We’ve been hearing tales recently from apartment renters who faced steep increases when it came time to renew their lease.
Reports of 12 percent rent increases have been common this year. A twenty percent rent increase has elicited a choking response from more than one renter.
What seems to cause the most pain is when landlords rent similar units to new tenants at rates lower than what they’re offering their current ones at renewal time, and refuse to negotiate.
We’ve also heard rumors that a River North building is offering two months’ “free” rent on new leases. Is it time to have a friend play “mystery shopper” at your building?