Increasing Rent Prices

Increasing Rent Prices Squeeze Ohio Renters

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The Brookfall Group, the new management company, notified tenants of the increasing rent prices, defending it as necessary for property operations.

Increasing Rent Prices
Increasing Rent Prices ( Photo: Canton Repository )

Mackayla McGregor’s honeymoon joy was dampened when she received news of increasing rent prices of over $200 at her Westchester Square Apartments in Austintown, Florida

McGregor’s monthly rent will surge from $575 to $780. Property tax hikes have become a burden for Valley property owners, witnessing up to a 30% surge in tax bills. This upward trend in increasing rent prices is replicated across Ohio. The Ohio Housing Finance Agency’s 2023 assessment reveals that record-high rental costs prevail, impacting over 1 million Ohioans who allocate more than half their income to housing.

The Midwest, especially Youngstown, is witnessing increasing rent prices at a rate surpassing the national average. Ohio’s lack of rental control enables landlords on increasing rent prices unrestricted.

The Coalition on Housing and Homelessness reports that Ohioans now need an hourly wage of $19.09 to afford a modest two-bedroom apartment

The buying spree of private investors, gobbling up smaller properties, has shrunk affordable housing options. Ohio Senator Sherrod Brown has proposed the Stop Predatory Investing Act, targeting corporate real estate acquisitions. Despite these challenges, experts believe Ohio is poised to address the issue, provided the community rallies to find sustainable solutions.

 

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