SAN FRANCISCO (KRON) — Rent prices are climbing across the US, and we’re no strangers to that here in California. A new study released by Legal Templates revealed which states saw the most rent increase notices in 2022.
According to Legal Templates, high home prices have contributed to increasing rent prices, and they aren’t showing signs of stopping. But just how many more rent increase notices went out across California so far this year? Rent increase notices across the Golden State grew by a whopping 74%, and our state doesn’t even have the worst hikes in the nation.
The study says that rent increase notices in Hawaii have skyrocketed by 875%. Arkansas came in second place, with rent increase notices ballooning by 625%. Florida rounds out the top three, as the Sunshine State has seen a 211% bump in rent increase notices since the start of 2022.
The reasons for these rent increases can vary. According to the study, 82% of landlords have raised rent prices this year. Just under half of landlords surveyed reported that they increased rent prices to keep up with the market or to meet their financial needs.
About a third of landlords reported that they raised rent due to the cost of inflation. However, 31% of landlords stated that they raised rent in 2022 because they “felt like it,” according to the survey.
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The study also examined the frequency of late rent notices being sent out across the nation in 2022. According to the study, late rent notices were up 95% so far this year. Here in California we saw a 134% increase in late rent notices.
The highest in the nation was Rhode Island where rent notice increases grew nearly sevenfold at 692%. Montanans are also having a tough time making rent, as the study reports that late rent notices soared across the state at a rate 575%.
Legal Templates surveyed 301 landlords to complete this study. The site used internal data to review rent increases, late rent and eviction notices. For more details on methodology, please visit the study website.