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Money Talks: The rent is going up

With rising property values landlords are passing on higher taxes and insurance rates to their renters.

TEMPLE, Texas — Inflation seems to be everywhere, especially when it comes to rent prices. 

Many renters have recently seen an increase in rent due to the ownerships taxes and insurance going up due to rising values.

So are there any tips to keep that rent payment in check? 

"One of the best ways to lower your rent is to get a roommate," said certified Financial Planner Neil Vannoy. "While it might not be ideal, it can help you cut your monthly payments by a large percentage quickly."

Being a good tenant can also work to a renter's benefit. 

"Landlords love good tenants, so try to maintain a good relationship with your landlord," said Vannoy. "This could help you negotiate on renewal since keeping a good tenant is less costly than turning over releasing a unit. Independent landlords have more room to negotiate a lease than property management companies. I have seen large companies negotiate renewal leases for good tenants."

Many think that locking in for the long term might be the way to go, but as Vannoy explains, it's not always for the best. 

"Don't assume that a longer lease will always be less expensive," said the planner. "A lot of property management companies use algorithms that adjust the rent for various lease terms based on market conditions, and sometimes a shorter-term lease will have a lower payment. Just keep in mind that a shorter lease means that your renewal and a possible rent increase  will happen sooner."

Neil also said, always pay your rent on time and don't let it affect your credit score. The better habits that you develop, the more likely you are to catch a break.

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