Submitted by TitsMageesVacation t3_zhcoo2 in baltimore
cajunrockhound t1_izls9hu wrote
I live downtown and my rent went up $5 dollars but it’s managed by PMC (I know some people here hate them). I have never had issues at my building and I pay $1055 for a very nice 1 br/1 bth off of Calvert and Lombard. I’ve been in the same unit for about 2 years now going on 3. Unfortunately- you have to shop around for parking.
TitsMageesVacation OP t1_izlzhko wrote
Last year mine went up $400, and they came back for more.
cajunrockhound t1_izm0e35 wrote
That’s fkn insane. I don’t understand that much of an increase when buildings are struggling to fill vacancies.
justin774 t1_iznpchl wrote
It's been a major real estate strategy for many years to keep vacancies and increase rent on current residents. Similar to how the DeBeers company only releases a small number of diamonds every year to limit supply in order to manufacturer and artificial demand
When a complex has vacancies, the building makes less money. This difference in money is passed to the residents. Now you might be asking, why raise rent because that will make people not want to fill the vacancies? It's simple, now the property owner is making the same money as before with less tenants. Less tenants means less maintenance and less costs. If anyone fills the vacancies and pays the high rent that is just a bonus to the property managers.
With the high cost of rent, it sometimes ensures higher quality renters who make more money and are more likely to pay on time. This is not always the case, and definitely is not the primary driver in rent increases.
TL;DR: Landlords have 0 incentive to fill vacancies since it works out better for them.
TitsMageesVacation OP t1_izm0ul8 wrote
Our occupancy is high, always has been, and to be fair, it’s an expensive building to begin with, but it still a huge jump, $ and % wise. Unfortunately, there’s no legal cap in MD. That’s the law, I get it, and I will always defend capitalism and supply and demand, but this is collusion.
EthanSayfo t1_izmhhtc wrote
It's aaaalmost like collusion and price fixing is a logical byproduct of extremist late-stage capitalism, when only small numbers of companies, even duopolies, control almost every industry...
Nah!
Sorry to sound so sarcastic, but we're nuts if we don't think this is going on in many/most industries.
TheGraby t1_izni7ez wrote
> I will always defend capitalism
☝️ if you're curious about why you're being downvoted 😂
TitsMageesVacation OP t1_iznq9l9 wrote
So? I believe in the free market. A free market does not include collusion.
And frankly I don’t care that I’m being downvoted by some, this isn’t about my ego.
DrPlatelet t1_izoxmsc wrote
And you stayed? This is Baltimore not NYC
Smokedsoba t1_izp7ayg wrote
Right? Apartments and row homes for rent aren’t hard to find here just tell your landlord to kick rocks and move across the street.
caro822 t1_izmajs3 wrote
PMC is a smaller company though. Less resources/less overheard as they are an absentee landlord. Go to anything bigger with amenities and the prices are going to be much higher.
CaptainObvious110 t1_izm73bb wrote
Wow! That's a pretty good price. You are fortunate to just have a $5 rent increase for sure.
Is it loud over there?
cajunrockhound t1_iznwgbs wrote
not super loud if you can deal with the influx of conference goers every now and then
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