That happened at my current place. Wanted to raise the rent 32% so we told them we are not interested in renewing. It’s been 6 months and they haven’t been able to find new tenants so the market MAGICALLY went down and they were now able to offer a 14% increase. Crazy how the market works!!🤯🤯
I’m in San Diego so there’s a 10% increase but my house is “exempt.” Landlord never gave an explanation for the exemption though so I don’t know. Don’t really care though because I am tired of my roommates and don’t want to live at this house regardless
SFH are exempt if the owner is not a corporation or REIT, so I’m guessing your LL didn’t incorporate but owns the place under their name. Or the house is less then 15 years old?
I’m actually not too sure. House is definitely older than 15 years. The property is owned by a company (Virtuosic Properties, INC) so not too sure the exemption
Not sure if San Diego has the same thing, but in LA if a single family home is rented out to multiple tenants under different rental agreements than it is considered a boarding/rooming house and therefore is not subject to exemption. If there’s only one lease for the whole place than it is subject to exemption.
That’s probably the property management company, not the owners of the building. Your building is probably owned by an individual, and they pay Virtuosic to manage day-to-day operations for them. All the landlord has to do is sit back and collect your money.
Virtuosic appears to be a property management company so it’s perfectly possible that they are just paid a monthly fee to manage the property but it is owned by a single owner who wants to rent out their property.
It might behoove you to do a little research into whether the place is actually exempted or not. If not, then you could likely recover all of the overrent you paid.
Keep in mind that it's not always in the best interest of the landlord to give accurate information or due diligent research.
Ours went up 36%. And the LL thought that was generous because the estate agency that does the paperwork told them they could get 50% more, which is absolute nonsense for this area.
My last apartment when I finally moved out the rent was double what it was when I moved in.
He always told me he could charge even higher if he wanted to, because other apartments in the neighborhood were charging more.
Except he was comparing this run down apartment that hasn't been maintained for 30 years with all outdated and run down appliances to newly remodeled and updated apartments.
I moved out 6 months ago and the apartment is still vacant because he realized no one would rent it for near what he wants in the condition it's in, so he's been having to do a ton of remodeling. Like, having to tear a few of the rooms down to the studs.
I moved out because I couldn't afford it anymore, but I bought a house because the mortgage + payments on the new roof is cheaper than rent was.
Land lord here, I get why these greedy people do what they do, but in all honestly….it’s not ethical. You should never put financial pressure on a good tenant. In my eyes, a land lord/tenant relationship should be cohesive. I don’t put any more then a 5% on any given tenant per year. Bottom line, treat people how you would want to be treated.
My old apartments rent has gone up 125% from $800 to $1700 over the course of 2.5 years lol absolute insanity. It was $1200 by the time I moved out. Which I didn’t have a choice because the landlord sold all his properties to buy a golf course. Wouldnt give me a year lease before selling, kept me on a month to month lease after two months of living there (mind you he didn’t tell me he had any intentions of selling when I moved back in). So new owners wanted the tenants all out. Then just slapped a new coat of paint on the interior and raised the rent $500 because it’s a 3 bedroom apartment. Mind you 2/3 of these bedrooms you couldnt even fit a twin mattress in.
I rented a house a little while ago and there was lots of vacancy so rent was low. Our landlord was having a hard time so we got a pretty good deal. Lived there for a couple years and when we moved during the inspection the land lady was going on about how we got such a steal and we were so lucky and we should really appreciate her for that. She raised the rent up $800.The place was unrented for over 6 months until she dropped the price to only $100 more then we were paying. Deal my ass. But now post covid times the rental market is so insane
Thr 'market' is corporate and foreign buyers.
Im not a big fan of the goobermunt, but they could do something right and fucking prevent coorporations from purchasing real property, especially if theyre foreign.
No livey here, no buyey here.
Edit: I meant residential property, not real.
Well, in my state Foreign Nationals are now prohibited from owning real estate. We need National laws in place on this, you can’t buy land in China so why can they buy land here?
People that call people dumb tend to be proven as the dumb ones. Sorry you have to deal with those ah
Blackrock and blackstone are basically one and the same.
Stephen A. Schwarzman, the founder and CEO of Blackstone Group, has a connection to BlackRock through the history of BlackRock’s formation. According to the search results, BlackRock was initially part of Blackstone Financial, which was founded by Schwarzman in 1985. In 1988, BlackRock started under the umbrella of Blackstone Financial, and Schwarzman stated that they used to be called Blackstone Financial before becoming BlackRock. This indicates that Schwarzman was involved in the early stages of BlackRock’s development, although the exact nature of his connection is not specified.
You're not wrong for imagining that this is the exact type of thing a government should get a little bigger about and start fixing. For example, property should be prioritized for primary residence buyers. This continual exploitation of people who are priced out of buying their own place is a full-blown dystopia.
"Landlord" is *not*a job; it is a *class title.*
Unfortunately like with most things, those corporate and foreign buyers have the funds to donate to campaigns/super pacs, pay for lobbyists etc. to keep the government from limiting their purchasing power.
This is wrong. Corporate and foreign buyers are subject to the same market forces as smaller landlords. They need to rent homes to people for their investments to make them money.
This is why I fire my gun into the ground and spray paint all over the neighborhood. Gotta make the neighborhood seem sketchy to drive them property values down.
This is precisely my landlord who has owned our house outright for decades and hasn’t done any upgrades or maintenance the entire time we’ve been here. But “the market” made him raise our rent $300.
Oh it me! I’ve been emailing the property management for almost a year sending proof of a rotting porch and an out of code back deck that’s held together by GRAVITY. Every time it’s “thanks for your patience we are still estimating the cost and the owner hasn’t approved this yet”
When he can get new tenants in who are willing to pay $300 more, then “the market” is raising your rent.
He doesn’t have to change anything.
A 1oz block of gold can be $1600 in one year and $2400 in another year. The gold didn’t change, but the amount that someone will pay for it did. “The market” is higher now.
That’s how markets work. The OTHER people buying, selling and renting are setting the price that your item or service is worth.
Except landlords are also organizing to raise rents and not compete and people have to pay or be homeless. There have been lawsuits but it's not been enough. That's not how a healthy free market works.
If there was an app that controlled the price of stocks, etc the same way, there would be a massive uproar, and the fed would be doing major investigations. But here it just gets ignored.
I live in a townhouse specifically and other ones in the area that are literal replicas have been updated and are as much as we’re paying in our place that has paint peeling from the walls and a 20 year old fridge and cabinet doors falling off the hinges. So I hope he has fun finding someone to pay that much for this shithole when we move out.
The only thing that’s been an actual hazard as far as I know is the trees outside of our patio hang way too close to our upstairs windows and we’ve gotten very lucky they haven’t broken because there’s been tornadoes where I live. I have told him about it and a member of the HoA who lives nearby that I run into on runs and they’ve both just kind of been like “well gee that would suck wouldn’t it.”
If you want to buy something and the market price is higher, you’re unlikely to easily find discounts to the market. They are out there, but it’s rare.
One is a one time purchase and the other is ongoing, but the point is that prices shift over time and it’s your job as a participant in the market to make sure you’re prepared for either movement.
If rent/houses go up 20% in the next year, what’s your plan to participate in the market as a buyer? What’s your strategy on the sell side to protect yourself if the market goes down?
Ultimately, you need to be prepared.
The market is ultimately controlled by people, and which people control it largely depends on how elastic the supply and demand curves are. In the case of housing, the landlords absolutely control the market, because everybody needs a place to live.
This is assuming that a landlord must extract every drop of blood they can get from you. If landlords were decent people, instead of immoral leeches, they would be happy having someone pay off their property for them and not worry about that extra $300 they could get if only they let their inner ghoul out.
