Over the past 10 years there has been little increase in rental rates until the last year or so. WHY? Does the economy have anything to do with it? Is it because there is a lack of housing? What about the increase of immigration and foreign policies? How many factors play into the equation?
It is not that complicated!
Cost of water, sewer, gas, electric, and labor directly influence how much rents need to be raised to make the ownership of said property worth having. Looking at the past 10 years of water/sewer costs (almost 15%) alone shows that more revenue has to be generated. Even if the landlord wants to be the nicest and most selfless landlord he still has to offset the overhead and maintenance cost of owning the property. Rent DOESN’T go directly into the landlord’s pocket.