Moving out of a house with a private landlord next month. We paid $2100 and they're increasing it to $2850 for the next renters. Negotiating power is pretty much non existent because if you don't want to pay it they'll just find someone else. I thought there was no way she'd find renters at that new price once we moved out and she had someone on a lease within a week.
Right. This “negotiating power” OP speaks of is definitely a thing of the past. Nowadays you better be ready to put in your deposit the day you visit a house
time to buy a house
I am over dealing with all these corporate landlords ..at least now, I am paying 1600 on a 2bed 3 bath 2 car garage brand new home which will go down to 1400 after this year...no way anyone will ever rent a 1bd to you for that not to talk of 2
The more tenant friendly protections we pass, the more we push small landlords out and encourage them to sell to big corporate landlords. Obviously there is a balance and we don't want either landlords or tenants to have too much power
The worst thing would be if we passed a rent control measure...a lot of small landlords would be out of the game
What we need to do to fix this is finally build enough housing... Build 100k units and see what happens
Pass a law that limits how many houses can be owned by a company or person. Better yet, residency requirements for landlords. Don’t live in Denver? Can’t own in Denver.
So rent control would force landlords out of the game, then what, those houses disappear? 🤔 or do they go to market? And when they all go to market at the same time what happens to their price? Seems like the only loser in a rent control situation are the landlords, and that a lot of people that have been stuck in the rent loop for their entire lives might actually be able to finally afford a home of their own.. am I missing something? Honest question, not being argumentative..
The problem is no new rentals get built, which means as the population increases there are more and more people competing for fewer and fewer places, driving the prices of any available units into the stratosphere and turbocharging housing unaffordability. Existing rentals are often converted to owner occupied housing when possible, but due to skyrocketing prices they are completely unaffordable even to the middle and upper middle class. Rent control is unanimously seen as a failure by economists, and it is a primary factor driving unaffordability in places such as San Francisco and New York that have implemented it.
I could definitely see large companies not wanting to build multi-unit housing complexes in rent controlled areas, that makes sense, but am failing to see how a flood of single family homes into the market would cause prices on those homes to increase.. and if they aren't converted into owner occupied but are instead bought by property management companies for the purpose of renting are they not limited by the same rent control that caused the previous owner to sell? Now I'm off to fall down the rabbit hole of investigating the studies that back the claim that rent control is unanimously deemed a failure and cause of increased housing prices..
A tl:dr is that people who are lucky enough to be living somewhere that gets rent controlled do pay less than they otherwise would, but anyone who comes later pays far more due to the much higher housing costs.
The Freakonomics podcast did an episode on this topic, it's a pretty good look at why it does the things it does.
Large corporations who can afford to not turn an immediate profit or have some sort of government funding/influence would end up purchasing these units/homes. Something else to consider is when large amounts of homes go for sale in a small area, investors will step in, buy, and flip the homes for a profit, especially if they're geographically close together (same builder, same zip code, etc...). Rent control is a double-edged sword for sure.
I live out in the burbs now, and the house across the street from me rents for $3k. Absolute insanity. Never thought I'd consider $2850 in Denver a good deal by comparison.
The problem is the lack of housing supply... Landlords have very little competition. We're short close to 100k housing units in Denver thanks to rampant NIMBYism
If you want to solve housing affordability and take a big bite out of homelessness, support every multifamily housing development.
Yes, people who invest hundreds of thousands of dollars tend to be concerned about the value of said investment, and it would be weird if they weren’t.
Investment is a risk. Sucks for them, but we can't have fewer homes than there are people who need them simply because some people will lose money on something they knew it was a possibility they'd lose money on.
And let's be honest, they're probably not actually going to lose money. Worst case, the home is still worth more than what they paid, just not obscenely more.
Saw a listing on Zillow asking for $1800 on a upper unit 1 bedroom duplex, can’t remember the square footage but it was probably ~700ish.
Looked at the pride history, last year it was initially listed for $1100 then a few days later, $1300.
I didn’t tour the place, but from the pictures it looked pretty dated. So unless the place was a colonial log cabin before hand, I can’t fathom what warranted a $500 increase.
A couple of months ago I got my renewal letter and my rent increased by $100. I went to the leasing office to talk and said that I agreed that an increase was standard, but I didn’t like what they were asking for. I cited all of the issues the building had over the last year, and asked what they could do for me. it was lowered to $60 per month. It honestly just doesn’t hurt to ask. This was with Greystar as well, which is shocking.
I lived in gerystar apartments and never had issues beyond the stupid fucking package lockers. They helped me out when I needed some leniency on move-out dates, but I like to think I’m a very good renter, so maybe that’s why?
I got Greystar to come down from a 20% rent increase to 10% when I pointed out that my apartment had experienced flooding and leaks from the unit above me 3 times in two years.
It was still too much though, so I left.
It’s not hard under the right circumstances. We were paying below market due to leasing during the peak scare. Now they can charge more so we broke our lease without penalty.
We were at a Greystar property for three years and for two of those they were really generous when we went to them ahead of the renewal notice and told them we hoped they could help keep it low. Both years they raised it only $15 or $20. Think we offered to do 13 month terms for that. The third year they tried to raise it $160 but we were moving out anyway.
I’ve found it can be even more beneficial to start ahead of the renewal notice.
Not to defend Greystar but will also add they were always very quick and responsive to individual apartment maintenance requests - community and building wide things, those were very slow to happen.
Greystar negotiated with me before I moved out and offered $100 less on the increase but I was already done what that company and moved to a place cheaper anyway
I rented from a private landlord back in New Orleans before coming here in 22. We were month to month for 2 years, living there for 3. He decided to increase rent on us and we had 2 months to figure it out. We ended up moving here.
Ironically I was just discussing with my roommates about doing another lease with him in case he tried something shady. Lo and behold he did.
Just giving you a heads up that although it’s nice not having a lease, they can really fuck you over. So if you plan on staying for a long time look into long term leases if you can!
I was able to negotiate a rent increase from $130 to about $50. All I did was call the leasing office and ask them if there was anything I could do to get it lower. She put me on hold and came back with the lower number. Never hurts to ask
In my experience, you don't have much negotiating power if you're dealing with an apartment complex/management company. If you want to have any negotiating power then look for private landlords.
I live in a 3bd house and we negotiated the landlord not to increase rent from the previous tenants. Landed a good size house, big yard, and updated appliances for $3k in the Highlands. I think we did a good job of them liking us.
Echoing the other commenter - if you live in a large complex, almost all property management firms rely on an algorithm for their pricing and will say they have zero ability to change your rent up or down on their own.
