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One reason rents are so high is landlords have to cover bum and trash tenants who destroy the property and for how long the landlord goes with no rent for months if having to go thru the entire eviction process - and then usually the evicted deadbeat tenant tears up the property when they are finally forced out by the Sheriff's Department.
Its always been that way.
The real driver is the peasants for pensions movement. No more pensions, so better get some tenants to feed off of in your retirement.
And charge them your mortgage payment, and insurance if the market will bear it
This takes homes off the market for people who want to buy one to live in. Which drives up the cost and means they feed a landlord longer. And the higher house prices justify those landlords raising the rent so that just adds more months before ownership.
To make matters worse, after the crash when all that capital was laying around a lot of it went to buy residential real estate. So there are huge corporate landlords too.
Its an ugly trend, and if this gets bad a bunch more homes will end up in corporate hands.