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People Are Moving Out Of Cities, But Why Is Rent Still So High?
Posted
May 18, 2022
Views
22
Comments
1
Engagement
4.55%
May 18, 2022
22
1
4.55%
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1:30Now PlayingRents in the US have increased an average of 14% in 2021. Check out the video to learn why!
Welcome back to Bold TV with Samuel Bloomquist. Be sure to like, comment, and subscribe to Bold TV for all things Bold.
People leave the city for a variety of reasons, one of which is to avoid paying city rent.
The further we get from 2020, the higher rentals become. The average rent climbed by 14% in 2021, according to the Washington Post.
People who shifted to remote work were able to accomplish their jobs from anywhere in the country when the entire world went virtual, and many people bailed on the large city for warmer, more inexpensive suburban places while preserving their big city salaries.
But what's going on in the world's New Yorks and Los Angeles? Rent prices should be down now that everyone is leaving, right?
Despite the vast flight from these areas, rents in New York, Los Angeles, and Chicago have grown by 33 percent, 16 percent, and 12 percent, respectively, in the last year, according to the Atlantic.
There are two possible explanations for this. Either the census isn't up to date on the number of people who returned to the cities this year, or only the wealthy can afford to live there. There's no incentive to let rents fall if the city is primarily made up of wealthy individuals who refused to relocate during the pandemic.
So will we see cities become places where only the rich can live? Let us know in the comments below.
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