Around here you'd be lucky to get any kind of justification for raising rent. Mine went up $500 this year just cuz for fun.
this post was submitted on 16 Oct 2023
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It's not always "just for fun". taxes are going up... maintenence costs are going up. Everything is always going up.
Yeah and that's the risk you're supposed to take on when you invest in property to rent. The things you mentioned went up max 8% in my area but the rent increase was closer to double that. It's greed, plain and simple. Landlords raise rent because they can.
For better or worse it is unrealistic to expect business to just eat rising costs just because they got into business before the costs were so high. That would be nice but it's just not how the world works. If that were true then entire economies would collapse every time there was an economic shock.
You'd be right talking about extremely unnecessary shit, like a new bugatti or a rolex or a replacement for a phone you bought less than 12 moths ago, but living space is a necessity that should be affordable if that's what the tenants need - good luck finding much of affordable and liveable living space.