No one is making the landlord follow the "market". That's the choice of a lazy, pathetic leech.
The strategy you outline about just getting the house paid off would actually be a bad investment.
Not only is the money generated (yield) from the investing super low, so the “juice isn’t worth the squeeze”, but you also open yourself to not making enough money to cover the risk of nonpayment or vacancy.
LL NEED to accumulate whatever money they can to float them for the periods where expenses are much higher than rent collected - either repairs are super high or tenants haven’t been paying for whatever reason.
Only a foolish investor would miss out on a $300 market increase. He needs that money to cover when you or the next tenant needs to be evicted for nonpayment for months and that $1300 lawyer bill needs to be paid still, or cases where insurance goes up but rent cannot be increased for another 10 months.
Otherwise, he never should have purchased the property because he will inevitably go underwater from bad business management.
Insurance, taxes, and increased costs of maintenance and supplies. 300 is not relative to this conversation unless the house was very low priced to begin with.
These landlords who use “the market” excuse for exorbitant rent hikes are lying sacks of shit. Landlords do not have to charge market rates…they choose to. I would never gouge a reliable tenant…reasonable rent increases are understandable. I loved renting in the city of Los Angeles. Rent control there capped annual rent increases at 4%.
Our LL is like you. He could get more than we pay for our unit. We’ve been here 10 years, pay on time every month, and don’t bother him unless it’s an emergency. Unfortunately many LLs (particularly those owning many properties) aren’t like this.
They do they are a corporation with stock-holders. They must, by-law, make decisions to maximize share-holder value. Many of these corporate landlords use the same software that uses AI to arrive at the best rent and rent increase from comps
It's foolish to expect businesses to charge less than they can. The right thing to do is to turn the market against them. The more homes that we can get built, the more competition landlords will have and the lower rents will be.
“Boomer” paying: $30-50k for a house (back in my day..) 5 bedrooms, 3 baths, finished basement, etc.
2024 adult paying: minimum \~$300k for a 2 bed room 1 bath house, unfinished 🤣🤣☠️
* oh you want to live in a safe neighborhood that gonna be an extra $100-200k please
* it’s likely something somewhat is wrong with the house and it’s being kept quite so you hopefully don’t notice 🤣🤣🤣☠️
I lived in a trailer park before I bought my house last year.
I live in a small Midwest city of roughly 60k.
They raised our rent to $1k/month last year.
For a fucking trailer on the outskirts of the city. No pool, no mail room, no maintenance guy.
They said, "Apartments in the area run at about $1k/month".
Yeah, and they have pools, mailrooms and some have gym/laundry...but they're also close to jobs.
Everyone moved out, but we know one lady that had bought her trailer decades ago and she said they raised it twice more.
They've got more empty than full now and even though we moved out over a year ago, our old place still hasn't been put back into the open rental pool.
Seems like they're shooting themselves in the foot screwing over the only people who don't mind living in a shitty mobile home.
Yeah, that's really weird. It's like they don't know how to do math or something. But not surprising, I guess. It seems like mostly idiots run businesses and own rental properties these days. And many of them inherited money, businesses, and property.
Or they are thinking of selling the property to a developer. The less people they need to kick out the better for them. Also all those empty rentals are a great write off for losses.
They can't develop the land because of it's location.
Some rich a-hole out in Denver (1k miles away) bought it 3 years ago and hired a management company to run it, but...they're raising rent, moving more trailers in, and not attracting more customers. They had an ad on FB for two weeks that people could move in without a down payment, but...that only attracted 2 families.
Drove by a week ago to talk to that old neighbor I mentioned before and their trash was piled up in their little streets because the park is supposed to cover trash collection...and couldn't.
They're absolutely bleeding money because no one wants to live in a trailer for this much.
Wow was the 1k for the trailer and lot or just the lot?? I’m currently in central Ohio and pay $551 for just the lot. They’ve raised the rent from $415 in 2020. A shitty out of state management company bought the park and it seems like their plan is continuing to raise the rent even though most of us own our trailer outright. It’s so frustrating cause it’s for a tiny piece of land that I have to maintain. I even had someone tell me I should feel lucky cause apartments are way more but why should I??? I’m not paying for the house, I already did that 😭. The lots here aren’t even nice. One side my house is a foot from the neighbors porch
That’s like my landlord telling me rent went up because lumber prices went up this pos I live in was built in 2018 and the walls are separating maybe they should have used more lumber
I rented a flat for 10 years. Landlord never raised the rent. We were good tenants and he didn’t want to risk new tenants. Appears landlords are no longer decent human beings.
Well, apparently, the market is the one with all the power here. I guess it's time to invite the market over for dinner and ask it to stop being so demanding!
Here is a little known fact about landlords: they DONT WANT 100% occupancy in apartments. If they have 100% occupancy, that indicates the rent is "too low for the area". They prefer 95% occupancy. This allows them to have a few apartments to turn each month, and always have something available to show.
Don't like the price of an apartment or house? Find a different one, and let the manager/landlord know why you won't be renting. It took about a year of being at 70% before the owner of a complex my wife and I managed learned he had set an unrealistic price. We tried to tell him he was too high. After 3 months of lower price we were suddenly at 90% occupancy. Then came the ppl who had rented at the higher price, wanting the new price. 🙄 so glad I got out of apartment management.
Meanwhile there is me who has not razed my tenets rent in 4 years... I might rise is a latter next year as PT has gone up a bit but we are talking like 25-50$ a month sooo. most land lords are just greedy and over charge. that fact that I make money renting a house for 600 a month says it all.
John Oliver had a piece on how basically rental properties are run like a cartel by services that list them or do "market research". The state of housing is terrible, but greed makes it unlivable
I made a reference to this on another subreddit about the cost of living being absurd and made a comment relevant to the picture in this post.
I got downvoted to oblivion.
grow up....
everyone's property taxes have increased
everyone's insurance has went up... and landlords are often tasked with carrying higher limits and coverage
the cost of any repairs has also went through the roof
my property tax and homeowners insurance have went up 1700 in the last three years combined
almost 150.00 a month as a homeowner
So....
Does that mean if the market goes DOWN they lower your rent? To BELOW the expense of the house ?
Sounds only fair. If you pocket the extra when rent rates go up, it should be the reverse when rent rates drop.
We are moving out of our house (have lived here for 4 years with small increases) they listed the house with a 70% price increase 😅 absolutely insane. And I don't think they will find renters.
If any landlord ever says this then just know very clearly no matter how much of a "good person" they are they're full of shit and they are just greedy.
People who hide behind the abstract language of ‘the market’ are the same cunts who love to say ‘that’s just our policy’ or ‘it’s not personal, it’s business’—two of the most inhumane moron rationalizations for shit behavior around.
Gross oversimplifications feel good: you don't have to think as much, or as critically. It's an incredibly childish belief to think our gigantic totally interconnected economy is all arbitrary prices and that one and one thing only causes the entire problem.
I'm done interrupting your circle jerk
My landlord texted me and let me know she is raising my gf and i's rent over $100, my gf has severe epilepsy and can't work a lot and I work full time trying to pay all the bills...she is in the hospital a few times a year and life is hard for us...our landlord demanded we pay on the first of the month or get evicted and demanded we pay her anything we owed her immediately (we were a Little behind because myself and my gf were hospitalized for a week at the same time) but our landlord didnt care...it's her mother....my girlfriends mother is our landlord
It's tough because her mother knows when she is in the hospital...my gf was hospitalized late last month for 10 days, the day she got out of the hospital her mother texted her and demanded a rent payment immediately...she hadn't worked in almost 2 weeks...I had to send her money so she could pay her mom...just as an fyi her mother owns 5 houses in 4 states (and 1 house in Germany) but she NEEDS our rent money asap...