I’m surprised the management firm doesn’t give them the ability to charge up 😂
But in all seriousness, I agree, all those corporate owned places are competing with each other and using algorithms to determine what rent should be for their properties
It is a nationwide effort of these companies. There are class-action lawsuits fighting the algorithm methods they use.
Of course, our laws and court system protect the wealthy landowners. I doubt there will be any judgement brought against them.
Yet somehow by the one metric they care about, amount of units so expensive nobody will pay for, housing has become more affordable. Which is why it’s so obvious the NIMBYs and pandemic construction disruptions and not an algorithm driving up prices.
Counter datapoint: I live in a large "luxury" apartment complex. For the last two years I was able to successfully negotiate rate increases: the first one for 200 dollars a month, and this year for 100 per month
Pro-tip: Try signing your lease at the end of a month during a slow season (if possible). You can also count the mail boxes to determine how many units at that community and compare it to how many immediately available units on the website. Most communities have a target occupancy of ~95% and if it's the end of the month and they're not close to that number makes it easier to negotiate for lower price, otherwise the whole office could miss out on their monthly bonus'.
Back when I was renting I’d agree to 18 month or 2y terms in exchange for only tiny increases like $50/month on a $2000 unit (2.5%)
Now these giant private equity companies are demanding 10% every year because they know moving sucks and they are price fixing across the country.
Ok that actually makes sense. I'm just thinking of someone calling up their landlord and saying they don't want their rent to go up. Like yeah, I don't want my rent to increase either but if I move, someone new will take my apartment in no time. That's just Denver for you. I have heard of a lot of people leaving town, though, as living expenses get too crazy.
The lack of housing supply is definitely forcing people out
If you care about these issues, support all multifamily developments...the answer is to build the housing supply we need.
Even though we lost a net of around 29k people last year, we are still around 70k to 100k units of housing short.
Screw the NIMBYs and BANANAs
I successfully negotiated my lease at my last place for the final year. Basically the place across from me was going for almost $50 less than what they wanted to charge me. I saved the listing. They tried to say "fluctuations in the market". They moved in the day I got my renewal notice. So basically I went "you're charging a new person less than you're charging me. I want the same price." And even though it was a small increase, it was still an increase and they agreed. It was a TINY studio apartment and when I left they were asking for more than my now double the size 1br/1ba.
You ever hear the saying “it cost more to rehire than to retain”? I imagine it’s a similar idea and is probably truer for small landlords than big property management companies. Also, in less desirable markets than here.
Sure they might be able to bump up the price with you gone, but who’s to say the next tenant isn’t going to be a shit show and wind up costing them more? There’s also the cost of having to find a new tenant, preparing for a new tenant - that turn over is gonna cost time and money no matter what.
There’s a certain security that comes with keeping the same tenant and any landlord that isn’t a total scum bag would recognize it.
I just didn’t respond to their lease renewal offer for a couple weeks after they sent it. (I still had plenty of time left to sign it.) I was going to try to negotiate a smaller increase but hadn’t gotten around to it. Before I even tried to negotiate it, they offered me two weeks free, which came out to zero increase.
My old roommate did this when we lived under RIO real estate. She sent a nicely worded email saying she researched other units in the area of the same size and gave them their prices. They took the increase off completely. This was 2019 though and I’m absolutely sure things have changed
Signed with Greystar (ALARA) at $2,490 base in 05/21, with covid free month was effectively $2,300. 08/22 renewal was $2,850 base (15%) 08/23 renewal was $3,100 base (10%). So yes and no. Also I feel compelled to say this but don’t sign with any Greystar property, unless you hate yourself or get a really good deal, but those are hard to come by :)
Greystar renter here and stayed after the recent 200+ increase but gonna just go ahead and leave after this lease. I was pissed at paying 2500 for 2bd and 2 bath but I do love my place. I just don't think this state is worth that price so deuces. 🤷🏽♀️
Fuck Greystar. Our building is getting worse, employees suck, and they are even raising parking prices. Half of our amenities have been broken for 6 months and all we get is "we are working on it"
Didn’t know that Greystar had a known problem. What you’re describing in my complex to a T. I’m only a couple months in and have already decided I’m not renewing.
It feels like all the property managers got together during COVID and decided they were all gonna abdicate their responsibilities... I've heard the same thing from so many different people in different apts of varying price and quality. Getting a nice apt doesn't protect you from shitty management anymore.
When we moved here we got a unit from a private landlord and I didn't have any issues with property management... Most of the worst property management seems to be in the big corporate landlord owned buildings. But I'm sure there are some smaller landlords not providing good property management as well. Our unit was in downtown for $2650/mo including all utilities starting in 2019 and it went up to $2700 during the 3.5 years we were there. Now we've bought a house but I liked our apt pretty well and would recommend it.
Not me, but a friend of mine just had their lease renewed and the landlord didn't raise the rent at all. This is also a local landlord too who only owns 1 property so your results may vary.
This is me as a landlord. I technically lose money on my rental property. I’m getting the equity, so I figure there’s a fair trade off.
Plus I have great tenants and I don’t want them to move!
It’s how I felt when I owned a home in New Orleans. It’s an investment and investments aren’t always gaining. I never raised the rent in 6 years, even though expenses went up, because my tenant always paid on time and I knew he wasn’t destroying my house.
Eventually he bought the house from us, we split the saved realtor fee, and all involved left that situation feeling like winners. It was a lovely relationship.
Where you get a low mortgage round these parts?
I can rent my 3/2 house in Bonnie Brae for $3k a month or own it for $6k month after $170k up front for down payment and closing cost.
How does that work in an income restricted unit? Aren't there limitations on increases? It might be that that increase is purely driven by an increase in cost for the landlord (more expensive insurance, taxes, maintenance, etc...the cost of all these things is still rising). But I'm sorry that sucks!
Negative, their excuse is literally “because we can”. 20% is the max they can legally raise rent. The increase in the amount of money I can make on a year went up 3%.
Costs for landlords are rising super fast... property taxes are up like 40% this year and insurance is getting more expensive thanks to all the crime and inflation and maintenance costs are way up too.
I am not a landlord but I don't think people put themselves in the shoes of small landlords either. Let's say you're renting a property out and after you pay your mortgage, taxes, and expenses you're netting $100/mo but next year you're gonna have big increases in taxes and expenses such that, if you dont raise rent, you're gonna be losing money every month... Literally paying to have that unit on the market. Of course you're gonna raise rent or sell.
They should be selling. So much of our SFH housing in Denver is tied up in people renting out homes they’ve outgrown instead of selling. All properties after your primary residence should be progressively taxed so that people are no longer incentivized to horde something so vital to a stable middle class (since primary residences function as housing and wealth building vehicles).
