Record profits though.
this post was submitted on 12 May 2024
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The rent for the fanciest apartment I've ever lived in (and ever will) was a little under 10k a year. New building, top floor, massive bathroom with sauna, a big balcony, a storage unit and a covered parking slot for my car all included. Oh and a lake view.
10k a year in my city won't even get you a third of a basic, bare-bones, 2-bedroom apartment.
How long ago?
About 7 years ago. I bought a house since and my mortage is way less than that now.
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I mean... I'm up in Canada but in one of the highest cost of living cities in the country which isn't as bad as San Francisco or NYC but it's bad...
20k is 1666 a month extra.
The only thing thats gone up $1666 a month more would be a larger house.
Fancy 1 bedrooms are up to 2000-2500 and they were never $334 to 734 even 15 years ago.
Something is wrong with that headline or their math
if the rent is, for instance, 40% of income then the additional income is also to offset the 60% nonrental income.
eg if you pay 400 in rent and now its 700 your overall income needs to go from 1000 to 1750 to maintain the same level of affordability.
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