Did you receive a rent increase notice in the mail recently? If you did, don’t despair, rent increases are a normal part of the rental process. And there are reasons why rent does increase almost every year. But you don’t simply have to stay and pay that rent. There are a couple techniques you can use either to lower the amount of the increase or possibly renew your lease at the same rental rate when you first signed your apartment contract.
Read on to find out what you can do about your situation. Don’t get too upset yet.
Your Rental Special Has Expired
The most common reason your rent might go up is based upon the fact that your lease term has come to an end and the special you received has to. Most apartment communities realize that in order to secure tenants, they need to offer some sort of incentive. This will usually come in the form of free rent or reduced rents for the entire lease term. Normally it can be several hundred or even thousands of dollars off the entire lease term. So it does present a significant amount of money. But as most good deals normally end, you can expect yours to end too.
But if you have rented in the past, you should be well aware of the tradeoff you’re making. You probably are paying less for a unit that should command more dollars. So if you can prepare yourself in advance, you will be just fine. Remember to ask the landlord or leasing agent about what will occur when the lease is up for renewal. Most of the time; they will not be able to give you a definite answer. Just assume your rental amount will increase.
Improvements Have Been Made
Have you noticed certain property improvements that are being made in or around the property? Apartments need constant maintenance as they age. And the older the community, the more maintenance it will need. Other times management will improve the actual unit itself. Upgrades like stainless steel appliances and granite counters are commonplace. And you can expect stiff increases if the latter occurs.
What You Can Do About It
Legally, your rent can only be increased after your lease term has expired. But if you’re on a month to month lease, the rent can be raised at the end of each and every month. Don’t just accept the rent increase. If you threaten to move out or find a comparable property that you can move to with specials, they may reconsider their increase.
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