Why would you post bullshit data?
Posted on 01/23/2024 8:49:44 PM PST by know.your.why
Hello fellow FReepers. I have just been given the shocking news that my monthly rent for a 1-bdr apartment in N. Alabama is going up by $300 which works out to a 45% increase. The apartment complex has been recently bought by a NJ based company and apparently they have resolved to raise every tenant's rent. The reason that the manager told me was that materials costs are up "such as drywall". Ridiculous excuse. I just cant believe that this has happened. People here cant afford this kind of increase. Wages have not gone up AT ALL. I just dont get it. Any help is appreciated.
“The Landlord’s here to visit
They’re blasting disco down below
Sez, “I’m doubling up the rent
Cos the building’s condemned
You’re gonna help me buy City Hall”
But we can, you know we can
But we can, you know we can
Let’s lynch the landlord man”
Migrants move in, willing to pay any rent they are charged, and two families move in sharing the rent. Once they leave, they strip the joint, and the owner charges it to insurance.
Do you own the property? Are they following what your lease agreement says? Assuming so, wouldn’t it be a Free Republic conservative position that the property owner can do whatever the hell they want, ‘cause it is their property?
Wait until you have to replace the roof, A/C, furnace, windows, paint, etc. Your mortgage may be under $2K, but your maintenance, insurance and taxes are at least that over the long haul. If you have the cash flow to keep up, the appreciation will pay back most of that, but if you are young, you are probably living week to week and can’t cover the cost of a new roof. I just got one on my 2500 square foot home (4500 sq foot roof). $26,000.
As long as they raise everyone’s rent at the end of their lease it is legal in Alabama.
Us landlords are getting slaughtered by increases in costs, the same as anyone else...and yes, drywall and pretty much everything else are through the roof due to inflation.
When a property is sold, one of the very first things the new owners do is raise the rent. In a stable market, almost no one will move due to a 10% increase. This has been the case for basically forever.
In today’s market, costs across the board are through the roof. Literally everything is more expensive. Your current rent seems to me to be on the low side, but I don’t have insight into the local market. Best to start researching yourself to figure out what the going rates are and use that to determine your course of action. Hiring a lawyer will likely only cost you money since rent controls in Alabama are rare and they are raising it for the next lease cycle. You may find out that the 45% increase is right in line and you were below market previously.
I know this won’t help you, but
My daughter just bought a condo in June.
Somehow, the place missed their insurance payments or something and told the condo owners last week that their HOA dues are now quadrupling - come February 2.
So now, instead of $160 per month on top of her mortgage, it’s been upped to around $650 per month - just HOA dues!
She called her real estate agent and listed the place the day after that meeting. She was heartbroken; it was her first ‘place’ of her own since college and she’s gonna lose about $20k on it.
But nobody seems to know the legality of the whole mess.
Anyway, good luck to you. However, I WOULD suggest moving. En masse. Leave them with an empty building - making $0 for their actions.
I'd want to know all the facts involved in that. If not disclosed, that's fraudulent.
Move or get a second job. I rent. If my lease goes up 45% I am out of there.
As of November 2023, the average rent for a 1-bedroom apartment in University of North Alabama, AL is $550. This is a 4% decrease compared to the previous year. - https://www.zumper.com/rent-research/near-university-of-north-alabama-al
The average rent for a 1-bedroom apartment in North Shore Community College, MA is $2,402. This is a 7% increase compared to the previous ... - https://www.zumper.com/apartments-for-rent/near-north-shore-community-college-ma
Stop paying rent, hide your money somewhere. Make them throw you out - usually takes months or years.
I have read that Alabama landlords cannot raise your rent in the middle of the lease term. They have to wait until a renewal.
I’ve known many landlords who’ve had several-year-long nightmares trying to evict tenants.
Well, it boils down to what one considers quality.
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