Why Did My Rent Go Up

Do you recently receive a rental increase notification in your mailbox or slipped underneath your door at your apartment community?  Don’t be shocked, especially in today’s economy. With so many renters in the marketplace vacancies have decreased greatly.  

And the fewer vacancies today, the greater the chance that your rent will go up. But there are your rent may have increased.  Read on to find out why it usually goes up and what if anything you can do about it.

Your Rental Deal Has Expired

Many renters receive some sort of promotion for their first lease term. Usually the rent will increase after the term has expired.  You might save several hundred dollars or even thousands of dollars.  But this is usually used to entice you to lease and fill up the complex. 

Unless this is your first rental, you probably expect your rent to increase. Knowing this can provide you with some advantages. Be sure and ask your landlord or leasing agent if you should expect a rent increase. When your lease is 60 days out from expiration, you should be looking in the marketplace for other rental deals too. 

Living Expenses Have Increased

Other reasons you rent might have increased is due to the increase in living expenses. Many landlords will increase rent due to inflation and the overall cost of living. These are terms they will use to generate more profits.

Remember that if you live in a neighborhood that is increasing in value, expect rents to increase.

Taxes Have Increased

Another reason rent might go up is due to increased taxes. Remember that the property management company or owner must pay property taxes to the state.  And they have to make money on the income they generate.  If taxes go up, expect your rent to increase as well.