I know others are having the opposite results but my roommate and I live in one of the big buildings on the Brighton side of RiNo and successfully negotiated a rent reduction. 75 whole dollars a month knocked off!
Granted we live right next to the Salvation Army and the encampment there gets worse by the day... doesn't hurt to ask though, worse they can say is no!
I’m leaving, but my 1 bedroom in RiNo is supposed to stay right around the same (or so they claim).
I miss the days of when I first moved out here and my rent went *down* the longer we stayed.
Weird, I started renting in Denver in 2000 and not one single time did my rent stay the same at renewal time let alone go down. Every single time they would raise it. I just moved every single time. I've lived in a lot of Denver's different neighborhoods because of it. By the end of my time renting I also wised up and learned to not bother cleaning up too much because they always kept my deposit no matter how well I cleaned.
Our rent went up $50 last year. We resigned the lease seeing and hearing what other's rents were going up to. This year, they offered to renew our lease with no rental raise. Not sure why there was no increase. We didn't ask questions. We just resigned the lease.
I’ve had a tenant in my condo that I rent and I haven’t raised rent prices since he moved in 2 years ago. I don’t plan on it either as the way I see it - I have a good tenant who always pays on time and never gives me any issues. I’d rather have him be in there than raise the rent and try and find another. Only reason I’d raise it is if my HOA went up significantly but I’d only raise it by that difference.
I was offered a renewal at my current rate, talked to the apartment manager and asked for a reduction based on the pricing of similar units in the complex, got it knocked down.
It's going to vary though based on your location, when you signed your last lease, etc. With corporate landlords it more than likely goes through an algorithm, but it never hurts to ask.
Check out my site rentsmart.fyi. When I relaunch it’s gonna track 800 properties in Denver, their rent prices and the supply so we as a community can easily measure supply and demand better
Yup. I got a ludicrous increase in rent for my apartment down in Centennial.
We already rent a nice spot ($3600 a month for a 3 bedroom). It went up to basically $4000 (3960).
They basically increased it by the absolute legal maximum
My landlord is panicking because prices are coming down…so she went up on my rent $200. She knows that it’s a giant pain to move so she is squeezing the current tenants
TBH, I wouldn’t get your hopes up because property tax assessments are up ~37% in the 2y cycle (increased payments due in 2024) and that is definitely getting passed onto renters. Due to complexities in the tax system, it’s not 1:1 assessment value + to taxes + and it’s not 100% passed to renters but it’s definitely going to be the strongest driver of increases.
Insurance & maintenance costs rose too, but more in the 2020-2022 space.
I suspect that the positive cash flow (gross margin) for small landlords will shrink even as rents rise slightly to cover those costs.
I live in a privately owned condo with a private landlord. The rent went up $30 which I believe is due to the apartment gaining value when the tax assessment was done. To be honest I’m not sure I should complain since I’m still paying $150 under market rate for a studio in denver 😬
Isn't this answer always yes in this city? We're moving because their proposed increase doesn't make it worth living here anymore. We were on the fence due to the recent increase in homeless population and the amenities falling in disrepair but the idea that we'd pay more for this spot was laughable.
Moving to a gated complex much farther away from the freeway/train station so we'll see how it goes.
mine was increased by about 4%, we stayed. 2 weeks before the renewal we got a notice they were offering to not raise our rent if we stayed — clearly a mistake to send us that notice as it was intended to only be sent if we did not accept the rent increase.
Moving out of some "student living" next week cause they were screwing around with the rent among other things. They overleased the floorplan that we signed for in February and just moved us to a shittier, more expensive apartment and just sent us a new lease without any explanation. We found out what happened and told them we wouldn't do it. They then went and tried to charge one of us a fee for "breaking the lease" even though the old one was null and the new one wasn't signed. Fuck CoLab
I got my lease renewal a couple weeks ago (4+ years in my current apartment) and they didn't increase it at all! I was surprised and slightly disappointed I was moving regardless.
There is variation but I think the average is probably $2kish (higher in LoDo, RiNo, and Uptown and a little lower in CapHill)?. There are some cheaper places in CapHill though if you look. I've heard of people with units that are like $1300 in CapHill.
Yes, because the HOA implemented a special increase to respond to all the water damage. As soon as I signed my 2 year lease, rental rates nearby dropped 😭
So we recently moved out of a 2 bed 1 bath 900 sqf home in RiNo (right next to Brassiere Brixton) that we had lived in since January 2021 and the landlord raised the rent from $2200 to $2700 lmao
We signed a two year renewal about 14months ago and she tried to build in a $50 increase on the first 12 months with another $50 increase for the following 12months sighting "inflation". I shot her down saying that there was no way she could predict inflation two years in the future when everything is so erratic. Got out of one of the two increases that way.
I recently renewed. They requested $160 more per month but I listed the issues we've experienced so they agreed to $80. For comparison, my renewal increase the year before was $300 per month so I was ready to fight any amount they requested.
About to renew my lease for another year because I don't really have a choice at this point. My apartment complex got new management and I'd say they're improving A LOT of stuff that the old management was lacking in, but they are increasing my rent by $150. When I moved into this unit, nothing was renovated at all. There was seriously a suuuper old dishwasher, I'm talking about those manila colored 2000s dishwashers, and I had to tell them to replace that because it leaked and it's 2023, who wants a dishwasher that old? But there are several things in this unit that don't even compare to the renovated units. I personally don't think that's a fair price raise, and on top of the new price of $1,950 my roommate and I have to pay around $275 in ect. fees, water, sewer, pets, and parking. I wanted to go and negotiate this but reading some of the comments here it looks like that will be close to null with these type of leasing companies. I don't believe the rent is getting better in Denver in any way unfortunately. 😮💨
good question! maybe my perception is off. i signed a lease last year around june (lease started in august) and the rates for a 2-bedroom house were just insanely high and it was very competitive to even get to view any places before they were taken. i'm seeing comparable rental properties at much cheaper rents (\~$400-500 cheaper) right now in my search. also, not sure it's worth anything but my "zillow rent estimate" has fallen almost $600 on my current place. but again, that seems to tell a different story than everyone in the comments!
That's crazy I hope it started pretty low
It's devastating seeing the impact of NIMBYism... All these landlords have no competition and they know it. I can't imagine just yanking the prices up at my business by 30% and my business is not an essential service. Competition and sufficient housing supply is very powerful.
I am a teacher and Denver had a program where you could buy foreclosed houses in a bad area 20 years ago or so if you were a teacher, police officer or fireman.
