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               The Hustle surveyed 3k+ renters and landlords to find out how much rent has gone up in 2022, and what’s driving the surge. by Zachary Crockett.
              </span>
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                Issue #219
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                August 7, 2022
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            <h2 style="font-size: 30px; font-family: 'Oswald', 'Roboto', helvetica, sans-serif; font-weight: bold; line-height: 120%; margin-bottom: 6px; margin-top: 25px;">
             <strong>
              Why is rent skyrocketing?
             </strong>
            </h2>
            <p style="font-family: Helvetica, sans-serif; font-size: 18px; line-height: 120%; padding-bottom: 10px; font-style: italic; color: #737373; margin: 0;">
             The Hustle surveyed 3k+ renters and landlords to find out how much rent has gone up in 2022, and what’s driving the surge.
            </p>
            <p style="font-family: Helvetica, sans-serif; font-size: 13px; line-height: 120%; padding-bottom: 24px; margin: 0;">
             <strong>
              BY
              <a style="color: #121212; text-decoration: underline !important; text-transform: uppercase;">
               Zachary Crockett
              </a>
             </strong>
            </p>
           </td>
          </tr>
          <tr>
           <td class="h2020 ignore-defaults" style="padding: 0px 10px;">
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Back in May,
             <strong>
              Jennifer Davis
             </strong>
             received a written notice from her landlord: In 30 days, her rent would go from $1.4k to $1.8k — a 25% jump.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Davis, a single woman in her 40s living in Austin, Texas, was used to small market adjustments each year on her one-bedroom apartment. But $400 seemed excessive.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             “Nothing about the building or the unit changed,” she told
             <em>
              The Hustle
             </em>
             . “They basically just said, ‘The market’s hot.’”
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             For many Americans, it’s a familiar tale.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             In the past year, nearly every essential good or service —
             <a style="color: #192733; text-decoration: underline !important;">
              food
             </a>
             ,
             <a style="color: #192733; text-decoration: underline !important;">
              utilities
             </a>
             ,
             <a style="color: #192733; text-decoration: underline !important;">
              transportation
             </a>
             — has escalated in price. But hikes in rent, typically the biggest monthly expense, have hit especially hard.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             <em>
              The Hustle
             </em>
             recently ran a survey of 2.3k renters and 740 landlords to gain more insight into how much rent has gone up in the past year, and why landlords are boosting up their rates.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Among our findings:
            </p>
            <ol style="font-size: 16px;">
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              <strong>
               71%
              </strong>
              of renters had rent hikes in 2021-2022
             </li>
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              The average increase was
              <strong>
               14.6%
              </strong>
              (or $275/mo)
             </li>
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              In certain hot spots (Miami, San Diego, Austin), average rent went up
              <strong>
               25%+
              </strong>
             </li>
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              <strong>
               4 out of every 10
              </strong>
              renters spend more than 30% of their gross income on rent
             </li>
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              <strong>
               More than half
              </strong>
              of all landlords cite market demand as the reason for rent hikes
             </li>
            </ol>
            <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; padding-top: 8px; margin: 0px;">
             <strong>
              Who got rent hikes in the past year?
             </strong>
            </h4>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Our survey is just a
             <em>
              tiny
             </em>
             sample size of the
             <a style="color: #192733; text-decoration: underline !important;">
              44m renters
             </a>
             in the US, so this data shouldn’t be taken as a definitive representation of the rental market at large.
             <em>
              The Hustle
             </em>
             ’s audience is also largely comprised of young professionals who live in nonrural (city or suburban) areas.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             That said, these figures still provide a useful snapshot of what the market is like for a certain segment.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Of our respondents:
            </p>
            <ul style="font-size: 16px; line-height: 20px; padding-bottom: 10px; padding-left: 12px; margin: 0;">
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              <strong>
               73%
              </strong>
              rent an apartment/condo (
              <strong>
               27%
              </strong>
              rent a single-family home)
             </li>
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              <strong>
               71%
              </strong>
              rent a dwelling that is 2-bed or smaller
             </li>
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              <strong>
               63%
              </strong>
              don’t have any roommates
             </li>
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              <strong>
               66%
              </strong>
              have been in their rental for 3 years or less
             </li>
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              <strong>
               90%
              </strong>
              have not had a late payment in the past year
             </li>
            </ul>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Across the board,
             <strong>
              7 out of 10
             </strong>
             renters who responded to our survey said their rent went up in the past year (July 2021 to July 2022).
