I live in a high-rise apartment complex in Silver Spring, MD. I am currently paying $1,755 in base rent for a 1 bed, 1 bath apartment (~750 sq. ft). In addition, I have to pay $50 in pet rent and $145 for parking (wife works somewhere not accessible by public transport). The apartment is within walking distance of the metro.
The management at my apartment wants a 7% increase for 12 month lease, which is on top of a 7% increase last year. A two-year lease is possible, but they want a 14% increase upfront for that option. Month-to-month would be a 25% increase.
I realize the DMV area is expensive, but do the pace of these rental increases seem reasonable? It's more than 3X the rate of general inflation. And when I first moved in, the leasing office said rents usually go about 4-5% annually.
I've thought of challenging management on this, but apartment complexes run by big property management companies usually aren't willing to negotiate from what I've read.
Any advice or stories about people's own recent rental experiences would be helpful.