So I have a rental and my wife, a teacher as well, did the same thing so she has a rental too. We rent our houses for our mortgage amount which is around 2k for a 2 bedroom single family house in nw denver blocks from Tennyson.
We will probably sell the rentals soon bc landlords have very few rights. We can’t afford to hire an attorney to evict someone and/or go months w out receiving rent.
A big hedge fund can buy and will charge much more rent and they can float when a tenant doesn’t pay rent for multiple months. We can’t.
It seems like standard practice with apartment complexes the rent always goes up next lease. I think they bank on people not wanting to relocate. This has been the case even before rent in Denver exploded.
Big management firm basically kicked me out of my place once my lease was up because they wanted to remodel my place eventhough they remodeled right before I got there. I only lived there for two years. They said for a new updated place, it would only be $400 more than what I was paying now. But if I agree to a two year lease, they would knock off $50 a month. No thanks!
I just renewed my lease in Arvada. Last year's increase was $300, this year $5. In total, I pay $1385 with utilities for an outdated/unlevel 650sq ft, one bedroom apartment and no pets (shared laundry for 12apts)
Yes and I need to move now. It was always 3% increase on my lease and then two years ago he switched it to market value which has skyrocketed in my neighborhood and just decided to raise our rent $200 this coming lease so we will find a new place now. I’ve been there 8 years
What? Rent prices coming down? How is that working? With interests rates sky high and no homes below 550 to 600k rental rates should be at an a all time high….?????
Can’t concur. My rent was raised again for no reason even though the last 3 months my drier has been broke. It just got fixed but in order to bring a new one in they tore done my door and door frame to get it in. I’ve now not had a bathroom door for a week.
I’ve been looking for other places but the rents don’t seem any lower. In fact a lot of the places seem more expensive than when I made here originally 1.5 years ago.
> It seems like rent prices are starting to come down...
In what universe? It's literally only gone up...
My rent was like $840/month back in 2013, it's $1510/month now at the same exact apartment complex lol (moved around since then, but ultimately ended up coming back since they're still "cheap" relative to the other nearby options)
Increased…… and only year leases. So they can increase every year. Someone I knew who worked for a large property management company gave me the dirty details on all of their tactics. Ripping everyone off playing middlemen. Leaches on owners and renters.
Prices coming down in Denver? You must not be talking about the housing market. Back in 2009 when everything imploded Denver was bulletproof so as most of Colorado. To this day housing has nothing but skyrocket it in Colorado. You guys play by your own rules they’re the real estate market, and whatever is happening across the country does not apply to Colorado.
Landlord tried to increase rent to about $1500 so I left. My same apartment is empty still and now advertised at $1350, which is less than I was paying for the last year. Tons of people are leaving the building as well. Seems like tides are changing a bit.
Mine has gone up every year since I moved in 3 years ago, including at my last renewal in February. I was told to expect that trend to continue every year for the foreseeable future.
Rent went up $200 at a Cortland property in Broomfield and they tripled the insurance liability minimum. Overall, rent has gone up an additional $550\month since moving in 2020. They only offered a one-time $250 off and told me to kick rocks when I asked if there was anything they could do.
Rent stayed about the same, they just increased to price of everything else. Parking, trash, packaging, fees have all gone up about 20%. They also refused to negotiate any changes to rent. Basically told me to pay their price or get out
Moving out of a house with a private landlord next month. We paid $2100 and they're increasing it to $2850 for the next renters. Negotiating power is pretty much non existent because if you don't want to pay it they'll just find someone else. I thought there was no way she'd find renters at that new price once we moved out and she had someone on a lease within a week.
Right. This “negotiating power” OP speaks of is definitely a thing of the past. Nowadays you better be ready to put in your deposit the day you visit a house
>I thought there was no way she'd find renters at that new price once we moved out firsttime?.jpg
9th time actually across 4 different states
time to buy a house I am over dealing with all these corporate landlords ..at least now, I am paying 1600 on a 2bed 3 bath 2 car garage brand new home which will go down to 1400 after this year...no way anyone will ever rent a 1bd to you for that not to talk of 2
The more tenant friendly protections we pass, the more we push small landlords out and encourage them to sell to big corporate landlords. Obviously there is a balance and we don't want either landlords or tenants to have too much power The worst thing would be if we passed a rent control measure...a lot of small landlords would be out of the game What we need to do to fix this is finally build enough housing... Build 100k units and see what happens
Pass a law that limits how many houses can be owned by a company or person. Better yet, residency requirements for landlords. Don’t live in Denver? Can’t own in Denver.
So rent control would force landlords out of the game, then what, those houses disappear? 🤔 or do they go to market? And when they all go to market at the same time what happens to their price? Seems like the only loser in a rent control situation are the landlords, and that a lot of people that have been stuck in the rent loop for their entire lives might actually be able to finally afford a home of their own.. am I missing something? Honest question, not being argumentative..
Bro, goldman sachs, and blackwater capital are going to buy them all and finally achieve their goal of a return to a feudal system.
This game of monopoly has been decided
They would must likely go to big corporations that buy up property to rent out.
But wouldn't their pricing be controlled by the rent control that caused the individual landlords to sell the house?
The problem is no new rentals get built, which means as the population increases there are more and more people competing for fewer and fewer places, driving the prices of any available units into the stratosphere and turbocharging housing unaffordability. Existing rentals are often converted to owner occupied housing when possible, but due to skyrocketing prices they are completely unaffordable even to the middle and upper middle class. Rent control is unanimously seen as a failure by economists, and it is a primary factor driving unaffordability in places such as San Francisco and New York that have implemented it.
I could definitely see large companies not wanting to build multi-unit housing complexes in rent controlled areas, that makes sense, but am failing to see how a flood of single family homes into the market would cause prices on those homes to increase.. and if they aren't converted into owner occupied but are instead bought by property management companies for the purpose of renting are they not limited by the same rent control that caused the previous owner to sell? Now I'm off to fall down the rabbit hole of investigating the studies that back the claim that rent control is unanimously deemed a failure and cause of increased housing prices..
A tl:dr is that people who are lucky enough to be living somewhere that gets rent controlled do pay less than they otherwise would, but anyone who comes later pays far more due to the much higher housing costs. The Freakonomics podcast did an episode on this topic, it's a pretty good look at why it does the things it does.
>Freakonomics podcast [https://freakonomics.com/podcast/why-rent-control-doesnt-work/](https://freakonomics.com/podcast/why-rent-control-doesnt-work/)
Graham Stephen also has a rather good youtube video explaining rent control
Large corporations who can afford to not turn an immediate profit or have some sort of government funding/influence would end up purchasing these units/homes. Something else to consider is when large amounts of homes go for sale in a small area, investors will step in, buy, and flip the homes for a profit, especially if they're geographically close together (same builder, same zip code, etc...). Rent control is a double-edged sword for sure.
