What Tenants Need to Know About Rent Increases in 2025

If you’re a renter, you’ve probably felt the sting of rising rental prices at some point.  According to Zillow, single-family home rents are now 20% higher on average than apartment rents—the widest gap ever recorded. While the market has its challenges, there’s good news: by understanding your rights and exploring your options, you can make smart choices that protect your wallet and your peace of mind. Let’s break down what you need to know about rent increases, your rights as a tenant, and how making savvy rental decisions—like opting for an apartment or condo—can help you save. Can Your Landlord Raise the Rent?  The short answer is yes, but there are rules landlords must follow. Knowing these can give you more control over the situation. Your Lease Sets the Rules Fixed-Term Lease: If you have a one-year lease, your rent can’t be raised until it’s time to renew. Month-to-Month: For shorter-term leases, landlords can raise rent, but they must provide written notice—typically 30 to 90 days, depending on your state. Local Laws May Protect You Some cities and states have rent control or rent stabilization laws that cap how much landlords can increase rent each year. If you’re moving to places like New York City, California, or Oregon, these laws could apply to you. Other areas may have anti-gouging rules, especially during emergencies, to prevent extreme rent hikes. Notice Requirements Matter Landlords must give proper notice of rent increases. In Utah, you’ll get at least 15 days’ notice for a month-to-month rental and 60-90 days’ notice befor renewal for yearly leases.  Record-High Rents: Why Single-Family Homes Cost More It’s no secret that single-family homes have been in high demand. Zillow reports that renting a single-family home now costs 20% more than renting an apartment. Why? Many renters are looking for more space, privacy, and suburban living. While single-family homes might be ideal for families or those who need extra room, apartments and condos can be a smarter choice for short-term renters. Lower rents mean you can save faster, especially if you’re working toward long-term goals like buying a home or building an emergency fund. The Apartment Advantage If you’re renting short-term or trying to save, moving to an apartment or condo could be a game-changer. Here’s why: Lower Costs: Apartments are often more affordable than single-family homes, with the added bonus of reduced utility and maintenance expenses. Flexible Leases: Many apartment complexes offer shorter lease terms, giving you more freedom to adjust as your financial situation evolves. Built-In Amenities: Apartments often include perks like gyms, pools, and on-site maintenance, saving you money on extras. Choosing an apartment or condo doesn’t mean sacrificing quality. It’s a smart way to cut costs while you plan for your next big move—whether that’s upgrading to a larger space or saving for homeownership. How to Handle a Rent Increase No matter what type of home you are leasing, if your landlord notifies you of a rent hike, here’s how to navigate it: Double-Check the Details Review your lease and state laws to confirm the increase is legal. Make sure your landlord provided proper notice. Negotiate Like a Pro If the increase feels steep, try negotiating with your landlord. Highlight your reliability as a tenant or offer to sign a longer lease for a smaller increase. Consider Your Options If the new rent feels out of reach, explore alternative housing options. Apartments or condos could help you save money while still providing comfort and convenience. Know Your Resources If you suspect the rent increase violates local laws, contact a housing authority or tenant advocacy group for guidance. While rising rents can feel overwhelming, there are plenty of opportunities to stay ahead. By exploring options like apartments or condos, negotiating with your landlord, and knowing your rights, you can take control of your housing situation. Remember, renting is just one chapter in your housing journey. Whether you’re saving for a home, prioritizing flexibility, or simply looking for a place that feels like “you,” staying informed and optimistic is the best way to make the most of any market.

