Quote:
Originally Posted by AzDallasite
Too much in fact, I just received my renewal notice from my apartment complex in uptown and my rent is going up 24.2% from last year. That is on top of a 17% increase I experienced last year.
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You must live at a Gables property. They are known for jacking up rent on existing residents citing 'its the market value'. Knew someone several years ago that managed a gables property while in school. Their hands were tied, but it was problematic that the renewals would be too far out for people to reason with, then the residents would move out, then the units stay empty, then they dropped the rental rate on a 'special' to fill the units and then they finally get back to the occupancy they wish. It was not uncommon for several units to remain vacant for 6 plus months, but the people in the front office would never let you know that. All this to result in a viscious cycle. My building is in the medical district and they have been doing some upgrades to all the units since an out of state owner took over last year. Some of the upgrades residents asked for, but they did not ask for the 40-50% rate hike (as is the case for the neighbors to the left and right of me). The moving fans have been doing double shifts over here on the weekends, and the people in the front office are complaining to corporate all the move outs they are having to deal with. Luckily there are plenty of buildings in the uptown / downtown / design district / deep ellum areas that do not believe in screwing their tenants over and are nice properties.
It will be a lesson for some of these owners to swallow. We still have a high unemployment, people are still weary about living expenses...etc. etc. I agree Dallas has momentum, but everyone that I know in the design / building realm is still CAUTIOUSLY optimistic. It is taking a lot more (statisfying the bankers requirements, its still considered a high risk to make large loans...etc.) to get financing these days for new projects of a certain size and greater. Its telling when the govt today is having trouble securing financing for its project...............