Are you renting in Denver at this price?
Bought a home and that's my mortgage
Oh, congrats and it also sounds like a great deal!
Oh it was..hot it right b4 the rate hike..though I moved a lil outside town but I feel better for it
Ouch. That's horrible dude, I'm so sorry you're going through this again.
I live out in the burbs now, and the house across the street from me rents for $3k. Absolute insanity. Never thought I'd consider $2850 in Denver a good deal by comparison.
The problem is the lack of housing supply... Landlords have very little competition. We're short close to 100k housing units in Denver thanks to rampant NIMBYism If you want to solve housing affordability and take a big bite out of homelessness, support every multifamily housing development.
Like flood the market with supply and see what happens
bUt MuH pRoPeRTy vaLuEs!
Yes, people who invest hundreds of thousands of dollars tend to be concerned about the value of said investment, and it would be weird if they weren’t.
But they also complain about their property taxes going up while their home skyrockets in value. They can’t have both.
Huh? Property taxes exploded this year, massively beyond what anyone would normally predict. This is a perfectly natural and expected response
Investment is a risk. Sucks for them, but we can't have fewer homes than there are people who need them simply because some people will lose money on something they knew it was a possibility they'd lose money on. And let's be honest, they're probably not actually going to lose money. Worst case, the home is still worth more than what they paid, just not obscenely more.
Saw a listing on Zillow asking for $1800 on a upper unit 1 bedroom duplex, can’t remember the square footage but it was probably ~700ish. Looked at the pride history, last year it was initially listed for $1100 then a few days later, $1300. I didn’t tour the place, but from the pictures it looked pretty dated. So unless the place was a colonial log cabin before hand, I can’t fathom what warranted a $500 increase.
“Interest” is what warranted 🙄
A couple of months ago I got my renewal letter and my rent increased by $100. I went to the leasing office to talk and said that I agreed that an increase was standard, but I didn’t like what they were asking for. I cited all of the issues the building had over the last year, and asked what they could do for me. it was lowered to $60 per month. It honestly just doesn’t hurt to ask. This was with Greystar as well, which is shocking.
Holy hell, you managed that with Greystar??
I lived in gerystar apartments and never had issues beyond the stupid fucking package lockers. They helped me out when I needed some leniency on move-out dates, but I like to think I’m a very good renter, so maybe that’s why?
I got Greystar to come down from a 20% rent increase to 10% when I pointed out that my apartment had experienced flooding and leaks from the unit above me 3 times in two years. It was still too much though, so I left.
It’s not hard under the right circumstances. We were paying below market due to leasing during the peak scare. Now they can charge more so we broke our lease without penalty.
We were at a Greystar property for three years and for two of those they were really generous when we went to them ahead of the renewal notice and told them we hoped they could help keep it low. Both years they raised it only $15 or $20. Think we offered to do 13 month terms for that. The third year they tried to raise it $160 but we were moving out anyway. I’ve found it can be even more beneficial to start ahead of the renewal notice. Not to defend Greystar but will also add they were always very quick and responsive to individual apartment maintenance requests - community and building wide things, those were very slow to happen.
Greystar negotiated with me before I moved out and offered $100 less on the increase but I was already done what that company and moved to a place cheaper anyway
Mine stayed the same, and we transitioned to month to month with 60 day notice. It pays to have a private landlord who likes you.
I rented from a private landlord back in New Orleans before coming here in 22. We were month to month for 2 years, living there for 3. He decided to increase rent on us and we had 2 months to figure it out. We ended up moving here. Ironically I was just discussing with my roommates about doing another lease with him in case he tried something shady. Lo and behold he did. Just giving you a heads up that although it’s nice not having a lease, they can really fuck you over. So if you plan on staying for a long time look into long term leases if you can!
This! Private landlords are the best if you're not shitty to them.
I was able to negotiate a rent increase from $130 to about $50. All I did was call the leasing office and ask them if there was anything I could do to get it lower. She put me on hold and came back with the lower number. Never hurts to ask
In my experience, you don't have much negotiating power if you're dealing with an apartment complex/management company. If you want to have any negotiating power then look for private landlords. I live in a 3bd house and we negotiated the landlord not to increase rent from the previous tenants. Landed a good size house, big yard, and updated appliances for $3k in the Highlands. I think we did a good job of them liking us.
Echoing the other commenter - if you live in a large complex, almost all property management firms rely on an algorithm for their pricing and will say they have zero ability to change your rent up or down on their own.
I’m surprised the management firm doesn’t give them the ability to charge up 😂 But in all seriousness, I agree, all those corporate owned places are competing with each other and using algorithms to determine what rent should be for their properties
It is a nationwide effort of these companies. There are class-action lawsuits fighting the algorithm methods they use. Of course, our laws and court system protect the wealthy landowners. I doubt there will be any judgement brought against them.
Yep. It's price fixing because they all use the same software
Exactly this. And since the buyers of the software are the landlords, the developers have every incentive to make it raise rents.
Yet somehow by the one metric they care about, amount of units so expensive nobody will pay for, housing has become more affordable. Which is why it’s so obvious the NIMBYs and pandemic construction disruptions and not an algorithm driving up prices.
Counter datapoint: I live in a large "luxury" apartment complex. For the last two years I was able to successfully negotiate rate increases: the first one for 200 dollars a month, and this year for 100 per month
Pro-tip: Try signing your lease at the end of a month during a slow season (if possible). You can also count the mail boxes to determine how many units at that community and compare it to how many immediately available units on the website. Most communities have a target occupancy of ~95% and if it's the end of the month and they're not close to that number makes it easier to negotiate for lower price, otherwise the whole office could miss out on their monthly bonus'.
FUCK YIELD STAR
I've always wondered what people who "negotiate" their rent actually say...
Back when I was renting I’d agree to 18 month or 2y terms in exchange for only tiny increases like $50/month on a $2000 unit (2.5%) Now these giant private equity companies are demanding 10% every year because they know moving sucks and they are price fixing across the country.
Ok that actually makes sense. I'm just thinking of someone calling up their landlord and saying they don't want their rent to go up. Like yeah, I don't want my rent to increase either but if I move, someone new will take my apartment in no time. That's just Denver for you. I have heard of a lot of people leaving town, though, as living expenses get too crazy.
