I’ve been dealing with this for years now since my apartment complex was bought by new owners(multiple times now). Every time I renew the lease they want to raise the price $100+ ($300+ during covid). I always try to negotiate by saying I’ve lived there many years with no problems, paid rent on time, etc. Unfortunately I’m only even allowed to speak to the local office manager who is either powerless or pretends to be and doesn’t even pretend to be sympathetic.
Meanwhile, they aren’t even keeping their end of the deal up. The pool and hot tub have been drained and in disrepair since January.(I’ll definitely mention this when negotiating this time).
Lastly, moving is not the answer. Practically every apartment complex around here is owned by one of these horrible companies so there’s no escape unless you happen to find something owned by an individual(which has its own problems). I’m also getting a small discount(gets smaller every renewal) for being in an outdated unit so moving would still raise my rate, be a massive hassle, and I’d have to pay a new deposit.
Long term I will buy a house, but how can I save enough when they gouge me at every turn?
Are you in a hcol area op? I know you said moving is not an option but as far as I understand it, in some places the only way you’re going to be able to remove a sizeable chunk out of living expenses is being willing to commute.
It didn’t used to be that bad. I moved in at $700/month back in 2015 or so and now its going to be up to about $1500. It used to raise $50 each renewal which was reasonable but then covid absolutely skyrocketed the prices of everything.
Moving may be the only option long term, but I’m not ready yet so I was wondering if people had techniques for dealing with these companies so that you aren’t just instantly dismissed.
Unfortunately they hold all the leverage as it’s a big company that controls much of the market. If you move (and they know you probably won’t because of the hassle) they probably have a stack of applications for people ready to replace you immediately. Your only leverage is to maximize your savings so that you can buy your own place.