Apartment List report shows details of Charlottesville rent increase
CHARLOTTESVILLE, Va. (WVIR) - Since 2020, housing costs have shown a 20.2% increase. The August rent report by Apartment List shows how the cost of housing has changed recently.
“After last year, this is kind of an insane level of rent growth. It has continued to increase into 2022 at a faster pace than what we were used to seeing before the pandemic,” said Rob Warnock, senior research associate at Apartment List,
He says while increases are slowing down, they are still there, having increased by another 9% in just the past 12 months.
“These housing prices, they play into the broader economic picture of inflation. Folks who are out there looking for a new apartment are seeing prices significantly higher than what they would have seen a couple years ago,” said Warnock.
The inflated costs are especially hard on people with tighter budgets, with affordable housing becoming increasingly difficult to find in Charlottesville.
“Charlottesville is still in an affordable housing crisis that’s really been accelerated over the past two years. Much of this stems from the fact that workers wages haven’t kept up with inflation,” said Michael Payne with the Charlottesville City Council.
Payne says the city spent more than $10 million on affordable housing last year. Their goal is to spend at leas $10 million a year for at least a decade.
“Everyone in the community feels the pain of the housing crisis, as well as the hits that inflation has taken on workers. I think across the board a solution is needed. The city has finished our affordable housing plan and is working on implementing it,” said Payne.
Payne says the city needs help from the state and federal level.
Warnock says renters need help from the economy.
“We’re just hoping to get it back to where it was, where increases are more in line with with income increases. Where those increases aren’t exacerbating other kinds of cost increases happening across the economy like we have right now,” said Warnock.
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