Increasing Rents: A Closer Look

Increasing Rents: A Closer Look

If you rent the space you live, you may have recently experienced an increase in your rent payments. While some of the increase can be attributed to inflation, there are some other factors that are contributing to the increase.

Decades ago, when one would rent an apartment, for example, it was pretty much just a few rooms and major appliances. Today, apartments generally include more features and amenities. These additional investments have put pressure on investors to get a return on investment.

Washers and Dryers

More rental units are including washers and dryers or at least hook-ups to attract tenants. This can save a resident on the laundry costs.

Wi-Fi

More communities are including Wi-Fi either throughout the community or at least in common areas.

Recreational Facilities

To remain competitive, apartment communities have added an increasing number of recreational facilities like pools, tennis and basketball courts, playgrounds, fitness and business centers and more. These all come with maintenance fees that are also increasing.

Utilities

It is common for apartments to include utilities on some level. It may just include trash removal and water or could even include gas or electricity. It can’t be overlooked that these costs are going up.

Storage

Many apartment communities have additional storage available even if it involves a small additional fee. This can eliminate the need for off-site storage, which can be more expensive.

Security

As security becomes a bigger concern for tenants, apartment communities have responded with greater electronic security and some even include patrols.

The point is that rent payments include much more than just living space. It includes everything from features and amenities to maintenance and security. We’ve wanted more and more from the space we rent and apartments responded. But it all comes at a cost.

Even with inflation, renters insurance remains an affordable form of financial protection. You can help protect your belongings and even get liability protection for less than you may think. Contact one of our independent insurance professionals to get your no obligation price quote today.


Do you have questions about your insurance? Find an insurance agent near you with our Agent Finder

Buzz Your
Insurance Agent

Search for a local agent with our agent finder map.

Agent Finder

Search All Blogs

Search
Generic filters
Exact matches only
Search in title
Search in content
Search in excerpt

Buzz Your
Insurance Agent

Search for a local agent with our agent finder map.

Agent Finder

Want to learn more about our blog writer?

Read more about KayLynn's background.

Click Here

Search All Blogs

Search
Generic filters
Exact matches only
Search in title
Search in content
Search in excerpt