I am in Florida. When I renewed my apartment complex lease this summer, my rent went from $819 to $849. However, when looking at the website back then, rent for this same size apartment was around $770. Today, if I were a new resident today, I could rent for $700. Why wasn’t I offered the market rate at the time of renewal, but merely charged $30 more than the market rate at the initial signing of the lease?
2007-10-27 06:14:32 · 5 answers · asked by coolman293472 2 in Business & Finance ➔ Renting & Real Estate
My first lease was for a year, and it was extended for a year.
2007-10-27 06:33:56 · update #1
Because it cost them more to attract new tenants and you probably won't move without a decrease or with a small increase.
2007-10-27 06:18:07 · answer #1 · answered by shipwreck 7 · 1⤊ 0⤋
Because you are already there. The lower rate is to attract new residents into the complex same as get one month's free rent, that is only offered as a marketing tool to attract in new business. The Landlord will never offer you a lower rate at renewal you will always have your rent increased at renewal time. I have been in property management over 15 years and never once have I seen a LL offer a lower rate on renewals.
If you want a lower rate then you'd have to move to another complex.
2007-10-27 06:37:01 · answer #2 · answered by Weimaraner Mom 7 · 0⤊ 0⤋
If the occupancy rate in your complex is down, management may be offering a special to people to get them to move to your complex.
A question: did you renew your lease for one year? If so, have you asked the management for that special? I can understand not offering you the lower rent if you didn't renew for a year.
If you renewed for a year and haven't asked for the lower monthly rate, you may want to...they may be willing to extend the lower rate to you just because you asked, and perhaps because they are afraid you may move out, and the cost of acquiring a new tenant will be more than giving you the reduction in rent.
I'm a REALTOR, so I always think if you can buy a home, you should! Otherwise you are always paying your landlord's mortgage!
Good luck!
2007-10-27 06:32:10 · answer #3 · answered by Anonymous · 0⤊ 0⤋
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2016-09-27 23:52:07 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Frankly, because they can. What you have here is an "at will" situation... which means that you and the management have entered into an arrangement of convenience that leaves you with two choices: pay or move (which is a pain, I know.)
2007-10-27 06:22:47 · answer #5 · answered by Anonymous · 0⤊ 0⤋