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