How to Handle Mortgages and Bills After Disaster Strikes

With wildfires sweeping through Los Angeles County, images of destruction are everywhere. Over 12,000 structures have been burned down, neighborhoods reduced to rubble and nearly 92,000 residents forced to evacuate.  As Angelenos come together to rebuild their city—and their lives—people across the nation are asking the same questions: What happens to financial responsibilities, like mortgage payments, rent, and utility bills, when their home is destroyed? This guide answers the most pressing questions for homeowners and renters affected by natural disasters, drawing on resources and advice from FEMA, mortgage servicers, and disaster survivors. Do You Still Have to Pay Your Mortgage If Your Home Is Destroyed? Yes, even if your home is no longer standing, your obligation to pay your mortgage remains. However, there are relief options for homeowners impacted by disasters like the wildfires in LA. Homeowners can request forbearance, a temporary suspension or reduction of mortgage payments for up to 12 months. This relief is available for loans backed by Fannie Mae, Freddie Mac, the FHA, and the VA. During forbearance, late fees are waived, and foreclosure proceedings are paused. “Homeowners affected by a disaster are often eligible to reduce or suspend their mortgage payments for up to 12 months,” Fannie Mae stated in a recent press release. However, this relief is not forgiveness. Once forbearance ends, borrowers must repay the deferred payments, either as a lump sum, in installments, or by extending the loan term. For those with private loans, options vary by lender. Major banks like JPMorgan Chase and Bank of America have also implemented disaster forbearance programs. If your home has been destroyed, contact your mortgage servicer immediately to discuss available options. What Should You Do Immediately After Your Home Is Destroyed? If your home has been declared a total loss, your first step should be to contact your insurance provider. Filing a claim as soon as possible can unlock benefits like temporary housing assistance and coverage for rebuilding costs. California law requires insurers to provide four months of loss-of-use payments upfront, which can help cover rent or hotel stays while you figure out your next steps. It’s important to document everything. Take photos and videos of the damage, and keep all receipts for expenses like hotel stays, clothes, and pet boarding. Depending on your insurance policy, these costs may be reimbursed. Barbour also recommends applying for disaster assistance through FEMA and the Small Business Administration (SBA). FEMA provides grants for immediate needs like food and temporary housing, while the SBA offers low-interest loans to homeowners and renters, even if you don’t own a business. What Happens to Rent Payments After a Disaster? For those in LA, California law protects renters whose homes have been damaged or destroyed by natural disasters. If your rental unit is completely uninhabitable, your lease becomes void, and you are no longer required to pay rent. Your landlord must also return your security deposit. Here in Utah, the law states that renters may be able to temporarily reduce or withhold rent payments if their rental unit becomes significantly damaged and uninhabitable, but they must first attempt to reach an agreement with their landlord; this is often referred to as "rent abatement" and should be outlined in the lease agreement; if no agreement is reached, tenants may need to involve local authorities or the Utah Insurance Department to mediate the situation.  For units with partial damage, tenants have the right to terminate the lease or remain while repairs are made. During this period, rent payments are generally suspended until the unit is livable again. Renters without insurance may still qualify for FEMA assistance or SBA loans to cover relocation expenses and replace personal belongings. Do You Still Have to Pay Utility Bills? Utility obligations after a disaster depend on your provider and your property’s condition. In LA, Southern California Edison has suspended billing for customers in mandatory evacuation zones and permanently canceled bills for homes that were completely destroyed. Similarly, SoCalGas has forgiven current and recent bills for destroyed properties, while the Los Angeles Department of Water and Power has paused billing notices in fire-affected areas.  If you’re unsure of your provider’s policies, contact them directly to discuss available relief options. Can You Get Relief on Property Taxes? In California, if your property has sustained damage exceeding $10,000, you can file a calamity claim with your local assessor’s office to request a reassessment. If approved, this can temporarily reduce your property taxes until repairs or rebuilding are complete. Claims must be submitted within 12 months of the disaster. In Utah, the process is similar. if, during a calendar year, property sustains a decrease in taxable value that is caused by natural disaster damage, the owner of the property may apply to the county board of equalization for an adjustment in the taxable value of the owner's property What If You Don’t Have Homeowners Insurance? For uninsured homeowners, disaster relief programs can provide a vital safety net. FEMA offers grants to cover temporary housing, food, and other necessities, while the SBA provides low-interest loans of up to $200,000 for structural repairs and $40,000 for personal property replacement. Nonprofits like United Policyholders also offer guidance to uninsured homeowners navigating recovery. Even without insurance, there are resources to help you rebuild, but the process can be overwhelming. Staying organized and seeking help is key. How Can Residents Find Temporary Housing? Finding temporary housing can be a challenge after a disaster. We’ve all seen the news surrounding limited rentals and price gouging in LA.  Often, many organizations will offer assistance after widespread disasters. Airbnb.org offers free, temporary housing to LA fire victims, and some hotels and apartment complexes provide discounts. FEMA’s housing assistance program is also an option, but it requires a state request to activate. How Do You Cope Emotionally After Losing Your Home? The emotional toll of losing your home can be as overwhelming as the financial strain. Survivors and experts emphasize the importance of seeking support, whether from counseling services offered by FEMA, local nonprofits, or community networks.  ​​Recovering from a natural disaster is a long process, but you don’t have to do it alone. Document your losses, contact your mortgage servicer and insurance company, and apply for all available aid. With persistence and support, you can navigate the road to recovery.

