Five Warning Signs Your Rent Is Going Up In Montana

5 Warning Signs Your Montana Landlord Is Planning A Rent Hike

The last place I rented was in 2012, and I was paying $550 a month for a 2-bedroom duplex. Today that place is asking for $1,250; that's a 127% increase.

Of course nothing can stay the same price for eternity; if you notice your landlord all of a sudden taking an interest in your rental that wasn't there before, it could be signs your rent in Montana is about to increase.

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Warning Sign #1: Renovations

I was pretty lucky with the duplex I was renting, as the landlord had just done some renovations, which consisted mostly of some new paint and a new front door.

The website LifeHacker states, however, if your landlord suddenly is putting new tile in your bathroom or putting in new appliances, don't be surprised if, when they are done, your rent is increased.

Warning Sign #2: Foreclosures

If you notice a rash of foreclosures and places being sold by banks, it means soon there will be a rash of people needing a place to live. With this new demand for housing, it'll most likely drive up rent prices in the surrounding areas.

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Warning Sign #3: Lack Of Other Rentals

If there are more people than rentals in your area, not only will places around you go up in price, but suddenly your place could be worth more, and if you aren't willing to pay the increase, there could be someone who will.

Warning Sign #4: Utilities Go Up

Some landlords will pay for your utilities, but in reality, they've figured that cost into the cost of your rent. So if the cost of utilities has gone up recently, your rent could soon follow suit.

Warning Sign #5: Your Neighbors Rent Went Up

If you hear from your neighbor that their rent suddenly went up, you might want to brace for an increase yourself.

If you see any one of these warning signs happening in your neighborhood, it would be smart for you to assess if you could afford an increase or if you need to start looking for a more affordable option instead of being caught off guard by a letter saying your rent is now going up.