Rent going way up
We rent a 4 bedroom house and currently pay $1065. With taxes it comes out to $1085. They just sent a lease renewal to sign. They want to raise it to $1279 before taxes. Thats just crazy to me! Its owned by a rental company. We've always payed by the 1st and have been good tenants. Is this normal?
Realizing how much we pay for housing literally maddens me how expensive our housing market is near Chicago. My friend was renting a studio apartment for $850. It was in the ghetto. Dinky little houses in my neighborhood rent starting at $1700. These aren't even nice homes... they're like bare bones minimum. Average home rental price is around 2k.
It all depends on what the market is like. If all the other rentals have gone up the same amount for the same size/type of house then they will raise it. Either you will have to pay it or they will definitely find someone else who will. Same applies to rents going down. If the market had dropped and they won't find someone else to pay the previous year amount if you left then you can get the cost reduced as they know you pay the rent reliably and look after the property. They have no idea what their next tenant will be like.
Ya unfortunately that can happen. My SOs old apartment in CT, they raised the rent from 2400 to 2700 which I think is ridiculous. But every year the company that owns all those luxury buildings is allowed to raise rent to whatever market value is at the time. So you rent can go up even by 500 one year to the next.
I think it also depends on the cost of living. Its not so much the total amount but that they raised it over $200 in one year. I was expecting $50 to $100 the most.
I guess it is, my rent was 1350.00 ..lease is up in November..I just received an email stating:
You have three (3) options (please select your choice below):
A. Click here to execute a new one-year AH4R lease at a rental rate of $1,405.00
B. Click here to execute a new 6-month AH4R lease at a rental rate of $1,460.00
C. Click here to execute a new month-to-month AH4R lease at a rental rate of $1,532.25
Omg. Its crazy! I knew it raises but thats a big difference. I was thinking around $50 or so. Ive been lucky in the past and had no increases in rent.
Taxes have been accepted by the IRS now its just a waiting game 🙌💸💳💲
When I get my taxes I’m paying the whole years rent 😭 so I don’t have to worry about it 😌
What is the normal rent for a 1br / 1ba in your area? I’m currently paying $857 a month & I really feel like it’s overpriced
Anyone got taxes back yet just wondering??
Oh jeez. Hubby wants to buy an old Pontiac fiero that "only needs the alternator" the people told him he has to get it this weekend or they will scrap it. So now he wants to get this huge loan to buy the car, pay off our current loan, and pay off some rent, THEN pay that loan with his tax return. I can't convince him not to. He just gets mad. So whatever I guess.
UPDATE: Hes mad but I ended up saying no.
All the ladies who pay $1600+ are making me feel a little better about the situation. Im gonna have to do my research on rental prices here and make a decision. The lease is up 12/12.