Why Rental Prices Are Going Up
Time Magazine Rental prices going up BY ABBY VESOULIS - Author G 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. What he didn’t anticipate was just how much his rent would rise. When deGraffenreid and his partner signed a lease last year, they paid about $1,600 per month. On Feb. 11, they received a notice informing them that a new lease beginning next month would cost $2,750 per month: a 69% surge. “It felt defeating,” says deGraffenreid. He responded to the notice with a plea for a more reasonable rent increase, but was met with a “brick wall” response. The gist of their message was: "There’s nothing you can do so don’t waste your time trying. Good luck!" He isn’t alone. Similarly jarring double-digit rent spikes are happening all over the country. In Henderson, Nevada, rents rose...