Should You Sell or Stay? How Home Equity Can Help You Decide

If you’re a homeowner, chances are you’ve watched your home’s value rise over the past few years. Thanks to record-high equity levels, many homeowners are sitting on what feels like a financial jackpot. But with the housing market shifting and 2025 on the horizon, you might be wondering:  Should I sell my home and cash in on my equity, or stay put and make the most of what I have? Here’s how to use your home equity to make the smartest decision for your situation. What Is Home Equity, and Why Does It Matter? Home equity is the difference between your home’s current market value and what you still owe on your mortgage. For example, if your home is worth $400,000 and you owe $200,000, you have $200,000 in equity. According to CoreLogic’s Q3 2024 Homeowner Equity Insights Report, U.S. homeowners with mortgages saw their collective equity increase by $425 billion over the past year—a 2.5% year-over-year gain. This brings total homeowner equity to a staggering $17.5 trillion.  While the pace of equity growth is expected to slow in 2025, homeowners still stand to benefit from historically high levels of equity. This brings us to an important decision point for homeowners: understanding how your equity position can guide your next move. Should You Sell? Selling your home can be a great option if you want to: Cash In on Your Equity Gains Median home prices climbed 50% from September 2019 ($272,100) to September 2024 ($409,000). By selling now, you can turn your equity into cash to fund a down payment on a new home, pay off debt, or invest elsewhere. Downsize or Relocate If your current home no longer fits your needs, equity can help you afford a smaller home or move to a new area. Whether it’s downsizing to reduce costs or relocating to a new area for better opportunities, your home’s value can be a key resource in making your next move. Avoid Future Market Shifts While home prices are expected to grow modestly (CoreLogic projects a 2.3% increase in 2025), rising inventory levels and regional affordability challenges could impact equity gains in the coming years. Selling now could help you maximize your profits. Or Should You Stay? Staying in your home might make more sense if you: Want to Build More Equity With home prices still rising, although at a slower pace than years past, you can continue building equity through regular mortgage payments and appreciation. By steadily reducing your mortgage balance and benefiting from even modest home price growth, you’re consistently increasing your financial stability. This slow but steady equity growth ensures your home remains a valuable long-term investment. Plan to Access Your Equity Strategically As a homeowner, you have the option to tap into your equity through a home equity loan or HELOC to fund renovations or consolidate debt. These options often come with lower interest rates than personal loans or credit cards. Just be sure to use the funds for productive purposes. Prefer Stability If you’re happy with your home and don’t want to navigate the current housing market, staying put and focusing on maintaining your property might be the best choice. By staying, you can enjoy the stability of familiar surroundings while continuing to build equity through regular mortgage payments and property appreciation.  Key Factors to Consider When deciding whether to sell or stay, ask yourself: What are my financial goals? Do you need a lump sum of cash now, or do you prefer to continue building long-term wealth through equity? What is the market like in my area? CoreLogic and CBS highlight significant regional differences in equity growth. Research your local market or consult a real estate agent to understand your home’s value. What are the costs of moving? Factor in expenses like closing costs, moving fees, and potential higher mortgage rates if you’re buying a new home. Whether you decide to sell or stay, your home equity is a powerful financial tool. Selling can provide immediate financial benefits, while staying allows you to continue building wealth over time. Interested in learning how much equity you’ve gained over the past year? Contact me schedule, and I’ll send over a personalized report!

