Rent increase negotiations
I currently live in a residential bulding with property management. My 13-month lease will be up in 3 months and I was wondering a few things: - Is there a limit on how much the property management can increase our rent? - What is a common % increase in SF? - When is a good time to talk and start negotiations in order to keep the increase minimal without doing it too soon but also not too late to be able to find alternatives? Thanks
Usually 7%-9% per year, depending on the job market.
The contract you signed should actually state what the max % increase is without prior notice. Most lease contracts (for large rentals companies & complexes) I’ve seen have had a clause along the lines of “below 10% increase upon renewal of the lease does not require over 30 day advance notice”
rent increases are capped of you’re under rent control. it depends on how old your building is. iirc it needs to be pre mid 1979
>negotiation LOL
Step 1: give 30 days notice. Step 2: negotiate no rent increase. Works well for me, ymmw
TL:DR No limit on increase. < 10% needs 30 days notice > 10% needs 60 notice Increase should relate to market demand. You should expect up to 10% If you’re in a popular area http://www.dca.ca.gov/publications/legal_guides/lt-2.shtml
Not too much negotiation with 10 other people wanting to rent at full price. That is the hard truth