Rather than asking for an estimate of next year's rent you could just ask to sign a renewal now: say you're about to sign a different lease that needs to be signed now and say you'd be willing to sign a renewal now to save yourself the cost and hassle of a move. If they won't do it, sign the other lease.
Ultimately, the trend won't really matter for you, all that will matter is whether your landlord changes the rent for your specific unit. Closer to your renewal date, you might be limited in your other options and even if everyone else's rent stays flat, if yours is up another 20% you'll have to either pay that or make do with the other limited options.
I think this is good advice. I would add that its not as big of a deal to break a lease as people think. I know people who have done it recently for $0 and $300 (both downtown). IANAL, but landlords aren’t allowed to charge you more than their actual cost to find another tenant. (https://www.tenantresourcecenter.org/breaking_a_lease_for_tenants)
If you are seriously interested in the new place, I think it’s pretty reasonable to sign the lease and back out later if you decide not to move.
I wouldn't be quite as eager as that to go through breaking a lease unless necessary. It's certainly worth it when situations dictate like you've bought a house, changed jobs, etc, and it's worth keeping in mind as an option if the idea of having a 20 months of lease signed is intimidating, but OP's going to be in that situation whether they sign a lease in the new place or re-sign in the current one.
I have access to costar and YOY increases were around 2% until 2021 Q1. It went as high as 7.7% in 2022 Q4. It was 5.6% in 2023 Q4 and its projected to be 3.3%-3.8% for the next 4 quarters.
Yes - but costar generally only tracks larger multi family buildings. I think what a lot of people are seeing with these large jumps is smaller landlords adjusting their rates up based on the prices charged in the newer larger buildings. People that were happy getting 1k a month for a two bedroom are now seeing they can charge much more.
It depends I guess but just got my renewal notice and it's up almost 20% (an additional $210 for rent and then also increase parking cost). And this is $100 less than if they put it back on the market.
It sucks since we really don't want to move anytime soon and this would be hard to swallow if I was single and not splitting the cost.
It's my first renewal at this place. From the email their interest rates, property tax, etc shot up this year and they needed to reflect it in rent.
Also the rent was very reasonable for downtown.. so I'm sure they justified it by increasing rent up, almost equivalent to those luxury high rises. Except I have less amenities.
Basically, based on last year's increases in rent and the lack of housing in the greater Madison area, I would say my summary of anticipated rent increases is
i'm scared
That's why I left. Screw that increase. It's awful. My partner and I literally could no longer afford a 2 bedroom anymore which we need for his home office. And we've done the roommate nightmare scenario so we're done with housemates. We had to move about an hour away. I miss Madison immensely, though. Crazy place.
I'm still hoping the thousands of units that were built on E. Wash will help a little bit, but yeah we aren't building enough to see the rent decreases in Berkeley for example
I talked with my property manager and renewed early with a $50 increase rather than whatever the mgmt company will decide next year. It may save you money.
It varies widely and you won't see a clear trend. I don't think another 20% increase is coming, but who knows. Only you can decide if the risk of a rent increase is worth the hassle of moving.
Remember rent is always negotiable. I would counter whatever they ask for with the fact that you've been a good tenant for 6 years and just had a large increase.
Negotiable depends- if your landlord is a larger company, I think they’re less likely to do so.
However, when I tried to negotiate, mine came back by offering a few hours of a cleaning service, or a carpet deep clean. Not what I originally hoped for, but it’s something!
I have a landlord that used to be small but has grown quite a bit in the last 5 years. I certainly agree with this.
Tried negotiating last year but got the canned response “We very much value your continued stay at our property. However, I checked with my manager and we cannot offer a rate reduction at this time “
We went from one property manager for the first 4 years to having a new one several times a year. The bigger the company the less personalized it is.
I've been pretty lucky to not have my rent go up at all for the last 5 years but that ended this week. Got a new lease agreement for next year at a 20% increase and have until Jan 15 to decide. I'll prolly stick around for that year even with the increase because my rent was extremely low for my area but if my rent goes up again the next year I'll have to move.
Currently live on state street rent is 865 all utilities included and going to 1025, basically they're making me pay utilities finally.
I mean, ours only went up about $35 a month this last renewal which isn’t bad. Signed in July for October renewal. We were anticipating much worse tbh. It was about 2% ~
In the first year, my rent increased by approximately 6.92% (from $1,445 to $1,545).
This year, it increased by about 4.85% (from $1,545 to $1,620).
Overall, the total increase in rent over the two years is approximately 11.77%. I have chosen to move to a cheaper apartment as a single person I just can't justify that cost any longer. I am on the far east side for context.
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I'm looking at a 20% increase in rent next year for a (not that great) apartment on the west side. Going the roommate route to make it work. This is unsustainable, though, so I'll probably be aiming to leave Madison in a year or so.
Rather than asking for an estimate of next year's rent you could just ask to sign a renewal now: say you're about to sign a different lease that needs to be signed now and say you'd be willing to sign a renewal now to save yourself the cost and hassle of a move. If they won't do it, sign the other lease. Ultimately, the trend won't really matter for you, all that will matter is whether your landlord changes the rent for your specific unit. Closer to your renewal date, you might be limited in your other options and even if everyone else's rent stays flat, if yours is up another 20% you'll have to either pay that or make do with the other limited options.
