So I almost thought I had to move..

sayanora

Silver
Feb 22, 2012
1,621
36
48
I called my attorney today about renewing my contract for my rental home and she told me it's a 10% annual increase.. I laughed and said we'd be living out the deposit then and finding another home in the area and she said she'd talk to the owner..

She calls back 5 minutes later and tells me the owner is going to give me another year at the same rental price.. jokers :)
 

Castle

Silver
Sep 1, 2012
2,982
1
0
Now that I think about it.. if it's 10% annually does that mean in 5 years my rent goes up by 50% ? Crazy!

Yes. But as long as you pay your rent on time every month they will never let you go. Just the hassle of renting the apartment again (running ads, showing it, painting, etc) is more expensive than just letting you pay the same rent year after year. Not to mention the risk of renting to someone who could get behind in payments or stop paying at all. Too many domincans don't seem to get this, and they rather fall behind in their payments in order to pay for their jeepetas...
 

Chirimoya

Well-known member
Dec 9, 2002
17,850
982
113
Yes. But as long as you pay your rent on time every month they will never let you go. Just the hassle of renting the apartment again (running ads, showing it, painting, etc) is more expensive than just letting you pay the same rent year after year. Not to mention the risk of renting to someone who could get behind in payments or stop paying at all. Too many domincans don't seem to get this, and they rather fall behind in their payments in order to pay for their jeepetas...
True - two of our neighbours moved out when the landlords informed them of a rent increase, and both apartments remained empty for several months. I can understand the landlord's point of view when the rent is in pesos but round here it's all in US$.
 

bigbird

Gold
May 1, 2005
7,375
163
0
I called my attorney today about renewing my contract for my rental home and she told me it's a 10% annual increase.. I laughed and said we'd be living out the deposit then and finding another home in the area and she said she'd talk to the owner..

She calls back 5 minutes later and tells me the owner is going to give me another year at the same rental price.. jokers :)

Just another game they play. I renewed my lease a month ago. My original contract called for a 5% increase. I simply told the agency I would be willing to renew for another year but at the same price. The agent never blinked an eye, just casually said,,, no problema.

Like mentioned already, just a game they try. Hey, what do they have to lose?
 

dropshort

Member
May 18, 2008
281
2
18
Now that I think about it.. if it's 10% annually does that mean in 5 years my rent goes up by 50% ? Crazy!

(1.1)^5 is 1.61051 or a 61.05 % increase but who is counting.
 

cjp2010

New member
Mar 25, 2013
397
0
0
It's pretty standard that they try to put that in the contract and even try to enforce it. After my first year lease was up at the place I'm currently at I told the owner I'm not paying 10% more and in fact was not willing to pay even the same price as rental rates had dropped all around the area. I told him we needed to get our rent reduced or we would move. At first he said he'll keep it the same and I told him that wasn't good enough. The next day he agreed to reduce it.

Then we renewed again this past June and he wanted to raise it 10% again and I told him I wasn't willing to pay the increase. Didn't go for a reduction, but ended up agreeing to keep it the same. I think it's pretty easy if you pay your rent and don't cause problems. They know it will be hard to find another tenant that always pays the rent on time and doesn't break things.

I don't think everyone will always be able to get a decrease like that but you might give it a shot some times, especially when rates in the area are going down and you can move to an equitable place that is cheaper. In your case that is very good that you got to stay at the same price. Good on your part for being firm and being willing to move if push came to shove.

Rates seem to be going up now so next year, if we stay, I might give in to an increase to get it back to where it was in the beginning.
 

jstarebel

Silver
Oct 4, 2013
3,330
333
83
Very true statement.. I have a home in the states that I lease out, and if the tenant renews with another 12 month lease, I give a free month. I do this because I dont want to go through the hastle of renting it again. Thank GOD I live on my boat. I wouldn't want to go through the rental game here.

Fair Winds & Calm Seas,

JstaRebel
 

bizzyboneizo

Member
Aug 31, 2010
489
0
16
the owners are desperate for renters we left one apartment to go to one closer to bocachica then she didnt like the apartment and later to go back to the previous one like nothing happened