40% rent hike with 60 days notice feeling trapped and unsure of options
i've been renting this place for 4 years, consistently paying on time. i've had no issues with the landlord or the property. however, just got a notice that my rent is being increased by 40% effective in 60 days. the new amount would be over $400 more than i can comfortably afford.
the thing is, renting has become extremely expensive where i live. with the increase, i'd have to either take on a second job just to make ends meet or cut back drastically on other living expenses. to make matters worse, i've got moving costs that i don't have the savings for yet.
i'm trying to figure out my options am i stuck here? can anyone provide some insight into what i can do in this situation?
edit i should add that i've already looked into finding a new place to rent, but it's tough with such short notice. any advice on how to proceed would be greatly appreciated