Quote:
Originally Posted by RED_PDXer
If it's still at a 7% rent increase cap, that's hard to care about one way or the other.
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Seriously.
Let's break that down, yearly. Say you're paying $1,500 rent...
A 7% increase on that = $105
So, when it's time to renew your lease, it becomes $1,605/mo.
A 7% increase on that = $112
Year 2, your lease renews at $1,717/mo.
A 7% increase on that = $120
Year 3, your lease renews at $1,837/mo.
A 7% increase on that = $128
Year 4, your lease renews at $1,966/mo.
A 7% increase on that = $137
Year 5, your lease renews at $2,103/mo.
Obviously, with those increases, it isn't likely anyone would stay very long, but if they stayed for a decade, they'd be paying 2,950 for that same $1500/mo apartment even though a decade of inflation would mean something that used to cost $1500 would now cost 1,760 ish.
San Portlancisco, here we come.