Maybe this falls under the heading of “No Good Deed Goes Unpunished” Sounds like the property owner had kept the rent well below market for years, and now is being attacked for bringing it close to market rate.
Her Rent Is Going Up $700 A Month Because Her Landlord Claims That’s What The Apartment Is Worth
Unfortunately, Grace’s case is not uncommon. According to Rentec Direct, “Most landlords do not regularly raise their rent to match the cost of owning and maintaining a property,” the site explained.
“What ends up happening is after 5 years at a steady rental rate, the owner will realize that a rent increase is necessary to keep up with increasing property taxes, maintenance, and market rates.”
Stories like this lead to calls for rent control. If owners kept their rents at market rate instead of large increases, there would be less conflict. However, most owners, including myself, are reluctant to raise the rents of existing renters.
