Quote:
Originally Posted by mostpost
I live in a 57 unit Apartment Building. We have one, two, and three Bedroom units plus a couple of studio apartments. It’s located in a nice middle class suburb of Chicago.
Last September we got new owners who have been doing a lot to fix the place up. The building was not in terrible shape but it is over sixty years old.
My lease is not up until October, but I have recently been hearing from people who’s lease is up. One fellow with a one bedroom, one bath had his rent raised $40-about a four percent increase. Not unreasonable. But a lady. Who lives in a two bedroom, two bath apartment is facing a $250 increase-a 20% raise. Yet another lady, in an identical two bedroom is facing a$150 a month increase.
Can anyone here explain those large discrepancies. They are upgrading the apartments as people move out, but these are all people staying in the same apartment.
Maybe someone here has experience owning or managing an apartment building or complex.
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I agree with XTB . There is probably more of a demand for the multi room dwellings so they can charge more
