None of us likes an increase in rent, but it's that one truth of life we all must deal with (at least those who rent their living spaces). Your landlord can often increase the rent to deal with increasing maintenance costs, repairs, and mounting inflation. However, they can't increase the rent whenever they like. Even if they want you to pay more, there are some rules they need to follow.
Since it's an inevitable reality, try to get an advantage out of the rent hike. Here are some ways you can deal with an increase in rent.
1. Go Through Your Rental Contract
The rental contract you signed with your landlord should also mention the landlord's power to increase the rent. Some agreements dictate that the rent can only be increased in 60 days if the landlord has proof of a written notice. In contrast, others can say that the rent may only increase when the rental agreement expires, and it is time to renew it. Some also state that it must go up by a certain ratio every year.
Ensure that your landlord is fulfilling their contractual obligations. This will protect you and your budget. For instance, if the contract says your monthly rent can't increase by more than 4% at the end of a lease, and your landlord attempts to raise it by 7%, remind them of the contract terms.
2. Talk to the Landlord
Whenever you're facing any disagreement with a landlord, one good rule of thumb is to start communicating. Remember to stay respectful and calm while you do so. Again, a history of having a good relationship and being a good tenant is valuable currency in this case. Who knows? Your landlord may decide increasing the rent is not worth losing you.
When you sit down to talk to them, be prepared to give them concrete examples of what you bring to the table by staying in their home. While they may be thinking a rent hike is just a part of the contract, show them what they may lose. For instance, if you've been non-disruptive, paid your rent punctually, and have kept the house in stellar condition, use these points in your favor.
Going through the hassle of finding a new tenant for a landlord can be expensive and tiring. No matter how tough the landlord's screening process is for their new tenant, it is tough to know whether the tenant is good or bad at adhering to the agreement. If you present your case to the landlord in the right way, there may be a chance that they'll decide to forgo the increase and keep you around for a just while longer.
3. Start Comparison Shopping
That said, if the rent increase is beyond the bargaining spectrum, and if it's stretching your budget thin, consider smaller rental units with lower prices. If you've found a rental unit you like, you can use the low rent as a bargaining tool in front of your existing landlord. However, if that doesn't work, it may be worth your time to move to a new place and save yourself some money.
But before you do this, weigh the expenses associated with the relocation versus the extra money you'd have to pay to stay put.
4. Re-Think Your Budget
If moving isn't a sensible option, and your landlord isn't willing to budge on the rent, try to change your budget to incorporate the added expense. We all have unnecessary expenditures that make up a portion of our lifestyle. While they do give us joy, it's a lot more essential to have a roof over your head. Consider cutting back on those fuel costs, and opt for public transportation instead.
If you have extra room, and if your landlord allows, consider renting one room to a relative or a friend to reduce the costs.
Wrapping Up
All in all, it's imperative to remember that you should never pay more than you can afford. If a rent increase has rendered you apartment-less, take out your magnifying glass and get ready for the journey; it's time to look for apartments…again!
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