The most common time to sign a lease is between May and September, and we're smack dab in the middle of that period.
Many renters may currently be looking at new rental agreements, or if they have stayed at the same spot for a few years, they may be deciding if a likely price jump for repeating the lease is worth it to stay put.
Currently, the national average monthly rent for a one-bedroom apartment is $1,536, according to Apartments.com. That's 0.8% higher than it was this time last year. But depending on your landlord or building owner, some renters might see larger price bumps than others.
So what are your rights as a renter, and what are the landlord's rights in terms of raising that price?
Michelle Gilbert is the legal and policy director for the Law Center for Better Housing, a nonprofit in Chicago that advocates for renters' rights. She told Scripps News that, unfortunately, the tenant doesn't have much say.
Though there are some laws in place to make it harder for a landlord to change rent prices, they vary by state and municipality. As of February 2022, there are 31 states that prevent local governments from enacting rent control measures, but in large cities, rent control laws are more likely to be in place.
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If you happen to find yourself in one of those cities or states without these protective laws, Gilbert said there are a few things that can help reduce the likelihood of those large rent increases.
One of those is to rent from a smaller landlord. Gilbert said the corporate landlords or buildings will typically have larger rent increases comparatively.
Hopeful tenants or those signing new leases this year should also ask potential landlords about additional fees that can add to your monthly rent.
"Recently, we are just seeing a shocking increase in fees that get attached onto the agreement, so you might go in thinking, 'Oh this is a property that I can afford,' and then you find out that there are substantial fees," Gilbert said.
Gilbert also recommends signing leases that state how much notice the landlord will give a tenant before raising the rent. This could help the renter plan ahead in order to meet the new cost, or have time to move elsewhere.
From the opposite perspective, Gilbert said it's not always in the best interest for a landlord to raise the rent. She said it's important that they look at the "big picture" before doing so and decide whether it's more important to get extra funds, or if it's better to prioritize keeping good tenants.
"That gain you might see in the short term by having a big rent increase, you have to think about how that will pan out over time," Gilbert told Scripps News. "It's much better to have a tenant who has a commitment to the property and to the neighborhood, who's gonna stay there, and you're not going to have a period of having an empty apartment."
