I have lived in the same apartment for 5 years. When I moved in, I paid $825.00 a month. They have increased my rent to $950.00 over time. My lease renewal is July 1st and they are going up to $1,050.00. Is this even legal? Banks cannot increase mortgages. How can leasing offices get away with this when it's the SAME apartment. No upgrades. No new features.
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Yes they can increase the rental cost. There are no laws limiting their ability to do that.
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Actually mortgages do go up as well - taxes and insurance cause the increase. Therefore to answer your question, yes this is legal. If you can not afford the apartment then give your notice. Be sure you are within the requirements - some say 30 days notice others state 60 days notice.
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It is absolutely legal. Your contract is only good for a specific period of time- during the contract period they can not increase the rate. However, if you choose to renew the contract at a higher rate why wouldn't that be legal? They are not forcing you to renew.
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