a gouged price is a price that exceeds the fair market value, due to a short term scarcity or other circumstance, that typically can’t be changed under normal circumstances.
but i’m guessing you don’t want a clear definition?
a fair market price is a price set under normal market conditions of supply and demand. Where I live a fair market rent for a 1 bedroom apartment is 3,000. Maybe people find that unfair because they can’t afford it. I can and I find it fair, and the vacancy rate in my city is below 1%, so 99% of people here also find that fair.
lots of people love to complain that is too much, but they are still willing to pay it. during the pandemic rents dropped a lot, due to a lack of demand and places were going for $2,000. but once it was over they went right back up again and even higher than they were before. were the landlord being ‘gouged’ by low rents when they couldn’t find anyone to rent their units in 2020-2021? or are they only gouging now that demand is high again and they can get 3.5K for one bedroom?
a gouged price is a price that exceeds the fair market value, due to a short term scarcity or other circumstance, that typically can’t be changed under normal circumstances.
but i’m guessing you don’t want a clear definition?
a fair market price is a price set under normal market conditions of supply and demand. Where I live a fair market rent for a 1 bedroom apartment is 3,000. Maybe people find that unfair because they can’t afford it. I can and I find it fair, and the vacancy rate in my city is below 1%, so 99% of people here also find that fair.
lots of people love to complain that is too much, but they are still willing to pay it. during the pandemic rents dropped a lot, due to a lack of demand and places were going for $2,000. but once it was over they went right back up again and even higher than they were before. were the landlord being ‘gouged’ by low rents when they couldn’t find anyone to rent their units in 2020-2021? or are they only gouging now that demand is high again and they can get 3.5K for one bedroom?
Choose one