            </p>
           </td>
          </tr>
          <tr>
           <td align="center" style="text-align: center;">
            <img alt="rent increases" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Fyes.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1oKeif:aQfQ9H739osEe_LQBWFInlS7ducxOpopxoU1byaAovs" style="width: 100%; max-width: 600px; height: auto; padding-top: 10px;" width="600"/>
            <p align="left" style="font-family: 'Roboto', helvetica, sans-serif; color: #192733; font-size: 12px; font-style: italic; padding-bottom: 10px; text-align: left; line-height: 20px; margin: 0px;">
             Zachary Crockett / The Hustle
            </p>
           </td>
          </tr>
          <tr>
           <td class="h2020 ignore-defaults" style="padding: 0px 10px;">
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             The likelihood that renters got a rent hike varied by the type of landlord they have, scaling up with size.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             While
             <strong>
              57%
             </strong>
             of renters with a
             <strong>
              mom-and-pop
             </strong>
             landlord (those who own 5 units or fewer) reported a rent increase, that figure jumped up to
             <strong>
              85%
             </strong>
             for renters with a
             <strong>
              big conglomerate
             </strong>
             <a style="color: #192733; text-decoration: underline !important;">
              landlord
             </a>
             (10k+ units).
            </p>
           </td>
          </tr>
          <tr>
           <td align="center" style="text-align: center;">
            <img alt="rent increases" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Flandlordsize.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1oKeif:aQfQ9H739osEe_LQBWFInlS7ducxOpopxoU1byaAovs" style="width: 100%; max-width: 600px; height: auto; padding-top: 10px;" width="600"/>
            <p align="left" style="font-family: 'Roboto', helvetica, sans-serif; color: #192733; font-size: 12px; font-style: italic; padding-bottom: 10px; text-align: left; line-height: 20px; margin: 0px;">
             Zachary Crockett / The Hustle
            </p>
           </td>
          </tr>
          <tr>
           <td class="h2020 ignore-defaults" style="padding: 0px 10px;">
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Rent-hike likelihood is also variable based on the type of local policies renters have in place.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Only
             <strong>
              ~11%
             </strong>
             of the renters in our survey have
             <strong>
              rent control
             </strong>
             (rent is locked at a certain price and generally doesn’t go up much over time). An additional
             <strong>
              34%
             </strong>
             have
             <strong>
              rent stabilization
             </strong>
             (rent can only go up a small fixed amount each year).
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             The majority of our surveyed renters —
             <strong>
              55%
             </strong>
             — aren’t protected by either of these measures and are subject to market-rate rents.
            </p>
           </td>
          </tr>
          <tr>
           <td align="center" style="text-align: center;">
            <img alt="% rent-controlled or rent-stabilized" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Frentcontrol.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1oKeif:aQfQ9H739osEe_LQBWFInlS7ducxOpopxoU1byaAovs" style="width: 100%; max-width: 600px; height: auto; padding-top: 10px;" width="600"/>
            <p align="left" style="font-family: 'Roboto', helvetica, sans-serif; color: #192733; font-size: 12px; font-style: italic; padding-bottom: 10px; text-align: left; line-height: 20px; margin: 0px;">
             Zachary Crockett / The Hustle
            </p>
           </td>
          </tr>
          <tr>
           <td class="h2020 ignore-defaults" style="padding: 0px 10px;">
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Only
             <strong>
              20%
             </strong>
             of renters in rent-controlled units reported a rent hike in the past year, compared to
             <strong>
              80%
             </strong>
             of renters in market-rate units.
            </p>
            <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; padding-top: 8px; margin: 0px;">
             <strong>
              How much of a rent hike are we talking?
             </strong>
            </h4>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             In the
             <a style="color: #192733; text-decoration: underline !important;">
              words
             </a>
             of political activist Jimmy McMillan: “The rent is too damn high.”
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Across all renters, the average reported rent was
             <strong>
              $2,155
             </strong>
             , up from $1,880 last year. That works out to a year-over-year increase of $275 per month, or
             <strong>
              14.6%
             </strong>
             .
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             In our survey, the average studio clocks in at $1.7k, a one-bed runs ~$2k, and a two-bed sets renters back ~$2.3k. Larger units (three- or four-bed) saw comparable dollar amount increases, but the percentage increases were proportionally smaller.
