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Why Your Apartment Rent Goes Up

By Edited Apr 13, 2015 0 0

Nobody likes to pay higher rent amounts. But if your lease is coming to an end, your apartment community might just surprise you with a rental increase. Don't be too surprised as this happens all the time. While you might be angry or shocked, rent increases happen all the time. Many renters don't understand why rent increases occur. But there are a few common reasons why. We have constructed a quick guide in regards to why you might be getting this increase and see if there is anything you can do about.

Your Good Introductory Rate Has Expired

The most common reason for your rent increase will be the price break you probably received when you moved in. A large majority of apartment communities will offer an incentive when you first move in. This deal might be up front and in the form of free rent. Or it may be a discounted amount every month. But as with every introductory price, this rate will only last so long. This is usually one year. So don't be surprised if you receive something that lets you know your rent is going up.

Living Costs Go Up

There are numerous reasons why living costs go up. It can the cost of living or inflation in the economy which may be responsible for this. In order to meet these demands of inflation, and to remain competitive in the marketplace, your rent may be increased by property management. Its also another way for them to generate more income. And this is a good reason why you should ask your landlord about rent increases. Can you expect them if you decide to sign another year lease.

Taxes Go Up

Other reasons you may see a price increase is due to higher taxes. Your not the only one who has to pay taxes on a yearly basis. The property owners must pay taxes on their property too. In addition, they will have to pay taxes on their business too.


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