One of the biggest cost increases lately is in housing. Not only are the prices of homes for sale skyrocketing, so is the cost of rent. Some tenants facing sticker shock are now looking for innovative solutions to confront rising rents.
“I work from home,” he said. “It’s quiet, peaceful, and I really enjoy living here.”
Just how much it would go up, though, came as a shock to him when he found his lease renewal tacked to this door earlier this year: his monthly rent would be jumping by more than $300. “Options for protections are very limited,” said Marcos Segura, a staff attorney with the National Housing Law Project.“They only limit them,” Segura said. “So, for example, in California, there's rent increase limitations, but it's the greater of 10% or 5%, plus inflation. So, there's room for an increase, for sure.”
“They need some sort of jurisdictional hook that may not exist here,” Segura said. “On the practical level, federal legislation would offset hundreds of local rent control regulations, and I don't think a lawmaker would want to step in the middle of that.”According to a new study from Florida Atlantic University, Florida Gulf Coast University and the University of Alabama, the average monthly rent is approaching nearly $3,000 in some communities.
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