u/mongoosai

For context I rent a townhouse at Vandenburgh place. I moved in a year ago with rent being $1642. I got my lease renewal letter and saw rent went up $82. Upset, I looked at the current prices now of my apartment on the website and saw prices over $2000. I called management to better understand and they told me similar apartments have been recently occupied at $2300. They also told me my rent will be raised every year by 5% per market value.

How can an apartments market value, rent or whatever raise $700 in one year? Obviously this is incredibly stressful. My partner and I barely make it by now and we do not qualify for government benefits.

This is a venting thread really and if you have any opinions go ahead but personally I think this is insane and it's breaking my heart. I'm most likely going to have to move out or move state.

Edit; I realize this means my rent will go up $82 per month each year, I know this will be a slow increase and yes although this is good news currently, in the long run I will not be able to sustain this.

Chicken Sandwich on Brioche Bread [homemade]

I had no buns so I introduce my chicken sandwich

Just found out my rent at Vandenburgh Place Apartments will go up by $700 over the years.

[Bacon jam burger] with swiss cheese and a side of homemade steak fries

Hard Boiled Eggs