COLUMBIA, Mo. (KMIZ.)
The pandemic may be slowing down but renters across the US are facing sharp increases.
According to experts, rent growth in 2021 is expected to reach about 7.1 percent, which is slightly lower than what was seen in 2021.
On Tuesday, renters in Missouri shared their frustration with ABC17 News. Paaras Cohli, a resident at Aria Apartments, says his rent went up nearly $100 for a two-bedroom apartment.
"Because of this inflation period and with all the gas prices and because of the COVID pandemic it's not like a fair decision to increase the prices," said Cohli.
According to Realtor Analysis, in the 50 largest US metropolitan areas, rent rose 19.3 percent from December 2020 to December 2021 for properties with two or fewer bedrooms. Data from the labor department show rental costs rose 0.5 percent from December 2020 to January 2021. Making it the largest single-month increase in 20 years.
"Rent increases are unfortunately a fact in life like everything else and every other industry out there we are seeing the impacts of inflation, interest rates are up on all of our loans and our mortgages," said President of the Columbia Apartment Association, Shawna Neuner.
Although rent prices are soaring, Neuner says there are ways to save for people who are both renewing or signing a lease.
"For people who are looking to renew, look at your energy efficiency use, is there anything you can do to conserve water to conserve electricity," said Neuner.
And If you're looking to move Neuner says to make sure you ask the utility company for a 12-month average for the property to see what the utility usage would be. You can also save by checking how far a commute is from your apartment to work or a local grocery store. This way you can cut some of your transportation costs.
And although there are many ways to save a little bit of money, renters still argue that increasing rent isn't right unless you're adding more services.
"At the same time like if you keep on increasing the prices but not adding more services then I feel like its gonna you know... backfire," said Cohli