How To Make Sure You’re Always Prepared For Those Rent Increases

Pennygem

Rents across the country dropped during the pandemic but they’re on the rise again. There are a few things you can do to get ahead of this come renewal time. PennyGem’s Johana Restrepo has more.

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00:00Rents across the country dropped during the pandemic, but they're on the rise again.

00:08Here are a few things you can do to get ahead of this come renewal time.

00:13The New York Times recommends you start by doing your research.

00:17Check if your area is regulating rent increases.

00:20Compare your renewal rate with rents in your area.

00:24Find out if your building is offering concessions on other units.

00:28See how long vacant units have been available.

00:32Learn as much as you can about the landlord so you know what to ask for,

00:37because their willingness to negotiate will depend on the bottom line.

00:41If you're a good, quiet tenant, you can highlight the benefits of having you as a neighbor and tenant.

00:47If your landlord has vacancies, CNBC recommends you ask them for a concession or discount

00:53in exchange for spreading the word and getting people to rent their units.

00:57You can also offer to sign a two-year lease in exchange for a discount.

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