Inflation affects everyone, including renters and homeowners

BLACKSBURG, Va. (WFXR) — More than 31 percent of Virginians rent their homes.

According to research by Zillow, renters in Virginia could expect to pay more than 30 percent of their income on their rent by the end of the year.

Lara Dahora, a Virginia Tech graduate student, says the apartment complex she is living in raised her rent from $820 to $990.

Now, she has to either move out or find a roommate.

“They are pricing out people who are not undergraduate students, and it is not fair to the community,” said Dahora.

Realtor Frazier Hughes says this is happening all over the Commonwealth and nationwide.

“From what I’ve seen, rent has gone up couple hundred dollars, maybe a hundred. Homes, you know, some homes a year or two ago are now $20,000 to $30,000 and maybe even more than that,” said Hughes.

Hughes says he doesn’t see inflation coming down anytime soon.

Stiefel Chief Economist Lindsey Piegza says it affects everyone.

“Consumers and businesses are left footing the bill as rising costs eat into consumer wallets,” said Piegza.

According to Hughes, some people are handling inflation well — buying houses out of pocket.

“Lynchburg is hot. Salem is hot. I mean you go outside of the market here. I’ve been to Lexington, Fincastle. I’ve seen go under contract like that. You know over ask. People bring in cash offers. It’s pretty crazy, and I don’t see it coming down soon,” said Hughes.

However, for renters like Dahora, it is important to know your renting rights.

Renters should note there is no limit to how much a landlord can increase your rent. However, landlords are required to give a 30-day notice, if doing so.