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jlmends t1_j9hd2po wrote

Ours went up 44% at 70 greene and we moved. Worst part is I spoke to the new tenant and he said when he applied there was no increase- so he’s paying what we were paying before they increased it 44% and we had to move … smh

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the_running_stache t1_j9hw8ow wrote

That’s what sucks about so many of the LUXIRY buildings in Downtown JC! (I don’t know if other neighborhoods/cities.) The buildings often advertise great deals - free amenities, free 1-2 months’ rent upon signing, etc., but they offer those only to “new” tenants, not to existing ones.

That is so stupid and counterproductive, it seems. If you have had a good tenant all along, who paid rent on time and was never a problem (loud music, smoking in hallways, etc.), why wouldn’t you want that tenant to continue instead of risking it with a newer tenant you have little idea about?! Also, with a new tenant, you need to spend money on professional deep cleaning, repainting, etc., and it just seems that continuing with the existing tenant is cost-effective.

But still, they never offer such deals to existing tenants. It always boggles my mind.

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russokumo t1_j9jk8mb wrote

Reason is moving costs. They know moving costs money, so if they are able to raise rent just enough to be competitive with moving costs, most people will stay put. Also yieldstar software is definitely leading to collusion in jersey city + Hoboken in particular.

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DeepFriedAsses t1_j9jeycn wrote

It’s exactly the same as when companies suppress salary increases but then hire new workers at much higher rates, resulting in an endless cycle of attrition and recruitment

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orb_king t1_j9i6gte wrote

yeah they gotta have a solid scam where they make more money turning over tenants than keeping them. maybe fees, maybe security deposits, or maybe something as dumb as commissions on "new" tenants for sales people who happen to also work in the building.

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