VIRGINIA BEACH, Va. — The cost of keeping a roof over your head is one of the biggest expenses. With inflation and insurance costs going up, both renters and property owners are feeling the financial balancing act of renting.
For Virginia Beach resident and single mom Betsy Vega, her two-bedroom apartment is more than just a home. It is a community, a good school district for her teen son, and a place she feels safe. However, that security comes at a price.
"It's a two-bedroom, one-bathroom around 900 square feet, and I pay close to $1,500 already in rent," Vega said.
In the few years she has lived there, Vega says her rent has gone up about $300. It is a trend happening across the country and state of Virginia, but property managers say their hands are often tied.
Wendy Drucker, managing director for Drucker + Falk, told me the vast majority of rent payments do not go to profit.
"Really only 10 cents out of every $1 goes to the ownership, which is really surprising," Drucker said.
She said the other 90 cents goes to operating costs, including property taxes, maintenance supplies, and a 35% spike in some insurance premiums.
"It's very much market driven. It's supply and demand," Drucker said.
"Owners don't want to have to raise rents, but they need to in order to be able to pay their taxes and insurance and their mortgage payment and the staff," Drucker said.
It is a balance. If property owners raise rents too high, they could lose tenants. If they do not raise them enough, they cannot maintain the property.
"It's one of those things that you just wait out and hope that it doesn't go up $90 to $100 because then at that point it does make sense [for me] to [consider buying] a townhouse to start," Vega said.
"It's also circumstances, right?" Vega said.
From medical to financial emergencies, and even for those in domestic violent situations, there are legal protections for renters who feel stuck in a lease they cannot afford.
"For anyone watching this that that knows someone that is in a lease that's having issues, there are laws out there that will protect them," Drucker said.
For renters like Vega, who also has experience working in real estate, knowledge is power. She says many people do not know their options, including first-time homebuyer programs.
"I think the lack of education is the reason why there are more renters these days than home buyers," Vega said.
"A lot of renters don't know that they do have incredible options out there," Vega said.
Vega is with Iron Valley Prestige Real Estate. As a bilingual agent, speaking English and Spanish, she helps people across Hampton Roads understand the market and find their dream home. Her number is 757-316-7751.
Whether you are renting by choice or by circumstance, knowing your rights and the market is the first step toward finding your home.
Be aware that apartment complexes often have dynamic prices.
Demand, timing, and seasonality are several reasons why prices fluctuate. Renters should make sure to ask about dynamic pricing and try to be strategic about when they move.
After our interview, Vega said she received her lease renewal and the price is increasing from $1,490 to $1,670. She said she will now weigh her home ownership options.
This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
