What is fair market rents and how is an apartment rental rate determined?

can a corporate managed residential apartment rental rate go up 50 to 100 dollars after one year? no improvements or fresh paint, preexisting condition after lived in for one year.What is fair market rents and how is an apartment rental rate determined?
No improvements are required to raise the rent. The rent can be increased to whatever amount the landlord deems fit. You have to be given a 30 or 60 day notice (as per your states law) of the increase, giving you time to give your 30 day notice that you will be moving if you do not agree with the new contract amount.What is fair market rents and how is an apartment rental rate determined?
Fair Market rent explanation:


http://en.wikipedia.org/wiki/Fair_market鈥?/a>





Essentially it is the going market rent. Not the highest and not the lowest but supposedly what is reasonable.





How can the rent go up $50 to $100 when you don't see paint or other improvements?





Well, the water and sewer rates may have increased. Garbage collection may have gone up as well. Heat and electricity have increased in many areas. Taxes? Perhaps, especially if there were approved school issues.





You and I both know that landlords and/or their agents are not in the charity game. This is a business and there is a profit percentage which must be maintained.





As for visible improvements, sometimes the unseen maintenance can be quite high. Replacing a/c units or the building's boiler, plumbing and electrical repairs. Replacing a roof. Some of these can be very expensive. The income is the rent. If there isn't enough income, there won't be good maintenance.





Sometimes certain maintenance is on a rotating schedule. You've only been there one year. Perhaps painting isn't planned for a few years. Some units aren't painted until someone moves out...unless they make the request because of the condition.





If you have maintenance issues, be sure to put them politely into writing and submit them. Phone messages or a few words to the custodian aren't sufficient in a corporate managed building.





It is profit without loss if possible. Except for you, that is. Then it's loss. But if the increase is in line with buildings of similar apartment size and condition then it is fair market rent.





By the way, that is primarily a HUD term for determining Section 8 rents to be subsidized.