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MARKETANALYST.US / ECONOMY & WORK

Woman Shocked at People Calling Her $2000 House Rent a Good Deal | “We Are Living in a Dystopian World”

She says that there is no way people find  $24,000 a year in rent for a 750sq foot apartment, a good deal.
PUBLISHED JUN 3, 2024
Cover Image Source: Woman shocked at people calling her $2k monthly rent a good deal | TikTok | @socialbrit
Cover Image Source: Woman shocked at people calling her $2k monthly rent a good deal | TikTok | @socialbrit

Rent prices in America have soared since the pandemic, and renters feel the pressure. While the entire middle class is struggling, younger renters are squeezed further. For most GenZ renters, living alone is no longer an option. The same argument was given by a TikTok creator Britanny (@socialbrit) and it triggered a big debate. Britanny who argued that her $2000 rent for a 750 square feet apartment was not a good deal, baffled many of her viewers who felt it was a great deal. However, the underlying truth is that America is in a rent crisis.

Representative Image | Unsplash | Photo by chris robert
Representative Image | Unsplash | Photo by Chris Robert

In the video, Britanny says that she recently shared a tour of her apartment, and she was floored by the amount of comments that called her rent package a good deal. She says there is no way people find $24,000 a year in rent for a 750 square feet apartment, a good deal. "That just proves we are living in a dystopian world," Britanny says. She points out that rent prices in America are insanely out of control.

Screenshots from the video | TikTok | @socialbrit
Screenshots from the video | TikTok | @socialbrit

She then says that her rent equals the complete month’s pay for her. She would have to give in her entire paycheck to make rent. Luckily, she says she doesn’t pay the rent alone and has someone to share it with. She then points out that it has become impossible for people to live alone anymore. She says nobody would be approved to live alone as even for her tiny apartment, people would need to make $72,000 a year just to get approved without a co-signer or a roommate. "So no, I will never think that is a good deal," Britanny says at the end.

Screenshots fromt the video | TikTok | @socialbrit
Screenshots from the video | TikTok | @socialbrit

While Britanny’s argument was strong, viewers were convinced that it was a good deal. Several commenters said they are currently paying much more in rent for much smaller spaces than Britanny. "I pay 2,000 for 1 bedroom. It’s about 60% of my take-home pay, and my parents had to guarantor me even though I’m 25 with a master's degree," wrote user @mayatamsin.

Screenshot from the comments | TikTok | @ellewrites94
Screenshot from the comments | TikTok | @ellewrites94

However, some did back up Britanny and said that $2000 was not a good deal for such a tiny place. “I was going to say 2000 a month is good but 700 sqft? For 1300 yes, 700sqft no,” wrote another user @theoneandonlyshataya. Thus, the broader sentiment indicated that the country is in a rent crisis.

Screenshot from the comments | TikTok | @elyse.rhiannon
Screenshot from the comments | TikTok | @elyse.rhiannon

Reports suggest that Britanny’s observation may as well be right. Since the pandemic, rent increases have outpaced wage increases by a margin causing people to spend a larger share of their paychecks on rent. As per an analysis from Zillow and StreetEasy, rent prices jumped 30.4% across the country between 2019 and 2023 while wages during that same period rose by only 20.2%. The gap between wage growth and rent increases has widened in some large cities, including Atlanta, Charlotte, North Carolina, Miami, Phoenix, and Tampa.

Further, according to Moody’s Analytics CRE report, the national average asking rents shot up nearly 19%, to over $1,800 per month. However, asking rent in some cities like New York City, Miami, Los Angeles, and more, are much higher than others. Thus, Britanny’s rant is justified after all.

For more such content, budget tips, and more, follow Britanny (@socialbrit) on TikTok.

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