The Unrepentant Tenant: The fantasy of

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July 28, 2022

Volume XXIX, number 46

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The fantasy of in ation increasing rents

by Mark Fearer

It seems that locally and nationally, housing prices may have peaked, in that there are fewer bidding wars over units for sale, and houses/condos are staying on the market a bit longer than 48 hours. Perhaps outrageous housing prices won’t be in the headlines every week. So, to us boiling frogs, that may seem like a slight relief. But, regardless, housing prices are still at staggeringly record highs. And there’s little sign they will come back down to earth anytime soon, let alone to “normal” levels (which were already in ated).

Almost the same thing can be said about rents, even though the housing market doesn’t directly impact existing rental housing. And here in Boulder, as CU students return, they and other renters can expect to see new una ordable levels. Landlords have a tradition of increasing rents in the late summer/fall, and it will likely be worse this year.

Other than a “hot” housing market, another excuse for rent increases is in ation—especially with the highest in ation in 40 years. Prices are going up for most goods right now, and sometimes there’s legitimate reasons: shipping or manufacturing increases, workers nally get paid closer to a living wage, etc. But there’s a whole lot of pro t padding going on—witness gas prices.

Rents have always been that way. Obviously there are legitimate costs involved with rentals: mortgages, taxes, maintenance, utilities (sometimes), management (sometimes). But the big elements are xed (mortgage)—and the others are generally budgeted into the rental price. Some other costs do see incremental increases. Property taxes—generally not a ected by in ation and regulated by the county and/or voters—sometimes increase.

When landlords are willing to justify their rent increases (most aren’t), many either say in ation or unspeci ed “rising costs” are the main culprits. Honest landlords