This may come to a shocker for some but generally speaking, rental prices go up each year.  Due to the general cost of living, market rates tend to increase yearly.  It is an unfortunate but steady fact.  Even with being perfect tenants by paying rent on time and not having a ton of work orders, this does not save the home from being tangled up in more costly things such as increased taxes or HOA fees.  Most the times the owners are barely making out even when renting their homes when you factor in all these things (taxes, insurance, mortgage, yearly repairs).    When looking for your perfect rental and making a budget for living in an area keep in mind if you plan to stick around the same area/ home for multiple years, it is very smart to plan on a rental increase of at east $50.00 per year.  This way you know now if you should shoot for something in a lower cost bracket.  Moving ends up costing way more then a $50 yearly increase but still not realizing the reasons why or the possibility of an increase can lead to disappointment and sometimes resentment toward the owner.

 

Posted by: pmrentalsolutions on September 7, 2018
Posted in: Uncategorized