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In normal times, rent prices, like most everything else, slowly yet surely increase at about 2-3% per year. This is inflation. But in terms of the housing market, these aren’t normal times. In the pandemic era, as demand surged in supply-restricted markets, both sale and rent prices soared, with year-over-year inflation rates at 30% or more in some markets. To speak generally of the world of pricing, what goes up might come down. So, when I approached our landlord a few weeks back about lowering the price of our rent, she wasn’t so surprised.
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