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As a landlord of 16 units, you can probably cut that in half. I’m guessing your rent is $2k. A two week turn is standard meaning they miss out on $1k if you leave, and that is assuming you have kept it in nice shape and they don’t have to do anything other than touch ups.
Also, nobody wants to being showing units right now. I have a couple leases up 4/31 and I am willing to bend over backwards to make sure they don’t leave.
Ask if they are flexible and that you would be happy to sign for a $50 increase. If they say no, then go back and state that you estimate a turn would cost them at least $1k and say the $50 increase splits the difference. See what they say then.
Is your landlord the owner or a property manager? They are incentivized differently so it matters.
Wow. Do you own a buildings? Just purchased a second investment property. Property managed. Hope to be like you one day.
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Guessing your place is north of $2k/mo. She’d be an idiot to lose a tenant over $100/mo. right now. Likely guaranteed at least one month vacant when OP vacates, but in this climate probably more. Plus time/money advertising, meeting potentials (who wants to meet rn?!), background check fees, and then dealing with an unknown tenant who might completely suck, bail, trash the place, be a pain, not pay, etc.
All so she can jack up the rent a little for OP or a bit more for a new tenant. Dumb, and I’m speaking as a former condo landlord.
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I'm curious to see where the apartment is. Area will def play into the situation because some places are in ultra high demand
You have a lot of room for leverage. No one wants to move right now. Rent prices are down. The cost of finding a new tenant is greater than the $100/month benefit. Call them to negotiate if they can. If they still push back you could probably find another place to live for even cheaper
Yes there is room for negotiation. Be nice about it. Highlight your strengths. Make a model that demonstrates its more cost effective for them to keep you than to leave it vacant
There is no rent control on smaller buildings or individual units. Most big buildings have space built in to raise rent without hitting rent control limits.
$100 is a pretty modest increase for the area. Keep in mind property taxes and other things have increased over the year. Ask nicely but they might say no.
As a landlord it sounds like she is being fair. Do take a look at the market to see how comparable your rent is to the area. I've seen DC landlords so all sorts of craziness, like Auto rent increases that are $400 a year or some crap. Talk to her and she might be able to work with you. Also, it might leave a bad impression of you are trying to use the current pandemic to your favor of it's not impacting you directly, ex lost wages
I've been a model tenant for 2 years. Do I have any leverage here? (2/2)
I would look at other comparable apartments in the neighborhood to see if you are paying more/less than the average. If the rent increase makes your rent higher than the average, you have leverage
You can also offer to extend for 2 years with a lower/no increase
My rent went up by $200. I was in Falls Church, and it is a hot market right now. I tried negotiating but was told to take it or leave it. Location is everything. Even with the increase, I wouldn't have been able to get better for the price in my area. If you are in Arlington, she is doing you a favor by only raising it a $100. Now, this was all before the virus.
What about people in large managed buildings? My building wants a pretty significant increase.
Don’t settle for anything more than 5% increase. 3% is usually the minimum that the large management companies will do... but that’s when things are good. You have more leverage now
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My building kept the same rent for me on my renewal. I was looking to move in the next 2 months but that obviously isnt happening
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3 years. First two years were 100 increase in the rent (definitely should’ve tried to negotiate rent)
She said no lol :(
Going to look around for a few days. Hopefully I can find something better!
Did she have a lot of repairs over the year? I had to bump it up $100 a month as I put in a new HVAC unit and taxes went up $500 a year.
Lots of apartments are sending out invitations for virtual tours with discount offers (e.g. 1k off first month). You definitely have negotiating power here
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Places in Logan circle dont need specials to attract tenants. BC1 is right, I was looking at a few in NoMa/union market and they’re pushing hard to fill those new apartments up like highline