Apartment Companies Saw Net Income Spike 57% Last Year Thanks To Rising Rents
Apartment owners have been earning big profits off of raised rents, according to a new report by Accountable.US released this week.
The report notes that the top 10 public apartment companies saw net income collectively rise 57% to about $5 billion as a result.
These numbers far exceed losses that the companies incurred at the beginning of the pandemic, the report showed.
Accountable.US President Kyle Herrig commented: “It’s obvious the punishing rental prices on our most vulnerable populations are driven by corporate greed. Big apartment companies have joined the long list of industries using inflation as cover to charge working families far beyond any new cost of doing business.”
The study found that rent was up more than 17% last year and occupancies grew 2.5% above the historical average of 95%.
Pressuring the everyday citizen further, these increases came despite inflation doling out a 2.4% pay cut in 2021.- READ MORE
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