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thimbelinda t1_jchv2w5 wrote

Reply to comment by jpm01609 in Rent Hike by sbenzing100

Agreed. My parents have a multi family rental property that has doubled in assessed value in only 2 years. Their neighborhood of mostly single family homes went up minumally compared.

Eta: My parents don't make any profit. They always charge below market rents. All income goes to costs and repairs. This year the taxes alone increased enough to equate an $80 per month per unit increase cost. Down vote all you want, but that is a cost increase that needs to be passed on, or they will lose the property to taxes owed. Not every person wants to be a homeowner. Not everyone can save the down-payment. They are providing a service to renters.

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goatsgomoo t1_jciop6a wrote

The OP isn't talking about your parents then. An $80/mo increase in cost does not justify a $300/mo increase in rent.

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HikingAccountant t1_jck7tyz wrote

The $80 mentioned previously was just for taxes. I don't know the particulars of that building, or even most buildings in Worcester, but I know other members of my family have buildings that the landlord pays for heating costs (one is electric heat and the other is natural gas). Repairs have gotten more expensive from a material and labor standpoint too.

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