Rents in the United States have been steadily increasing, but there is some positive news for tenants. The wild and double-digit rent increases that characterized the pandemic era have subsided. According to Rent.com, the median rent price increased by just 0.77 percent, or $15, between March 2023 and March 2024. However, compared to March 2020, prices have risen by a significant 21.78 percent, or $373.
If you find yourself facing an unaffordable rent increase, it’s important to familiarize yourself with local rules and regulations that may apply. The National Multifamily Housing Council’s website is a good starting point to learn about rent-control laws by state. It’s worth noting that 33 states have laws in place that prevent or restrict local cities and counties from enacting rent control. Nevertheless, certain cities and towns have implemented their own rent-control laws, so it’s crucial to research and ensure that any increase you receive is in compliance with the law. These laws can provide protections such as notice requirements, limits on increases, and even relocation assistance.
In the absence of rent increase restrictions in your jurisdiction, it’s worth exploring resources that can help you pay your rent. The Consumer Financial Protection Bureau (CFPB) offers information on rental assistance programs in your area. If you qualify, financial aid may be available to help alleviate the burden of increased rent.
Another option to consider is negotiating with your landlord. However, it’s important to approach this process carefully. The CFPB advises against overpromising and agreeing to pay rent that you can’t afford. Falling behind on rent can damage trust and make tenants unattractive to keep. To increase your chances of success in negotiations, it’s helpful to be a good tenant by maintaining a respectful, professional, and punctual demeanor in all interactions with your landlord or leasing agent.
Timing is also crucial in negotiations. Zumper.com, a rental listing platform, suggests starting negotiations a few months prior to your move-out date. Renewal notices are typically sent out 30-60 days before the end of a lease term, so beginning negotiations 90-100 days in advance gives you ample time to make your case. Researching the rental market in your area will also help you prepare for negotiations by giving you an idea of what other rental properties are charging.
If all attempts at negotiation fail and you find yourself unable to afford the increased rent, you may have to consider moving. This is why it’s important to start the negotiation process well in advance. Having more time to find a new place and plan your move increases your chances of success.
In conclusion, while rents continue to rise in the United States, there are steps you can take to mitigate the impact of rent increases. Familiarize yourself with local rent-control laws and explore available resources for rental assistance. If necessary, engage in negotiations with your landlord, keeping in mind the importance of being a good tenant and timing your negotiations appropriately. By being proactive and prepared, you can navigate rent increases and make informed decisions about your housing situation.
