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That translates into rents doubling in less than 15 years
Well mine went up 28% in a year so I’ll take 5%
Good thing wages are going up!
Where I'm at it's indexed to inflation (but circumvented by evicting renters then raising rates illegally like someone else mentioned). Setting a target higher than the target inflation is mostly symbolic. Outside of specific situations like Covid, it is not likely to change much materially at 5%.
I was being sarcastic, wages have not really gone up inflation adjusted for majority of people over last 40 years in the US.