Lot of people enjoy the profit of renting a home instead of owning one. Benefits such as not having to worry about major repairs and upgrades make it simple. Also since this is the responsibility of the landlord, only one concern comes up that all renters can agree upon that is unfavorable - a rent increase.
It is simply an raise in the amount of money that you have normally been accustomed to paying over a length of time. The laws that govern a rent increase vary from state to state, and your local housing authority can answer most questions. There are various factors at play when a rent
increase is about to occur, and these include "Notice of Rent Increase", rent control, lease terms, an annual increase, rent increase negotiations and other such legal factors.
In most states a landlord most first give a timely written notice of their intention to raise the rent. This is usually done a few months before the expiration of the current lease agreement. This will allow the tenant enough time to decide if they are able to afford the increase, or whether they should make other living arrangements once their lease has expired.
Some states also have what is termed rent control. This allows the landlord to raise the rent without giving a prior notice to the tenant. Some unscrupulous landlords use this option to force tenants they do not like for whatever reason to move out of the rented property. While this is certainly not legal, it does occur quite often. If you feel that you have been the victim of this type of unlawful rent increase, it is wise to contact the proper authorities at once.
Generally, the lease agreement that you sign will obtain a clause concerning any changes in rent. This section of the agreement should be read and understood thoroughly before the agreement is signed. There is nothing quite like being surprised by a high rent increase at the end of a lease that you fully intended to renew!
If you are faced with a rising rental payment that you feel is not fair, first, try to talk things out with the landlord. They may waive the rent increase in return for your completing minor repairs and upkeep of the rented property like mowing the grass, replacing fixtures or seasonal cleaning of windows and gutters.
While no one likes to pay more for anything, the cost of living and the state of the economy sometimes dictate that we have to. Some landlords are in a position to offer a lease agreement that includes a clause stating that a rent increase will not occur for a period of 5 years or more. Finding a nice home to rent that comes with this type of agreement is a way to have peace of mind that a rent increase won't happen in the near future, or at least not unexpectedly.
Thomas B. Stevenson provides readers with up-to-date commentaries, articles, and reviews for finance, credit reports as well as other related information.
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