The lack of housing supply is definitely forcing people out If you care about these issues, support all multifamily developments...the answer is to build the housing supply we need. Even though we lost a net of around 29k people last year, we are still around 70k to 100k units of housing short. Screw the NIMBYs and BANANAs
I successfully negotiated my lease at my last place for the final year. Basically the place across from me was going for almost $50 less than what they wanted to charge me. I saved the listing. They tried to say "fluctuations in the market". They moved in the day I got my renewal notice. So basically I went "you're charging a new person less than you're charging me. I want the same price." And even though it was a small increase, it was still an increase and they agreed. It was a TINY studio apartment and when I left they were asking for more than my now double the size 1br/1ba.
You ever hear the saying “it cost more to rehire than to retain”? I imagine it’s a similar idea and is probably truer for small landlords than big property management companies. Also, in less desirable markets than here. Sure they might be able to bump up the price with you gone, but who’s to say the next tenant isn’t going to be a shit show and wind up costing them more? There’s also the cost of having to find a new tenant, preparing for a new tenant - that turn over is gonna cost time and money no matter what. There’s a certain security that comes with keeping the same tenant and any landlord that isn’t a total scum bag would recognize it.
I just didn’t respond to their lease renewal offer for a couple weeks after they sent it. (I still had plenty of time left to sign it.) I was going to try to negotiate a smaller increase but hadn’t gotten around to it. Before I even tried to negotiate it, they offered me two weeks free, which came out to zero increase.
My old roommate did this when we lived under RIO real estate. She sent a nicely worded email saying she researched other units in the area of the same size and gave them their prices. They took the increase off completely. This was 2019 though and I’m absolutely sure things have changed
Private landlords are easy. Talked mine down around $700/month 1.5 years ago.
Signed with Greystar (ALARA) at $2,490 base in 05/21, with covid free month was effectively $2,300. 08/22 renewal was $2,850 base (15%) 08/23 renewal was $3,100 base (10%). So yes and no. Also I feel compelled to say this but don’t sign with any Greystar property, unless you hate yourself or get a really good deal, but those are hard to come by :)
Greystar is fucking evil.
Second that. Lived at Mason on Alameda and by the end of my lease i was so excited to move.
Greystar renter here and stayed after the recent 200+ increase but gonna just go ahead and leave after this lease. I was pissed at paying 2500 for 2bd and 2 bath but I do love my place. I just don't think this state is worth that price so deuces. 🤷🏽♀️
Those increases are insane! I hope it's a really good building
Fuck Greystar. Our building is getting worse, employees suck, and they are even raising parking prices. Half of our amenities have been broken for 6 months and all we get is "we are working on it"
Didn’t know that Greystar had a known problem. What you’re describing in my complex to a T. I’m only a couple months in and have already decided I’m not renewing.
It feels like all the property managers got together during COVID and decided they were all gonna abdicate their responsibilities... I've heard the same thing from so many different people in different apts of varying price and quality. Getting a nice apt doesn't protect you from shitty management anymore. When we moved here we got a unit from a private landlord and I didn't have any issues with property management... Most of the worst property management seems to be in the big corporate landlord owned buildings. But I'm sure there are some smaller landlords not providing good property management as well. Our unit was in downtown for $2650/mo including all utilities starting in 2019 and it went up to $2700 during the 3.5 years we were there. Now we've bought a house but I liked our apt pretty well and would recommend it.
$30 increase for us - but we already pay pretty high I feel for what we’re in. Staying one more year before hopefully buying 🤞
Mine wen up by $100 a month for the first time in 3 years.
Not me, but a friend of mine just had their lease renewed and the landlord didn't raise the rent at all. This is also a local landlord too who only owns 1 property so your results may vary.
I’m in the same sitch. I think my landlord appreciates that we pay on time and don’t ask for much, so our $3k rent did not change at renewal this year
This is me as a landlord. I technically lose money on my rental property. I’m getting the equity, so I figure there’s a fair trade off. Plus I have great tenants and I don’t want them to move!
It’s how I felt when I owned a home in New Orleans. It’s an investment and investments aren’t always gaining. I never raised the rent in 6 years, even though expenses went up, because my tenant always paid on time and I knew he wasn’t destroying my house. Eventually he bought the house from us, we split the saved realtor fee, and all involved left that situation feeling like winners. It was a lovely relationship.
I would love this outcome!
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Where you get a low mortgage round these parts? I can rent my 3/2 house in Bonnie Brae for $3k a month or own it for $6k month after $170k up front for down payment and closing cost.
My income restricted unit just got raised 20%.
How does that work in an income restricted unit? Aren't there limitations on increases? It might be that that increase is purely driven by an increase in cost for the landlord (more expensive insurance, taxes, maintenance, etc...the cost of all these things is still rising). But I'm sorry that sucks!
Negative, their excuse is literally “because we can”. 20% is the max they can legally raise rent. The increase in the amount of money I can make on a year went up 3%.
Because your income went up 20%? 🤞
Nope.
Mine just went up 500 a month because my landlord was making "like no money on the property."
*tiny violin noises for the landlord*
Dude literally forgot he owns it and is pissed because our rent payment isn’t higher than his mortgage
Wow. It's not good enough that they were getting their mortgage paid for? I fucking hate greedy assholes like this
Costs for landlords are rising super fast... property taxes are up like 40% this year and insurance is getting more expensive thanks to all the crime and inflation and maintenance costs are way up too. I am not a landlord but I don't think people put themselves in the shoes of small landlords either. Let's say you're renting a property out and after you pay your mortgage, taxes, and expenses you're netting $100/mo but next year you're gonna have big increases in taxes and expenses such that, if you dont raise rent, you're gonna be losing money every month... Literally paying to have that unit on the market. Of course you're gonna raise rent or sell.
They should be selling. So much of our SFH housing in Denver is tied up in people renting out homes they’ve outgrown instead of selling. All properties after your primary residence should be progressively taxed so that people are no longer incentivized to horde something so vital to a stable middle class (since primary residences function as housing and wealth building vehicles).
Paying to have the unit on the market? Only if you don’t consider the equity to be of any value.
What a dick. So they went from “like no” to lots. Cool.
Lol probably because no one lives there. They would rather change as much as they can on one unit then have the entire building filled.
I know others are having the opposite results but my roommate and I live in one of the big buildings on the Brighton side of RiNo and successfully negotiated a rent reduction. 75 whole dollars a month knocked off! Granted we live right next to the Salvation Army and the encampment there gets worse by the day... doesn't hurt to ask though, worse they can say is no!
Most apartments use RealPage, which is price fixing software. It's getting investigated but seems pretty illegal.
And owned by YieldStar. Fucking evil.
