Seventeen hundred dollars. Seventeen hundred dollars has become the standard monthly rent for a two bedroom apartment in City Heights. Over the past six months many residents who were paying around fourteen hundred dollars a month for a two bedroom apartment saw their monthly rents suddenly increase– by hundreds of dollars.
The increase in rents does not reflect a sudden investment by the property owners in additional amenities associated with gentrification. Property owners are raising the rent simply because they can. It’s the same housing stock, sometimes poorly maintained, at rental prices that are out of reach in a community with an average household income of thirty-three thousand dollars per year. [Read more…]