Depending on the circumstances, your landlord may be able to raise the rent. Your landlord has the right to raise your rent if the policies meant to protect you from rent increases fail to do so. Landlords have the right to increase rent during the lease term if this is permitted under the terms of the lease agreement. Otherwise, the landlord has the right to increase rent at the beginning of any subsequent monthly or annual lease term.
What are you meant to do if your landlord gives you a notice of a rent increase? If you’re trying to determine whether or not to renew your lease on your existing apartment, this advice should be a big help.
Increases in rent can be stressful, especially if they occur when tenants aren’t financially ready for them. Don’t hesitate to communicate with your landlord and lay out your financial condition for them. Send them a letter explaining how the raise will affect you and asking for some time to adjust if they don’t agree to it right away. Make sure they know that the extra time will allow you to make a decision that will have little lasting effect on the situation.
In light of the fact that the increase may reach 25% in some jurisdictions, determining how you will cover the cost may take some time. During this time, you can look for a part-time job, start a business, or network your way to a promotion at work. If none of those work for you, then maybe it’s time to start thinking about how to save money on a tight budget.
You may be able to negotiate a lower increase in your rent if you have been a model tenant in terms of keeping the apartment in pristine condition, always paying your rent on time, and generally getting along well with your landlord. If you have solid communication skills and have been a good tenant in the past, this can work in your favor. Provide your landlord with an explanation of your financial circumstances and ask if they would be willing to reduce the amount, particularly if there are maintenance fees included.
After negotiations or an agreement on an increase, it is time to sign a new lease for the specified time period. You should try to extend your lease and reduce your rent increase at this time. Your landlord might be willing to negotiate a lower rent in exchange for your commitment to staying put for a longer period of time. Negotiate a longer lease, say, two years or more, if you’re in love with the place and don’t mind staying there for a little longer. There is a chance you can secure a more attractive rate if you can guarantee prompt payments and a full stay.
Sharing the rent with a roommate is a tried-and-true method for paying it off, provided you get the OK of your landlord. If you choose this route, make sure you give the interview your full attention. You should research their histories and have a direct chat with them to learn more about their personal hygiene habits, approaches to resolving conflicts, and other relevant topics. If you like your own company, this may not be the best circumstance, but it could pay off financially in the end.
If the rent rise is so high that you can no longer afford to live there, it is OK to move out and look for a new place to rent. You may have to sacrifice more than just familiarity, though, such as closeness to your place of employment, your extended family, and your friends. Tell your landlord that you will be leaving as soon as possible if you plan on doing so. This gives them the opportunity to make preparations for a new renter or to let you stay in the space temporarily while you look for a new place to call home.