Renters nationwide are grappling with rising costs, exacerbated by a housing shortage that favors landlords in negotiations. According to the latest report from the Joint Center for Housing Studies of Harvard University, half of U.S. renting households spent more than 30% of their income on rent in 2022, with increases in evictions and homelessness.
“If your landlord notifies you of a rent hike, start by researching local laws to verify its legality,” advises C. Scott Schwefel, an attorney at Shipman, Shaiken & Schwefel in Connecticut. Leases often allow for increases tied to the Consumer Price Index but ensure that this aligns with local regulations. Karen Kostiw, a real estate agent at Coldwell Banker Warburg, suggests considering compromises like proposing a longer lease term to mitigate the potential increase. Consider joining a tenant union or community group for guidance and collective support; strength in numbers can bolster negotiations. Investigate your landlord’s background and property compliance for additional leverage.
Negotiation is key: Present your rental history, market comparisons, and any improvements made to the unit. Remember, exploring these avenues is crucial to successfully navigating rent hikes.
Many thanks to the author and The Washington Post for featuring these insights!
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