Q: Is the rental increases every year really due to property value or is it just the land owner being greedy
Every year my apartment rent has increased by 120.00 a month. The office tells me it is due to the property values.
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- Colorado
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A:
It could be a combo of things including property taxes, inflation, or just greed. A good spot check is to take the new rental amount divided by the old rental amount and subtract 1 ((New Rent/ Old Rent) -1). That is the percentage your monthly rent increased. You can compare that to the prime rate or other indicators. Then shop around on occasion to ensure you are not getting racked.
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