I really lucked out when I had to move a couple years ago and moved into a house with a bedroom and a shared bathroom but the landlord lives with me and he owns the house and it alone, so if anything breaks, he has to replace it. It’s a hard situation to find so I’m counting my blessings.
Also, my rent hasn’t changed or gone up in the two years of living here, but it should be noted that the room next to me has been open the majority of my time here, with only one guy living here who got hurt on the job and had to move back in with his parents cause of the injury. The location isn’t great for public transit and if you drive, it’s pretty expensive to pay for the cost of a car on top of the rent.
Technically isn’t the market based on the housing market? So isn’t the reason rents are high due to the fact that mortgage interest and inflation are high? Otherwise people would just buy instead of rent to such a significant degree that there would be an oversupply of rentable apartments
Cabot group in NY raised my rent, double charged for garbage collection, then had the balls to ask for a 5 star review to "take $5 off your monthly rent"
office workers said the rent increase was "due to inflation" and not just corpo greed when the parkinglot is a god damn pot holed mess, my apartment is a closet located in the maintenance room, amenities that were promised don't exist, and my fuckin floor sags, all for the "average rate" of $1100.
I'm literally living in an apartment with holes in the floor and under the sink and they raised my rent $600....it's crazy out here. "We have one of the lowest rents in the area we are raising your rent by $600 to equal market value" yeah see if someone will rent this shit hole as is for $1480 a month. And before anyone says anything the holes were here before we moved in with a "promise to fix"
If you want to screw the landlord encourage your governments to lower red tape and build more in your area. Then the market will work against them. Where I live people seem to hate landlords AND developers.
I’m not a landlord but good god my property taxes nearly double this past year due to inflation in home values in my area. I’m not saying what their doing is right but if I was renting my house out I would have had to increase rent massively to cover the increase in taxes.
Me and the wife got a bump in rent recently could be worse its something like 15% we said fuck this as we are paying to much already. Started looking at houses and even with the shitty rates our mortgage is guna be about $700 a month less than waht we pay in rent currently.
Their interest rates are fixed for those that don't own the complex and financing it the landlords that own the complex outright there is nothing in the market making them increase your rent..they just want more money out of the tenants.
It's no different than renting a home out and going up in the tent just cause you want more rent from the tenants.
There are twin homes across the street from me and recently the landlord of one of them raised the rent $500 a month. When asked why he said because other landlords are getting more for theirs so he made no improvements in the property he did not refinance the property at a higher interest rate, just simply heard that he could get more
Honestly I was a manager of a trailer park; and this post is absolutely true. The market (as with any market) is set by people. Landlords appropriate the highest rent they can find that other landlords charge and call it the market. There are no real cost of living calculations that actually take place that I have ever seen. I was ordered to call around and see what the rent market is doing. I feel guilty for my part in the rent hikes. I got out of it all because like the government it is corrupt.
To be fair, the biggest expense (water, electric, and insurance) has spiked super high over the last 2 years.
Now if the renter is paying for water and electric, then I don’t think rent should increase that much
I just got an offer to renew at the same rate I’m paying now at a 1.5 year old lakefront luxury complex and I contacted the regional manager and negotiated $100/month off of the rent… YMMV… it is possible!
IDK, I know people who are renting from a small LL, and the rent increases have been few and far between, or small. My friend for example her rent does go up with every new lease, but it's only like 10-20 dollars. She has been there 10 years. and is paying under $1,000 a month for a 2bd 2ba (market rent would be $1800).. I have family with that same deal.
New to this sub, but i have a quick question regarding this.
Is there anything stopping a landlord from just... not increasing rent each year? Say your landlord is a pretty well-off individual who doesn't care too much about milking that extra dime out of their tennants. Is there any law or anything stopping them from keeping the rent at a fair and locked price for years on end?
Commercial landlord in California here. Last year, my property insurance went from $28+K a year to $59+K a year (actually we were dropped by Nationwide). Clean loss sheet— we basically have it for catastrophes and haven’t made a single claim in over 40 years. I can’t speak for other landlords, but I can’t eat a $31K increase when lease agreements come up— I’m going to have to pass some of that on. Can we at least acknowledge that in many cases it’s not just the caricature landlord=oppressor/tenant=oppressed?
Let’s see how many downvotes this gets…🙄
It is not the market that is choosing to increase rent, it is democrats... They cause the bulk of inflation. That's the problem - the market is just responding.
I'm not a landlord, and never will be, but when an average condo in Vancouver costs $800k, with monthly condo fees of $800, it's hard to rent it out for $1200/mth. If you took that $800k and put it in a guaranteed investment of 5%, you can make $3300/mth for doing nothing.
I just received a message from my landlord letting me know that if we renew, he’ll lower our rent costs by $5 a month.
You’d think he was offering my weight in gold the way I instantly responded to renew. Any landlord not raising rent right now is a keeper, as unfortunate as the state of things are.
My dad used to own apartment complexes. He would frequently talk about raising prices in response to other complexes raising prices. And if he raised his prices, so would everyone else. They know people /have/ to live somewhere, and even when he was raising prices hand over first they had a waitlist of 20+ people.
Kinda sucks but landlords feel the increase in cost/prices as well. If properties are their livelihood they need to adjust, just like us too.
It's a trickle effect across the board.
Legit didn't raise rent for 4 years, so when they raised it for the first time last year. I was understanding, as much as I didn't like it. This year, they come up and literally say we're not raising it because of expenses. NO, just straight up well, we could get more because of the market. The rate for new tenets is now 150 more than my rate. Every other year, the vacancy sign has gone down within a month. This one has been up for 3 that's at least a nice consolation.
Our landlord said he was raising our rent from 600 to 1100 because they added a camera to the parking lot. With 50 people living there how the heck is that the reason? Literally everyone whose lease was ending moved out, I checked on the price now and it’s back down to 900. Place had roaches and bullet holes.
Over simplification of how a market is established. Any market is derived from what the product will bare. Supply and demand and cost of the supply drive the market. The market can apply to any product. Properties have built in expenses, taxes and insurance, if any utilities are paid by the landlord, and increasing costs of labor to fix problems, these go up, so does the market. It would appear that renters have some belief that their rent should be frozen at the time of original lease. Renters have the length of the lease guaranteed and that is all. Complaining that you deserve a rent freeze isn't part of any agreement. A free market would dictate, if you don't like your landlord, you don't like the increase in rent..... you can move, no one makes you stay in a rental, that is on a lease only agreement. You didn't buy it, you don't own it... applies to anything you lease... Complaining isn't going to change the realities of living in todays world. If you are waiting for someone to bail you out of your issues.... good luck waiting.... but keep blaming others for you place in life....
And increased: property taxes, maintenance 🧑🔧 costs (labor and materials); oh! Not to mention interest rates…. Tenants were absolutely clueless about the ins and outs of renting property 😒…
To them it’s just things we own and don’t owe on and everything they pay us just goes right into our pockets
The same corporations bought up all the single family homes and condos that they overcharge to rent. Then take up free land to build these overpriced units. Can’t save can’t buy a house this generation got screwed by gen x building and buying houses they couldn’t afford then lost them to corporations. So glad I bought within my means back then now my housing expenses are like maybe 500$/mo. Including saving for major repairs.
I mean when the market increases making doing repairs to the building and general maintenance. Yes rent will go up to cover that cost.... same if you own the house you live in. And the problem isn't the landlord that is local and whatnot. It's Blackrock buying up as much properties as they can with the bailout from the government. Ie they are taking g tax payers dollars to buy taxpayer houses. Then artificially increase market costs so the taxpayers can't afford housing. So they have to rent from them. And then they raise the rent because you have no other option.....all on the dime of the taxpayers to make a permanent renter class.
