Why Is Rent Going Up?

Why Is Rent Going Up?

You may have noticed that rent prices are going up. Not just here at IPM, but EVERYWHERE and it stinks. 

According to common group-think arguments we hear around town, this is because landlords are greedy want to take all the money that they can. This mis-conception makes us sad. So we're here to clear the air about WHY your rent may be going up.

So, we all know the the economics is what affects inflation, gas prices and all sort of things. It is very complicated and is a vast realm that we can't go into in the blog. But, we are going to give you a few reasons why rent increases have become very common. 

1. The Pandemic. 

Ok, we hate to continually use this as an excuse for everything. We get it, it's getting tiring, and overused. However, in this case, it is a huge factor. During the height of the Pandemic, with rent freezes, eviction stalls and halts on many things. For one reason or another, rents didn't always get paid. Everyone was struggling. Including landlords who had to make their own payments. It was a rough time, and honestly we are all still recovering financially and emotionally.

Another face of the Pandemic is the known supply chain shortage which has caused numerous hold ups, delays and frustrations across the board. Timeliness affects everyone. 

2. Inflation and rise in minimum wage. 

Believe it or not, we want all people to make a living wage. However, when minimum wage goes up, so does employer expenses. So employers have to pay employees more than before and they have to offset expenses, when expenses outweigh income, prices have to go up. We're not here to argue what employees should or should not get paid, that's up to each business. However, it does make the price of everything else go up, ( labor for maintenance, supplies, etc.) so everyone is just trying to offset the rising costs the only way they can, raising their prices too. 

Despite these factors, IPM is dedicated to keeping rents as low as we possibly can. We know that everyone is recovering and working hard. We also maintain the LOWEST application fee in town- holding steady at only $25.  We accept many ND rent assistance programs and work with prospective tenants from all backgrounds. 

Give us a call at (701) 852-1157 and we'll help you get into a new place today!