LAFAYETTE, LA (KADN) - For many Americans, rising rent comes on the heels of several other issues that are pressuring wallets but why are prices increasing at such a difficult time. Rising inflation is hitting the pockets of many Americans. the cost of rent is where some are feeling it most.
Brian Carberry, Senior Managing Editor for Apartment guide and Rent.com says "The pandemic has really played a role on rent prices all across the country in a lot of different ways".
There are many factors driving the rent surge including a short supply of housing inventory, Brian Carberry analyzes price increases for "rent. com" he says the only apartments that are decreasing in price is studios.
He says "Studio prices are down a little bit and that's kind of vindicative of people just don't have a demand to live in a smaller space right now I think the pandemic has encouraged people to branch out move in with other people to save money if possible so taking on a roommate or consolidating households moving in with families".
Some renters are coping by putting less into their savings but many feel an increase in rent should come with an increase in other things such as wages.
Chelsea Willis agrees, "They should definitely change the minimum wage if they're going to increase rent then they should increase the minimum wage as well".
So why is rent above the national average specifically in Lafayette, Louisiana well here's the answer.
Carberry says "During a pandemic starting to kind of rebound back where we would normally expect so some of these increases may seem a little exaggerated but keep in mind we didn't have these increases this time last year so its kind of evening out it probably would've still been an increase over this time last year if you guys had normal price trends with the pandemic."
One tip for ensuring cheaper cost for an apartment is negotiating although it may sound intimidating it could save you money.
