My roommate informed me that our landlord is raising our rent in 2012. I was worried it was going to be a huge increase, given we haven’t had rents raised in a while, and at my last “property management-owned” complex where my rent was increased 22% the first year and 18% the next (from $900 to $1100 to $1300 when I finally got out and got roommates again.)
My rent started out at my current place at $602.50 for my room (I share an apartment with two other girls.) Shortly after I moved in my rent was raised to $632.50 per month, which was still less than half of what my former studio was charging. In 2012, my rent will go up to a whopping $647.50 a month. I just looked up the current cost for my old studio, and it’s now listed at $1570 – $1705 per month! For a studio! Yikes, I’m glad I left. That would be eating up half of my income now, and back then it would have eaten up all of it.
However, looking at my old apartment rent increases is a good reminder how important it is to try to get a yearly raise to at least keep with the rate of inflation, and hopefully a little extra. Since the beginning of my career, I’ve managed to take my raises by switching jobs and factoring in what I should be making, even if I never got a raise at my earlier company.
However, now that I plan to stay at one company for a long time, I know I must focus on figuring out a way to obtain reasonable pay raises or better in the coming years. I’m not too concerned about the price in rent at my current apartment, but what if my elderly landlord decides to sell the condo for one reason or another, and I have to move to a place that costs more.
How much do you pay for rent? How much did you pay in 2010?