The world of adulting has not been easy for many people, and the economy has caused that strain to feel unbearable for many. One element of adulthood causing significant stress for many is accommodation and the rising rent costs. In a recent article, The New York Times broke this down, stating how difficult it is for many young adults to afford to pay rent. The situation is so dire that approximately one-third of Gen Z adults live with their parents. In a TikTok video, a creator named @melindalumpkin questioned the housing industry and broke down the roadblocks that apartment complexes put in place that caused the rental industry to have sky-high prices.
The housing sector has always had its web of challenges and unpredictability. The once-affordable sector for many has significantly shifted, leaving many people scrambling. The rising housing costs, in addition to the alleged strategies employed by landlords and the strain of a turbulent economy, have yet to make things easier.
Here’s What People Had To Say
After Melinda’s video gained traction online, several users began to leave comments under her video, agreeing with her analogy. The central argument underlying the entire conversation, though, was the fact that pay stubs were not actually a major factor in determining rent eligibility.
Other people shared personal experiences that they had had with the housing industry, and some were pretty wild. One user stated that she got turned down for housing in low-income housing because the company claimed that her income did not qualify.
Others seemed to insinuate that apartment complexes simply made up their prices on a whim, for no reason at all, other than a change in company hands.
What is causing the huge prices?
The major cause of the housing crisis has many parts. In addition to the economic downturn, a limited supply of housing units has also caused an increase in demand. As populations swell and migration to urban centers persists, the demand for housing consistently outpaces its availability. The laws of supply and demand dictate that as demand surges, prices follow, which frequently causes the costs to escalate beyond the reach of the average earner.
While not all landlords are guilty of exploiting the market, some resort to tactics that push the boundaries of ethical practice. Annual rent hikes, often justified by factors such as property maintenance costs and inflation, have become a source of angst for tenants. Such increases can strain household budgets, forcing renters to make difficult choices between basic necessities and shelter.