Ever had a brush with crazy lease increases?A TikTok user shared his experience about one of the most dreaded and impactful price increases in our lives – rent.He shared with his followers the conditions of renting a place in Dallas, Texas where his story is just one of many.
TikTok user @goldenflacko4 published a video to point out the mismatch between rent and income.The said user shared that he has been living in Dallas and in the same apartment for three years. For all those years, the TikTok user said he paid around $1,295 per month.But this time, his rent jumped to almost a whopping $500 increase. Upon the renewal of his lease, he will be paying $1,715.
He also pointed out that while his rent didn’t go up “as much,” it’s still ridiculous.
Salary is also not keeping up with the cost of living, and the apartment remains unchanged despite the increase.
SOURCE: PEXELS – ANDREA DAVIS
His story is not unique, unfortunately. All over the country, young professionals are struggling to strike the balance between safety, comfort, and commute times.
Cheaper rent means more commute time. Sometimes, the place is less safe and that comfort is not within the landlord’s priority.
In Texas, rent is not regulated as much.
Sandy Rollins, executive director of the Texas Tenants’ Union, shared to WFAA that they’re handling a case of a 66-year-old man whose rent increased by almost $1,000.
SOURCE: PEXELS – TERRY MAGALLANES
The lack of regulations on rent meant that landlords in Texas can increase rent how high they want and as often as they prefer.
Rollins also shared that rent is not being tied against the consumer price index. It also doesn’t take into consideration the length of time you’ve been renting and what you can afford.
Just last May, the US hit another record high in real estate.
In April, the national median for rent was $1,827 per month. This is a 16.7% jump from last year. It also shows no signs of stopping. They projected that by August, the median can increase to over $2,000.
SOURCE: PEXELS – DARIA SHEVTSOVA
The increase is not the same per state, however. Detroit saw the least change with a 5.5% increase while Miami saw the biggest rent jump at a whopping 52%.
Demand is also driving the price. In a span of a year, the Dallas-Fort Worth Metroplex, where @goldenflaco4 is currently living, added almost 100,000 new residents.
People in the comments section shared the TikTok user’s frustration.
“I never understood why it increases each year you decide to stay,” one user commented, pointing out that landlords are much more focused on kicking people out that securing a long-term lease.
SOURCE: PEXELS – TOBIAS BJØRKLI
“Rent going up but apartment don’t be leveling up whatsoever,” another commenter said, sharing their frustration over living conditions.
“The way they be raising rent and expecting us to raise kids absolutely not,” another commenter added. They echoed the millennial frustration with societal expectations that can’t even keep up with the brutal economic conditions.
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