Have you moved into a new apartment in the last two years? This post is for you specifically! When apartment complexes list their available apartments, each year they do a Market Rent survey of comparable apartments in their area. As we all know, with the cost of living, the price of apartments has risen astronomically. With that said, this year, Market Rents have not gone up as high. Meaning, in the last few years, they’ve risen as high as 40% to 60%. If not much higher! However, in the past year, rent increases appear to be lower. It’s gone up maybe 5%- 15%. This is where your Lease Renewals come in. Are you listening?
Reach out to your Landlord or Rental Office!
You want to ask them what their Market Rent is (or will be going to) to make sure your rent increase was not higher. An apartment that someone is already living in should NEVER be higher than the Market Rent. You are an existing resident. Next year? If you’ve lived in your apartment for three years, you will need to do the same. And so on and so forth. Market Rent and Lease Renewals go hand in hand. You want to make sure you are not paying more than the new resident moving in next door. If you’re paying the same, it’s because they know they should not raise your rent more than the Market Rent when your Lease Renewal time comes up. Unfortunately, there isn’t much that can be done in that case. Maybe ask if there is something you are eligible for. A carpet cleaning is the most common one-year entitlement.
Lease renewals are hard because you know you’re going to have to put out more money. Sometimes it’s more than what your salary increased, if you were lucky enough to get your wages increased that is. Don’t be afraid to ask. This is what they are there for. Yes, you’re renting the apartment and it’s a place to live. But as a Renter, you are allowed to ask questions. Now that things are slowing down a little? ASK! Make sure you’re getting what you deserve. What you’re paying for. You are still the customer.
Now…. As much as I encourage you to make sure you’re not being overcharged. That you’re getting what you’re paying for. I am NOT encouraging you to be mean or rude. As someone who has worked in a Rental Office, not going to lie, potential renters and renters are BRUTAL. There were days when I left the office, I felt like I needed a shot of vodka straight in an IV. It is not an easy job. Please remember, we/they are people too. They are just doing their jobs and what upper management demands. Some are renters as well and they are feeling the effects of the rental increases too.
How are you dealing with the rising costs of rental prices? Have you had to get a second job or a roommate? Has the Rental Office sent you your lease renewal lately? Did it go up more or less than last year? Share in the comments below or over on my Facebook page!
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