Boy is it a renter’s market! What’s not to like about 2-3 months of free rent in condo like properties, and for no fee? You don’t say! …
Oh wait, that’s right: that was 2 years ago!
Today’s market is a far reach from the bounties that were offered during those golden days. It’s also a hard landing for renters who signed those two year leases at starter rents plus concessions. As their leases renew, not only must they accept the lack of those low net effective rents but actual rental increases are being demanded by landlords seeking to maximize rents. (Don’t say we didn’t warn you back then *smile*) This often means net effective rent increases to the tune of 40%+. This is serious money!
In those shiny, new, amenities-laden buildings that filled up in 6 months or less, it’s not unusual to hear of stories of one bedrooms having increased from $2800 to $4000, and two bedrooms having spiked from $3400 to $6000. If you find yourself in this position, now might be the time to reconsider your own rent / buy equation and see what makes sense.
