While the worst of the pandemic seems to be behind us, one of the biggest fallouts is an increase in prices. With supply chains blocked, limited materials available and other world events adding insult to injury, the cost of fuel and food has risen. Everyone needs more money to live with and the result is an almost across-the- board jump in prices.

Unfortunately, the property industry is not immune. While your landlord’s mortgage repayments won’t change until interest rates rise, the cost of owning and maintaining the property has increased. This may mean you are faced with a change to your weekly rental costs.

Here are some options to keep in mind if you are a tenant and you don’t think you can manage a price jump.

Talk with your property manager

The critical step in getting the most out of any rental property is communicating clearly with your property manager. The best property managers put tenants first and will go into bat for you. Without a good relationship with your property manager, you will find it difficult to enjoy the benefits of renting.

Many people believe that the property manager is only working for the landlord but that’s not the case. A quality professional wants you to have a good experience so keep in touch with yours on a regular basis.

Review your contract and know the rules

If you live in a self-managed property, you may be hit with a rise in rent that seems unreasonable.

There are rules around how often landlords can raise the rent and how much they can increase it by, especially if you are under a contract.

Check local rental prices to see if a price rise seems fair, and seek advice from your state’s tenant’s union if you have to.

Ask for an extended contract

As borders reopen and overseas visitors return, competition on the rental market is likely to increase.

If you’re looking for a home right now, talk to the property manager about an extended contract. They may be happy to lock in a good price for two years, which will give you more certainty.

You may also have the option to pay in advance, depending on how you earn money. This could be a way to negotiate a lower rent.

Consider relocating

If your contract has ended and rent is becoming unaffordable where you are living, you may have to move to a smaller and more affordable place.

Speak to your property manager and explain the situation. They could potentially direct you towards a more suitable property but you won’t know unless you ask. If you have always been a reliable tenant, your property manager will put in a good word for you.

Start preparing

The reality is that your landlord and property manager need you just as much as you need them. Most people are very reasonable and want to reward a quality tenant with a decent, affordable home. However, as we are seeing with almost everything else these days, price increases are sometimes unavoidable.

If your contract is set to expire, speak to your property manager about what to expect. Having time on your side will allow you to prepare for change if it’s coming.

Need more advice on renting? Contact us today.