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As a landlord, who hasn’t raised rent, can understand the rise in rent.
Higher assessed values, significantly increased taxes. Silly because I’m not selling, so just an assessment, not actual value.
Higher maintenance cost including insurance, HOA, etc.
So like everything else, income would need to cover that.
It’s a hard balance. No doubt there is a greed factor out there as well.
Inflation is a beast.
An yet, developers continue to build apartments all over the city and suburbs.
We could also stop the flow of illegal immigration that is eating up the affordable housing and driving up prices. Housing was built with specific population figures in mind, and those numbers are no longer valid because of non-enforcement of federal laws. This is one of the consequences. Also, government could relax construction standards for low-income housing, so it could be developed cost-effectively. Not many houses being built for $120,000 (or even $220,000), unfortunately. Young families need those options, but I have not noticed any single family detached residential new construction selling in that range around Indy lately.
Corporations are buying the starter homes.
https://www.wfyi.org/news/articles/companies-buying-up-single-family-homes-in-indianapolis-impacting-affordable-housing
Market rate mulit-family developments are being built and then sold at a premium. Those new buyers have no choice but to raise rents to cover their mortgage. The build and then flip is terrible for renters.