Realty Vision

Posted by Realty Vision on 8/31/2017

Rents can rise in cities and jurisdictions that are experiencing growth. It's one of the double edge sword effects of a growing economy. Let a major corporation move a department or division into a city and the need for more housing can increase.

Rent costs lean on growth and healthy economies

When this happens, apartment management companies and individual house renters may start to see dollar signs. Let a housing shortage be created after a company moves into the area and rents could increase by several hundred dollars a month.

Major events like the Olympics, a growing number of conventions being hosted in a city and large international government events being held in a city also see rent costs spike. The events attract so many people to an area that everyone can benefit.

Retailers, apartment management firms, individual house renters and transportation companies can all come out ahead when local economies grow. That's the smooth side of the sword.

On the sharp side of the local economic growth are rents that rise so high that many people can no longer afford to live in expanding neighborhoods, places where these people may have been born and lived for years.

Take action to keep rents from rising

Although you may not be able to keep rents from rising out of your reach, there are steps that you could take to keep rents from pushing you out of neighborhoods that you want to live in. The first step that you could take is to speak with managers at apartment homes where you currently are renting or where you want to rent.

Clearly communicate to apartment managers that you want to remain in the apartment home but that you won't be able to do so if rents continue to spike. If apartment managers that you speak with tell you that they are unable to do anything about the increases, ask to speak with a business leader at the apartment management company that owns the rental space.

You may get better results if you simply ask for the website or contact information of the company that manages the apartments. Negotiate with the business leader to see if he will make concessions for you. If you're a loyal renter, they just might do that.

There's more that you could do to lower rents

Other steps that you could take to lower rents also lean on communication. Some steps only require a bit of creativity and openness to change. Among these steps are:

  • Ask to have a washer and dryer included in the rent
  • Go for a one bedroom with a den instead of a two bedroom apartment
  • See if you can get utilities like water, sewage and trash at a reduced rate
  • Lower your water consumption
  • Get a stove, dishwasher, refrigerator and freezer included in the rent
  • Have a portion of your utilities included in your rent

Just because rental prices rise doesn't mean that you don't have options. If you stay open to speaking with apartment managers, you could negotiate a lower rental price. Being a good tenant, someone who pays her rent on time, helps.

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