i thought was a lot. all of the places are telling me to call back the first week of april, however i'm supposed to return the lease renewal form by april 1st. you think handing it in during the second week will be ok? for some reason, i feel that management will automatically renew it if i don't hand it in by april 1st. what to do.. what to do...

:confused:

[River Court Guy]

Zimzima,
If you do not return your renewal, management will assume that you are moving out at your leases end.

[Gaga]

Rents in Newport are market driven. The landlord is claiming the rental market for your apartment has increased by 10%. Hold off on signing your new lease, you have several months in which to sign. Are you completely happy with your apartment? Or do you have complaints? this is the perfect time to put in writing what repairs your apartment needs. You can also try negotiating the increase rate down.

LOL

tried that last year, my 1980 heater was making loud noises(metals inside were loose and jumping up down) so i asked for it to be replaced by the new units they got before signing the lease. they basically told me to f*** off. And i said ok and signed my lease like a good boy.

gaga
p.s. eventually got it replaced, but it was another old used heater, minus the loose metals.

[LostinLaMancha]

i'm desperately seeking a nice 1 br in the towers of america preferably and no one's moving out!! it is SO true. there are no vacancies ANYWHERE. people ARE choosing convenience over price. 10% is a lot.. even 5% i thought was a lot. all of the places are telling me to call back the first week of april, however i'm supposed to return the lease renewal form by april 1st. you think handing it in during the second week will be ok? for some reason, i feel that management will automatically renew it if i don't hand it in by april 1st. what to do.. what to do...

:confused:


Look around for sublets.

[bonacera]

I am wondering,
only 5% increased for my rent last time.
But, year of 2005, they will increase 10% for my new rent at Tower America buildings.

Does anyone know this reason? Please let me know about yours.

Thank you in advance!
What is the name of the tallest building in Palus Hook? Goldman is in the process of relocating 8000 people to that building since last year. They need a place to stay and TOA has no vacancies now. Go figure..

[Humanoid]

There are quite a lot of residential buildings in that area. Besides, new GS building is so close to NYC (previous location) that not many people will have to move. GS also subsidizes transportation to the new place, so there wouldn't be much reason for people to look for new apartments.