ELKHORN, Wis. — Kelly Richards treasures the time she gets with her 4-year-old son, Asher.
As the two play a game of Connect Four in their Elkhorn apartment, Richards has something on her mind. Soon, it will cost Richards a lot more to live in her apartment.
“Our rent is going up $150 a month. I am sure there are plenty of people out there whose increase is significantly more than that unfortunately,” said Richards.
For Richards, it is unclear why the rent is suddenly rising. She said she is unaware of any plans to significantly upgrade or renovate her complex.
While Richards said she believes she’ll be able to handle the expense, it is still likely to impact her savings account.
“My goal is ultimately to move out of here and move into a house with my son and have a yard, but when things keep going up, it doesn’t feel like that’s going to be anytime soon,” said Richards.
Richards is not alone. According to data from the rental website Rent.com, rent prices nationwide have gone up by 25% between 2021 and 2022.
While Wisconsin has been less affected than most other states — seeing only about an 8.5% rise year to year — tenants such as Richards are feeling the impact.
Shawanna Lindenberg is the housing department manager for Milwaukee-based Community Advocates. It’s a group that helps renters find affordable housing and navigate landlord challenges.
Lindenberg said that she has seen a recent spike in clients reporting that their rent is going up significantly.
“In the past, we have just seen those minimal increases that kind of keep up with the cost of living. So, rent may go up $20 that next year and now we are seeing where those percentages really increase,” said Lindenberg.
Lindenberg said a concerning trend is that many landlords are requiring higher incomes in order to rent out vacant apartments.
As for Richards, she plans to remain at her apartment.
She said she has explored several options nearby, but the selection of comparable apartments in Elkhorn and Walworth County is limited.