Tips to Manage a Rent Increase - Money Tip Tuesday

<p style="text-align:left;">Rent increase is on the rise and has increased almost 50% since 2008. Now more than ever it's important to know how to handle it. </p> <ul style="text-align:left;"><li>Additional resources: <ul><li><a href='https://www.cnbc.com/2021/11/28/how-to-prepare-for-a-big-rent-increase-.html'>https://www.cnbc.com/2021/11/28/how-to-prepare-for-a-big-rent-increase-.html</a></li> <li><a href='https://nhlegalaid.org/self-help-guides/housing/leases-security-deposits/rent-increases'>https://nhlegalaid.org/self-help-guides/housing/leases-security-deposits/rent-increases</a></li> </ul> </li> </ul> <p style="text-align:left;">Like what you heard? Go ahead and share on your social media! Visit <a href='https://www.trianglecu.org/home/home'>trianglecu.org</a> to learn more about how we can serve you and don't forget to follow us on <a href='https://www.facebook.com/trianglecu'>Facebook</a> and <a href='http://www.twitter.com/trianglecu'>Twitter</a>!</p> <p style="text-align:left;">Transcript:</p> <p style="text-align:left;">Welcome to Money Tip Tuesday from the Making Money Personal Podcast. </p> <p style="text-align:left;">Depending on where you live, there is no legal limit to how much your property owner can raise your rent. There is currently no limit in New Hampshire or Massachusetts. In order for the rent increase to be valid, the property owner must give 30 days’ notice and then the tenant needs to agree and sign. To protect yourself against rent increases, have a written lease that fixes the rent for a period of time. If you are paying rent month to month, the property owner can increase the rent each time you pay. </p> <p style="text-align:left;">Renters should proceed with caution when they lease with an escalator clause. These clauses allow the property owner to increase the rent before the lease runs out, so it's best to avoid leases with an escalator clause. This only applies for specific reasons, such as an increase in taxes and utilities. If you do end up signing a lease with an escalato