Then, for the percentage of folks who can pay rent in major cities, the monthly dues are eating up larger and larger portions of their income. Some people are now beginning to spend 50% (or even more!) of their monthly wages just on rent alone.
Many of these individuals also feel that if the prices of rent continue to climb, then even they won’t be able to keep living in their current accomodations.
To make matters even worse, numerous major cities around the world are facing a staggering lack of available rental properties. Hence, everyone who needs to rent has begun descending upon the same places in hopes of approval.
Even when taking money out of the equation, there just aren’t enough rental properties to go around right now.
Controversy surrounding rent caps
Some civilians and officials propose rent caps as necessary measures to spare folks from losing their homes due to increasing prices.
However, others warn that rent caps will backfire in the long term. Price caps could very well discourage investments in new units, thus sabotaging efforts to increase the number of available rental units.
