How Many Landlords In California Have Raised The Rent?

The rising cost of renting a home or apartment is a nationwide phenomenon that Californians are all too familiar with. Legal Templates has released a survey showing which states issued the most notifications of rent increases in 2022.

Legal Templates claims that rising rents are a result of high housing prices that show no indications of abating. But how many more notifications of rent increases have been sent out in the state of California this year than last? A stunning 74% spike in rent increase notices was seen across the Golden State, although California isn’t even the worst state for rent increases.

How Many Landlords In California Have Raised The Rent?
How Many Landlords In California Have Raised The Rent?

According to the data, the number of rent increase notices in Hawaii has increased by an astounding 875%. Notices of rent increases in Arkansas were second highest, increasing by 625%. After California and Texas, Florida rounds out the top three, with a 211% increase in rent increase notices since the beginning of 2022.

The causes of such rent hikes may differ from case to case. The research shows that 82% of landlords have increased rent this year. Almost half of the landlords polled said they had to raise rents to stay competitive or make ends meet.

About a third of landlords said they increased rent to cover rising inflation costs. However, the poll found that 31% of landlords planned to raise rent in 2022 because they “felt like it.”

The study also looked at how often people in different parts of the country in 2022 were sending out late rent notices. The analysis found that the number of rent notices issued for being late increased by 95% this year. Rent notices were up here in California by 134%.The rent increase notice growth rate in Rhode Island was the highest in the US, at 692%. The survey found that the statewide rate of late rent notifications increased by 575%, indicating that Montanans are likewise having a hard time making ends meet.

Methodology

For this study, Legal Templates polled 301 property managers. Site administrators analyzed information from within the system to determine whether or not rent increases, late payments, or eviction notices were appropriate. Visit the study’s wiki for more information on the research’s methods.

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