Plano woman’s rent skyrockets by $ 750 per month amid growing housing demand in North Texas

0

An increase of $ 750 per month for a house that a single mother in Plano rents has left her wondering where she, her son and her dog are going to live.

“My rent was $ 1950 and in less than 45 days it will be $ 2700,” Courtney Humphries wrote in a message to The morning news from Dallas. His post also displayed what appears to be a notice from its owner.

Humphries is concerned that other tenants may face a similar fate.

“I was recently informed by my landlord of a 38% increase in my rent which will take effect on November 1, 2021,” Humphries wrote. “For a single mother, this is important. … Hikes like this could put many families on the streets.

Renters across Dallas-Fort Worth have felt the sharp increase in rental prices this year, The morning news from Dallas Previously reported. By next year, rental prices are expected to stabilize, according to a forecast from the Texas Real Estate Research Center. In July, apartment rents in Dallas-Fort Worth were more than 9% higher year-on-year.

The price hike for the house Humphries rents monthly will take effect on November 1. If she decides to leave, she must give 30 days’ notice, the message from Humphries said. This means that she should move out before October 1.

He is also asked to sign a one-year lease. Humphries only had a few days to find a solution.

The landlord has the right to increase the rent based on the current market value.

“Rental rates are always a derivative of what house prices are,” Marc Moffitt, assistant professor of real estate at the University of North Texas, told NBC5. “It’s all a function of supply and demand and that’s where the rubber meets the road.” A rent increase of $ 750 per month has left a single Plano mother wondering where she, her son and her dog are going to live.

Humphries Recount KXAS-TV (NBC5) that her “jaw dropped” when she heard of the rent increase. “I said to myself, ‘Am I reading well? “”

“When you don’t have a raise and you have raises like this for your shelter, that’s a big concern,” Humphries told the TV station. “There should be some sort of regulation on it. “

NBC5 couldn’t reach the landlord for comment, but Humphries told the TV station she was a good tenant and paid her rent on time.

“I have big problems on the horizon for a lot of tenants like me,” Humphries wrote in her post.


Source link

Share.

Leave A Reply