Increasing Rent in Bozeman: Am I A Part Of The Problem?
If you've been trying to find an affordable rental property in the Bozeman area, they aren't easy to come by. If you do find one, you have to compete with a lot of other people with hopes of renting the same place.
In addition to the lack of rental inventory in Bozeman, rental prices are on the rise. I recently had a conversation with a coworker about his rental struggles in Bozeman. He told me that the apartment complex where he lived was increasing the rent by $400 a month. He couldn't afford the increase in rent, so he started looking for another place to live. Fortunately, he was able to find a room to rent in a friend's house for $800/month. That's right! $800 for a room in a house.
The conversation got me thinking. As a homeowner, the cost of living in Gallatin County has increased. Property taxes and insurance rates have gone up, as well as monthly bills. I currently rent out a room at my house in Manhattan. My tenant has lived there for over 2 years, and he's been great. However, my monthly expenses have increased since he first moved in. I won't disclose how much I charge for rent, but it is considerably cheap when compared to rental prices in the area.
I made the tough decision to raise the rent in the near future. The increase isn't anything drastic, only $80/month. I personally have a hard time with these kinds of decisions. I want to be a good person, but also want to be smart financially. I keep asking myself "Is it selfish to raise the rent, or am I making the right decision financially?"
The cost of owning a home in the Bozeman area has increased. Who should be responsible for the additional expense? The homeowner or the renter?