Your landlord has just informed you that your rent will increase at the end of the lease by $50. What do you do now?
Considering Other Options
Your first reaction may be anger and frustration or wondering how you can afford the increase. Maybe you’re currently paying $1,150 per month and your rent will go up to $1,200 per month. This will cost you $600 more per year. You may feel you’re paying too much rent and there aren’t any improvements that have been made to the property to warrant this increase. You might look around for another home in the neighborhood, and maybe you’ll find one for $100 cheaper.
Costs Associated with Moving
So, you give notice and move. You feel great because you think you’re saving $600 a year. Just remember, there will be moving expenses. If you leave your property in great condition, you will not get your security deposit until after you move. It might take up to 30 days. Any damages that are not normal wear and tear can be charged to your deposit. An example of other moving costs are:
$100 application fee at the new rental
$150 in truck rental expenses
$200 in time off from work to move
$85 in pizza and drinks for the friends who will help you
$75 in charges from utilities
$500 decorating expenses, especially now that IKEA has opened.
All moving budgets are different, and there are costs we have not thought of, and some of these may not apply to you. When you think about a move, consider if you’re happy where you live and how well the management company responds to requests. Think about how easy it is to pay rent and whether rents are raised often. The next property may be managed by a different company or the owner, and you may not get all the services you currently get.