            </p>
           </td>
          </tr>
          <tr>
           <td align="center" style="text-align: center;">
            <img alt="rent increase by rental size" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Favg-rent.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1oKeif:aQfQ9H739osEe_LQBWFInlS7ducxOpopxoU1byaAovs" style="width: 100%; max-width: 600px; height: auto; padding-top: 10px;" width="600"/>
            <p align="left" style="font-family: 'Roboto', helvetica, sans-serif; color: #192733; font-size: 12px; font-style: italic; padding-bottom: 10px; text-align: left; line-height: 20px; margin: 0px;">
             Zachary Crockett / The Hustle
            </p>
           </td>
          </tr>
          <tr>
           <td class="h2020 ignore-defaults" style="padding: 0px 10px;">
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Though our sample size was a bit too small to do a full city-by-city analysis, certain cities with 25+ responses saw considerably higher rent hikes than the overall average.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Cities that were migratory hot spots during the pandemic seemed to see the biggest jumps.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Renters in
             <strong>
              Miami, Florida,
             </strong>
             topped the list with a
             <strong>
              31%
             </strong>
             average bump in rent, but places like
             <strong>
              San Diego
             </strong>
             (26%),
             <strong>
              Austin, Texas
             </strong>
             (25%), and
             <strong>
              Phoenix
             </strong>
             (22%) weren’t far behind.
            </p>
           </td>
          </tr>
          <tr>
           <td align="center" style="text-align: center;">
            <img alt="cities with highest rent hikes" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Fcities.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1oKeif:aQfQ9H739osEe_LQBWFInlS7ducxOpopxoU1byaAovs" style="width: 100%; max-width: 600px; height: auto; padding-top: 10px;" width="600"/>
            <p align="left" style="font-family: 'Roboto', helvetica, sans-serif; color: #192733; font-size: 12px; font-style: italic; padding-bottom: 10px; text-align: left; line-height: 20px; margin: 0px;">
             Zachary Crockett / The Hustle
            </p>
           </td>
          </tr>
          <tr>
           <td class="h2020 ignore-defaults" style="padding: 0px 10px;">
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Some renters in our survey experienced rent hikes so high that they decided to move out and try their luck elsewhere:
            </p>
            <ul style="font-size: 16px; line-height: 20px; padding-bottom: 10px; padding-left: 12px; margin: 0;">
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              <strong>
               Jacqueline
              </strong>
              (
              <em>
               Atlanta, Georgia
              </em>
              ): “I had to move suddenly because my prior landlord tried to extort a wholly unwarranted 40% increase at my lease renewal.”
             </li>
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              <strong>
               Braden
              </strong>
              (
              <em>
               Austin, Texas
              </em>
              ): “Management raised the rent on our two-bed by 60%, which is absolutely nuts for a year-over-year increase. We told them to shove it and moved out.”
             </li>
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              <strong>
               Caitlin
              </strong>
              (
              <em>
               Dallas, Texas
              </em>
              ): “We locked in a lease at $1.8k, and the landlord tried to increase it to $2.5k when it was up. We were able to agree on $2.1k for another six-month lease extension, then we are moving out.”
             </li>
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              <strong>
               Minerva
              </strong>
              (
              <em>
               Fairfax, Virginia
              </em>
              ): “My corporate landlord wants to raise rent from $2k to $2.8k per month, forcing me and my family of four to move out. The building is in decay and they are not providing any improvements to the unit.”
             </li>
            </ul>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Others — mainly tenants of mom and pop landlords — have been largely sheltered from from predatory increases:
            </p>
            <ul style="font-size: 16px; line-height: 20px; padding-bottom: 10px; padding-left: 12px; margin: 0;">
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              <strong>
               Dana
              </strong>
              (
              <em>
               NYC, New York
              </em>
              ): “I was SHOCKED my landlord only raised rent by $100/mo when the going rate for our house this year in Austin probably jumped $700.”
             </li>
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              <strong>
               Aaron
              </strong>
              (
              <em>
               Sacramento, California
              </em>
              ): “My landlord only raised rent by 4%. I have been there a long time, and she wants to prioritize good tenants over short-term profits.”
