Why is the market rate for apartments out of control?

Question

Apartments used to be affordable but now not only are there not enough to go around, the rates are out of control! 

I retired in June of 2017 after working all my life. I am alone and inflation has hit me hard. My 401K is meager and I guess I ought to have applied for low income senior housing sooner. My landlord has told me he wants me out so he can get a younger person in here who can pay close to double what I am paying. I told him I would apply but the waiting lists are long. I think he will let me stay here until my name comes up, but I don't know. His communication skills are nearly nonexistant. 

Answer 1

Greed basically. When it comes to money people will try and get away with as much as possible. Generally speaking. There are exceptions. I hope you find a solution. After working your whole life you should not have to put up with this.

Comments

Thank you Bluegenel! I was blindsided! I just hope he will let me stay here until the right place is available. Most senior apts are small and I will need to downsize. It is unreal what they are charging for regular apts!  

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I agree greed. The cheapest apartments near me are studios about the size of my master bedroom--and I mean just the bedroom not including the en suite bathroom or closet-- and they are going for more than my monthly mortgage payment.

Answer 2

Rent increases are projected to increase 17% this year in some areas. Social Security increases are projected to be 3.2%. Wages are not rising at a rate nearly enough to keep up.

Don’t worry the economy is just fine…. Sayeth Prez. Biden!

Well, anyhow…. Lol.

Comments

It is crazy and I think my landlord is getting senile. 

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Actually his expenses are rising also! Repair costs for plumbing, materials such as paint etc. Also insurance of the apartments like houses and automobiles is out of sight also. If it is a larger complex employees are demanding higher wages also! 

Everything from energy (heating, water and electricity) costs are spiraling out of control. As I am sure you are aware. Grocery prices have increased 20% alone with little economic respite in sight!

At least decades before when there was inflation there was hamburger, pasta and other staples to get by on until prices were brought back down to normal. Nothing is cheap now!

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Truth!