GREENSBORO, N.C. — We’re paying more for groceries, gas, and now rent. The rise in rent is frustrating for many.
Temple Whitaker lives at the Treybrooke Village Apartments in Greensboro. She said her rent recently went up $100 per month bringing her monthly rent to $1,400. As a single mother of two, working two jobs and taking college courses, she said she’s barely making ends meet as it is.
“The rent prices are going up, but the wages are not going up,” Whitaker said. “It’s not making sense to me. They have to make it make sense. I’m not sure who it’s making sense for, but for the productive residents of the community it doesn’t make sense.”
Whitaker is not alone. According to realtor.com, nationwide rent prices are up nearly 20-percent compared to last year. Money Expert Ja’Net Adams said before picking up another job or taking on extra hours, there are simple things renters can do to make up for the increase in rent.
“One thing that people can do when it comes to trying to deal with these rent increases when it comes to their budget or their spending plan is to start to look at things that you can cut back or cut out in the meantime to come up with that extra $100, that extra $200,” Adams said.
In addition to adjusting your spending plan, Adams said renters should have a savings account. She recommends having a least $1,500 saved away if you ever find yourself in a bind.
“If you can’t save that much, try $500 and then move up to $1,000, and then move up to that $1,500,” Adams said. “That’s going to help you like I said that financial breathing room, for things such as rent increases that can come up.”
Adams also said selling clothes and household items that are no longer in use is an easy way to bring in extra cash.