This weekend I was told by a long term tenant in Avalon South, that they recently received a 25% rent renewal hike. While this was an atypically high boost, a few quick checks with others revealed increases in the range of 6-7% for Avalon tenants, in line with what other landlords, aka Rockstone, on Center Boulevard are doing. Nevertheless, in tandem with building gripes I’ve been hearing about from numerous tenants, it reveals the clumsy, formulaic decision-making of a national landlord. If Avalon Bay is holding back on capital expenditures at a time when rents nationwide are at their peak, I can only imagine what will happen to these buildings when a downturn occurs.
Since Avalon owns only two buildings in LIC, what might be of greater significance to all renters on the waterfront, is the resumption of not insignificant rate hikes for exactly the reason we predicted in our 2014 Real Estate of the Union back in May: [Read more…] about AVALON INFLICTS HUGE RENT HIKE ON TENANT, MORE TO COME ON CENTER BLVD?
