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Yeah, this is all well-established. When you buy an apartment building you know the legal rent for every apartment. That only changes by a percentage amount ev
by mattzito 4y ago
Yeah, this is all well-established. When you buy an apartment building you know the legal rent for every apartment. That only changes by a percentage amount every year, and the amounts are available historically, and landlord reps make up a big chunk of the board that sets those percentages.
There’s no mystery here, everyone knows the score, it’s just that landlords try to take advantage.
- bombcar 4y agoDoesn’t everyone try to take advantage? I’ve never heard of renters offering to pay more than rent, it’d be like haggling with a street vendor to pay a higher price.
- mattzito 4y agoSure, but there used to be big loopholes, so, for example, if you made capital improvements to an apartment you could increase the rent further. Landlord buys a $500 fridge and hires his buddy to install it and gets from him a receipt for 8k in installation fees. Now he can raise the rent $800/mo. the same sort of shenanigans aren’t available the opposite direction for the tenants.