There’s no doubt about it: Like pretty much everything else in life, the cost to rent an apartment in the U.S. is going up.
Median monthly rent for U.S. apartments rose by 15 percent from 2000 to 2016, according to Harvard University’s Joint Center for Housing Studies. During that time, the median monthly rent went from $850 to $980.
To reduce the cost of an apartment, some renters turn to something called income-restricted housing. At complexes that offer income-restricted apartments, the monthly rental amount takes into account the renter’s income.
How does all of this work? Here are four things you should know before renting an income-restricted apartment. Read the rest of this entry »
There are plenty of sad truths in life. To name a few: you have to pay taxes, your beloved dog won’t live forever, and your apartment rent will go up, not down. While it’s important to accept these facts, it’s equally as important to keep an eye out for things that seem unfair. For example, your landlord cannot raise the rent whenever they feel like it! Rent laws vary by state, but there are some general guidelines that can help you figure out if you’re dealing with an illegal rent increase. If your rent has recently increased or your landlord has announced that one is coming, you’ll want to read this. Read the rest of this entry »
With the possible exception of “crazy neighbors” and “rat infestation,” no two words strike more fear into the hearts of renters than “rent increase.” If you know or suspect an increase is coming, don’t wait for it to hit your bank account. Speak with your landlord. Make it known that you wish to negotiate the rent increase. And let them know you have a few ideas they might wish to consider. Here’s how. Read the rest of this entry »