Washington D.C. – A new report from government watchdog Accountable.US finds the six largest companies represented in the multifamily and single-family rental industry reaped $4.3 billion in net income in FY 2022 — over $1.3 billion more than the previous year – as they imposed double-digit rent increases, charged excessive fees, and engaged in “abusive tactics” to evict tenants. The analysis follows the Labor Department’s latest Consumer Price Index (CPI) report showing “shelter was by far the largest contributor” to the overall increase in consumer costs in March.
Amid a worsening affordable housing crisis, the Biden Administration announced actions in January to improve fairness in the rental market, along with a new blueprint for a Renters Bill of Rights. Accountable.US called on Congress to work with the administration to stabilize runaway housing costs as the Federal Reserve’s policy of aggressive interest rate hikes, ostensibly combating inflation, have done little to deter profiteering from corporate landlords among other industries.
The nation’s largest landlords have shown their burdensome rent hikes are based on greed, not need, after reporting billions of dollars in higher profits over the last year. These companies fueling the housing affordability crisis are among many corporations across industries that have shamelessly profiteered, undeterred by the Fed’s repeated interest rate hikes. Higher interest rates have not curbed inflation sufficiently and have done nothing to combat corporate greed – and instead are causing severe economic consequences for everyday Americans, from lower wages to lost jobs.”