With rent up 25%, experts say staying put this year may be cheaper than moving

A longer lease term could lead to more affordable rent
Published: Sep. 22, 2022 at 2:15 PM EDT
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InvestigateTV - Rent.com has reported a 25% increase in rent on one-bedroom apartments nationwide from the same time last year. As a result, experts said many renters may be looking for ways to cut costs.

Brian Carberry, managing editor for Rent.com said apartment rental prices may start to come back down, but it could take months because of current inflation rates.

In the meantime, Carnberry said if your lease is up for renewal, there’s a good chance you will see the price rise. He said this may be the time to stay put rather than looking for a new apartment.

“It’s always going to be better for you to continue to rent where you are, to try to renew that lease, because your rate of increase is probably going to be a little bit less than it would be if you went out to try to rent somewhere new that you haven’t been before,” Carnberry said. “You’d likely have to pay more.”

Along with a potential increase in rent, the cost of moving, switching utilities, application fees and a security deposit will add to the overall price tag.

Carnberry suggested approaching your landlord to try to lock in a longer rental term along with a lower rate. Also, he said giving examples of how you have been a model tenant could help hold down prices.

If you are looking for a new rental, come prepared with references to prove that you are going to pay on time. This could be a boon when looking in a competitive market.

The U.S. Department of Housing and Urban Development website has resources to help you find affordable rentals in your area and could offer rental assistance to those in need.