I have been living in the same apartment for two years. The apartment owners rent to students. I was recently notified earlier this week, in person, that the University is going to be taking over my apartment next year and that my rent will increase drastically.
Currently my roommates and I are paying $1650. If we decide to stay in our apartment we will have to pay the University an estimated amount of $2300.
Since we are students, we don't have a lot of knowledge regarding how much rent can actually be increased.
We've been told that we aren't able to renew our lease as well, because the University is going to change the apartment building into residence for first year students.
I do know that 90 days’ notice must be given, and that it needs to be a written notice. I find it strange that our rent would increase to that much. It doesn't make sense to me, and I want to be sure that we aren't being taken advantage of because we're students.
Our utilities aren't even included in this rental fee, and despite the good location, I've already lived in residence on the university's campus, and I know how expensive that can be. Is what they are doing legal? It seems to me that something is off, and I'd really appreciate it if somebody could help me.