You’ve likely seen the headlines about house prices and rents going up. These increases have slowed somewhat, but it seems these higher prices are here to stay. Renters in the Kansas City Metro have seen the same thing. Landlords are raising rents, and/or deciding to sell their rental properties, making tenants move with uncomfortably short notice. For tenants who had been paying less-than-market rent, this is often a rude awakening. While it’s easy to forget about the risks of renting month-to-month, there are things to keep in mind:
Options?
Keep good communication with your landlord. If your lease is coming up for renewal, I’d recommend reaching out to your landlord ASAP about signing a renewal. Your landlord and/or any new owners must honor your lease, so renewing your lease can prevent any surprises. If your landlord is non-committal about your renewal, that might be a sign they are planning to sell the property.
Keep your finances in order. Planning ahead is the best way to keep your options open. Have a emergency fund, work on improving your credit (if needed). In the long term, your housing costs will be lower by owning your own home. Do you have a solid plan for buying a home one day?
If you are notified that your lease will not be renewed, consider asking your landlord to sell you the house. As a real estate agent, I’ve worked on behalf of renters who were in this situation. My brokerage offers full service real estate options that help craft a win-win scenario for both parties. Many times, this is the best option for the landlord as well as the tenant. Plus, it saves the tenants the hassle of finding a new home and moving.
Curious how to further reduce the risks of renting month-to-month? Feel free to reach me below.
Justin Rollheiser – REALTOR®
Keller Williams Realty | Diamond Partners, Inc.
13671 S Mur-Len Rd | Olathe, KS 66062
Mobile 913-800-7653
Office 913-322-5878
Comments or Questions?