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NWR: Please help a knottie new to the area

I just got a job at the University of Delaware, so my husband and I looking for an apartment in the area. We found a house we like in a good location, and the landlord seems great. Our only concern is that the lease includes a clause that calls for a rent increase of 8% for the second year. It seems high to me - I've had small 1-2% increases at most in the past - but that was in Wisconsin. Is that kind of increase normal for this area? TIA!

Re: NWR: Please help a knottie new to the area

  • edited December 2011
    Hi and welcome to Delaware!  You will soon find that the best thing about this state is the tax-free shopping LOL!

    I live in an apartment townhome with my FI, and I have to be honest, I have never heard of a price increase for renters in this area (including my friends who rent houses from independent agents).  I might be wrong with this though.  I would suggest looking for another house/apartment if you can.  Are you able to negotiate the rate down, perhaps?

    Good luck with it all!  Hopefully things work out in your favor!  And again, welcome to DE!
  • edited December 2011

    8% seems a little high.  My last apartment (in PA) increased 4% each time I renewed my lease.

  • Kaytee241Kaytee241 member
    edited December 2011
    Thanks for the welcome :)

    We haven't signed a lease yet, and were planning to try to negotiate the rent increase to something lower (after all, doesn't it save the landlord money if we choose to stay in advertising costs and lost rent if it's empty?) but I wanted to make sure I wasn't off base in thinking it sounded too high.
  • Mattsbride10Mattsbride10 member
    edited December 2011

    I don't know about the area(I just moved here also) but I'm a renter and I'm not on a lease nor do I have to pay increases. If you do decide to keep looking...try Craigslist. Before we moved here last year we looked at several gorgeous houses(all found thru Craigslst) and none of them had those stipulations.

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  • Santorini2011Santorini2011 member
    edited December 2011
    Don't agree to that!!!  Right now the rental market is so bad that some apartments will give you reduced rent for the 1st year and let you lock it in for 2 years.  Others are offering 2 months free.  Some are 2 months plus heat and hot water.  Be careful of the area you choose also...there are some beautiful rental houses in not so beautiful areas. 
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