How to Deal with a Rent Increase
Rent increases are the bane of most renters. Many people find themselves when they have to deal with a rent increase that they simply can’t afford.
What are some options you have? Can you try to negotiate it down? Or do you just move out and get on the next available lease? Is there anything else you can do?
How to Deal with a Rent Increase
Realistically speaking, it’s almost impossible to get a rent increase down. It’s just not done.
If you think about it, the landlord has already increased your rent once, and if he did that, there is no way he is going to let you get away with paying less than what he was originally asking for.
The only way around this is to move out.
Now, while this sounds bad in theory, this actually can be an advantage for those who need more time before they move into their new home. This gives them time to figure out exactly what they want in their new home and allows them time to find the right location at the right price.
So as long as you’re prepared for this possibility, it can be a positive for you.
Let’s take a look at some of the other options that you have to deal with this.
Options for Dealing with a Rent Increase
1. Try to negotiate it down
This is the most common option, and it’s not too difficult to do if you have your landlord’s contact information and can call him up to talk about it. Most landlords will be reasonable and may let you pay less than what they originally asked for.
Most times, the rent increase can be reduced by half or more, so don’t give up hope! You just need to work at it until you get somewhere.
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2. Look into Section 8
If you are on a public housing program, this may allow you to find an apartment that has lower rent than what your landlord is asking for.
This is very limited though and not something that everyone qualifies for, so make sure that this is something that will work for you before you start looking into it.
3. Move in with friends or family
This can help ease the financial burden of living in your current home while also giving you more time to save up money and prepare for your new home.
It’s a good option if you don’t mind living with other people, but you also need to make sure that this will work for you in the long run.
4. Live with roommates
This is probably the best option of all. If you have a couple of roommates, it can be cheaper than living alone and it gives you a place to stay while you save up money for your new home.
This can be especially helpful if your landlord is asking for a large rent increase and is not willing to negotiate it down. Here, it may be more economical to live with someone else rather than going through the hassle of finding a new place on your own.
Get More Information
In conclusion, dealing with a rent increase can be tricky, but it doesn’t have to be so difficult if you follow these tips and know what options are available to you.
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If you’re looking for more information about how to deal with a rent increase or any other home improvement topic, check out our other articles!