By Emma Moore
on May 10, 2024
Read in 1 min

Rent Cost is Up 20% In Some Areas

The rental market is heating up. The average cost of apartment rent in areas like Tampa, FL, Boise, ID, or Phoenix, AZ has experienced an increase of close to 20%. In some areas, this trend is even more severe. One example would be Sarasota, FL, where monthly rents for one-bedroom apartments increased by 40% over last year's rate. 

One of the reasons is that there are not enough houses for sale, and the ones available are too expensive for most people, so they have to rent instead. This leads to another increase in rent price and cost of living in general.

Renters Need to Scale Back Their Spendings

With the rise in rents, many Americans are finding themselves tightening their belts. The cost of living is high, and inflation has hit a more than 30 year high, hurting everyone's budget, especially those with lower incomes. Some renters are forced to change their lifestyles and move to cheaper locations. 

According to financial advisors, housing costs shouldn’t exceed one-third of your net monthly pay. If this is not an option, cutting back on other expenses can help. In the best-case scenario, living expenses should be a maximum of half of your paycheck. 

Not Keeping Up With Payments

Negotiating with your landlord is crucial if you are behind on rent. Try to negotiate for a lower price or spread out the payments over time, and look into rental assistance programs that can help cover some of the cost. 

With rent likely to rise next year, renters should be prepared for the negotiating process. And with the market being tight, landlords might say no.  But tenants should highlight their strengths, be willing to compromise, and have a plan B. It’s the only opportunity for success in this increasingly competitive environment where inflation is taking its toll on all aspects of life, including rent. 

This is not legal, financial, or professional advice. Please consult a legal, financial, or professional advisor for your specific situation.