Quick check: Is your rent too high?

Demand for rental housing continues to increase, and rent prices are climbing. This can be attributed to the amount of people migrating to the urban cities.
Most people wonder if they are paying high rent for their property especially when there is a comparism of renting rates from all over.
Here are four quick ways you can tell if your rent is too high.

How much does everyone pays in your city?
Rent prices can vary by neighborhood, so whether you live in the city or the ‘suburb’ the rents will vary. To get a great sense of how much you should be pay, first find out the average rental cost in your city. This can be done easily by checking online renting websites. If your rent is higher than the average price, that’s a huge red flag.

Find out factors that may increase the rent?
People who rent newly-remodeled flats or self contain houses will pay more than renters living in one-bedroom apartments. Factors that can increase your rent includes the type of housing along with the number of bedrooms and bathrooms. If you can easily find five or more similar rentals priced much lower than yours, you’re probably overpaying.

How are the perks in your area?
Certain amenities, community features, and little extras add to a landlord’s expenses—and if your community is stacked with perks, you’re likely paying more than you would at a bare-bones apartment complex.
For example, if you use the community laundry in a service apartment every night, it may seem like a great deal, but if a nearby similar apartment complex without a laundry room charges N200,000 less a year and you could pay for the charges attached to the using of such facilities.
It isn’t unusual for a landlord to raise your rent when you re-up your lease, but you’ll want to make sure the increase is legal—and fair.
Research rent-control laws in your area. In many cities, landlords can only increase the rent by a certain percentage if your building is rent controlled. If you don’t live in an area with rent control, check the state’s landlord and tenant laws, because there may be a cap on increases.
If your landlord is within the legal limit and you still feel the increase is too high, try negotiating. If you’ve been a good tenant and the landlord fears you might move out over a price increase, he may be willing to compromise