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Rent Increase?
I have 3 months left in my lease and since I'm a single mom and have a budget I need to plan ahead. Is it too soon to contact my landlord about whether or not there will be a rent increase?
10 Answers
- 5 months ago
It might happen that if you ask that question, he'll think about it and increase it, mainly because people ask about it. I understand that you need to budget ahead but don't give your landlord the idea to increase the rent )
- ibu guruLv 75 months ago
Before you talk to your landlord & plant a bug in his/her ear, check out comparable properties in your area, and check out rental statistics, average percentage rent increases, etc, for your area. Doing your homework, plus planning NOW for, say, 10% increase in housing costs, will help you cushion any financial blows or figure out whether moving is even a possibility for you (don't forget costs of moving!). Knowing local vacancy rates (especially if vacancy rates are increasing!), competitive rents in your area, etc, will help you negotiate with your landlord to moderate any proposed rent increase. Also consider your bargaining position - landlords really don't want to risk losing a long-term excellent tenant who always pays on time, maintains their unit, clean & quiet, etc. & risk ending up with someone less reliable.
IF you are in NYC, or another major city which has seen dramatic outward flight of residents this year, you're likely safe from any increase since vacancy rates are suddenly quite high, in some cases historic highs. But the areas those New Yorkers fled to are seeing surging demand & sharp rent increases.
- Ron AkiaLv 75 months ago
It is not too early to inquire although I wouldn't bother with it. Perhaps the landlord wasn't cnsidering one. Why give him the idea?
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- Anonymous5 months ago
Your enquiry may encourage him to raise it. Whatever happens he'll make the decision anyway.
- R PLv 75 months ago
No. It is better to be proactive and ask.
It might be a bit too early, though, for the landlord to tell you how much your rent will be increased. But if he says "No increase in rent," it is in your best interest to go ahead and sign a new lease now.
- Anonymous5 months ago
In my 10+ years at an apartment, the rent went up every single year by small amounts. I would expect it.
- realtor.sailorLv 75 months ago
Yes I would do it now because if there is an increase you'll have time to give proper notice should you decide to leave.