I got my rent renewal notice in the mail yesterday. Apparently, my landlord wants to raise my rent $300. Which, to be fair, still puts my rent at about 1/2 what the market would allow. But it also means that my amazing deal on the best apartment in New York has to be downgraded to a great deal on the best apartment in New York. 
What concerns me, though, isn’t the (rather large) increase. What concerns me is that the renewal page only listed a 1-year option for renewal. Always in the past, I’ve signed and renewed 2-year leases. That’s part of the reason my rent is so low now, but it also gives me peace of mind to know that I have a place to live for 2 years and that I know what I’ll be paying for that 2 year period. With a 1-year lease, not only do they have the ability to raise my rent significantly in another year, but they have the ability to refuse to offer me a renewal in a year. Eek!
I called the company and asked for a 2-year option, and the lease manager took my name and apartment and promised to call me back once she finds out “if that’s possible.” Keeping my fingers crossed. If it’s not possible, I’ll sign the 1-year (after all, I still have a great deal), but it still makes me nervous.
Yikes!! I’ve got my fingers crossed for you, that’s a substantial hit even if it’s still less than other apartments around.
$300 a month?? That’s a really hefty increase! I’m glad you like your place so much, though! Having a great place is irreplaceable. I hope you can get a 2-year lease!
Thanks for the good luck, ladies! I’ll definitely let everyone know if I get the 2-year or not. The $300 is a big increase, but it’s not as bad as it first looks. First of all, I still have a roommate, so she’ll take some of that hit. Second of all, remember that I live in Manhattan: $300 is about 15% of the rent. Steep, but not unreasonable.
Wow – that’s a sizeable increase in rent! And here I am sweating an extra $10 a month, a 2 percent increase in rent in SF … still paying $500 something too.
[...] (some places more quickly than others). Put aside the fact that rents are rising (as evidenced by my predicament). There is no right or wrong thing to do; there are many reasons to rent, and many reasons to buy. [...]