US Rents Surge
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US Rents Surge (by W [CA]) Sep 22, 2022 7:03 PM
       US Rents Surge (by John [CA]) Sep 22, 2022 7:31 PM
       US Rents Surge (by 6x6 [TN]) Sep 22, 2022 8:08 PM
       US Rents Surge (by Robert J [CA]) Sep 22, 2022 10:34 PM
       US Rents Surge (by Robert,OntarioCanada [ON]) Sep 22, 2022 11:08 PM
       US Rents Surge (by Moshe [CA]) Sep 22, 2022 11:20 PM
       US Rents Surge (by WL [CA]) Sep 22, 2022 11:54 PM
       US Rents Surge (by Tonia [RI]) Sep 23, 2022 12:11 AM
       US Rents Surge (by Oregon Woodsmoke [ID]) Sep 23, 2022 10:25 AM
       US Rents Surge (by Robert,OntarioCanada [ON]) Sep 23, 2022 1:17 PM
       US Rents Surge (by Moshe [CA]) Sep 23, 2022 1:39 PM
       US Rents Surge (by Robert,OntarioCanada [ON]) Sep 23, 2022 5:20 PM
       US Rents Surge (by Mapleaf18 [NY]) Sep 23, 2022 8:52 PM
       US Rents Surge (by Duplexer [IL]) Sep 24, 2022 6:57 AM
       US Rents Surge (by Duplexer [IL]) Sep 24, 2022 6:59 AM
       US Rents Surge (by Moshe [CA]) Sep 24, 2022 12:19 PM
       US Rents Surge (by Tonia [RI]) Sep 24, 2022 9:38 PM
       US Rents Surge (by Moshe [CA]) Sep 24, 2022 10:35 PM
       US Rents Surge (by Robert,OntarioCanada [ON]) Sep 26, 2022 8:17 AM
       US Rents Surge (by Moshe [CA]) Sep 26, 2022 12:55 PM
       US Rents Surge (by John... [MI]) Sep 26, 2022 1:14 PM
       US Rents Surge (by Ray-N-Pa [PA]) Sep 26, 2022 7:04 PM
       US Rents Surge (by Moshe [CA]) Sep 27, 2022 12:47 PM
       US Rents Surge (by Moshe [CA]) Sep 28, 2022 1:19 PM

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US Rents Surge (by W [CA]) Posted on: Sep 22, 2022 7:03 PM
Message:

U.S. rents surge, leaving behind generation of younger workers

(Reuters) -The cost of renting a home in the United States is surging and young workers have felt the sharpest pain, many of them taking on additional jobs or roommates to afford housing costs.

Household rents in 2021 jumped 10% from pre-pandemic levels, according to Census Bureau estimates released last week. The figures came as rising healthcare and rental costs pushed U.S. consumer prices up unexpectedly last month.

The data from the bureauís annual American Community Survey put median U.S. rent at $1,037 in 2021, up from $941 in 2019. Year-over-year increases in the median household rent over the past decade were typically 2% or 3% - one exception was the 5% rise from 2018 to 2019 . . . Adding to renters' woes, rents in the professionally-managed sector - usually larger properties operated by management companies - have risen even more dramatically.

Annual rent growth there hit 11.6% at the end of 2021 and start of 2022, about three times what it was in the five years prior to the pandemic, according to the Harvard Joint Center for Housing Studies. At the same time, vacancy rates fell to their lowest since 1984 as post-pandemic demand surged . . .

--201.140.xxx.xx




US Rents Surge (by John [CA]) Posted on: Sep 22, 2022 7:31 PM
Message:

D Policies of rent and eviction moratoriums have consequences --76.105.x.x




US Rents Surge (by 6x6 [TN]) Posted on: Sep 22, 2022 8:08 PM
Message:

I agree that it is consequences of their actions.

It is on the news a lot here. --73.113.xxx.xxx




US Rents Surge (by Robert J [CA]) Posted on: Sep 22, 2022 10:34 PM
Message:

It's going to be 4 years or longer that I can raise a single tenants rent, even though around 25% of my tenants are paying less than half the going market rate. --47.156.xx.xx




US Rents Surge (by Robert,OntarioCanada [ON]) Posted on: Sep 22, 2022 11:08 PM
Message:

What is happening in the province of Ontario is a change of the structure of ownership where the hostile policies like rent control, difficult eviction process along the free for all where tenants know they will not get evicted is causing smaller rental housing providers to sell then very large corporations take over evict everyone then rents more then double after doing renovations. To build a new apartment complex is expensive as materials and labour costs have increased. The building codes for multi-residential buildings are more expensive then building a condominium complex as water heating system, parking are more stringent driving up the cost. Many of the smaller rental housing do repairs and renovations in house where the costs are much lower then a very large corporate landlord as everything is done by contractors with high labour costs. It is easy to be a critic where they do not understand reality of the economic situation we live in today with very high property taxes on multi-residential, harmonized sales tax on goods and services along with carbon tax on natural gas, heating oil along with harmonized sales on electricity. As most of the residential stock is aging then minor repairs are no longer a option where plumbing systems, heating systems, windows, roofs, bathrooms wear out along driveways, parking lots require repaving. All that work is expensive in the market place today. Affordable rental housing if defined by the socialist takes a very long time to build along loses money every year along with does not the harmonized sales tax on goods and services like the private sector does. Well inflation did level off it is still at 7 per cent per year where the increased value of the Us dollar has forced the price of groceries to go up dramatically as a lot of produce is imported here from the Us and other countries as oranges, bananas, pineapples do not grow here. A shorter growing season where during the winter months produce is imported. --68.69.xxx.xxx




US Rents Surge (by Moshe [CA]) Posted on: Sep 22, 2022 11:20 PM
Message:

Yes, but recession is coming. What do you think happens to rents then, and after that ...?

--47.139.xx.xxx




US Rents Surge (by WL [CA]) Posted on: Sep 22, 2022 11:54 PM
Message:

Biden has opened the southern border and allows hordes to go anywhere except Martha's Vineyard and near his home in Delaware. This means even if there is a recession, there will be a shortage of rentals, especially in California and Texas. Downside is tent cities outside your door and backyard with migrants and bums - solution: You should buy a house in Martha's Vineyard where the immigration laws are still enforced! LOL --201.140.xxx.xx




US Rents Surge (by Tonia [RI]) Posted on: Sep 23, 2022 12:11 AM
Message:

That's a good analogy WL, and it's true. I sadly like Robert described have to now sell my rental property. It is just getting to be too much with all of the draconian laws in place. Ii do expect a large cooperation to buy it because it is also commercially zoned in a major business area. --71.117.xxx.xx




US Rents Surge (by Oregon Woodsmoke [ID]) Posted on: Sep 23, 2022 10:25 AM
Message:

A combination of things. Inflation makes your money worth less and each dollar buys less, so each rental dollar buys less for the tenants. I think this is the biggest cause of rents going up.

When the government decided that rent moratorium was a good thing, the construction of rentals stopped and some landlords converted their residential rentals into something else and stopped renting to tenants. Apartment complexes were going up in droves in my area, but the second Covid rent moratoriums hit, the apartment and housing starts stopped dead. No apartment buildings going up now and very little new construction houses.

The population is growing by 250,000 new low income, low job skill tenants every month. That's got to be a big increase of demand on a shrinking supply of workforce housing. --76.178.xxx.xxx




US Rents Surge (by Robert,OntarioCanada [ON]) Posted on: Sep 23, 2022 1:17 PM
Message:

In the province of Ontario vacancy rates are zero or one per cent on and off where the hostile environment has caused a lot the secondary rental housing market to be sold to become owner occupied. If a house, condominium or townhouse is worth $750,00 to over a million Cdn. dollars then why in the world would keep people who are living for nothing where can invest that live without the drama and going through the long eviction process. Rental housing is primary and secondary market where purpose built apartment complexes are primary and houses are secondary. People have to understand if it is illegal to charge a cleaning and damage deposit then vandalism along with completely trashed out rental houses and rental units has to be passed onto tenants in higher rents as the majority tenants have to understand the realities. Since leaving the city of Toronto the population has increased by over a million since 2001. The builders are building condomium complexes as it is not worthwhile to build apartment complexes along with conditions like rent control. Every year a 135,000 are moving in the city of Toronto where soon the city will be 4 million plus. To vilify the rental housing industry is not going to solve the rental housing crisis. The extreme left wing fringe do not even represent 0.01 of the population so why go to nut house to get advise on rental housing. --68.69.xxx.xxx




US Rents Surge (by Moshe [CA]) Posted on: Sep 23, 2022 1:39 PM
Message:

Consider this:

Recession is now imminent. There will be loss of jobs. People will double up, stay with relatives, move onto the streets, maybe even move to lower cost communities/states, and rents will go down.

When inflation improves, then what? Will rents go back up? At the same pace as they are currently going up? What will happen to units whose prices were dropped? Will they regain their previous prices? What about their previous momentum?

An interesting dynamic of the situation in CA is that of vacancy decontrol. Vacancy decontrol allows landlords to raise rents to market value whenever a unit becomes vacant. So, if rents are forced down by recession, and landlord rents out the unit at recession-level market price (which will be lower than August's price), then he may be stuck withe that price as his baseline for rent control.