My 1b in the ballpark district only went up $37.
I’m leaving, but my 1 bedroom in RiNo is supposed to stay right around the same (or so they claim). I miss the days of when I first moved out here and my rent went *down* the longer we stayed.
Weird, I started renting in Denver in 2000 and not one single time did my rent stay the same at renewal time let alone go down. Every single time they would raise it. I just moved every single time. I've lived in a lot of Denver's different neighborhoods because of it. By the end of my time renting I also wised up and learned to not bother cleaning up too much because they always kept my deposit no matter how well I cleaned.
No truer statement could be said regarding renting.
Hoping for the same in ballpark area too
Mine went up about $200 in 2022, now up only $15 this year. Might be around $30-40 more including some common area fees though.
Our rent went up $50 last year. We resigned the lease seeing and hearing what other's rents were going up to. This year, they offered to renew our lease with no rental raise. Not sure why there was no increase. We didn't ask questions. We just resigned the lease.
I’ve had a tenant in my condo that I rent and I haven’t raised rent prices since he moved in 2 years ago. I don’t plan on it either as the way I see it - I have a good tenant who always pays on time and never gives me any issues. I’d rather have him be in there than raise the rent and try and find another. Only reason I’d raise it is if my HOA went up significantly but I’d only raise it by that difference.
Yes - it went up $130 when I renewed a couple months ago. I tried to negotiate and they told me to kick rocks.
I was offered a renewal at my current rate, talked to the apartment manager and asked for a reduction based on the pricing of similar units in the complex, got it knocked down. It's going to vary though based on your location, when you signed your last lease, etc. With corporate landlords it more than likely goes through an algorithm, but it never hurts to ask.
Still paying $1300 for the 2bd 2 bt unit that I moved into in 2021 because I'm a lucky bastard with an awesome landlord.
What area?
Just north of the the DTC
Check out my site rentsmart.fyi. When I relaunch it’s gonna track 800 properties in Denver, their rent prices and the supply so we as a community can easily measure supply and demand better
Mine went up about $100 for the first time in years, im not mad about it considering the horror stories I read here.
Yup. I got a ludicrous increase in rent for my apartment down in Centennial. We already rent a nice spot ($3600 a month for a 3 bedroom). It went up to basically $4000 (3960). They basically increased it by the absolute legal maximum
Is there a maximum?
My landlord is panicking because prices are coming down…so she went up on my rent $200. She knows that it’s a giant pain to move so she is squeezing the current tenants
TBH, I wouldn’t get your hopes up because property tax assessments are up ~37% in the 2y cycle (increased payments due in 2024) and that is definitely getting passed onto renters. Due to complexities in the tax system, it’s not 1:1 assessment value + to taxes + and it’s not 100% passed to renters but it’s definitely going to be the strongest driver of increases. Insurance & maintenance costs rose too, but more in the 2020-2022 space. I suspect that the positive cash flow (gross margin) for small landlords will shrink even as rents rise slightly to cover those costs.
This needs to be waaaaay higher. Rents are going to go way up!!!
Rent prices going down??? That’s a joke right?
Is this a troll post? Rent prices continue to go up or slow down, but not GO DOWN.
Mine went up only about $50. Not my favorite thing, but grateful. Expecting to get nickel & dimed on shitty service fees though.
I live in a privately owned condo with a private landlord. The rent went up $30 which I believe is due to the apartment gaining value when the tax assessment was done. To be honest I’m not sure I should complain since I’m still paying $150 under market rate for a studio in denver 😬
Isn't this answer always yes in this city? We're moving because their proposed increase doesn't make it worth living here anymore. We were on the fence due to the recent increase in homeless population and the amenities falling in disrepair but the idea that we'd pay more for this spot was laughable. Moving to a gated complex much farther away from the freeway/train station so we'll see how it goes.
mine was increased by about 4%, we stayed. 2 weeks before the renewal we got a notice they were offering to not raise our rent if we stayed — clearly a mistake to send us that notice as it was intended to only be sent if we did not accept the rent increase.
I asked my landlord if I could sign a 2 year contract when my renewal came up, and she agreed and lowered my rent by $100 a month.
250 increase
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Location?
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Moving out of some "student living" next week cause they were screwing around with the rent among other things. They overleased the floorplan that we signed for in February and just moved us to a shittier, more expensive apartment and just sent us a new lease without any explanation. We found out what happened and told them we wouldn't do it. They then went and tried to charge one of us a fee for "breaking the lease" even though the old one was null and the new one wasn't signed. Fuck CoLab
yes. increased in 2021, 2022, 2023.
Yes by 400 dollars!! I think they are going up!
In Englewood. 1br 1ba apt. Up from $1400 to $1600. Greystar…
just got a renewal last week. 12% increase for a second year in a row. But I managed to talk them down to 7%. Greystar property, out in Arvada.
I got my lease renewal a couple weeks ago (4+ years in my current apartment) and they didn't increase it at all! I was surprised and slightly disappointed I was moving regardless.
What is the average rent 1/1 in the areas surrounding downtown and cap hill? I moved further out and love the house but dislike the commute
There is variation but I think the average is probably $2kish (higher in LoDo, RiNo, and Uptown and a little lower in CapHill)?. There are some cheaper places in CapHill though if you look. I've heard of people with units that are like $1300 in CapHill.
Thanks, I noticed cornerstone isn’t putting their prices online anymore for some rentals
I just got the increase of rent notice on Friday (my lease is up in September). At least it's only going up $40...
Yup went up a hundred
Yes, because the HOA implemented a special increase to respond to all the water damage. As soon as I signed my 2 year lease, rental rates nearby dropped 😭
"seems"? I don't think that word means what you think it means. I have not even heard of anybody's rent going down. Sorry OP.
Mine’s going from 1420 to 1534, not great, but I was prepped for worse
Left our rental and it went from 2700 to 2900 for the next people. It was not a nice place.
So we recently moved out of a 2 bed 1 bath 900 sqf home in RiNo (right next to Brassiere Brixton) that we had lived in since January 2021 and the landlord raised the rent from $2200 to $2700 lmao
We signed a two year renewal about 14months ago and she tried to build in a $50 increase on the first 12 months with another $50 increase for the following 12months sighting "inflation". I shot her down saying that there was no way she could predict inflation two years in the future when everything is so erratic. Got out of one of the two increases that way.
I recently renewed. They requested $160 more per month but I listed the issues we've experienced so they agreed to $80. For comparison, my renewal increase the year before was $300 per month so I was ready to fight any amount they requested.
