Yeah that can definitely be a factor. Though some of these units are sitting empty. But I’m sure they have a formula of typical time empty and they make it back on the higher rent. But seems like it would be hard to make up more than a few months.
Are they new and empty or existing and empty? A lot of times, they're paid off after the first lease agreement is finished.
Thought this thread could use an update: Our lease is up October 10th. We had to give 60 days notice if we wanted to move out. They let us know 75 days before the lease end date that they would be raising our rent 1%. At the time there were 5 other units coming available in Sept/Oct in the same building that were 80 sq ft bigger, essentially the same floor plan as ours, but with a study added to them. They were all priced at least $200 cheaper than the rate they offered us to stay in our unit. So not only does our rent price make 0 sense compared to similar units, they’re also trying to make us pay more. I went to the office to inquire about it. They immediately agreed to drop the 1% increase but claimed that was the best they could do. We asked them to just match the price of the bigger units and call it a day. No dice. We gave our 60 days notice of moving out. Within a week, those larger units dropped even more. We are about to sign a new lease for a bigger unit with an extra room that will cost us $489/month less than we are currently paying ($509/month less than what they wanted us to pay). To top it all off, they posted our unit on the website today for rent... it’s posted at $588/month less than what they were asking us to pay. I keep looking around for cameras, assuming I’m on some reality TV show, but I haven’t found any yet.
I'd really want to ask them questions, politely, about what it is they think is going to happen operating like that.
That’s what we are doing. Sorry if that wasn’t clear. We are moving 3 floors down, 3 doors to the left, in the same building. Our new unit is $489/month cheaper despite being an identical floor plan, besides the fact that it’s 80 sq ft larger and has a study. The whole situation is one of the most absurd things I’ve ever seen.
I might. It’s difficult for me to have conversations like that without making people feel stupid. I’ve asked my girlfriend to go down there and ask, but she would rather bear witness to the fireworks of me asking.
Yes. We have gone and looked at other places. They all lack something that this place offers, whether it's the location, the amenities, or the price. The only thing other buildings have offered that this one doesn't is a better view, and we just don't care to pay the premium it requires. And honestly, we are going to live in what is essentially the exact same place for $6,000 less over the next year. It's a ton of positive with not much negative.
