Interesting. My rent increase was 6% this year. It was 4.5% the previous year and in prior years was around 3%. This would be in a suburb a few miles from Boston.
The advertised price for apartments in my building is actually higher than my cost. I am waiting on renewal to see if they are forced to drop the price so I can use that to request a smaller increase.
I suppose the smart money was to have leveraged up on some housing while I had the chance, but I just can't stand the entire home purchase and ownership ecosystem.
I wouldn't hold your breath. My studio in Allston was going up to 1150 this spring when I moved out. They rented it back out within 2 weeks for 1450. Many Boston rental units are getting the advertised rates.
The advertised price for apartments in my building is actually higher than my cost. I am waiting on renewal to see if they are forced to drop the price so I can use that to request a smaller increase.
I suppose the smart money was to have leveraged up on some housing while I had the chance, but I just can't stand the entire home purchase and ownership ecosystem.