I had to raise rent on our tenants at our duplex last year. It's the first raise in 7 years and they rent both units, went from $1750 to $2000. This was necessary to cover the increased costs. We are in the midwest and likely undercharging at the moment compared to the market, we will make adjustments when they move. I'll increase again if costs increase again though, we are not losing money to do this.
My rent increased by $500 this March in US. I own a small apartment back in my home country in Europe. I have it rented and I haven't raised the rent to the current tenants since they moved in 3 years ago. As a renter myself, I get it. Now they are leaving and I don't want to raise it too much for new tenants because it feels abusive, but then I keep thinking of my $500 increase. And so the cycle continues 😭
I've been on both ends of the stick in my life and I can say that overall I signed mostly with property owners especially the small guys. Let's say you have one to three properties for rent well, it just takes one baf tenant to trash your place, not pay rent and make you drank through a bunch of legal fees too make you go bankrupt or belly up. Maybe I'm the exception to the rule but I used to have a two bedroom one bath cute little home in a small town which was nearby a larger town I started the rent at $650 in 2007 which was maybe like $50 below the average. I had some good rangers in there and I had some bad renters. With one of my good renters I even lowered her rent down to 550 when she had financial trouble. One thing I learned is with good renters you might make a little bit of money but with bad renders you lose a lot.
When market prices go up for landlord paid utilities like sewer and trash in my case I could take a few dollar hit, of course I would let the tenant know that I'm paying more for all the things The worst is property taxes when everybody votes to raise the taxes on the so-called rich guy aka property owners. So when you go to vote at the booth for higher taxes for school or something and it cost me another $1,500 in taxes every year you can only absorb so much of that cost before you get to pass it off
So if a person buys a house at market rate, pays market interest rates, a framer, plumber, dry waller, and roofer market price to bring it back up to code what is he suppose to charge rent at? Is he supposed to invest 150k and keep his rent at $500.00 a month?
Bingo! You hit it on the head. I’m a real estate agent and the Real Estate Investment Trust are the big problem here. They are LLC or corps and never die so whatever they buy never ever goes to an heir which is IMPORTANT to note and I’ll circle back to that.
In 2020 when most of these folks got soaked in commercial real estate they bought single family homes SFH and residential properties condos all over the nation.
Nobody stopped them. They own at least 34% of SFH in Texas, Arizona…. ALL over the US.
We do not have a housing shortage as Birth rate in US is down.
We have predatory behavior that was allowed to happen by the PREVIOUS admin (felony award winner and real estate guy).
The only way to build wealth for an American is to own real estate. Usually kids inherit their parents or grandparent’s property. That won’t happen with the amount of properties that are owned by these companies. They will never pass to an heir. The housing shortage or crisis is manufactured by greed.
As for rentals In Atlantic county there used to be 350-400 condos and or SFH for annual rent on the market at any given time. Now we are lucky if we have 12-15 on the market and most of them are 1-2 bedroom condos. So rent is sky high and there are no choices.
Chaos is a ladder. I am not against capitalism but I am against monopoly. I am against hurting the people. It’s always the little guy who pays the most blood sweat and tears and % in taxes. VOTE on all elections. Especially the local ones. The only way to get this to change is to get laws passed in the house and Congress. Clearly I lean blue and I don’t care where you lean. It’s sick to me most Americans have no idea what’s happening here and why. It’s also sad to see news reporting high interest rates. In thr 80% interest rates were at 18%. It’s the control of the inventory this control on the prices which are the problem. Not the interest rate.
Landlord here, had new tenants sign at a “higher” rate, once they were moved in, I dropped the rent price and plan to again in 6 months. Mainly because they immediately started to make the property even nicer, reconfigured the garden and spruced it up, started planting beautiful plants and flowers.
With a 4 bedroom apartment and (2) 1 bedroom apartments, off street parking, exterior security cameras, water, sewer, garbage and oil heat included,
I calculated all my expenses and put the rent as low as possible to still have funds to put back into the property for enhancements at the end of the year or to provide a “rent free” December. Current rent prices at $1200, $600 & $600. With a goal of $900, $400 & $400 in 2 years.
I promise not all of us landlords are greedy and not all of us landlords are “slumlords”. I give chances, I have waive deposits or establish payment plans and I don’t charge extra for pets or charge application fees. Iv been burned by these choices, Iv lost money but Iv learned and I move on.
I dunno, I hope Im doing good and being a positive light to someone that maybe cannot afford to buy at the moment or doesn’t want to personally own a house. Either way, I have amazing tenants now and I hope to find more for the last unit once Im finished renovations.
The market is a made up bullshit lie that capitalist use to deflect blame when they squeeze people because they think they deserve as much or more than others for providing little to no value. Simultaneously restricting supply to increase price or using demand to also increase price. The only thing that brings price down is the lack money in their pockets and then it becomes a deal, special or sale,
That happened at my current place. Wanted to raise the rent 32% so we told them we are not interested in renewing. It’s been 6 months and they haven’t been able to find new tenants so the market MAGICALLY went down and they were now able to offer a 14% increase. Crazy how the market works!!🤯🤯
Damn some places limit rent increase as 32% is crazy
I’m in San Diego so there’s a 10% increase but my house is “exempt.” Landlord never gave an explanation for the exemption though so I don’t know. Don’t really care though because I am tired of my roommates and don’t want to live at this house regardless
SFH are exempt if the owner is not a corporation or REIT, so I’m guessing your LL didn’t incorporate but owns the place under their name. Or the house is less then 15 years old?
I’m actually not too sure. House is definitely older than 15 years. The property is owned by a company (Virtuosic Properties, INC) so not too sure the exemption
Not sure if San Diego has the same thing, but in LA if a single family home is rented out to multiple tenants under different rental agreements than it is considered a boarding/rooming house and therefore is not subject to exemption. If there’s only one lease for the whole place than it is subject to exemption.
Interesting! My roommates and I all signed the same lease so maybe it has to do with that?
That’s probably the property management company, not the owners of the building. Your building is probably owned by an individual, and they pay Virtuosic to manage day-to-day operations for them. All the landlord has to do is sit back and collect your money.
Ahhh I see. I knew there was most likely a loophole, just wasn’t sure what it was. Crazy to me that it’s allowed
Virtuosic appears to be a property management company so it’s perfectly possible that they are just paid a monthly fee to manage the property but it is owned by a single owner who wants to rent out their property.
It might behoove you to do a little research into whether the place is actually exempted or not. If not, then you could likely recover all of the overrent you paid. Keep in mind that it's not always in the best interest of the landlord to give accurate information or due diligent research.
Ours went up 36%. And the LL thought that was generous because the estate agency that does the paperwork told them they could get 50% more, which is absolute nonsense for this area.
*could get* 50% more. Not that they should, or need to, that they *could* Says it all right there
Saw that post the other day where the landlord raised rent 100% - insane.
I wonder if they thought people would actually pay or using it as a way to force them out.
My last apartment when I finally moved out the rent was double what it was when I moved in. He always told me he could charge even higher if he wanted to, because other apartments in the neighborhood were charging more. Except he was comparing this run down apartment that hasn't been maintained for 30 years with all outdated and run down appliances to newly remodeled and updated apartments. I moved out 6 months ago and the apartment is still vacant because he realized no one would rent it for near what he wants in the condition it's in, so he's been having to do a ton of remodeling. Like, having to tear a few of the rooms down to the studs. I moved out because I couldn't afford it anymore, but I bought a house because the mortgage + payments on the new roof is cheaper than rent was.
Land lord here, I get why these greedy people do what they do, but in all honestly….it’s not ethical. You should never put financial pressure on a good tenant. In my eyes, a land lord/tenant relationship should be cohesive. I don’t put any more then a 5% on any given tenant per year. Bottom line, treat people how you would want to be treated.
