Your rent is going up
Check that the notice follows your state's rules, run the new number through your budget, then decide: negotiate, sign, or move. Ask about two months before your lease ends, so you have time to choose.
You'll need
- Your current lease and the renewal offer
- Rents for similar places nearby (from listing sites)
- Your budget
Do it like this
- Check the notice. Some states require advance written notice. In New York, for an increase over 5% on a non-regulated unit, it's 30, 60 or 90 days depending on how long you've lived there.
- Check for a cap. Under California's Tenant Protection Act, covered rentals can go up by no more than 5% plus inflation, or 10%, whichever is lower, in 12 months. Some cities have rent stabilization. Whether there's a cap depends on your state and city.
- Run the new rent through your budget. See Can I afford to move out? for the 30% guideline and the costs of moving.
- Look up what similar places nearby really rent for. Moving has costs too: a new deposit, movers, time off and utility setup fees.
- Ask, politely, in writing. Point to your record (on time, no problems), what similar places cost, and what you can offer: a longer lease, a flexible move-in date or taking the place as-is.
- Get any new number in the signed lease before the old one ends. A verbal "we'll keep it the same" isn't a lease.