Like so many others, my family and I have been facing consistent rent increases year after year for the past twelve years. Despite the condition of our community remaining constant, our rent has gone up between 3-6% every year. This year, in an even steeper change, we are faced with a rent increase of 8% to renew our lease. This relentless escalation, I believe, is not only unfair but also unsustainable.

Although the economics of rental markets can be complex, it is essential to consider the balancing act between renters and property owners. A study by Zillow in 2019 found that for 48% of renters, rent increases were the main reason they moved. Moreover, an average rent increase of 5% in a city led to a 3% rise in homelessness. A cap on annual rent increases could help provide stability and affordability to many renters.

It is with this in mind that I urge policy makers, rental authorities and everyone else involved to consider implementing a cap on annual rent increases. Help provide a degree of stability and protect the rights of renters in the face of increasing costs. We believe this change is not only fair, but necessary. Please sign this petition to support the call for an annual cap on rent increases.