What should a landlord do? Take the best rental price he can during the recession, or let his rental go tenant-less until inflation abates and rental prices return to their previous highs?

--47.139.xx.xxx




US Rents Surge (by Robert,OntarioCanada [ON]) Posted on: Sep 23, 2022 5:20 PM
Message:

Planning for the future is to separate out the utilities where even one utility at a time where over a period of time is to have all utilities separated out. Where rent control is limited what is controlled by governments which are property taxes, water sewage charges. If anything that is unpredictable in the future is the cost of utilities where rents will lower at tenants pay and control the amount of utilities they use where when they go out all the lights and heat will be turned down as the utility belongs to them. It is proven by personal experience that conservation is observed along with no complaints about having heat turned up with open windows. The days of all inclusive rental units is coming to a end. The best environmental way is conservation where upgrading insulation along high efficiency equipment the investment can be made. --68.69.xxx.xxx




US Rents Surge (by Mapleaf18 [NY]) Posted on: Sep 23, 2022 8:52 PM
Message:

Sorry but don't feel sorry for the under 30 set. They already feel like they should only have to work 30 hours or less a week, make top wages and put on little or no effort. "Quiet quitting" and so forth. They take out huge student loans for worthless degrees (I blame the universities and parents who fill their kid's heads with pipe dreams for this one).

This is my 45th year of working at least two jobs. Had two kids and went straight back to work; no time for bench warming at university.

--72.231.xxx.xx




US Rents Surge (by Duplexer [IL]) Posted on: Sep 24, 2022 6:57 AM
Message:

>>>Policies of rent and eviction moratoriums have consequences>>

This EXACTLY.

What did the rent moratoriums do? Killed or folded middle class owned rentals all over the country, especially the smallest ones. Consolidated property under rental giants, who mopped up the dead at closeout prices.

Meanwhile the tenants got screwed just as much. Everyone who took the bait and skipped rent a year now have their credit destroyed so they'll never get a mortgage, if even find a place willing to rent to them. Not that they don't deserve it in many cases.

Mission accomplished.

Not just that but landlords are far more jittery and nervous with applicants now. I was willing to take a chance on people before 2020. Probably will never be that reckless in screening again.

Moratoriums were basically a scam, and the corporate media was in on it, demonizing landlords and hiding the real aim- to wipe out the real aim- property consolidation by the 1%. If they really had wanted to help people they would have just put emergency funds into the Section 8 voucher program, and given free housing to the 'deserving' after the government actually looked them over. Not just tell the entire country not to pay rent. "But I digress!"

--162.200.xxx.xx




US Rents Surge (by Duplexer [IL]) Posted on: Sep 24, 2022 6:59 AM
Message:

Whoops, last paragraph has a typo, I can't edit it. Oh well you get the picture. --162.200.xxx.xx




US Rents Surge (by Moshe [CA]) Posted on: Sep 24, 2022 12:19 PM
Message:

Alas, there seems to be no one on this site capable of any analysis of the course of the coming recession.

Recession is now imminent. There will be loss of jobs. People will double up, stay with relatives, move onto the streets, maybe even move to lower cost communities/states, and rents will go down.

When inflation improves, then what? Will rents go back up? At the same pace as they are currently going up? What will happen to units whose prices were dropped? Will they regain their previous prices? What about their previous momentum?

I submit that, with the loss of jobs, rents will go down. Not all of them, but yes to the low-cost rentals that have sustained the majority of the rent inflation. I further submit that these rental prices will NOT go up to the same level that they are at now, because the money won't be there (at least for a while). The momentum for price increases may stlll exist but at a lower level.

Robert[ON], your posting doesn't even address the question.

This situation is NOT unpredictable, and you look at such silly items as separating out utilities as a dumb approach to the very real problem.

For those in danger of losing their rent control baseline, there are tried and true methods, such as being good to your tenants so as not to incur vacancies during the recession. Offer them gifts that will preserve your baseline and don't encourage them to leave. And, only a dope would think of raising the rent under these circumstances. The last advice you need is that the landlord is in charge, the tenant isn't.

--47.139.xx.xxx




US Rents Surge (by Tonia [RI]) Posted on: Sep 24, 2022 9:38 PM
Message:

Well, I guess we are all silly on this forum according to Moshe. However, just because a recession is coming, people will still need places to live. I do see the eviction moratorium as the biggest culprit of the rising rents and we can thank the lawmakers for that. Additionally, Robert from Ontario I feel has an excellent point regarding separating out utilities in helping address this issue. I set my rental rates lower then market, my tenants have stayed with me many years. I now have a vacancy but that is being filled with a qualified applicant, at an increase. I do see the rents surging here in Rhode Island as well but in comparison to the Boston area, it is still a bargain. --71.117.xxx.xx




US Rents Surge (by Moshe [CA]) Posted on: Sep 24, 2022 10:35 PM
Message:

If people don't have their jobs, then what do they do for a place to live? Well, some of course have extra money, and some live paycheck-to-paycheck, and if the paycheck stops, then is it any help to cite the old adage about people needing a place to live? How many such people, and what will they be able to afford?

