There is a common theme in the media surrounding millennials and their spending habits. According to news outlets, millennials are either too afraid to spend money or never have money at all. They’ve killed so many industries such as Applebee’s, diamonds and starter homes.
Whether or not you agree with the theme, there is a pattern among millennials where more adults are renting for longer to buy a more expensive home in the future. It seems like a reasonable thought, but what happens as rent slowly increases?
When can landlords increase rent costs?
People who pay rent know that there is always a chance of a rent increase at the end of their lease. Specifically, Colorado allows landlords to request one rent increase every 12 months, at the end of their lease.
However, landlords or property managers can’t just raise your rent at the end of a lease. They need to give you a written notice at least 60 days in advance. It allows you, the tenant, to decide if you need to look for a new lease before resigning your lease.
Also, the rent increase should meet the requirements for “rent reasonableness” – a variety of factors that determines a fair evaluation of a specific rental property. To value a rental, you would look:
- Age of the property
- The type of property
- The size
- Number of bathrooms
If the increase is not justified, the landlord should not be able to raise the price for your lease. In those circumstances, you may need O’Brien Legal, to settle the rent dispute or decide what course of action is best for you.