CHARLOTTESVILLE, Va. (WVIR) — Since 2020, housing costs have risen 20.2 percent. August’s rent report by Apartment List shows how the cost of housing has changed recently.
“After last year, it’s kind of an insane level of rent growth. It’s continued to rise through 2022 at a faster rate than we were used to before the pandemic,” Rob said. Warnock, senior research associate at Apartment List,
He says that even though the increases are slowing, they are still there, having increased by another 9% in the last 12 months alone.
“These house prices, they play into the larger economic picture of inflation. People who are looking for a new apartment are seeing prices significantly higher than they would have seen a few years ago” , Warnock said.
The inflated costs are especially difficult for people on tighter budgets, with affordable housing becoming increasingly difficult to find in Charlottesville.
“Charlottesville is still in an affordable housing crisis that has really accelerated over the past two years. A lot of that stems from workers’ wages not keeping up with inflation,” said Michael Payne of the Charlottesville City Council.
Payne says the city spent more than $10 million on affordable housing last year. Their goal is to spend at least $10 million a year for at least a decade.
“Everyone in the community is feeling the pain of the housing crisis, as well as the blows that inflation has taken on working people. I think that at all levels, a solution is necessary. The city has completed its affordable housing plan and is working to implement it,” Payne said.
Payne says the city needs state and federal help.
Warnock says tenants need help from the economy.
“We just hope to bring it back to where it was, where the increases are more in line with the increase in income. Where those increases don’t exacerbate other kinds of cost increases that are happening in the economy like we have now,” Warnock said.
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