How to Get Out in Front of Rent Increases That Happen All the Time!

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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