This is happening in my area. We have insane vacancies right now. It was nearly impossible to get an apartment in 2020 and 2021. But now my current complex is well under 50% full. I see 2-3 people moving OUT every weekend and I've seen only 3-4 people move in since Spring 2022. But the complex is still insisting on raising rents.

I've looked at homes that have been available for Rent for over 4-6 months and they are refusing to negotiate or lower rents. They could have already been halfway through a year long lease on places and they are refusing to rent in order to get an extra few hundred a month in rent and drive up the market.

People are packing up and going elsewhere. New buildings are being built like mad all around us, and I don't know where they expect these people to come from that will pay their high prices. The smaller property management companies are dropping prices like crazy to get vacancies filled, but the large ones are holding strong with high rents. They have probably been banking absurd rents for the past two years and can afford to sit on these homes long enough now if they can keep getting high rents. But jokes on them, inventory is getting too high.

My rent went up 30% in 2021, and went up another 10% last year. They are now asking for another 5% increase this year. I make good money, but I am effectively paying 50% more money for a home thats half the size of what I used to have. I can work anywhere in the country, so I'm not playing this game and I think many others are in the same boat.

This is not a significant phenomenon driving rent increases. You make more money if you defect from this arrangement and real estate holdings remain diversified in America.

Isn't it only profitable to do that in areas with rent control?