How much can you save by separating utilities? Does it depend on how much rents will decrease? More serious advice might be to convert your month-to-month obligations into leases, maybe even multi-year, if you think that there is money to support it. Remember that no only will lots of jobs meed laying-off, but commissioned services and self-employment will bring in less cash. The whole economy will need to be seriously dampened in order to break the inflation cycle.

Rents are still surging here in CA too, but I have already seen reports of declines in momentum of rental increases from smaller communities.

Silliness is as silliness does. Do you have any serious reasons for expecting RI rents to continue surging, despite the latest and expected next interest hikes?

--47.139.xx.xxx




US Rents Surge (by Robert,OntarioCanada [ON]) Posted on: Sep 26, 2022 8:17 AM
Message:

While during a reccesion job growth will be less while here unemployment is at historic low where most places are looking for help. For those who are unemployed they can go on Ui where then find another job. If really want to work then can find a job that pays $15 dollars per hour then above no problem. Those on social assistance will never go out to look for a job as some panhandle where I will give anything to them. Health sector, skiled trades and essentail service jobs are not effected by recession. While inflation is at 7 per cent the target of 2 per cent is a long way off. At least inflation is starting to level off. Here a lot of the produce is imported from other countries as the growning season is shorter here oranges, bananas do not grow here where the stronger US dollar makes groceries more expensive. The future is separate utilities where they control and pay for the use. Rents can stay lower as consumption is dramatically reduced. As long as the madman does not go nuclear then will have leave Ukraine as running out materails and personal to continue to lose. --68.69.xxx.xxx




US Rents Surge (by Moshe [CA]) Posted on: Sep 26, 2022 12:55 PM
Message:

" during a reccesion job growth will be less "

Maybe, because Canada does not have an economy of its own, its easy for Canadians to fantasize about the world around them without recognizing the reality.

America is about to undergo a RECESSION. Canadians don't understand what that is, because their economy depends on the US, so they just blame the US and "hard times".

Given the current state of inflation, the recession will not be just "less job growth", it will be NO JOB GROWTH and NEGATIVE JOB GROWTH to the extent of widespread loss of jobs. The current inflation is deep and widespread, and the figure of Fed rates does not tell the same story that similar rates used to tell. The depth of inflation plus the fact of how much money there is in the US economy plus the flow of outside money, not into Canada, [my wife recently inquired of me, "why is the USD going up, if there is going to be recession?"] are a sign of how deep recession will have to be in order to get this serious inflation under control. Things don't look good for Biden or for Canada (CAD down 4% monotonically vs USD since September 1).

Recession in US will bring joblessness. Canada's history of unemployment will be worse because of their dependence on the US economy.

--47.139.xx.xxx




US Rents Surge (by John... [MI]) Posted on: Sep 26, 2022 1:14 PM
Message:

Moshe: Most here don't "analyze" anything. They regurgitate Fox News. I don't know what you expect...

--67.209.xxx.xx




US Rents Surge (by Ray-N-Pa [PA]) Posted on: Sep 26, 2022 7:04 PM
Message:

I am trying to think of a time where I have ever ever EVER lowered rents due to a recession. It might have taken three weeks to fill a place strictly due to the recession. I might have lowered rents due to winter weather, but never have I had to due to economics.

Then again, we typically don't push the national market place either. We tend to lag the market

--24.101.xxx.xxx




US Rents Surge (by Moshe [CA]) Posted on: Sep 27, 2022 12:47 PM
Message:

Memory plays a part in your thinking, Ray.

We haven't had an inflation this bad since Jimmy Carter. The characteristics of inflation-dampening interest rates are different, now, with a great deal more money in the country.

I wish us all luck, but those who have hastened to take advantage of the rent surge, may need to contract.

--47.139.xx.xxx




US Rents Surge (by Moshe [CA]) Posted on: Sep 28, 2022 1:19 PM
Message:

A report today in Reuters today, says that the Fed will hike its interest rate index by "a much higher peak than predicted two weeks ago and the risks are skewed towards an even higher terminal rate". The prediction is, they (The Fed) will hike its fed funds rate by three-quarters of a percentage point for the fourth straight meeting in November. They further predict that would be followed by 50 basis points in December to end the year at 4.25%-4.50%.

Thats not really a high interest rate as Fed rates go in long term, but it is enormous following a near-zero rate. Its a huge blow to the economy.

--47.139.xx.xxx



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