Because the landlord heard from other landlords that they’re getting similar rates now. I moved from Reno to SF to Reno through the pandemic. Houses that were

Because the landlord heard from other landlords that they’re getting similar rates now. I moved from Reno to SF to Reno through the pandemic. Houses that were $1600 two years ago are $3000/mo now. I can afford it, sure… but it’s not really a $3000 house, the $2000 houses are even worse, and the locals getting local wages are really going to struggle to get decent housing at a decent rate. I fully expect my rent to get raised when my lease is up, and there’s little inventory to move to. It’ll just rise and rise. At some point the equity game may start to follow the GME trends and crash, but CA homeowners showing up in NV with cash are really distorting the market. And landlords are seeing their house prices go up $50-100K in 90 days and calculating what they should be charging for rent off that. A lot of these houses were bought more than 3 years ago, so the rental margins qualify more as takings than real market value.