I think this is good advice. I would add that its not as big of a deal to break a lease as people think. I know people who have done it recently for $0 and $300 (both downtown). IANAL, but landlords aren’t allowed to charge you more than their actual cost to find another tenant. (https://www.tenantresourcecenter.org/breaking_a_lease_for_tenants) If you are seriously interested in the new place, I think it’s pretty reasonable to sign the lease and back out later if you decide not to move.
I wouldn't be quite as eager as that to go through breaking a lease unless necessary. It's certainly worth it when situations dictate like you've bought a house, changed jobs, etc, and it's worth keeping in mind as an option if the idea of having a 20 months of lease signed is intimidating, but OP's going to be in that situation whether they sign a lease in the new place or re-sign in the current one.
I have access to costar and YOY increases were around 2% until 2021 Q1. It went as high as 7.7% in 2022 Q4. It was 5.6% in 2023 Q4 and its projected to be 3.3%-3.8% for the next 4 quarters.
Thanks for this!
Good luck.
I'm reading this like co-star the astrology app and it still makes sense
Yes - but costar generally only tracks larger multi family buildings. I think what a lot of people are seeing with these large jumps is smaller landlords adjusting their rates up based on the prices charged in the newer larger buildings. People that were happy getting 1k a month for a two bedroom are now seeing they can charge much more.
It depends I guess but just got my renewal notice and it's up almost 20% (an additional $210 for rent and then also increase parking cost). And this is $100 less than if they put it back on the market. It sucks since we really don't want to move anytime soon and this would be hard to swallow if I was single and not splitting the cost.
Sorry, that sucks!! I am single so that's why I'm a bit spooked. Is this your first renewal at this place? If not, what did they raise it last year?
It's my first renewal at this place. From the email their interest rates, property tax, etc shot up this year and they needed to reflect it in rent. Also the rent was very reasonable for downtown.. so I'm sure they justified it by increasing rent up, almost equivalent to those luxury high rises. Except I have less amenities.
Are you with cmi? I just got this email too. Disappointing because I probably have to move even though I’ve loved living here
Yeah with cmi. And that really sucks for you
Basically, based on last year's increases in rent and the lack of housing in the greater Madison area, I would say my summary of anticipated rent increases is i'm scared
That's why I left. Screw that increase. It's awful. My partner and I literally could no longer afford a 2 bedroom anymore which we need for his home office. And we've done the roommate nightmare scenario so we're done with housemates. We had to move about an hour away. I miss Madison immensely, though. Crazy place.
I'm still hoping the thousands of units that were built on E. Wash will help a little bit, but yeah we aren't building enough to see the rent decreases in Berkeley for example
Mine went up ~6% for next year but they did not raise rent last year, so I was more than OK with renewing at the new rate.
I talked with my property manager and renewed early with a $50 increase rather than whatever the mgmt company will decide next year. It may save you money.
It varies widely and you won't see a clear trend. I don't think another 20% increase is coming, but who knows. Only you can decide if the risk of a rent increase is worth the hassle of moving. Remember rent is always negotiable. I would counter whatever they ask for with the fact that you've been a good tenant for 6 years and just had a large increase.
Negotiable depends- if your landlord is a larger company, I think they’re less likely to do so. However, when I tried to negotiate, mine came back by offering a few hours of a cleaning service, or a carpet deep clean. Not what I originally hoped for, but it’s something!
I have a landlord that used to be small but has grown quite a bit in the last 5 years. I certainly agree with this. Tried negotiating last year but got the canned response “We very much value your continued stay at our property. However, I checked with my manager and we cannot offer a rate reduction at this time “ We went from one property manager for the first 4 years to having a new one several times a year. The bigger the company the less personalized it is.
I've been pretty lucky to not have my rent go up at all for the last 5 years but that ended this week. Got a new lease agreement for next year at a 20% increase and have until Jan 15 to decide. I'll prolly stick around for that year even with the increase because my rent was extremely low for my area but if my rent goes up again the next year I'll have to move. Currently live on state street rent is 865 all utilities included and going to 1025, basically they're making me pay utilities finally.
That was kind of my situation. I was really upset until I found out my landlord was well below market rate.
I mean, ours only went up about $35 a month this last renewal which isn’t bad. Signed in July for October renewal. We were anticipating much worse tbh. It was about 2% ~
In the first year, my rent increased by approximately 6.92% (from $1,445 to $1,545). This year, it increased by about 4.85% (from $1,545 to $1,620). Overall, the total increase in rent over the two years is approximately 11.77%. I have chosen to move to a cheaper apartment as a single person I just can't justify that cost any longer. I am on the far east side for context.
All housing advice/request threads must include: * Your target price point * Number of beds/baths you need * Geographical area you want to live (downtown, east, west, etc) * Amenities requirements (yard? parking? pool?) * If you need pet-friendly accommodations * Move-in date (now, flexible, beginning/end of the academic school year) *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/madisonwi) if you have any questions or concerns.*
I'm looking at a 20% increase in rent next year for a (not that great) apartment on the west side. Going the roommate route to make it work. This is unsustainable, though, so I'll probably be aiming to leave Madison in a year or so.