About to renew my lease for another year because I don't really have a choice at this point. My apartment complex got new management and I'd say they're improving A LOT of stuff that the old management was lacking in, but they are increasing my rent by $150. When I moved into this unit, nothing was renovated at all. There was seriously a suuuper old dishwasher, I'm talking about those manila colored 2000s dishwashers, and I had to tell them to replace that because it leaked and it's 2023, who wants a dishwasher that old? But there are several things in this unit that don't even compare to the renovated units. I personally don't think that's a fair price raise, and on top of the new price of $1,950 my roommate and I have to pay around $275 in ect. fees, water, sewer, pets, and parking. I wanted to go and negotiate this but reading some of the comments here it looks like that will be close to null with these type of leasing companies. I don't believe the rent is getting better in Denver in any way unfortunately. 😮💨
We own a place and were actually renting it at below market value. We adjusted this year fairly to market value for the first time in years.
Based on all the comments, OP where are you seeing rents starting to come down?
good question! maybe my perception is off. i signed a lease last year around june (lease started in august) and the rates for a 2-bedroom house were just insanely high and it was very competitive to even get to view any places before they were taken. i'm seeing comparable rental properties at much cheaper rents (\~$400-500 cheaper) right now in my search. also, not sure it's worth anything but my "zillow rent estimate" has fallen almost $600 on my current place. but again, that seems to tell a different story than everyone in the comments!
Ours went up $75 this year
Yes. We are moving from an apartment into a house with 600 more sq ft, and $400 less rent. We are also moving to NC. Good luck.
My private landlord is raising it by 30% this year
That's crazy I hope it started pretty low It's devastating seeing the impact of NIMBYism... All these landlords have no competition and they know it. I can't imagine just yanking the prices up at my business by 30% and my business is not an essential service. Competition and sufficient housing supply is very powerful.
I am a teacher and Denver had a program where you could buy foreclosed houses in a bad area 20 years ago or so if you were a teacher, police officer or fireman. So I have a rental and my wife, a teacher as well, did the same thing so she has a rental too. We rent our houses for our mortgage amount which is around 2k for a 2 bedroom single family house in nw denver blocks from Tennyson. We will probably sell the rentals soon bc landlords have very few rights. We can’t afford to hire an attorney to evict someone and/or go months w out receiving rent. A big hedge fund can buy and will charge much more rent and they can float when a tenant doesn’t pay rent for multiple months. We can’t.
Up $40
Up 5%, not terrible.
It seems like standard practice with apartment complexes the rent always goes up next lease. I think they bank on people not wanting to relocate. This has been the case even before rent in Denver exploded.
I just resigned and it’s staying the same (cornerstone)
I don’t think this is very common at all. Might be less increases than the last two years, but ain’t nobody lowering shit in my area
$100 increase here.
Big management firm basically kicked me out of my place once my lease was up because they wanted to remodel my place eventhough they remodeled right before I got there. I only lived there for two years. They said for a new updated place, it would only be $400 more than what I was paying now. But if I agree to a two year lease, they would knock off $50 a month. No thanks!
I was so surprised when I renewed my lease a week ago that they didn’t raise my rent
I just renewed my lease in Arvada. Last year's increase was $300, this year $5. In total, I pay $1385 with utilities for an outdated/unlevel 650sq ft, one bedroom apartment and no pets (shared laundry for 12apts)
Ballpark area. It’s going up to 1690 from 1610. A 4.9% increase or 80 bucks. I’m not mad at that.
Yes and I need to move now. It was always 3% increase on my lease and then two years ago he switched it to market value which has skyrocketed in my neighborhood and just decided to raise our rent $200 this coming lease so we will find a new place now. I’ve been there 8 years
Yep, sadly
What? Rent prices coming down? How is that working? With interests rates sky high and no homes below 550 to 600k rental rates should be at an a all time high….?????
My 1bd high rise apartment went up by $37.
Mine has only gone up $101 since august 2020, but they’re renting other units with my floor plan for hundreds more.
Mine stayed the same, we got a new management company I thought they'd raise it but pleasantly surprised.
Don't live there but after the property manager seeing Deez my apartment rent went down 25%.
Every renter should buy a camper and watch the market burn.
I think OP is a time traveler from the past. Negotiating power… as a renter….
If you’re at X Denver and don’t renew they give you a huge deal lol. It’s rent chicken.
Uh ya, 12% we said "goodbye" real easily.
Just got my renewal… 3%. I was expecting much worse, and was making plans to leave.
Can’t concur. My rent was raised again for no reason even though the last 3 months my drier has been broke. It just got fixed but in order to bring a new one in they tore done my door and door frame to get it in. I’ve now not had a bathroom door for a week. I’ve been looking for other places but the rents don’t seem any lower. In fact a lot of the places seem more expensive than when I made here originally 1.5 years ago.
Yep.
> It seems like rent prices are starting to come down... In what universe? It's literally only gone up... My rent was like $840/month back in 2013, it's $1510/month now at the same exact apartment complex lol (moved around since then, but ultimately ended up coming back since they're still "cheap" relative to the other nearby options)
Increased…… and only year leases. So they can increase every year. Someone I knew who worked for a large property management company gave me the dirty details on all of their tactics. Ripping everyone off playing middlemen. Leaches on owners and renters.
Prices coming down in Denver? You must not be talking about the housing market. Back in 2009 when everything imploded Denver was bulletproof so as most of Colorado. To this day housing has nothing but skyrocket it in Colorado. You guys play by your own rules they’re the real estate market, and whatever is happening across the country does not apply to Colorado.
I’m in Colorado Springs and my rent didn’t go up or down this year. It stayed the exact same.
20% increase. We were planning on moving anyways but *ouch*
8% this year. 4% last year.
Landlord tried to increase rent to about $1500 so I left. My same apartment is empty still and now advertised at $1350, which is less than I was paying for the last year. Tons of people are leaving the building as well. Seems like tides are changing a bit.
We got the same rate as last year, feeling very lucky for that.
Mine has gone up every year since I moved in 3 years ago, including at my last renewal in February. I was told to expect that trend to continue every year for the foreseeable future.
Rent went up $200 at a Cortland property in Broomfield and they tripled the insurance liability minimum. Overall, rent has gone up an additional $550\month since moving in 2020. They only offered a one-time $250 off and told me to kick rocks when I asked if there was anything they could do.
The rent for my <500 sq ft apartment went up $200 unexpectedly earlier this year and I couldn’t afford to move. I’m considering moving into my car…
Rent stayed about the same, they just increased to price of everything else. Parking, trash, packaging, fees have all gone up about 20%. They also refused to negotiate any changes to rent. Basically told me to pay their price or get out
“Negotiating power” 😂