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During the pandemic, rents across the country dropped – but they’re quickly bouncing back.
That means many tenants, especially those who nabbed a place at a discounted rate in the last year or two, will be in store for an unpleasant surprise come lease renewal time.
“Unfortunately, many renters are receiving higher-than-expected renewals and are being forced to move,” said Allia Mohamed, CEO of openigloo, which allows renters in New York City to review landlords.
Still, there are steps you can take to get ahead of a big jump, as well as a number of new protections available to tenants at risk of displacement because of rising housing costs.