If a certain tenant has been renting a housing units for years for a certain amount and the landlord / lady decided to increase the rent rates due to the changes in the market, does the tenant has any option or recourse other than looking for another place to stay?
According to an article in sacbee.com, if the tenant has been a responsible home renter, they can have a chance of talking it out with their landlord/ lady that it's not easy to find responsible tenants and there is no guarantee that his or her next home renters will be responsible as the present one.
However, the tenants can't do much about the rent prices as it is decided by the market and the owner is probably paying higher property taxes and insurances and their resort is to pass it on to their tenants to pay the extra amount. Renting can be beneficial depending on the person's lifestyle but volatility in rent rates make people choose homeownership.
Also, according to abqjournal.com [Albuquerque Journal], if owning a home is not feasible for a tenant, he or she can negotiate the terms of their rent on his or her next lease. He or she can suggest that if they renew the contract for the rent, they'll be paying a 2 to 3 percent increase only in comparison to the average of 4 to 6 percent.
The landlord/ lady will be glad to think that the tenant is willing to pay more money while in fact, it benefits the tenant as the cost can controlled if ever rent rates in market rises again. Also, it is best to negotiate the terms of the rent increase before the tenant moves in to the new home. This gives a lee- way in case the rent rises unexpectedly. The homeowner cannot raise the rent abruptly as he or she and the tenant made an agreement even before the rent rate increases.
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