I'm in the same boat as you. I live in Southern Ontario (Canada) in a small town (10-14 thousand people). I have a 1000sq/ft apartment, 2 bedrooms, central air/heating . Moved in 15 years ago, rent was $726/month (Canadian dollars obviously). It's rent controlled. 15 years later, I'm now paying $868/month. Just 15 units/apartments here, VERY quiet building. On top of rent, I pay my own hydro, which is about $100/month, water supply is included in rent.
I write software for a living, and over the last 15 years I've saved (invested) enough money to buy any house in town for cash. But I don't see the need, I'm single, no kids, and I work from home (second bedroom is my office). I'm 56 now, and am on track to retire in 7-8 years, with low 7 figures saved. The more I save, the more cheap/stingy I become with my money. While I could easily buy a new vehicle for cash, I prefer to keep my (rusted in places) 2010 F-150, I keep it maintained mechanically, and it is still purring along.... except for the rusted rocker panels that is. :)
There is VERY rarely any units in my building for rent, all 15 units/apartments are rented by long-term tenants. The only way the landlord/owner can raise the rent is when a tenant moves out. About 5 years ago, the couple across the hall moved out, landlord renovated their apartment, and rented it for $1,800/month (same apartment as mine, just a mirror image).
I don't know anything about the US of A, if there is rent control there or not, but it's almost universal in Canada for "purpose built" commercial rental buildings. Private rental units, like privately owned condos and houses, they can raise the rent as much as they want AFAIK.
And this is why rent control is bad for society - very beneficial for those who have it, prevents anyone else from finding cheap land nearby (because the remaining non-controlled housing is in higher demand :/)
I write software for a living, and over the last 15 years I've saved (invested) enough money to buy any house in town for cash. But I don't see the need, I'm single, no kids, and I work from home (second bedroom is my office). I'm 56 now, and am on track to retire in 7-8 years, with low 7 figures saved. The more I save, the more cheap/stingy I become with my money. While I could easily buy a new vehicle for cash, I prefer to keep my (rusted in places) 2010 F-150, I keep it maintained mechanically, and it is still purring along.... except for the rusted rocker panels that is. :)
There is VERY rarely any units in my building for rent, all 15 units/apartments are rented by long-term tenants. The only way the landlord/owner can raise the rent is when a tenant moves out. About 5 years ago, the couple across the hall moved out, landlord renovated their apartment, and rented it for $1,800/month (same apartment as mine, just a mirror image).
I don't know anything about the US of A, if there is rent control there or not, but it's almost universal in Canada for "purpose built" commercial rental buildings. Private rental units, like privately owned condos and houses, they can raise the rent as much as they want AFAIK.