50 percent rent increase OK?
I live in midtown Sacramento and pay low 700s for 1 BR. Recently my neighbor got a letter for her rent going up from 700 to 1090, an increase of over 50%!!!
What are some ways to avoid this or negotiate before I get a letter next? Should I go try sign a lease? Any other suggestions? PM me if you have connections at property management companies who may be able to help. :-)
Most Popular Reply
Rents are about to blow up in Mid Town. Many of the long time building owners are selling at record highs. When a new owner is paying $100k+ per unit you can bet rents won't stay at $700 for long. Studios are on their way to $800+ and 1's will be $1000+. The market is tight and PM's are being pushed by new owners to push rents for the first time in a long time. I have been trying to buy in Midtown or Alkali Flats and most of the buildings are under market and have deferred maintenance. Rents will need to rise 30-40% to justify the pricing and capex.