Money is tight for everyone, especially college students. You likely have a tight budget and you have a close eye on your income and spending. This is why it may be shocking and stressful when you find out that your rent will be increasing. Luckily, you have a few options that can help you in this situation.
Know your rights
When you signed your lease, you signed an agreement of all of the terms within the lease. This includes the cost of rent each month. Legally, your landlord may not be able to increase the rent while you are under your current lease. If you decide to renew, your landlord can raise your rent then. It is important that you check your state and local laws so that you are aware of what your landlord can do in terms of raising rent.
Negotiate your rent
This tactic might not always work, but it is worth a shot, especially if you are successful. As soon as you find out that your landlord is raising rent if you renew your lease, start researching rent prices for comparable properties in your area. If the rent is higher than the average price in your area, show the landlord your research and be upfront that you may decide to move to one of the less expensive places. Take into consideration how long you have been renting. If you were only renting this property or working with this landlord for a semester or year, it may be worth moving. However, if you have a longer tenure as a renter and you never had any issues, you may be able to negotiate your rent in order to keep a lower rental cost.
Adjust your budget
While you may already be scrambling to make ends meet, take an honest look at your budget and see if there is anything you can cut back on in order to make up for the rent increase. Look at how much you are spending on things you do not need. Yes, it will be difficult to give up on the little luxuries you have like streaming services or expensive meals out, but your future self will thank you for being able to be responsible with your rent.
Look for a new place
As difficult as it may be to move out, especially if you have tenure with the landlord or have truly made this rental your home, you may have to find a new place. It is important to live within your budget, and if you can no longer afford the rent of the space you are in now, you have to find something you can afford. Start looking as soon as you find out that your rent will be increasing so that you have plenty of time to apply and go on tours of different spaces.
Communicate with your landlord
Your landlord, if they are a good landlord, cares about you and wants you to keep renting with them. A vacant property for them means they are not making money, even if it is at a lower rate than they would like. Even if you plan on moving, keep communication open with them through the process. Express any concerns you may have and be sure to ask any questions that may arise. Your landlord will be open to answering these questions and concerns if they truly care, and if not, you should move out.
Get everything in writing
No matter what you plan on doing, whether it is moving or negotiating your rent, make sure you get everything in writing, including the details of the rent increase. This information should be the new price, the effective date, and the terms of the new price. It is likely that your landlord sent out a notice that alerted you to the rent increase. If this was through an online portal, print it out. You should email any questions you have for your landlord to your landlord so they can respond in email. Make sure you save these emails, even print them out, so you have them if legal issues arise. If you reach out for legal consultation, make sure there is something in writing from these meetings as well.
Additional income
If moving out is not possible and you are struggling to make ends meet still, find alternative income sources. Apply for scholarships that help with tuition and books so that more of your other income can go to your increased rent. Try to find ways to cut back on the costs of utilities. Use coupons and discounts when shopping and doing things like going to museums. Though you may be busy enough as it is, consider getting a part-time job on or near campus if you do not already have one to help bring in additional money.
Rent increases can be stressful, especially since you are already on a tight student budget, but there are things you can do to help combat the situation and help your finances in the process.
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