There’s a 200sqft bachelor in my building going for $1000.

Rent is not down near enough.

It should be half that. And only if the renter is making plus forty grand a year.

… rents … still remain 14.1 per cent higher than pre-pandemic levels in December 2019.

Isn’t that just a bit more than they would have gone up by now anyway? I get 12.6% increase from Dec 2019 to Dec 2025 at 2% annual inflation. Is my math wrong?

Not saying this is affordable, especially because other essentials have gone up way more over the last 6 years, wages for a lot of folks have not gone up enough to keep up with those increases, and your rent doesn’t adjust without costs (moving costs, breaking a lease cost, etc.) making it hard to take advantage of rent drops. Just seems like an important part of the story. If inflation had been stable, where would we expect rent costs to be today?