Seeking a little clarity about the numbers you are using. Is $2,390 the monthly rent, and $217 the increase of the monthly rent? If those are weekly numbers you are playing with money I would love to have!
If it is weekly, that is about 600 per week in rent right now, with an increase of a little over 50 dollars per week.
Unfortunately, that is considered reasonable and probably about what most people expect their rent to go up next lease cycle.
You could, theoretically, ask if they could reconsider, or increase by a lesser amount, but we all know landlords are famously scroungey and quick-to-anger bastards with a victim complex. So that might result in something worse!
Do you particularly need to be in Flemington? You could get this two bed/two bath for 500 per week https://www.realestate.com.au/property-unit-vic-albion-438073504 Lots of families and a park nearby for the toddler. Only disclaimer is that you would likely spend the savings at the fabulous deli across the road each week.
You can try to negotiate, particularly if there is anything they are not doing that they should be. They should’ve provided similar properties to compare to though, if they haven’t they need to. Only advice I can give is to make sure your business is paying some of your rent. My business pays about a third of my rent, given the 2nd bedroom is a home office, and that works out to a decent saving. Same for power bills, internet, etc. It’s the one area where renting has benefits over owning, as you can only claim minimal home office expenses if you don’t want to foul up your CGT exemption.
Our rent went up $120 a week earlier this year. Totally legal. Only thing you can do is negotiate which may lead to not having your lease renewed. Personally $217 a month is good as far as rent increases in Sydney go (which is quite fucked).
Because landlords believe the renter should cover all costs associated with the property.
The validity of that position is questionable, but they use it as a reason to increase rental prices regardless.
>Because landlords believe the renter should cover all costs associated with the property.
This is objectively false. Landlords believe all costs associated with their investment property should be covered by both the renter and the government.
I mean if OP's rent was already at the maximum then their landlord wouldn't be raising the rent. Yet they are. So that would suggest they increase them further. If landlords had max rent they would always charge it. Yet here we are watching them raise it year after year as they are allowed to do. So either the maximum can be increased or it's not at maximum.
Getting into semantics. Yes it's maximum, until it isn't and then it gets raised to the new maximum. There is a 6 or 12 month delay while the lease term cycles through. My point that it has nothing to do with the landlords costs. They're probably being promoted by the agent, who is looking at vacancy rates and what other agencies in the area are doing
Seeking a little clarity about the numbers you are using. Is $2,390 the monthly rent, and $217 the increase of the monthly rent? If those are weekly numbers you are playing with money I would love to have! If it is weekly, that is about 600 per week in rent right now, with an increase of a little over 50 dollars per week. Unfortunately, that is considered reasonable and probably about what most people expect their rent to go up next lease cycle. You could, theoretically, ask if they could reconsider, or increase by a lesser amount, but we all know landlords are famously scroungey and quick-to-anger bastards with a victim complex. So that might result in something worse!
Rent increases https://www.consumer.vic.gov.au/housing/renting/rent-bond-bills-and-condition-reports/rent/rent-increases Challenging rent increases or high rent https://www.consumer.vic.gov.au/housing/renting/rent-bond-bills-and-condition-reports/rent/challenging-rent-increases-or-high-rent Advice > Rent increases https://tenantsvic.org.au/advice/during-your-tenancy/rent-increases/
Do you particularly need to be in Flemington? You could get this two bed/two bath for 500 per week https://www.realestate.com.au/property-unit-vic-albion-438073504 Lots of families and a park nearby for the toddler. Only disclaimer is that you would likely spend the savings at the fabulous deli across the road each week.
You can try to negotiate, particularly if there is anything they are not doing that they should be. They should’ve provided similar properties to compare to though, if they haven’t they need to. Only advice I can give is to make sure your business is paying some of your rent. My business pays about a third of my rent, given the 2nd bedroom is a home office, and that works out to a decent saving. Same for power bills, internet, etc. It’s the one area where renting has benefits over owning, as you can only claim minimal home office expenses if you don’t want to foul up your CGT exemption.
Our rent went up $120 a week earlier this year. Totally legal. Only thing you can do is negotiate which may lead to not having your lease renewed. Personally $217 a month is good as far as rent increases in Sydney go (which is quite fucked).
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Cool, so when mortgage rates go down, rents are dropping Australia wide? Right? Mate? You're not saying anything Tony...
Why is how much mortgages have gone up in any way relevant?
Because landlords believe the renter should cover all costs associated with the property. The validity of that position is questionable, but they use it as a reason to increase rental prices regardless.
>Because landlords believe the renter should cover all costs associated with the property. This is objectively false. Landlords believe all costs associated with their investment property should be covered by both the renter and the government.
Rental prices are already at the maximum that the market will absorb. If the landlords could increase them any further, they already would have.
I mean if OP's rent was already at the maximum then their landlord wouldn't be raising the rent. Yet they are. So that would suggest they increase them further. If landlords had max rent they would always charge it. Yet here we are watching them raise it year after year as they are allowed to do. So either the maximum can be increased or it's not at maximum.
Getting into semantics. Yes it's maximum, until it isn't and then it gets raised to the new maximum. There is a 6 or 12 month delay while the lease term cycles through. My point that it has nothing to do with the landlords costs. They're probably being promoted by the agent, who is looking at vacancy rates and what other agencies in the area are doing