Rent prices are rising: what you need to know
If you are shocked at how much your rent could go up, you are not the only one. Several people have told 13 Investigates that they are going to have to pay much more to stay put. Why is it happening?
The core of it comes down to down supply and demand. The rental and housing market is in high demand. Some people told 13 Investigates they might have to move to a different place because they cannot afford the new monthly rate.
It is already a tight market to find a place because many people moved away from big cities halfway through the pandemic. A few people have said their rent is going up by several hundred dollars.
Kajal Lahiri, an economics professor at the University of Albany, said as more people are entering the job force, specifically young people, they are also looking for places to live.
The economics professor said another big reason for rising rent is because of the previous eviction moratoriums in New York, and in other states across the country.
Many tenants did not have to pay money to keep a roof above their heads. Landlords were not making much money, and now they are having to make up for that by increasing prices.
"The supply does not increase that quickly. It takes time. This short-term adjustment is going on in the market, which is painful. Always painful," Lahiri said.
If you are one of the people who are going to see a drastic increase, Lahiri gave some tips to help ease the burden. First, look around for a new place to stay. It could mean you have to relocate farther away.
In the short run, you could also pick up another job to make additional cash. However, that might not be obtainable for everyone.
"We see these consequences. A lot of it is unintended consequences of doing good to the people during the pandemic," Lahiri said.
If you are experiencing a huge rental increase, or you are a landlord having to raise prices, email email@example.com. Our team would like to hear your story.