.abbyvesoulis: There just aren’t enough affordable places to live, period
arrett deGraffenreid, a 23-year-old New York University graduate student, knew the rent on his one-bedroom Manhattan apartment would jump when he saw a Trader Joe’s grocery store pop up down the block. “The writing was on the wall,” he says.
He isn’t alone. Similarly jarring double-digit rent spikes are happening all over the country. In Henderson, Nevada, rents rose 26% between 2021 and 2022, according to rental platform, and in New York City renters they leapt 30%. Folks in Miami will likely see rents rise by 39%. Nationwide, rent for a one-bedroom apartment between March 2021 and March 2022 rose an average of 12%; it was the eleventh time in the last year that one-bedroom rent averages hit an all-time high.
“We actually have to fix this problem in the long run,” says Ann Olivia, vice president for housing policy at the Center on Budget and Policy Priorities, “and we have to make people whole right now.”Sara Longstaff, a mother of two special needs children in Miami, Florida, is facing a major rent increase on her 3-bedroom unit this summer as her lease expires and her building is bought out by a new firm that markets its 3-bedroom models for 30% more than she currently pays.
In Austin, Texas, landlord Erin Hittman felt guilty for raising the price on the one rental unit she owns by 20%. Then her property tax bill came. Even with the rent increase, Hittman is going to be in the red by over $1,000 per month after accounting for local taxes. “I’m losing a ton of money by being a landlord,” she says.
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