“No one is going to move for $30 more a month,” a local realtor told the Inquirer today. Raise rent by $100 a month, though? “They are going to have to go to a lesser neighborhood.” How much would it take for you to move?
At least one landlord, University City property owner Alan Krigman, told the Inky he’d be raising rent $25 a month for a $445 studio (a bit more than a five percent increase for renters). $25 a month may not seem like much, but if you read his website, you’ll find that he’s planning on raising rent anywhere from 6.4% to 7.5%, and not all his apartments are that cheap.
To give you a sense for how much for Krigman will be paying extra under AVI, his property at 238 S. 45th St is experiencing a 101% tax increase. Assume that sort of increase on a more expensive apartment in a richer area, with a 7% average increase in rent, and you’re looking at more than a $25/mo. That said, most of the 5,088 properties the Inky reported would experience tax hikes of $1000 or more aren’t paying double in taxes either.
Renters’ burdens will vary. After all, it’s up to the landlords to calculate whether it’ll scare away tenants to jack up prices. But one thing remains certain: renters are more vulnerable than homeowners. While the latter will be hit more directly, they former don’t have a three-tiered process by which they can appeal their case to the city. [Inquirer]