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Valued Contributor
Posts: 736
Registered: ‎11-12-2010

How high can rents get to before people go homeless?

[ Edited ]

I recently got my new lease offer. Last year the rent rose $50. Ok covid. But this year, $129 a month! I went to the office and asked if it was a mistake. Nope, it's right. I am beside myself. I can't afford to stay but can't afford to move. Friends tell me it's a bargain for a 2bed. But an unaffordble bargain is no bargain. I can't buy offline anymore, afraid I would not be able to keep up with the EZ pays down the line. I may cancel Christmas. I am now looking for ways to cut expenses. Cut my work phone and get all my passcodes on one phone. Cut car insurance. Three small bills are close to being paid off.  So not using those accounts anymore. Any other ways to cut costs? Is anyone else (a renter) finding it's hard to keep up?

Esteemed Contributor
Posts: 7,795
Registered: ‎12-12-2010

Re: How high can rents get to before people go homeless?

Our landlord just raised our rent $300 a month, after only living here for 1 year.  We've been looking around to see what else is available; however, we still have a good deal, so I'm thankful to Almighty God that we can still afford it.

It isn’t how long you live that matters; it is how well you are prepared to die.
~~Colonel Robert B. Thieme, Jr.
Respected Contributor
Posts: 2,298
Registered: ‎05-01-2020

Re: How high can rents get to before people go homeless?


@LisaMofSLC wrote:

I recently got my new lease offer. Last year the rent rose $50. Ok covid. But this year, $129 a month! I went to the office and asked if it was a mistake. Nope, it's right. I am beside myself. I can't afford to stay but can't afford to move. Friends tell me it's a bargain for a 2bed. But an unaffordble bargain is no bargain. I can't buy offline anymore, afraid I would not be able to keep up with the EZ pays down the line. I may cancel Christmas. I am now looking for ways to cut expenses. Cut my work phone and get all my passcodes on one phone. Cut car insurance. Three small bills are close to being paid off.  So not using those accounts anymore. Any other ways to cut costs? Is anyone else (a renter) finding it's hard to keep up?


Unfortunately, things will only get worse. People need to start moving in with family to share expenses/resources.

Trusted Contributor
Posts: 1,850
Registered: ‎06-24-2021

Re: How high can rents get to before people go homeless?


@LisaMofSLC wrote:

I recently got my new lease offer. Last year the rent rose $50. Ok covid. But this year, $129 a month! I went to the office and asked if it was a mistake. Nope, it's right. I am beside myself. I can't afford to stay but can't afford to move. Friends tell me it's a bargain for a 2bed. But an unaffordble bargain is no bargain. I can't buy offline anymore, afraid I would not be able to keep up with the EZ pays down the line. I may cancel Christmas. I am now looking for ways to cut expenses. Cut my work phone and get all my passcodes on one phone. Cut car insurance. Three small bills are close to being paid off.  So not using those accounts anymore. Any other ways to cut costs? Is anyone else (a renter) finding it's hard to keep up?


Would you consider finding a roommate?

 

Valued Contributor
Posts: 864
Registered: ‎10-23-2011

Re: How high can rents get to before people go homeless?

I've rented at the same Phx, AZ apartment complex for 22 YRS!  Complex was sold for many millions last year.  My rent went up $200 (1 BD/1Bath) then.

 

This year I have reason to believe my rent is going up $600/month!!!  

 

I'm not going to argue or complain as if I do they may not offer me a new lease at all AND  in this area there is NOWHERE for me to go for less $$$.  That's how CRAZY rental prices are here.

 

I have $$$ reserves that I will have to start using to pay for this astonishing increase.  I have no choice and it does keep me up nights!

Honored Contributor
Posts: 61,561
Registered: ‎03-10-2010

Re: How high can rents get to before people go homeless?

Some of your rents sound atrocious but how would you like to live in Manhatten?  With the occupancy rate being what it is, it sounds as though there's been a migration out of the city.

 

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New Mexico☀️Land Of Enchantment
Trusted Contributor
Posts: 1,740
Registered: ‎05-31-2022

Re: How high can rents get to before people go homeless?

It seems like almost everyone is starting to really feel the pinch now...rent has skyrocketed here, even in what used to be " low rent" areas. I know several first -year teachers who are looking for roommates so they can split the rent. They cannot afford $1250 for a two ABR apt. If the apt has utilities paid, then the rent going up to pay for the rise in energy prices is being passed along to the tenant. We have been cutting way back on groceries. I have seen prices double or triple for basics like eggs, not the measly 9% or 11% they show on the news. Fortunately, our house is payed for, but our electric bill and other utilities have gone way up this summer even with conserving as much as we can. The four utilities are almost as much as our house payment used to be. Rent needs to either stay the same or go down. Perhaps getting a roommate to share the rent is a possibility. Those on fixed income seem to be getting hit the hardest. 

Esteemed Contributor
Posts: 7,467
Registered: ‎12-24-2010

Re: How high can rents get to before people go homeless?

Unbelievable!   I'm sure you have nice living quarters but......those increases are beyond what I'd ever imagine.

 

I've been a landlord for 50 years and never increased rent amount while current tenant resides.  When apartment become vacant to re-rent - sometimes - I've jacked it up by ten or fifteen.

I 'm now selling to retire - closing in August and was offered a 'very good' deal.

Feeling sorry for your situations - how can they  justify such a huge jump in rent?

 

Respected Contributor
Posts: 3,945
Registered: ‎05-24-2010

Re: How high can rents get to before people go homeless?

I don't understand why the landlords are allowed to increase this drastically. I know everything has gone up, but allowing them leeway to increase whatever they desire is outrageous. Renters need protection. 

Honored Contributor
Posts: 27,434
Registered: ‎05-10-2010

Re: How high can rents get to before people go homeless?

Good question.  Rents continue to rise until.landlords cand find tenants.  The average 2 bedroom apartment here, even in very bad neighborhoods is over, 

$2000.  That's if you can find one.  People with rent subsidies are fine and landlords can charge those high rents when the government is paying most of it.