Watching Your Wallet: Rising rents impacting tenants
Expert offers tips to fight increasing costs
InvestigateTV - As home rental prices keep climbing, for many, salaries have not risen at the same rate. From 1985 to 2020, rent prices increased 149%, while income grew just 35%, according to a report by RealEstateWitch.com.
Danetha Doe, an economist and spokesperson for Clever Real Estate, said more private companies and policymakers must pay attention and work to change the trend.
“It’s an entirely different situation when folks are not able to comfortably afford rents, because now we’re looking at an individual or a family not being able to own their home or be able to rent,” Doe said.
She suggested there are a few things consumers can do in the meantime if the rent suddenly increases.
First, Doe suggested trying to talk to your landlord. She said it never hurts to explain your situation and see if they can work with you.
Doe’s other tactics included:
- See if you can increase your salary by negotiating a raise
- Expand your search and look for a new, better-paying job.
- Look for simple ways to cut back on everyday spending, like using your car less to save on gas or finding more ways to save at the grocery store.
A pair of apps that could help with groceries and gas are Upside and Ibotta. The savings could save you money and free up more money for rent.
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