The costs of paint and flooring have skyrocketed. The local municipality charging skyrocketing property taxes is another reason.
Combined with governments’ unconstitutional Eviction Moratorium, which caused huge losses for Landlords who must recoup those losses. Combine that with skyrocketing insurance, utilities, annual inspections, maintenance, repairs, legal fees, eviction expenses, etc. These expenses get passed through to Tenants. Landlords are running a business, not a charity.
Thankfully, people will pay the higher rents Landlords must now charge. Because THAT is what sets market prices – if no one can pay the rent, the unit sits empty. That’s counterproductive for a Landlord.