Ways to deal with skyrocketing rent
RICHMOND, Va. (WWBT) - Rent is skyrocketing across the country as inflation soars and supply is down. Rent is up more than 30% in some cities - leaving people with little choice when it’s time to renew or look for somewhere else to go.
We caught up with Jon Ziglar the CEO of Rentpath.com. He says apartment rental is at an all-time high- nationwide. “We’re now year over year for February, up 22.6% for a one-bedroom apartment and 20.4% on average for a two-bedroom apartment.”
Landlords and property managers say they’re keeping up with the market or with what everyone else is charging.
Ziglar says we will likely start to see a rise in evictions that were held at bay with stimulus money and eviction moratoriums which are now mostly expired.
“Now we are at historically low-level eviction so hopefully we don’t go above the norm., but I think that really is the worry do we start to go above the norm,” said Ziglar.
Experts suggest trying to negotiate with your landlord.
Highlight if you are a positive tenant if you make your payments on time. Perhaps see if they’ll accept a lower rate if you can pay a few months in advance or sign a longer lease.
Also, property managers must inform you of any rent hikes or changes within the time frame stated in your lease.
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