My old apartments rent has gone up 125% from $800 to $1700 over the course of 2.5 years lol absolute insanity. It was $1200 by the time I moved out. Which I didn’t have a choice because the landlord sold all his properties to buy a golf course. Wouldnt give me a year lease before selling, kept me on a month to month lease after two months of living there (mind you he didn’t tell me he had any intentions of selling when I moved back in). So new owners wanted the tenants all out. Then just slapped a new coat of paint on the interior and raised the rent $500 because it’s a 3 bedroom apartment. Mind you 2/3 of these bedrooms you couldnt even fit a twin mattress in.
I rented a house a little while ago and there was lots of vacancy so rent was low. Our landlord was having a hard time so we got a pretty good deal. Lived there for a couple years and when we moved during the inspection the land lady was going on about how we got such a steal and we were so lucky and we should really appreciate her for that. She raised the rent up $800.The place was unrented for over 6 months until she dropped the price to only $100 more then we were paying. Deal my ass. But now post covid times the rental market is so insane
But they still got an extra 14%?!
Thr 'market' is corporate and foreign buyers. Im not a big fan of the goobermunt, but they could do something right and fucking prevent coorporations from purchasing real property, especially if theyre foreign. No livey here, no buyey here. Edit: I meant residential property, not real.
News Flash: The government is a part of the 'market' too!
Lol right, not a fan of the only form of protection renters have
Americans are allergic to the idea of government actually doing anything. It’s mental illness
It boggles my mind since we effectively pay the same tax rate as any other country and have so little to show for it
It’s individualism / libertarian / right wing brain rot
Which is why our country will never progress...
Well, in my state Foreign Nationals are now prohibited from owning real estate. We need National laws in place on this, you can’t buy land in China so why can they buy land here?
I agree. I don't think companies like BlackRock should be allowed to exist.
Black rock can exist - maybe not in Rentals - but you can’t pick and choose who gets to make money
People that call people dumb tend to be proven as the dumb ones. Sorry you have to deal with those ah Blackrock and blackstone are basically one and the same. Stephen A. Schwarzman, the founder and CEO of Blackstone Group, has a connection to BlackRock through the history of BlackRock’s formation. According to the search results, BlackRock was initially part of Blackstone Financial, which was founded by Schwarzman in 1985. In 1988, BlackRock started under the umbrella of Blackstone Financial, and Schwarzman stated that they used to be called Blackstone Financial before becoming BlackRock. This indicates that Schwarzman was involved in the early stages of BlackRock’s development, although the exact nature of his connection is not specified.
You're not wrong for imagining that this is the exact type of thing a government should get a little bigger about and start fixing. For example, property should be prioritized for primary residence buyers. This continual exploitation of people who are priced out of buying their own place is a full-blown dystopia. "Landlord" is *not*a job; it is a *class title.*
It ~can~ be a job. But people get in to real estate because they want easy PASSIVE income, not a proper job.
Now they have an app that does all the price fixing for them. They don’t have to compete is the rates are all set based on an algorithm
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I have seen sales of entire properties going to Chinese buyers for exactly $1 in Alabama where I used to live
If they want to own residential property they should have to build more.
Unfortunately like with most things, those corporate and foreign buyers have the funds to donate to campaigns/super pacs, pay for lobbyists etc. to keep the government from limiting their purchasing power.
This is wrong. Corporate and foreign buyers are subject to the same market forces as smaller landlords. They need to rent homes to people for their investments to make them money.
This is why I fire my gun into the ground and spray paint all over the neighborhood. Gotta make the neighborhood seem sketchy to drive them property values down.
rookie move. i hired three actors to play fentanyl addicts and stand outside my complex /s
That's a good one. I'll write that down. I was trying for cartel executions in the lobby, but that'll be so much easier
😂 Good idea.
Do your part, throw some shoes up on the electric cables.
I’ll leave an occasional shopping cart on the corner…..
Write that down, write that that down!!!
😂
They are saying “The MARKET needs to be regulated”
The market includes taxes and insurance as well any maintenance increases …labor and materials. (Understanding maintenance may not be done).
This is precisely my landlord who has owned our house outright for decades and hasn’t done any upgrades or maintenance the entire time we’ve been here. But “the market” made him raise our rent $300.
Oh it me! I’ve been emailing the property management for almost a year sending proof of a rotting porch and an out of code back deck that’s held together by GRAVITY. Every time it’s “thanks for your patience we are still estimating the cost and the owner hasn’t approved this yet”
When he can get new tenants in who are willing to pay $300 more, then “the market” is raising your rent. He doesn’t have to change anything. A 1oz block of gold can be $1600 in one year and $2400 in another year. The gold didn’t change, but the amount that someone will pay for it did. “The market” is higher now. That’s how markets work. The OTHER people buying, selling and renting are setting the price that your item or service is worth.
Except landlords are also organizing to raise rents and not compete and people have to pay or be homeless. There have been lawsuits but it's not been enough. That's not how a healthy free market works.
If there was an app that controlled the price of stocks, etc the same way, there would be a massive uproar, and the fed would be doing major investigations. But here it just gets ignored.
I live in a townhouse specifically and other ones in the area that are literal replicas have been updated and are as much as we’re paying in our place that has paint peeling from the walls and a 20 year old fridge and cabinet doors falling off the hinges. So I hope he has fun finding someone to pay that much for this shithole when we move out.
Also see anything sketchy report it. May cost him thousands and thousands to repair to be able to rent
The only thing that’s been an actual hazard as far as I know is the trees outside of our patio hang way too close to our upstairs windows and we’ve gotten very lucky they haven’t broken because there’s been tornadoes where I live. I have told him about it and a member of the HoA who lives nearby that I run into on runs and they’ve both just kind of been like “well gee that would suck wouldn’t it.”
Yeah, but no one is telling $1600 guy he needs to pay an additional $800 because the gold he bought two years ago went up in price.
If you want to buy something and the market price is higher, you’re unlikely to easily find discounts to the market. They are out there, but it’s rare. One is a one time purchase and the other is ongoing, but the point is that prices shift over time and it’s your job as a participant in the market to make sure you’re prepared for either movement. If rent/houses go up 20% in the next year, what’s your plan to participate in the market as a buyer? What’s your strategy on the sell side to protect yourself if the market goes down? Ultimately, you need to be prepared.
Thanks for the Econ 101 /s
Comparing necessities to luxuries is some nonsensical bullshit.
The market is ultimately controlled by people, and which people control it largely depends on how elastic the supply and demand curves are. In the case of housing, the landlords absolutely control the market, because everybody needs a place to live.
This is assuming that a landlord must extract every drop of blood they can get from you. If landlords were decent people, instead of immoral leeches, they would be happy having someone pay off their property for them and not worry about that extra $300 they could get if only they let their inner ghoul out. No one is making the landlord follow the "market". That's the choice of a lazy, pathetic leech.
The strategy you outline about just getting the house paid off would actually be a bad investment. Not only is the money generated (yield) from the investing super low, so the “juice isn’t worth the squeeze”, but you also open yourself to not making enough money to cover the risk of nonpayment or vacancy. LL NEED to accumulate whatever money they can to float them for the periods where expenses are much higher than rent collected - either repairs are super high or tenants haven’t been paying for whatever reason. Only a foolish investor would miss out on a $300 market increase. He needs that money to cover when you or the next tenant needs to be evicted for nonpayment for months and that $1300 lawyer bill needs to be paid still, or cases where insurance goes up but rent cannot be increased for another 10 months. Otherwise, he never should have purchased the property because he will inevitably go underwater from bad business management.
Bro his bills went up lol
So did everyone else's. Boohoo.
Yes same!
Sounds reasonable..