Homeowner Pitfalls to Avoid in 2025

With the start of a new year, resolutions often focus on what we should do—exercise more, save money, or finally tackle that home project. But what about the things we shouldn’t do? For homeowners, avoiding certain pitfalls can be just as important as setting ambitious goals. This "Reverse Resolutions" list is here to guide you through what NOT to do in 2025. Whether you’re a new homeowner or a seasoned pro, keeping these don’ts in mind can save you time, money, and stress in the year ahead. 1. Don’t Skip Regular Maintenance Your home is your biggest investment, and ignoring basic upkeep can lead to costly problems down the road. Small issues, like a loose roof shingle, may seem insignificant, but they can spiral into expensive repairs if neglected. For example, clogged gutters can cause water damage to your roof or foundation, leading to thousands in repairs. Tasks You Shouldn’t Ignore:  Regularly clean and inspect your gutters Replace HVAC filters every 1-3 months Check for cracks or gaps around doors and windows to prevent drafts and water intrusion. Addressing small problems as they arise is much more affordable than fixing a major issue later. It also keeps your home looking and functioning at its best, which is especially important if you plan to sell in the future. 2. Don’t Overlook Energy Efficiency As energy costs rise, ignoring your home’s energy efficiency could mean higher bills and a less comfortable living environment. Drafty windows, poor insulation, and outdated appliances can make your home less efficient, costing you hundreds of dollars each year. Plus, eco-conscious buyers increasingly prioritize energy-efficient homes. Simple Upgrades to Consider:  Seal drafts with weatherstripping or caulk.  Switch to LED light bulbs, which use 75% less energy than incandescent bulbs.  Upgrade to Energy Star-certified appliances. Install a smart thermostat to better control heating and cooling. Energy-efficient improvements lower your utility bills, reduce your carbon footprint, and can even qualify for tax credits or rebates. 3. Don’t Overpersonalize Your Home If Selling Soon It’s tempting to make bold design choices to reflect your personality, but over-the-top personalization can backfire when it’s time to sell. While a bright orange kitchen or a custom-built indoor slide may make you happy, it could alienate future buyers. Most people prefer neutral spaces that allow them to envision their own style and preferences.  When personalizing your space, stick to temporary or easily reversible changes like colorful throw pillows, statement rugs, or unique artwork. These small touches let you express yourself without permanently altering the home. 4. Don’t Neglect Your Curb Appeal First impressions matter, and your home’s exterior is the first thing people see—whether it’s guests or potential buyers. A well-maintained exterior signals that the rest of the home is also cared for. Neglecting it can make your property look dated, even if the interior is pristine. During colder months, focus on practical improvements like keeping walkways clear of snow and ice, adding evergreen planters, and ensuring outdoor lighting is bright and functional. In warmer months, prioritize lawn care, fresh mulch, and planting seasonal flowers. Even small updates, like painting your front door or replacing old house numbers, can have a big impact on your home’s value and marketability. 5. Don’t Wait Too Long to Address Small Repairs Small problems can snowball into big headaches if left unchecked. Common Issues to Fix ASAP:  Leaky faucets, cracked tiles Loose cabinet handles Squeaky doors Loose roof shingles Paint touch-ups When buyers tour your home, even small flaws can create a perception that the property hasn’t been well-maintained. Staying on top of repairs keeps your home looking its best and protects your investment. Pro tip: Create a “home repair day” once a month to knock out lingering tasks and keep your home in top shape. And while many small fixes can be done yourself, don’t hesitate to call a professional for issues like electrical work, plumbing, or anything structural. 6. Don’t Wait Until Spring to Plan Home Projects Many homeowners wait for warmer weather to start renovations, but planning ahead can save you money and stress. Contractors and materials are often in higher demand during spring and summer, which can drive up costs and delay timelines. By booking professionals and ordering supplies in winter, you can often secure better pricing and availability. Whether you want to remodel your kitchen upgrade the bathroom, or refresh your outdoor living space, planning ahead gives you more time to research options and compare prices. Plus, starting early reduces the risk of project delays impacting your summer plans. Avoiding the “Don’ts” for a Smarter 2025 This year, instead of just focusing on what to do, take a moment to consider what NOT to do as a homeowner. Avoiding these common pitfalls can keep your home in great shape, reduce stress, and even save you money.