             </li>
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              <strong>
               Gabby
              </strong>
              (
              <em>
               Baltimore, Maryland
              </em>
              ): “My landlord felt very guilty about asking for more money and was willing to waive it if we had a huge problem with it because we're ‘good tenants.’ Would absolutely recommend mom-and-pop landlords.”
             </li>
            </ul>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             But for
             <strong>
              43%
             </strong>
             of the respondents in our survey, rent has increased at a steeper rate than year-over-year
             <a style="color: #192733; text-decoration: underline !important;">
              inflation
             </a>
             (9.1%).
            </p>
           </td>
          </tr>
          <tr>
           <td align="center" style="text-align: center;">
            <img alt="rent hikes vs inflation" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Finflation.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1oKeif:aQfQ9H739osEe_LQBWFInlS7ducxOpopxoU1byaAovs" style="width: 100%; max-width: 600px; height: auto; padding-top: 10px;" width="600"/>
            <p align="left" style="font-family: 'Roboto', helvetica, sans-serif; color: #192733; font-size: 12px; font-style: italic; padding-bottom: 10px; text-align: left; line-height: 20px; margin: 0px;">
             Zachary Crockett / The Hustle
            </p>
           </td>
          </tr>
          <tr>
           <td class="h2020 ignore-defaults" style="padding: 0px 10px;">
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             The rate of rent hikes has also outpaced the rate of increased earnings.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             While 71% of renters saw a rent hike in the past year, only
             <strong>
              54% reported a pay bump
             </strong>
             to compensate for those increased living costs.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Most financial advisers
             <a style="color: #192733; text-decoration: underline !important;">
              recommend
             </a>
             that no more than 30% of gross (pretax) income should be spent on rent. A
             <a style="color: #192733; text-decoration: underline !important;">
              federal amendment
             </a>
             found that anyone who spends more than this is “cost-burdened.”
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             So, if you earn $100k per year ($8.3k gross per month), you should only be spending ~$2.5k/month on rent.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             But per our survey,
             <strong>
              4 out of every 10
             </strong>
             renters spend more than 30% of their gross income on rent. Nearly
             <strong>
              1 in 10
             </strong>
             spends 50%+.
            </p>
           </td>
          </tr>
          <tr>
           <td align="center" style="text-align: center;">
            <img alt="% of pretax pay going toward rent" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Fonrent.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1oKeif:aQfQ9H739osEe_LQBWFInlS7ducxOpopxoU1byaAovs" style="width: 100%; max-width: 600px; height: auto; padding-top: 10px;" width="600"/>
            <p align="left" style="font-family: 'Roboto', helvetica, sans-serif; color: #192733; font-size: 12px; font-style: italic; padding-bottom: 10px; text-align: left; line-height: 20px; margin: 0px;">
             Zachary Crockett / The Hustle
            </p>
           </td>
          </tr>
          <tr>
           <td class="h2020 ignore-defaults" style="padding: 0px 10px;">
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             This shouldn’t be much of a surprise given the financial challenges that younger generations face. Millennials now collectively carry
             <a style="color: #192733; text-decoration: underline !important;">
              over $1T
             </a>
             in debt, and 47% live
             <a style="color: #192733; text-decoration: underline !important;">
              paycheck-to-paycheck
             </a>
             .
            </p>
            <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; padding-top: 8px; margin: 0px;">
             <strong>
              Why the hikes?
             </strong>
            </h4>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             What do landlords have to say about this? We asked
             <strong>
              740
             </strong>
             of them, ranging in scope of ownership from one to five units to 50+ units.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Of the landlords surveyed, a slightly lower percentage (68%) say they issued a rent increase than what renters themselves reported. Among the hikers, there was an even split:
            </p>
            <ul style="font-size: 16px; line-height: 20px; padding-bottom: 10px; padding-left: 12px; margin: 0;">
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              <strong>
               50%
              </strong>
              say they issued rent increases
              <em>
               equal to or less than
              </em>
              the rate of inflation
             </li>
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              <strong>
               50%
              </strong>
              say they issued rent increases
              <em>
               above
              </em>
              the rate of inflation
             </li>
            </ul>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Roughly
             <strong>
              1 in 6
             </strong>
             landlords say they hiked rent by 20% or more year-over-year.