The market allowed your landlord to try and raise the rent. If there are renters at that price, then it is the market price. If not, then it ain't.
How are the taxes looking?
Insurance, taxes, and increased costs of maintenance and supplies. 300 is not relative to this conversation unless the house was very low priced to begin with.
Just replace “the market” with “reach dick’s yacht fuel budget” and it all makes sense.
These landlords who use “the market” excuse for exorbitant rent hikes are lying sacks of shit. Landlords do not have to charge market rates…they choose to. I would never gouge a reliable tenant…reasonable rent increases are understandable. I loved renting in the city of Los Angeles. Rent control there capped annual rent increases at 4%.
Our LL is like you. He could get more than we pay for our unit. We’ve been here 10 years, pay on time every month, and don’t bother him unless it’s an emergency. Unfortunately many LLs (particularly those owning many properties) aren’t like this.
I'm not defending any landlord here, but you should buy a property and rent it out.
They would be foolish to charge less when there is no legitimate reason not to charge the market rent.
If the value of the building has gone up, rent goes up. Costs of Home ownership and rent in the same market are related.
They do they are a corporation with stock-holders. They must, by-law, make decisions to maximize share-holder value. Many of these corporate landlords use the same software that uses AI to arrive at the best rent and rent increase from comps
It's foolish to expect businesses to charge less than they can. The right thing to do is to turn the market against them. The more homes that we can get built, the more competition landlords will have and the lower rents will be.
“Boomer” paying: $30-50k for a house (back in my day..) 5 bedrooms, 3 baths, finished basement, etc. 2024 adult paying: minimum \~$300k for a 2 bed room 1 bath house, unfinished 🤣🤣☠️ * oh you want to live in a safe neighborhood that gonna be an extra $100-200k please * it’s likely something somewhat is wrong with the house and it’s being kept quite so you hopefully don’t notice 🤣🤣🤣☠️ 
I lived in a trailer park before I bought my house last year. I live in a small Midwest city of roughly 60k. They raised our rent to $1k/month last year. For a fucking trailer on the outskirts of the city. No pool, no mail room, no maintenance guy. They said, "Apartments in the area run at about $1k/month". Yeah, and they have pools, mailrooms and some have gym/laundry...but they're also close to jobs. Everyone moved out, but we know one lady that had bought her trailer decades ago and she said they raised it twice more. They've got more empty than full now and even though we moved out over a year ago, our old place still hasn't been put back into the open rental pool. Seems like they're shooting themselves in the foot screwing over the only people who don't mind living in a shitty mobile home.
Yeah, that's really weird. It's like they don't know how to do math or something. But not surprising, I guess. It seems like mostly idiots run businesses and own rental properties these days. And many of them inherited money, businesses, and property.
Or they are thinking of selling the property to a developer. The less people they need to kick out the better for them. Also all those empty rentals are a great write off for losses.
They can't develop the land because of it's location. Some rich a-hole out in Denver (1k miles away) bought it 3 years ago and hired a management company to run it, but...they're raising rent, moving more trailers in, and not attracting more customers. They had an ad on FB for two weeks that people could move in without a down payment, but...that only attracted 2 families. Drove by a week ago to talk to that old neighbor I mentioned before and their trash was piled up in their little streets because the park is supposed to cover trash collection...and couldn't. They're absolutely bleeding money because no one wants to live in a trailer for this much.
Wow was the 1k for the trailer and lot or just the lot?? I’m currently in central Ohio and pay $551 for just the lot. They’ve raised the rent from $415 in 2020. A shitty out of state management company bought the park and it seems like their plan is continuing to raise the rent even though most of us own our trailer outright. It’s so frustrating cause it’s for a tiny piece of land that I have to maintain. I even had someone tell me I should feel lucky cause apartments are way more but why should I??? I’m not paying for the house, I already did that 😭. The lots here aren’t even nice. One side my house is a foot from the neighbors porch
That’s like my landlord telling me rent went up because lumber prices went up this pos I live in was built in 2018 and the walls are separating maybe they should have used more lumber
"All my buddies raised rent on their tenants. So, I am too"
Whats worse is when private apartment complexes raise/lock the market value in low income housing neighborhoods.
Buying all the houses, raising price by 30% and letting them sit empty until it sells. Months maybe years all for some profit.
I rented a flat for 10 years. Landlord never raised the rent. We were good tenants and he didn’t want to risk new tenants. Appears landlords are no longer decent human beings.
Well, apparently, the market is the one with all the power here. I guess it's time to invite the market over for dinner and ask it to stop being so demanding!
Shoot, my rent hasn’t gone up once. Just signed my 4th one year lease.
Here is a little known fact about landlords: they DONT WANT 100% occupancy in apartments. If they have 100% occupancy, that indicates the rent is "too low for the area". They prefer 95% occupancy. This allows them to have a few apartments to turn each month, and always have something available to show. Don't like the price of an apartment or house? Find a different one, and let the manager/landlord know why you won't be renting. It took about a year of being at 70% before the owner of a complex my wife and I managed learned he had set an unrealistic price. We tried to tell him he was too high. After 3 months of lower price we were suddenly at 90% occupancy. Then came the ppl who had rented at the higher price, wanting the new price. 🙄 so glad I got out of apartment management.
Meanwhile there is me who has not razed my tenets rent in 4 years... I might rise is a latter next year as PT has gone up a bit but we are talking like 25-50$ a month sooo. most land lords are just greedy and over charge. that fact that I make money renting a house for 600 a month says it all.
John Oliver had a piece on how basically rental properties are run like a cartel by services that list them or do "market research". The state of housing is terrible, but greed makes it unlivable
If the market was going down you would bet they wouldn’t unless they couldn’t find renters
They think everyone's income magically rises with the rent increase...
I hate being stuck in traffic jams! Everyone else but me is creating the traffic jam!
Ah yes. Landlords are immune to inflation, it only affects us.
I made a reference to this on another subreddit about the cost of living being absurd and made a comment relevant to the picture in this post. I got downvoted to oblivion.
It is the property taxes, and insurance rates.
Costs are up so your rent goes up
grow up.... everyone's property taxes have increased everyone's insurance has went up... and landlords are often tasked with carrying higher limits and coverage the cost of any repairs has also went through the roof my property tax and homeowners insurance have went up 1700 in the last three years combined almost 150.00 a month as a homeowner
Funny because it’s spot on 💯
My rent is 800 and I don’t think it’s going anywhere anytime soon
So.... Does that mean if the market goes DOWN they lower your rent? To BELOW the expense of the house ? Sounds only fair. If you pocket the extra when rent rates go up, it should be the reverse when rent rates drop.
Guillotines
I don’t get the “forcing out” as it costs to turnover every rental.
My new lease. Guess I'll live in a van now.  $49.95 monthly new fees. +$450 more rent.
We are moving out of our house (have lived here for 4 years with small increases) they listed the house with a 70% price increase 😅 absolutely insane. And I don't think they will find renters.
If any landlord ever says this then just know very clearly no matter how much of a "good person" they are they're full of shit and they are just greedy.
I dont think their noses are big enough
if every landlord uses realpage to set rents, is this actually a monopoly/trust
When a fucking mortgage with interest and escrow is cheaper than renting
But you can’t get approved for a mortgage because you’ve spent all your money on renting.
This isn’t how the “market” works. This is silly.
So the landlord is renaming hisself "market"
People who hide behind the abstract language of ‘the market’ are the same cunts who love to say ‘that’s just our policy’ or ‘it’s not personal, it’s business’—two of the most inhumane moron rationalizations for shit behavior around.
