What to Do When Your Rent Goes Up in Houston

Has the rent for your Houston home or apartment increased recently? Youre not alone! Over the last couple of years, the estimated median rent of new leases has increased by double digits in the city.

Like most economic problems, its an issue of supply and demand. Houston is one of the largest cities in the United States, and one of the fastest-growing, as well. The reason that the cost of housingnot just rental housing, but single-family housinghas gone up so much in Houston over the past several years is because the housing industry is not producing enough supply fast enough to meet the demand.

Related: Why is Rent So High in Houston?

Currently, there simply arent enough homes in Houston for everyone who wants to live here, so the prices for everything are rising as renters are forced to compete. When your lease expires, you may be in for a nasty surprise.

So, what do you do when your rent goes up in Houston?

As a licensed Houston Realtor, I help renters find houses and apartments in the city that they can afford. If you receive a notification from your landlord that rent is going up, you have a few options:

1. Pay the Rent Increase

This might seem obvious, but it should be the first option you consider! If your rent increases by an amount that you are able to pay, it may be easier or more cost-effective to simply stay put. After all, if your rent is going up at your current home, it is likely that rent is also going up at similar rental properties nearby. If you like your current home or neighborhood, paying more to stay may be your best option.

2. Negotiate the Rent Increase

It is always possible to try negotiating rent increases in Houston. Most landlords do not want to lose good tenants, and if youve been a good tenant, there may be some wiggle room in your rent increase. You must be realistic in your efforts, however. Research your local rental market, ask for a longer-term lease, offer upfront payments, and make concessions you can live with. Remember, your landlord is under no obligation to negotiate!

3. Consider Downsizing

If staying put isnt an option and negotiation goes nowhere, it may be time to consider downsizing your rental home in Houston. A house or apartment that is a bit smaller, in a less competitive neighborhood, or both could be the answer to your problem. An experienced Houston Realtor like me can help you find a new home that meets your needs with a rent you can more easily afford.

Related: Are Utilities Included in the Rent?

4. Consider Buying

It might seem a little counterintuitive to try buying a home when your rent goes up, but it really isnt. Oftentimes, the monthly mortgage payment for a home of your own comes out to less than the average rental payment for a similar-sized home in Houston. Better yet, your mortgage payment will never increase! Rents, on the other hand, could potentially continue to rise.

While the competition for buying a house in Houston is also fierce at the moment, causing prices to go up, ask yourself this: Would you rather overpay a bit for a home that you own, or overpay in rent for a home someone else owns? If your finances are in order, buying is oftentimes a better solution.

If your rent is going up and youd like to discuss your options, contact Angel Fultz Realty today! We can help you make an informed decision on what to do. We specialize in helping renters and buyers find homes they will love in Houston!

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