After two years of not increasing rent during the pandemic, many landlords are now raising rent, often by 10% or higher.
After two years without raising rents, many landlords are now making up for it by raising rent 10% or more when leases come up.
That means you may need to take a hard look at your spending elsewhere unless you substantially downsize ."You might find things you forgot you were paying for," she said."Those are easy wins." Need to move? Before you tell the landlord you are moving out, double-check your lease, and see if it says anything about how much the rent can go up at the end of the year.But Sheehy warns that even a cheaper apartment doesn't mean you will spend less.
Also, if your new apartment requires you to park in the street, think hard about the risk your car will be sideswiped or damaged at some point, which will cost hundreds of dollars to fix.However, if you're handy, Sheehy says some landlords will give you a discount if you can help around the building.
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