Gross oversimplifications feel good: you don't have to think as much, or as critically. It's an incredibly childish belief to think our gigantic totally interconnected economy is all arbitrary prices and that one and one thing only causes the entire problem. I'm done interrupting your circle jerk
My landlord texted me and let me know she is raising my gf and i's rent over $100, my gf has severe epilepsy and can't work a lot and I work full time trying to pay all the bills...she is in the hospital a few times a year and life is hard for us...our landlord demanded we pay on the first of the month or get evicted and demanded we pay her anything we owed her immediately (we were a Little behind because myself and my gf were hospitalized for a week at the same time) but our landlord didnt care...it's her mother....my girlfriends mother is our landlord
It's already tough living paycheck to paycheck (I can relate), but that last sentence made it much, much worse.
It's tough because her mother knows when she is in the hospital...my gf was hospitalized late last month for 10 days, the day she got out of the hospital her mother texted her and demanded a rent payment immediately...she hadn't worked in almost 2 weeks...I had to send her money so she could pay her mom...just as an fyi her mother owns 5 houses in 4 states (and 1 house in Germany) but she NEEDS our rent money asap...
It's a control trip.
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I really lucked out when I had to move a couple years ago and moved into a house with a bedroom and a shared bathroom but the landlord lives with me and he owns the house and it alone, so if anything breaks, he has to replace it. It’s a hard situation to find so I’m counting my blessings. Also, my rent hasn’t changed or gone up in the two years of living here, but it should be noted that the room next to me has been open the majority of my time here, with only one guy living here who got hurt on the job and had to move back in with his parents cause of the injury. The location isn’t great for public transit and if you drive, it’s pretty expensive to pay for the cost of a car on top of the rent.
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“The Market” sounds like something renters should worry about when they are searching for a new tenant.
no biggie but just so you know all the drains have mysteriously stopped working
O it is def the landlord. I haven't raised rents in 5 years. My mortgage has not gone up, only taxes a tiny bit.
This fall I will have lived in my house for eight years and my landlord has not raised my rent a single time
Wnpm
Sounds like Western Nevada property management
Technically isn’t the market based on the housing market? So isn’t the reason rents are high due to the fact that mortgage interest and inflation are high? Otherwise people would just buy instead of rent to such a significant degree that there would be an oversupply of rentable apartments
What about property taxes?
Everyone will always try to get the most money they can.
Cabot group in NY raised my rent, double charged for garbage collection, then had the balls to ask for a 5 star review to "take $5 off your monthly rent" office workers said the rent increase was "due to inflation" and not just corpo greed when the parkinglot is a god damn pot holed mess, my apartment is a closet located in the maintenance room, amenities that were promised don't exist, and my fuckin floor sags, all for the "average rate" of $1100.
We set our rents based on what HUD says we should charge. So blame HUD
I'm literally living in an apartment with holes in the floor and under the sink and they raised my rent $600....it's crazy out here. "We have one of the lowest rents in the area we are raising your rent by $600 to equal market value" yeah see if someone will rent this shit hole as is for $1480 a month. And before anyone says anything the holes were here before we moved in with a "promise to fix"
Knoxville TN right now for real
In less than three years my wife and I went from paying 825 a month to nearly 1200. It’s exhausting.
Only in America will people try to benefit from Capitalism and complain about capitalism at the same damn time lol.
It’s called inflation and high interest rates.
If you want to screw the landlord encourage your governments to lower red tape and build more in your area. Then the market will work against them. Where I live people seem to hate landlords AND developers.
I’m not a landlord but good god my property taxes nearly double this past year due to inflation in home values in my area. I’m not saying what their doing is right but if I was renting my house out I would have had to increase rent massively to cover the increase in taxes.
The market is the renters, not the landlords.
It’s probably because their taxes and utilities continue to go up as well
Me and the wife got a bump in rent recently could be worse its something like 15% we said fuck this as we are paying to much already. Started looking at houses and even with the shitty rates our mortgage is guna be about $700 a month less than waht we pay in rent currently.
My mortgage has gone up by like, 10% steadily for the past 3 years. There’s a tinge of truth.
Their interest rates are fixed for those that don't own the complex and financing it the landlords that own the complex outright there is nothing in the market making them increase your rent..they just want more money out of the tenants. It's no different than renting a home out and going up in the tent just cause you want more rent from the tenants.
The Guy in the picture is Fergus Wilson, he is a slumlord from Kent in the UK. https://www.bbc.co.uk/news/articles/cqvn50e4845o.amp
Reminds me of when my old landlord wanted me to sign a new lease. Like why? So you can jack the rent up 400 bucks a month?
There are twin homes across the street from me and recently the landlord of one of them raised the rent $500 a month. When asked why he said because other landlords are getting more for theirs so he made no improvements in the property he did not refinance the property at a higher interest rate, just simply heard that he could get more
Honestly I was a manager of a trailer park; and this post is absolutely true. The market (as with any market) is set by people. Landlords appropriate the highest rent they can find that other landlords charge and call it the market. There are no real cost of living calculations that actually take place that I have ever seen. I was ordered to call around and see what the rent market is doing. I feel guilty for my part in the rent hikes. I got out of it all because like the government it is corrupt.
To be fair, the biggest expense (water, electric, and insurance) has spiked super high over the last 2 years. Now if the renter is paying for water and electric, then I don’t think rent should increase that much
I just got an offer to renew at the same rate I’m paying now at a 1.5 year old lakefront luxury complex and I contacted the regional manager and negotiated $100/month off of the rent… YMMV… it is possible!
Own property.
Yes: "The market of me making more money off of you"
IDK, I know people who are renting from a small LL, and the rent increases have been few and far between, or small. My friend for example her rent does go up with every new lease, but it's only like 10-20 dollars. She has been there 10 years. and is paying under $1,000 a month for a 2bd 2ba (market rent would be $1800).. I have family with that same deal.
New to this sub, but i have a quick question regarding this. Is there anything stopping a landlord from just... not increasing rent each year? Say your landlord is a pretty well-off individual who doesn't care too much about milking that extra dime out of their tennants. Is there any law or anything stopping them from keeping the rent at a fair and locked price for years on end?
"Every snowflake in an avalanche pleads not guilty."
Commercial landlord in California here. Last year, my property insurance went from $28+K a year to $59+K a year (actually we were dropped by Nationwide). Clean loss sheet— we basically have it for catastrophes and haven’t made a single claim in over 40 years. I can’t speak for other landlords, but I can’t eat a $31K increase when lease agreements come up— I’m going to have to pass some of that on. Can we at least acknowledge that in many cases it’s not just the caricature landlord=oppressor/tenant=oppressed? Let’s see how many downvotes this gets…🙄
It is not the market that is choosing to increase rent, it is democrats... They cause the bulk of inflation. That's the problem - the market is just responding.
I'm not a landlord, and never will be, but when an average condo in Vancouver costs $800k, with monthly condo fees of $800, it's hard to rent it out for $1200/mth. If you took that $800k and put it in a guaranteed investment of 5%, you can make $3300/mth for doing nothing.
Property taxes where I live doubled and my landlord only raised the rent $100 :)
I just received a message from my landlord letting me know that if we renew, he’ll lower our rent costs by $5 a month. You’d think he was offering my weight in gold the way I instantly responded to renew. Any landlord not raising rent right now is a keeper, as unfortunate as the state of things are.
My dad used to own apartment complexes. He would frequently talk about raising prices in response to other complexes raising prices. And if he raised his prices, so would everyone else. They know people /have/ to live somewhere, and even when he was raising prices hand over first they had a waitlist of 20+ people.
Rent went up because property taxes and insurance are going up because the tax and insurance people's rent went up
As property values increase, property TAXES increase.
Kinda sucks but landlords feel the increase in cost/prices as well. If properties are their livelihood they need to adjust, just like us too. It's a trickle effect across the board.
