Changing rental price during apartment showing

Changing rental price during apartment showing by Anonymous (Illinois) on June 12, 2012 @18:30

I am currently showing an apartment in Chicago, and I think I have set my price for my apartment too low. The price was about where the market was 2 years ago when my original tenants signed the lease, but I think the market has started to recover because I am getting quite a few people coming to see the apartment and submitting applications as well.

Am I able to increase my asking price for the unit since I have not signed a lease yet? I have, however, accepted a few applications and am currently reviewing them. Is there anything illegal about increasing the asking price? I was planning on increasing the asking price by $100, informing the applicants who already submitted an application of my intent on having a higher rent, and relist my apartment on craigslist for the higher amount.

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Re: Changing rental price during apartment showing by Anonymous on June 12, 2012 @19:15	[ Reply ]

The rental price can change prior to lease signing but it's usually because of some negotiation between the tenant and LL. Usually the tenant asking for a lower price or the LL adding an optional amenity for an tenant which would cause a slight increase. You might have some issues with the applicants who have already applied. They came to your apartment because the price was right. To change it now would be lead to them feeling misled and lied to. The applications you have should be reviewed and I would keep the rental price at what you advertised or quoted if one is approved. None may qualify. Relist the rental at the higher price after the batch of current applications have been dealt with.

Re: Changing rental price during apartment showing

Re: Changing rental price during apartment showing by Anonymous on June 12, 2012 @19:25	[ Reply ]

You are advertising at a lower price and leasing at a higher price?

Re: Changing rental price during apartment showing by JD-NY on June 12, 2012 @21:37	[ Reply ]

you should give their applications fee back if they are not interested anymore. Other than that I don't see a problem.

Re: Changing rental price during apartment showing by Anonymous on June 13, 2012 @08:53	[ Reply ]

Illinois has a strong 'Bait and Switch' law which you should be aware of. Advertising one price for the rental and accepting applications and then stating a diferrent price would likely be a violation of the law.

Re: Changing rental price during apartment showing by Anonymous (MN) on June 13, 2012 @10:44	[ Reply ]

I was going to say... isn't this the exact definition of a bait and switch? You can't raise your rent on the people you've already shown it to. You advertised it at a price and people have come in expecting it to rent at that price or lower. Sorry, you just have to live with it for another year. If none of the people who have applied want it, you can probably re-post with the higher price. I would make absolutely sure you've wiped the internet clear of your past postings for the lower price or someone will find it. That being said, I would still be extremely careful if your thought is to deny all the current applicants the unit because you want to re-rent at a higher rate. Make sure there is a solid, valid reason you're denying them the unit if you do. Because you wanted to re-rent it at a higher price is a valid reason.

Re: Changing rental price during apartment showing

Re: Changing rental price during apartment showing by Anonymous (NJ) on June 13, 2012 @15:30	[ Reply ]

I just listed and rented apartemnt in four days. Market is crazy right now. I had over 50 people call. Sure does beat a few year ago. Change the price if you think it's too low unless one of the current applicants is really outstanding.

Re: Changing rental price during apartment showing by Anonymous on June 13, 2012 @15:31	[ Reply ]

I just listed and rented apartemnt in four days. Market is crazy right now. I had over 50 people call. Sure does beat a few year ago. Change the price if you think it's too low unless one of the current applicants is really outstanding.

Re: Changing rental price during apartment showing by mike (ca) on June 23, 2012 @06:41	[ Reply ]

you guys are totally misinformed. This is not bait and switch. a switch requires that you rent out a different property than advertised because the advertised one was never available. simply raising the price on the SAME property is not bait and switch.