What would you do if your rent or mortgage went up more than $800 per month? Unfortunately, this is the reality for many Arizona residents.
However, he says that he recently got a letter from his landlord informing him that his rent would be going up to $3203 if he chooses to renew his lease and stay in his home. That's an increase of more than $800 per month.
Now Moloi has to decide whether to stay in his current home and pay the additional $826 per month or look for an apartment that costs less and move out within the next month.
The problem is that finding "affordable" housing in Arizona has become nearly impossible in recent months as rent prices have soared through the roof.
Moloi told local reporters that he feels his landlord is doing this out of "extreme greed." While he understands that the cost of rent naturally increases over time, raising the price by nearly $900 within one year is something he cannot wrap his head around.
However, some people disagree with this characterization of "extreme greed." For example, David Leibowitz, who represents the Arizona Multi-Housing Association, says that the extreme rent increases are simply "due to supply and demand."
Leibowitz argues that many Arizona landlords have been forced to increase rates because their costs have also increased. Property taxes, insurance, and other maintenance costs have risen sharply, and those costs have to be absorbed by someone, usually the renter.
What do you think?
Was it reasonable for Griffin Apartments to raise Moloi's rent by more than $800 per month?
Let us know what you think in the comments.