Are Landlords Colluding On Rent?
RealPage software is used to set rental prices on 4.5 million housing units in the U.S. A series of lawsuits allege that a group of landlords are sharing sensitive data with RealPage, which then artificially inflates rents. The complaints surface as housing supply in the U.S. lags behind demand. Some of the defendant landlords report high occupancy within their buildings, alongside strong jobs growth in their operating regions and slow home construction.
Correction: A previous version of this video misrepresented Kevin Weller’s role in the class action lawsuit.
Chapters
0:00 Introduction
01:09 Chapter 1 - Lawsuits
02:54 Chapter 2 - RealPage
05:30 Chapter 3 - Housing markets
07:38 Chapter 4 - Collusion?
Produced, Shot and Edited by: Carlos Waters
Additional Camera by: Juhohn Lee
Animation: Christina Locopo
Supervising Producer: Lindsey Jacobson
Additional Footage: Getty Images, RealPage
Additional Sources: 20for20 Multifamily Consulting, AvalonBay Communities, Bozzuto, U.S. Bureau of Labor Statistics, Camden Property Trust, CourtListener, U.S. District Court Middle District of Tennessee, Equity Residential, Federal Reserve Bank of St. Louis, U.S. Judicial Panel on Multidistrict Litigation, National Multifamily Housing Council, New York Stock Exchange, Stargate Partners, U.S. Department of Justice, Office of Sen. Elizabeth Warren, Redfin, Reuters
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Are Landlords Colluding On Rent?
I can't understand how people that work REGULAR JOBS are paying $1100 - $2500 for RENT ALONE. Ther just no F*%kn way you have a life away from work. Especially for us single people. Add a car note, utilities bills, food, phone bill... NO WAY IN HELL YOU WILL EVER GET AHEAD BY WORKING HARD. They say cut Netflix, other entertainment ect, NO MF they need to cut the RENT.
The last sentence 💯🎯
No they dont need to cut the rent these cities need to build more housing.
😂😂😂😂
@@Robert-hy3vvthe same thing would happen. And if it was government funded you would make too much to even be considered
Stop financing everything and get on a budget.
The issue is that either the renter or the owner must in some way pay insurance and property taxes if they want a "permanent roof" with utilities like electricity, gas and water. Because of this, many people-at least in California, where I currently reside-are living in tents. No taxes, rent, mortgages, or insurance. The number of people who tell me they live in their car that I meet amazes me. Its crazy out here!
It’s getting wild by the day. The prices of homes are quite ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%). Sometimes i wonder if to just invest my spare cash into the stock market and wait for a housing crash or just go ahead to buy a home anyways.
I get such worries too. I'm 50 and retiring early. Already worried of the future and where its headed, especially in terms of financies and how to get by. I'm also considering making my first investment in the stock market, but how can I do so given that the market has been in a mess for the majority of the year?
Since the outbreak of 2020, which significantly affected the market, I've been consulting an investment coach before making any investment decisions because their entire philosophy is built around employing a high-profit orientated plan while simultaneously trading long and short, as well as decreasing risk exposure as a hedge against inevitable downtrends. When coupled with their access to odd data and analysis, underperformance is virtually impossible.
@@LucasBenjamin-hv7sk Could you kindly elaborate on the advisor's background and qualifications?
I won't pretend to know everything, though. Her name is Melissa Rose Francks but I won't say anything more. Most likely, you can find her basic information online; you are welcome to do further study.
Current housing prices just aren't sustainable at these rates. If you don't have cash or equity to offset the rate you're in a tough spot and first time buyers are completely priced out. In my area, starter homes are in the $550k range. At 3%, payment was $2319 which is doable, especially with 2 incomes. At 8% the payment jumps to $4036!! For a basic 1500 sf 3 BR 2 BA. First time buyers are going to have to make $146k a year to do that and that's stretching the house payment to 1/3 of your income. If rates don't drop then values have to or inventory simply won't move.
It’s a good time to buy in on the market, so seize the opportunity to purchase stocks on sales.
