Hi Everyone!
Majority of everyone across the nation, are experiencing rent increases on the property they rent. Many are choosing to move, while others are accepting the new rent, while the other few are getting creative on the new rent changes. The best thing to do if your landlord is raising your rent to a price you can no longer afford, is to go ahead and give your required notice, and not renew. To prevent this from happening to your next apartment, the key here is to become detective, and seek out questions that ask the property manager of the apartment complex you're wanting to move in, when was the last time the landlord raised the rents on this apartment complex? If the property manager says, they don't have an exact number, then request they just give you the rent range instead. Here is an example of a renter getting creative, because of not wanting to move;
Sam just received his notice, he had been living in the apartment of his for 2 years paying $1,200. The landlord notified him his rent is going to $1,450. Sam is very angry and upset, and only has about 30 days to make up his mind in order to get the answer in writing back to his landlord. Understand not all landlords give 30 day notice renewals, some give 45 days or 60 days, so knowing this information is a key point also for your next move. So Sam decides to get really creative, and since he can't afford the extra $250, instead of advertising for a roommate to split the new rent of $1,450 and each pay $725 each, Sam decides to just advertise "Need Roommate ASAP Rent Only $250 Per Month" which is the additional costs of what the landlord is asking him. Sam gets his notice back to the landlord and says he will renew for another year. Sam heads back to his apartment, and instantly he receives over 50 prospects wanting to be his roommate for the costs of his fee of $250 per month. Sam didn't realize he would receive so many calls, and is very happy of the outcome. So Sam narrows it down, and finds a potential roommate similar to him, and informs his new roommate his rental rate will be only $250 per month and he can share at no costs the rest of the apartment. The roommate is stunned of these generous perks, and realizes he has to do more than pay Sam $250 per month, because he too had to leave his apartment, because of his landlord raising his rent from $1,400 to $1,560. Sam doesn't know his roommate is saving nearly $1,310 extra per month just paying him only the $250 per month for his apartment. So Sam's roommate informs him he wants to pay him some additional money per month, but Sam still says no. The roommate and Sam continue on with their lives while still being roommates, and 1 year later, Sam informs his roommate he will need an additional $200 per month so now he will be at $450 per month instead of $250 per month, the roommate agrees and accepts. So Sam informed his landlord he would renew from $1,450 to the new $1,650 for 1 more year. Conclusion here is Sam got creative instead of moving, and just offset his additional rent increases on his roommate. Sam knows he is comfortable with $1,200 and anything beyond that would make his finances spiral out of control. So because Sam loves his apartment, doesn't want to move, and has 4 more years of college left, Sam realized he could keep a long-term roommate with his creative apartment technique versus putting up with taking on risks finding roommates paying half his rent of new rent of $825, when at anytime they could jump ship, because they're sick of paying half that rent amount. So Sam doesn't care what's going on beyond his rent of $1,200 because at end of day he knows he doesn't have to ever pay the landlords rent increases ever again, since his roommate will pay them, and once Sam graduates college and buys his home he will say goodbye to his landlord permanently.
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