Reasons for rent increases across the nation
As renters prepare for lease renewals across the nation, many have noticed changes in their rent. There are many reasons that contribute to rent increases, so we wanted to compile them in one place for our residents!
At Alliance Management Group our mission focuses on building relationships while providing an exceptional place to call home. We take pride in providing quality services, while remaining transparent with our residents. There are many factors that play into rent increases, including:
A nationwide housing shortage
People are moving out of big cities and into smaller communities. These communities are having trouble supporting the housing demand leading to a nationwide housing shortage and causing rents to increase.
Extremely low rental vacancies and unrelenting demand
Due to the housing shortage, many are resorting to renting or renewing their leases. As the pandemic nears the end, we also see many wanting to move out of their family homes and be on their own, increasing demand.
Inflation
Inflation can be caused by many factors and is affecting prices everywhere. As communities strive to build more apartments to meet the increased demand, construction costs have increased causing new buildings to be more expensive.
Overall costs of property upkeep are increasing
Along with inflation, maintenance, vendor & labor, energy & water, and insurance costs continue to rise in result to post-pandemic and economic changes. It is important for us, as Alliance Management Group, to maintain the best upkeep of our communities for our residents.
Below is an infographic from the National Apartment Association (NAA) about the breakdown of how rent is distributed among costs.
If you have any questions about why rent is increasing nationwide, please don’t hesitate to reach out to your community office!
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