Rent prices have been increasing for Americans at incredibly high rates since the beginning of the covid-19 pandemic. Analysis by Redfin showed prices increased by 14.1% over the year in 2021 and 7.45% in 2022. With real wages falling by 1.3% in the last year there is an intense squeeze on purse-strings.
California is no exception and has the highest average rent prices in the country. Its rental laws mean that periods of high inflation likely mean large price increases for renters, typically the young and the undocumented.
We just got a call from a local renter who has just been slapped with a $100 per week rent increase a week out from Christmas. They told us they’ll now be spending 90% of their income on their rent.