Property owners, this includes rental property owners, are being squeezed from rising property appraisals, and taxes, which increases insurance costs, rapidly rising costs for repairs in all areas, and increasing numbers of non-paying renters that completely erase the increasingly small percentage of balance that equates to the costs vs expenses that allow rental property to succeed. The last five hers has seen more and more renters are just refusing to pay rent. The courts are over burdened with evictions. When the property owner has to wait for as long as four months to get an eviction processed legally, there is the beginning of a death spiral in the business cycle, that has to be overcome by increasing the rent of the other renters that are paying. Eventually the cycle is broken by property owners beginning to have ever more strict restrictions on who will be allowed to rent their properties. Then the claims of Racism begin... Going back to the beginning, it is the Governing Municipality that is the real problem, unchecked and unrealistic increases in property assessments, leading to increased property taxes, are one of the root causes of rent increases. The Politicians pushing for ever more budget dollars, are causing this cycle to get out of hand.
Yep, AND add in the fact that now utility companies in many areas will cut off services to the property if the utility bills of previous renters are not paid up to date even though those services were directly in the renter's names. So hen you have even more money lost because renters know they can scam a few more months of free utilities working the system while they stiff the landlord for his rent at the same time.