All articles tagged with #rent increase
Amid a booming AI industry in San Francisco, rents have surged to near pre-pandemic levels, leading to a spike in eviction notices, especially for nonpayment, as affordability declines and landlords become less flexible. City officials view the economic growth driven by AI as positive, despite the negative impact on tenants, with many newcomers and high venture capital investment fueling the housing market rebound.
ZEGGZ, a popular brunch spot on Shelbyville Road in Louisville, has closed due to high rent but plans to relocate. The new location and timeline have not been announced.
Honolulu, Hawaii, has experienced the highest year-over-year rent increase for one-bedroom apartments in the western U.S., with a 3.3% rise from $1,783 in 2023 to $1,841 in 2024. Despite a national trend of decreasing median rents, other western metro areas like Albuquerque, NM, and Seattle, WA, have also seen significant rent hikes. Factors contributing to Honolulu's high cost of living include its reliance on imported goods and high gas prices.
New York City has approved a 3% increase in rents for approximately 1 million rent-stabilized apartments, with two-year leases seeing a staggered increase of 2.75% for the first year and 3.2% for the second year. The increase comes into effect from Oct. 1. The city also increased rents last year. The vast majority of rent-stabilized tenants pay significantly less than median rent.
The Rent Guidelines Board in New York City has approved a 3% rent increase for one-year leases and a 2.75% increase for the first year and 3.2% for the second year for two-year leases for people living in rent-stabilized units. The increase will affect millions of renting New Yorkers. The board's decision has been met with opposition from tenant advocates who argue that the increase will push low-income New Yorkers closer to eviction and homelessness. Landlords argue that they need the increase to cover inflation, tax hikes, and insurance. The new rates will apply to leases with effective dates between Oct. 1, 2023, and Sept. 30, 2024.
Reality star and restaurateur Lisa Vanderpump is closing her Pump restaurant in West Hollywood after 10 years of operation due to a rent increase. Pump was featured on the reality show "Vanderpump Rules." Vanderpump's landlord disputes her claim, stating that they did not raise the rent and have been supportive during the pandemic. Two other Vanderpump-owned restaurants, Tom Tom and SUR, will remain open.
Lisa Vanderpump is closing her Pump restaurant in West Hollywood after 10 years due to a rent increase that she claims is "untenable." However, her landlord disputes this claim and says they have been supportive. The restaurant had a hard time during the pandemic, but Vanderpump's other ventures are doing well. Vanderpump had previously considered resigning the lease, but ultimately decided to close the establishment.
Lisa Vanderpump's Pump Restaurant & Lounge in West Hollywood is closing its doors after 10 years of business on July 5 due to a significant increase in rent that she called "untenable." Vanderpump didn't specify how much the rent would increase, but sources told TMZ that it would cost $1 million a year to lease the space. Vanderpump previously lost Villa Blanca because of increased rent. Both Tom Tom and SUR appear to still be going strong.
Lisa Vanderpump is closing her famous West Hollywood restaurant, Pump, after 10 years due to a rent increase of $1 million. The Bravo star stated that the increase was not something they were ready to commit to, and after successfully running 37+ establishments for many years, this type of rent is untenable. Pump was a hotspot for celebrity Bravoholics and was featured many times on both The Real Housewives of Beverly Hills and Vanderpump Rules. Despite the eatery's closing, Lisa reportedly has new business ventures on the horizon, including opening two more restaurants at Caesars Palace in Las Vegas.
Lisa Vanderpump's Pump Restaurant in West Hollywood is closing after 10 years due to a dramatic increase in rent. The lease is expiring on July 5th, but Lisa is opening two more restaurants in Las Vegas. The couple refused to commit to paying nearly $1 million in yearly rent, and high rent is also to blame for their former Beverly Hills restaurant, Villa Blanca, remaining empty for 3 years. Lisa and Ken still have Sur and TomTom in the area.
The New York City Rent Guidelines Board is considering a 15.75% rent increase for two-year leases in nearly one million rent-stabilized apartments, which would be the largest increase in decades. The board will hold public hearings before setting the maximum allowed rent increase on new leases for the coming year. While this increase only applies to rent-stabilized housing, it's unclear how it will affect unstabilized rental apartments. Several groups representing renters spoke out against the potential sharp increase, while the Rent Stabilization Association cited inflation and rising costs for landlords as factors.