Despite cooling inflation levels and lower costs for business owners, rent prices still remain high and some are even rising. With these increasing rent prices, owners have to make some difficult decisions that have an impact on their customers. In order to offset increased rent prices, many business owners are turning to price increases on their goods and services. However, the lasting effects of inflation from the past four years has caused consumers to be hesitant to pay increased prices, especially for services they are used to being priced at a certain rate. In an article from Yahoo! Finance, a Canadian auto repair shop owner, Peter Yu, discussed the challenges the rising rent prices are causing for his business. After his rent price was raised, Yu decided raising his prices would be cheaper than moving locations. Customers who came to his shop for services would tell him outright that the…
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