            </p>
           </td>
          </tr>
          <tr>
           <td align="center" style="text-align: center;">
            <img alt="how much rent has been raised" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Flandlordraise.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1oKeif:aQfQ9H739osEe_LQBWFInlS7ducxOpopxoU1byaAovs" style="width: 100%; max-width: 600px; height: auto; padding-top: 10px;" width="600"/>
            <p align="left" style="font-family: 'Roboto', helvetica, sans-serif; color: #192733; font-size: 12px; font-style: italic; padding-bottom: 10px; text-align: left; line-height: 20px; margin: 0px;">
             Zachary Crockett / The Hustle
            </p>
           </td>
          </tr>
          <tr>
           <td class="h2020 ignore-defaults" style="padding: 0px 10px;">
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             They provided a few different justifications for this:
            </p>
            <ul style="font-size: 16px; line-height: 20px; padding-bottom: 10px; padding-left: 12px; margin: 0;">
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              <strong>
               Tim
              </strong>
              : “The market dictates the rent, not the landlord. It’s simple supply and demand.”
             </li>
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              <strong>
               Michelle
              </strong>
              : “I raised 50% because landscaping cost us a fortune with increased labor, gas, and material prices. Small landlords like me shouldn’t be lumped in with the big corporate entities.”
             </li>
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              <strong>
               John
              </strong>
              : “[Conglomerate] rental companies take inventory out of the sales market and then increase rent. I base my rents off their comps.”
             </li>
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              <strong>
               Scott
              </strong>
              : “We don’t take on the risk of owning rental properties as a charity enterprise, and we don’t always have years where we make money. It’s a business investment plan.”
             </li>
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              <strong>
               Darla
              </strong>
              : “Improvements cost a lot of money. Water heaters used to be $450. Now they are $1,295.”
             </li>
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              <strong>
               Kylie
              </strong>
              : “The costs of everything went so high [these] past two years that it was impossible not to raise rent — insurance, taxes, the cost of keeping staff. We’re not taking any all-inclusive trips to Bali; we’re trying to barely remain profitable.”
             </li>
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              <strong>
               Ryan
              </strong>
              : “Insurance and property taxes have increased ~30% YoY [in the] last 3 years. My net income has decreased even though my rents have gone up.”
             </li>
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              <strong>
               Sara
              </strong>
              : “I own in a hot market and can do what I want.”
             </li>
            </ul>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             When asked to identify the main reason they raised rent,
             <strong>
              more than
             </strong>
             <strong>
              half
             </strong>
             of landlords cited
             <strong>
              market demand
             </strong>
             , rather than expense-related reasons (inflation, maintenance costs, property improvements).
            </p>
           </td>
          </tr>
          <tr>
           <td align="center" style="text-align: center;">
            <img alt="reason for raising rent" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Fll-reasonforrent.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1oKeif:aQfQ9H739osEe_LQBWFInlS7ducxOpopxoU1byaAovs" style="width: 100%; max-width: 600px; height: auto; padding-top: 10px;" width="600"/>
            <p align="left" style="font-family: 'Roboto', helvetica, sans-serif; color: #192733; font-size: 12px; font-style: italic; padding-bottom: 10px; text-align: left; line-height: 20px; margin: 0px;">
             Zachary Crockett / The Hustle
            </p>
           </td>
          </tr>
          <tr>
           <td class="h2020 ignore-defaults" style="padding: 0px 10px;">
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             If there’s any silver lining to this, it’s that the rental market
             <em>
              does
             </em>
             appear to be
             <a style="color: #192733; text-decoration: underline !important;">
              cooling off
             </a>
             just a touch — at least for now.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Some experts, like
             <strong>
              Crystal Chen
             </strong>
             of the rental marketplace Zumper, say that in light of inflation and talk of a possible recession, many renters appear to be tightening their budgets by moving in with roommates, sacrificing on space or location, or moving back in with family.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             “They’re sending a clear message to property owners that they’re not willing, or able, to pay sky-high rents,” she said.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Among those messengers: Jennifer Davis, the renter in Austin who saw a 25% hike this year.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             “I just told my landlord I’m leaving,” she says. “But now I have to fight to get my security deposit back.”
            </p>
           </td>
          </tr>
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                 The history of Web3
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                 Breaking down decentralization
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                 What a “Web3 Facebook” could look like
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                 The pros and cons for marketers
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                 Data privacy deliberations
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                New platforms and applications are quickly emerging. Check the video description for a very useful resource.
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