re: Housing market is stupid right now - brief rant *Update in OP*

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What I don’t understand is why rents have skyrocketed along with house prices. You’d think there’s a negative relationship there. As people bail out of apartments to own, rents should decline. It’s not like our population is skyrocketing, but this phenomenon seems to be happening everywhere.

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Insurance has gone up, taxes have gone up and other tenets weren't paying their rent. Jobs are no longer remote too

This pure speculation, but there were probably a health dose of recent college grads or online college students that stayed at home during the pandemic. Those people are now getting jobs and moving out.