Economists worry about the effect of rent increases on inflation because the big jumps in new leases feed into the U.S. consumer price index, which is used to measure inflation.
Experts say many factors are responsible for astronomical rents, including a nationwide housing shortage, extremely low rental vacancies and unrelenting demand as young adults continue to enter the crowded market.recent report from Harvard University’s Joint Center for Housing Studies
Meanwhile, the number of homes for sale have been at a record low, contributing to ballooning home prices that have caused many higher-income households to remain renters, further upping demand. Most investors aren’t tied down by rent control. Only two states, California and Oregon, have statewide rent control laws, while three others — New York, New Jersey and Maryland — have laws allowing local governments to pass rent control ordinances, according to theAnd laws in some states like Arizona actually restrict local jurisdictions from limiting what landlords can charge tenants.
Arizona Sen. Kyrsten Sinema decried the increases during a recent Senate Banking Committee hearing, saying Arizona’s rapidly growing housing costs have been a “major concern” of hers for years.
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