Rent Increase

Two days ago, my townhousemates and I recieved our renewal letter for the lease on our townhouse. The townhouse that we rent, is located in an inner suburb of Washington, DC. The downtown area of this inner suburb has undergone major redevelopment in the past year. Guess what? The proposed rent increase is a measly 2.22 percent or $50 a month. The rent will go up from 2,250 a month to 2,300 a month. Spectacular. We split the large townhouse four ways so that the bill averages out to be about 560 a person (plus utilities). Anyway, I am going to keep on renting for now. :-) ( A friend of mine who also lives in the DC area said that the rent on his place is going up about 2% as well. )