01 Aug Is it common, in US Cities, for rent to jump $100 every year a new lease is signed?
I've been renting since 2014. I started on a 6 month lease for a new bedroom for $725. I moved apartments 6 months in in the same complex and they upped me to $775/ month. When they offered me to sign on for a new lease the next year the rent was $850 a month. When I first moved in to this complex I met some people moving out who paid $650 a month and said their first year was $575. All with no renovations.
Instead of accepting their new lease I moved into a 3 bedroom that started at $1,050. We stayed there for 3 years and the same thing happened. They bumped $100 each year. (This was all in Winter Park FL just outside Orlando) I've looked up that same 1 bedroom I started in and they go for about $1,050-1,200 now. With limited "upgrades" meaning they changed the carpet in the living room to laminate.
I've just moved to Smyrna TN (just outside Nashville) and have learned that this area has moved at about the same rate. Which might mean my $950/month apartment will be over $1000 next year and we will eventually be priced out of this area too.
As a lot of people in this sub, our goal is to eventually buy a home. But between outrageous rent and student loans we are really being drained.
My questions are, is this jump in rent prices normal? Or is it just because I'm always in city areas? I know you can't predict the future economy, but is this a product of the economy doing well, or has rent increases always worked this way and moved this fast?