What would you do if you're monthly rent or mortgage payment increased more than $500 per month?
Many families are struggling to find affordable housing and make ends meet these days. Denver is no exception. In the last year, apartment rents in the area have increased an average of $14.4%.
However, few people have received salary increases to match the soaring rental costs. That means they must cut things out of their budget, forgo paying specific bills, or rely on savings, if they have it, just to stay in their homes.
This is precisely what happened to one couple living in Denver. A local news outlet recently interviewed Sarah Wadsworth and her husband, who had been renting an apartment at Infinity LoHi for $1900 a month.
The couple mentioned that the rent amount was already a "stretch" for their monthly budget. Still, they opted to pay more because the community was safe for them and their pets, unlike their previous apartment, which was several hundred dollars less per month.
However, when it came time for the Wadsworths to renew their lease, they were shocked to find that the landlord had raised the monthly rent by more than $400.
Thinking that this might be a typo or mistake, Wadsworth told a friend who lived in the apartment complex about the increase, only to find that her friend's rent also went up by $500.
Wadsworth called the leasing office at Infinity HiLo to try to "work something out." She even asked if they could waive certain fees to make the rent increase more manageable. However, all of her attempts to negotiate were denied.
The reason the leasing office was unwilling to negotiate was that other renters were willing to pay the higher rates, so negotiating a lower fee would just cost them money.
The Wadsworths had to make a choice -- stay in their home and come up with $400 more each month or move out. After searching the area for alternative housing, the Wadworths came up empty-handed. There simply were no similarly-sized apartments available at a lower price.
In the end, Sarah Wadsworth and her husband decided to stay put and try to figure out how to come up with the extra money. Doing so will cause them to take a hit financially, but in this case, they felt there was no other option.
What would you do if you found yourself in this situation?
Let us know in the comments.