I think stocks will plummet further before actually experiencing steady growth and there are still quite a few stocks that makes for a good buy this season, you just have to do your research, but to be on the safer side and not second guess your market decisions, I’d suggest you reach out to a proper investment manager for guidance, they’re better equipped at understanding market patterns/movements and adjusting portfolio to match up with these market trends.
my portfolio is down over 23% j and It’s been that way fsince 2022 and I really could use professional help, I’m close to retirement. have you worked with an asset manager before and could recommend any?
“SONYA LEE MITCHELL” is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.
Corporate landlords shouldn't be allowed to own single family homes, they should be forced to sell them. The # of apartments one entity and it's affiliates can own should be capped. The current system is unsustainable.
That would make it: not America
The tax on each unit should raise until they eventually are no longer profitable. 2nd and out of state homeowners are taxed in this way.
Rotterdam tried capping the amount of units investors can buy in order to give homeowners a better chance. The increased homeownership rate decreased the rental supply, causing rents to surge further, thus accelerating gentrification even more. This housing crisis is a result of our zoning laws first and foremost.
@@gabetalks9275 , in my hometown the last 4 houses I rented were sold. All 4 gave me 30-day notices to vacate. 3/4 are now weekly summer rentals and the 4th was sold for $161K in 2021. After a $60K flip, it sold for $385K. There is more than one problem facing renters. It's a chopped salad of greed.
@@TheDwightMamba I think we need to tax land. Property taxes are a regressive tax that taxes the poor more the rich, and the overwhelming majority of a property's value comes from the land it sits on. By only taxing the property, the rich can make money by simpling own property and doing nothing with it, profiting off the wealth generated by the working class of the area. Tax the land and burden of taxation shifts to the rich.
Racketeering is racketeering whether it’s algorithm driven or not.
Racketeering involves committing a crime. Will you sue the credit agencies and all the background check(public information) companies too? Please. Don't be a d-bag your whole life unless you want to move to China.
Not according to the small hats.
💯
HUD needs to build public housing. PERIOD. They can do it efficiently with the new materials available. They can do a public-private funding.
@@Chicago48 the politicians in power don’t want that because their sponsors will get angry. Congress is making a bill to send $17-20B over to Israel when that’s the cost to end homelessness here 🙃
I'm 25 years old. I genuinely believe I will never be able to own a home due to the prices and their trends. At this rate, I believe future generations won't even be able to RENT a home. Something big needs to happen. Homes SHOULD NOT be considered as investments.
The future is renting boxes outside. I can see them hyping up a box and saying "The scenery is beautiful, and you can live in this box for at a modest 3000K per month."
As long you don't blame the landlord
Lets all go back to the primitive times of hunting, berry collecting and agriculture. Modern word is just an infinite loop to chaos, suffering and destruction of the masses with the selected few taking big profit and survivorship off it
@@letgo9392 the landlord is the problem bud.
@@guindle9291 No, YOU are the problem. You and the rest of the poors
Shoutout to my former landlord in Bedford, VA who only charged $500/month rent for each unit, and fixed any issue promptly, every time. Not sure what hes charging now, this was in 2016.
Yay I’m from Roanoke, VA! There’s a lot of good people there
Same I live in NYC, and my landlord is basically the only one that’s not a slumlord I have a standard size one bedroom for under 1500 Recently had an issue in my apartment that was resolved the next day with no issue
Shout out to my landlord who only charged $375 a month for a 3 bedroom 2 bath about a decade ago. Glad I purchased a house 5 years ago. My mortgage is only $678 a month 😂
This is high in comparison but landlord in Chicago charged me $900 for a two bed from 2019-2023 until we had to move across country. I miss the price dearly lol.
Southwest Virginia is the only part of the state rent would be anywhere near that low
If only our benevolent overseers saw rent like minimum wage and kept it fixed for nearly a quarter century…
They wanted us to live in the factories
Blame Private Equity, Wealth Management and corporate landlords.
Don't forget "mom and pop landlords" landlording is scummy in general.
Actually no, it’s inflationary pressure. We’ve had 10 years of inflation in 3 years under this current administration. You really do get what you vote for so make sure your vote with logic and not emotions…
No blame Sheep 🐑
Blame commies who think they can be bad tenants, destroy the property and not pay rent, and who think they are being "discriminated against". B****.
