So, a new company has bought my apartment building. What might they do? Raise the rent? Change the lease terms? End the breakfast buffet? I’m not asking for legal advice, just some things that are possibilities that I should prepare to endure.
There’s a breakfast buffet? :eek:
Well, there used to be free muffins and fruit. Not a buffet but a nice snack. Probably abused though.
You do realize it is not free. You pay for it in your rent.
If your lease is still in effect, I don’t think that the terms can be changed until it expires. I asked the same question of my old landlord last year when he was selling the building I lived in, and thats what he told me, and he was a lawyer.
But, I am not, this is secondhand (possibly incorrect) advice, and YMMV depending on your state/locality etc.
Can you call your local county Renters board or equivalent? They would have all the answers.
I can pretty much guarantee that they’ll raise your rent as soon as your lease allows. Prior to that they’ll change some rules and make things harder for those who’ve lived there longest and make them want to leave. My complex went from an independent owner to a national chain called Village Green and they try to have the same rules for every property, regardless of locale. They upped the rent, instituted monthly pet fees for those already there and disallowed any pets for future residents. They put all the employees on part-time and made them apply for their own jobs; half didn’t get to keep them.
Properties are sold to make money and the new owners will be eager to make their money back.
I suspect this will have a lot to do with the local rental market. If lots of vacant apartments are available, it would be highly counterproductive for the new owners to drive existing tenants out. If not, you could be right.