Have you ever looked at the possibility where one's family has to move every year or so because landlord decided to increase rent to 'catch up' with market. This is what it looks like in communities where lot of people wants to move in but no rent control. One can move in but will not have any stability.
There's a lot more "catching up" to do in a highly rent-controlled market (assuming you're not subject to rent control). For the same reasons "market rate" is artificially high (as pointed out by the linked article), the "market rate" goes up by a very large percentage each year. If all units were market rate, the market rate would not be increasing by nearly as much.
I live in Somerville, MA, which does not have rent control. My rent has gone up by at least 10% every year for the past 4 years. This is not sustainable.
No, it isn't. Unless inflation is at least 10% as well - and wages keep up.
But imagine if Somerville did have rent control. The minority of units on the market would have rents go up by much, much more than 10% a year, and people who need a new place would be screwed. This is what's happened in SF.
I moved into an apartment in Westchester, NY two years ago. My landlord keeps increasing the rent by 20% every year. It is owned / managed by a large company which owns many apartments in the area; they just keep inflating the rental prices.
I can't deal with this anymore, as a result I have to move out now.
I see nothing wrong here. It's his apartment, and it's market. Want stability -- buy a house, (PS: I'm myself renting for a cheap price because of rent control, but I admit it's a bad system).
It's his apartment, but such high increase is not in line with the market prices, inflation and wage growth.
They are simply banking on the fact that moving for tenants is costly, time consuming and could affect kid's school. Moreover, they only gave me 3 days to decide if I want to renew or move out. They gave the renewal offer 33 days before lease end, and I have to give a notice of 30 days if I want to move out.
Last year, I fell into their trap and gave into the substantially increased rent; but now what they are asking is at least 30% higher than market.
I lived in an apartment complex where the owner raised the rent $50 every month. Rent was $850 and by the time I left it was at $1250. Best to get a lease and not rent month to month sometimes.
