How to calculate a fair apartment rate increase?

Question

An increase in rent is expected each year, but how do I determine what is a fair increase for an apartment of a particular size in my area? I've searched the net, but can only find general market values - which don't reflect my particular unit, nor does that give me a percentage with which to judge properly. I want a percentage amount to plan, not an average dollar amount for my entire county.

Answer 1

The rent is typically raised according to market conditions, not an arbitrary percentage. You can contact your local board of Realtors to try to get some statistics about historical average rent for your area, then do the math on it to try to predict the future, but there's no guarantee a forecast based on historical data will match the future. There's no crystal ball.

Answer 2

Rental rates are based on market conditions. It's "whatever the traffic will bear."
I lived in an apartment for eight years. My rent was not increased every year.
In NYC, when rent controls don't apply, a landlord can raise the rent by 100% if he wishes and if he has someone willing to pay double the going rate for an apartment. It does happen occasionally.