Why Did My Apartment Rent Go Up

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Have you recently received a rent increase notice slipped under your door? If your shocked,  you shouldn’t be, even in a down economy rent increases are the norm. You usually can expect to pay more rent than you did the previous lease term. While you might be upset or frustrated, there are several reasons why rent does go up.

Read on to figure out why your getting rent increase notices and techniques you can use to keep your rent steady.

Your Lease Special Has Ended

Apartments in many cities today will use specials and discounts to earn your business.   Usually they may offer you one month free or reduced rents each month for the entire lease term. And if your saving a couple hundred dollars a month, this can represent thousands of dollars over a 12 or 13 month period.

As as with most introductory offers in apartment communities, they will expire after the term has completed. You can expect rent to increase if you decide to renew your lease

But many of use already realize a rent increase is coming even before we sign the lease. At this time you should ask your leasing agent or landlord about a rent increase. If this is the case, you can prepare yourself a few months beforehand.

The Property Has Made Improvements

All apartments need repairs and upgrades over time. If you have noticed certain additions being made in apartment units or in the community areas, you can expect a rent increase to come. And if rents are used to make repairs, those increases were used to make those improvements.

Sometimes apartments will remodel apartment homes in phases. They will install granite counters, wood floors, and other upgrades. In this case rents can go up dramatically.

What You Can Do

No landlords want their tenants to move out after the lease. Don’t just accept an increase. Ask the landlord why your rent has increased. Let them know you probably will move out. You have found a better deal elsewhere.