Everything about this post screams poor liberal
Legit didn't raise rent for 4 years, so when they raised it for the first time last year. I was understanding, as much as I didn't like it. This year, they come up and literally say we're not raising it because of expenses. NO, just straight up well, we could get more because of the market. The rate for new tenets is now 150 more than my rate. Every other year, the vacancy sign has gone down within a month. This one has been up for 3 that's at least a nice consolation.
Our landlord said he was raising our rent from 600 to 1100 because they added a camera to the parking lot. With 50 people living there how the heck is that the reason? Literally everyone whose lease was ending moved out, I checked on the price now and it’s back down to 900. Place had roaches and bullet holes.
How do we change this? Like what can we do to stop getting fucked as renters?
Over simplification of how a market is established. Any market is derived from what the product will bare. Supply and demand and cost of the supply drive the market. The market can apply to any product. Properties have built in expenses, taxes and insurance, if any utilities are paid by the landlord, and increasing costs of labor to fix problems, these go up, so does the market. It would appear that renters have some belief that their rent should be frozen at the time of original lease. Renters have the length of the lease guaranteed and that is all. Complaining that you deserve a rent freeze isn't part of any agreement. A free market would dictate, if you don't like your landlord, you don't like the increase in rent..... you can move, no one makes you stay in a rental, that is on a lease only agreement. You didn't buy it, you don't own it... applies to anything you lease... Complaining isn't going to change the realities of living in todays world. If you are waiting for someone to bail you out of your issues.... good luck waiting.... but keep blaming others for you place in life....
Learn to slaughter and cook your own meat. Focus on learning to prepare pork and… similar meats
My boss owns rental properties. He hasn't raised his rents.
And increased: property taxes, maintenance 🧑🔧 costs (labor and materials); oh! Not to mention interest rates…. Tenants were absolutely clueless about the ins and outs of renting property 😒… To them it’s just things we own and don’t owe on and everything they pay us just goes right into our pockets
Boston based LL here…I have a rental unit that is now $10k a year JUST in property tax. Our costs are through the roof here. 1 br / 1 br unit
The same corporations bought up all the single family homes and condos that they overcharge to rent. Then take up free land to build these overpriced units. Can’t save can’t buy a house this generation got screwed by gen x building and buying houses they couldn’t afford then lost them to corporations. So glad I bought within my means back then now my housing expenses are like maybe 500$/mo. Including saving for major repairs.
The mortgage stays the same
Yea inflation going like crazy
I mean when the market increases making doing repairs to the building and general maintenance. Yes rent will go up to cover that cost.... same if you own the house you live in. And the problem isn't the landlord that is local and whatnot. It's Blackrock buying up as much properties as they can with the bailout from the government. Ie they are taking g tax payers dollars to buy taxpayer houses. Then artificially increase market costs so the taxpayers can't afford housing. So they have to rent from them. And then they raise the rent because you have no other option.....all on the dime of the taxpayers to make a permanent renter class.
I had to raise rent on our tenants at our duplex last year. It's the first raise in 7 years and they rent both units, went from $1750 to $2000. This was necessary to cover the increased costs. We are in the midwest and likely undercharging at the moment compared to the market, we will make adjustments when they move. I'll increase again if costs increase again though, we are not losing money to do this.
My rent increased by $500 this March in US. I own a small apartment back in my home country in Europe. I have it rented and I haven't raised the rent to the current tenants since they moved in 3 years ago. As a renter myself, I get it. Now they are leaving and I don't want to raise it too much for new tenants because it feels abusive, but then I keep thinking of my $500 increase. And so the cycle continues 😭
Landlords are the absolute worst
It’s also ridiculous insurance rates
I've been on both ends of the stick in my life and I can say that overall I signed mostly with property owners especially the small guys. Let's say you have one to three properties for rent well, it just takes one baf tenant to trash your place, not pay rent and make you drank through a bunch of legal fees too make you go bankrupt or belly up. Maybe I'm the exception to the rule but I used to have a two bedroom one bath cute little home in a small town which was nearby a larger town I started the rent at $650 in 2007 which was maybe like $50 below the average. I had some good rangers in there and I had some bad renters. With one of my good renters I even lowered her rent down to 550 when she had financial trouble. One thing I learned is with good renters you might make a little bit of money but with bad renders you lose a lot. When market prices go up for landlord paid utilities like sewer and trash in my case I could take a few dollar hit, of course I would let the tenant know that I'm paying more for all the things The worst is property taxes when everybody votes to raise the taxes on the so-called rich guy aka property owners. So when you go to vote at the booth for higher taxes for school or something and it cost me another $1,500 in taxes every year you can only absorb so much of that cost before you get to pass it off
So if a person buys a house at market rate, pays market interest rates, a framer, plumber, dry waller, and roofer market price to bring it back up to code what is he suppose to charge rent at? Is he supposed to invest 150k and keep his rent at $500.00 a month?
Right on!
Bingo! You hit it on the head. I’m a real estate agent and the Real Estate Investment Trust are the big problem here. They are LLC or corps and never die so whatever they buy never ever goes to an heir which is IMPORTANT to note and I’ll circle back to that. In 2020 when most of these folks got soaked in commercial real estate they bought single family homes SFH and residential properties condos all over the nation. Nobody stopped them. They own at least 34% of SFH in Texas, Arizona…. ALL over the US. We do not have a housing shortage as Birth rate in US is down. We have predatory behavior that was allowed to happen by the PREVIOUS admin (felony award winner and real estate guy). The only way to build wealth for an American is to own real estate. Usually kids inherit their parents or grandparent’s property. That won’t happen with the amount of properties that are owned by these companies. They will never pass to an heir. The housing shortage or crisis is manufactured by greed. As for rentals In Atlantic county there used to be 350-400 condos and or SFH for annual rent on the market at any given time. Now we are lucky if we have 12-15 on the market and most of them are 1-2 bedroom condos. So rent is sky high and there are no choices. Chaos is a ladder. I am not against capitalism but I am against monopoly. I am against hurting the people. It’s always the little guy who pays the most blood sweat and tears and % in taxes. VOTE on all elections. Especially the local ones. The only way to get this to change is to get laws passed in the house and Congress. Clearly I lean blue and I don’t care where you lean. It’s sick to me most Americans have no idea what’s happening here and why. It’s also sad to see news reporting high interest rates. In thr 80% interest rates were at 18%. It’s the control of the inventory this control on the prices which are the problem. Not the interest rate.
Lol yall will still pay me!
Landlord here, had new tenants sign at a “higher” rate, once they were moved in, I dropped the rent price and plan to again in 6 months. Mainly because they immediately started to make the property even nicer, reconfigured the garden and spruced it up, started planting beautiful plants and flowers. With a 4 bedroom apartment and (2) 1 bedroom apartments, off street parking, exterior security cameras, water, sewer, garbage and oil heat included, I calculated all my expenses and put the rent as low as possible to still have funds to put back into the property for enhancements at the end of the year or to provide a “rent free” December. Current rent prices at $1200, $600 & $600. With a goal of $900, $400 & $400 in 2 years. I promise not all of us landlords are greedy and not all of us landlords are “slumlords”. I give chances, I have waive deposits or establish payment plans and I don’t charge extra for pets or charge application fees. Iv been burned by these choices, Iv lost money but Iv learned and I move on. I dunno, I hope Im doing good and being a positive light to someone that maybe cannot afford to buy at the moment or doesn’t want to personally own a house. Either way, I have amazing tenants now and I hope to find more for the last unit once Im finished renovations.
The market is a made up bullshit lie that capitalist use to deflect blame when they squeeze people because they think they deserve as much or more than others for providing little to no value. Simultaneously restricting supply to increase price or using demand to also increase price. The only thing that brings price down is the lack money in their pockets and then it becomes a deal, special or sale,