Blame the small hats. They're the real problem.
The problem with massive 25%+ increase in rent it doesn’t pair with a wage increases to compensate for it which pushes people back to the rental market which further places pressure on demand. Its such a vicious cycle my generation is experiencing that either you take on an extra job to pay for it or your out onto the street.
Don't forget that on top of the 25% rent increase, chances are everything else is up about the same if not more. Food, gas, water, heating, electric, etc. So, in reality, your 25% in rent increase is the just ghe cherry on top. I know damn well, not many are getting a 40% raise that work for a living.
@@andidede3653 Your lucky to get 2 percent increase adjusted for inflation thats if your not laid off these days which you end up with a negative wage increase.
Bidens free college loans would be better spent on people who paid their own way only to be out on the street. We're in serious trouble people. Not the America I grew up in.
My property taxes increased by over 100% to 180 % this year... ask your state legislators to revert these disgusting increases, so landlords can afford to keep rent fixed!!! Compel the states to keep their increases to the same levels they insist these landlords stick to!!!
@@andidede3653Yep, cost of living has shot up 40-60% but our wages have gone up by only about 10%. This country is a joke
Need some laws to limit these corporations buying up all the housing etc.
there many private companies/ people who do it also, they get away paying ZERO TAXES because they count everything as a loss and just get another loan to keep their cycle of buying Apartments and raising rents. Regulations are much needed
@@MrDanielSolano007more regulations will stop all new properties being built. Hope u have thought of that
They haven’t even touched on the ridiculous predatory move out fees. $100 wrong color light bulb fee $300 chipped paint on doorframe $600 used microwave fee $500 fee for breathing in living room.
If you have no power then of course a bully is going to abuse you and take you for all they can. This is why renters suffer.
@@hhjhj393sounds liek regulations are needed
Don't become Sans-culottes
Got charged $1000 for “dirty cobwebs and leaves” once.
I had to pay 10k for a new key (landlord assumed I made a copy for myself)
The same should be done for home owner associations. They're raising monthly fees on home owners for no reason and clearly just following the trend of price hiking that everyone else is doing.
Isnt an association supposed to be member owned and controlled? I believe there is need for more education on what good governance looks like
Run for the board then.
@@maikvoets3628many of the smaller associations just pawn it off to property management and THOSE folks don’t care one iota about costs. Then the owners cry about the HOA fees.
@MaxPower-11 "You don't like something the President of the U.S. does? Just run for president then. "
Yeah Im also very curious how the awarding of those maintenance contracts is done. Not sure how its done in the USA but generally I am in favour for having those bidding processes be fully transparent and the quality of the work overseen by local governments.@@bsgvlog5640
Manipulating prices of basic needs like land and foods (stapple food) should be illegal
I think it’s more manipulating to make development illegal. Less housing equals more rent.
I never thought I would be alive to see this happening. My family makes six figures and we feel it. We refuse to go into debt as we are so close to being debt free, so we see it for sure, we have cut back so much. We use to travel every year sometimes twice a year, and NOW we pinching every penny to go at least once a year- crazy. All the things we did without blinking an eye like my daughter and I going to the nail salon and spa- we have to plan and seriously budget for. We do our own hair, I do my sons and husband hair. Everything is just ridiculously expensive now. Who would have thought going out to eat once a week is a luxury? So sad. 😞
That's exactly what the small hats were doing to the Germans.
@@sg5720 lucky i live on less then 15k year and i have a son I have to take care of
@@jonnym4670 sure you do buddy
Prices of everything is going up, profits are up across the board, but wages have stayed the same 🤔
It's super, duper amazing!
how the hell can people afford 2k a month on rent?
Then how can we afford the high interest on mortgage and house price ?
If the median income is $57,000 per person. They can’t. There’s a reason why 80% of people live paycheck to paycheck - rent is the reason
That's what I'm saying.... Ours is $500 per bedroom, where do these people live??
@@lars2894 let me tell u. I am living around king of Prussia. The rent is 2000 for one bedroom apartment.
people that make around and over 100k.
I live at Portside. They’re refusing to cooperate and are STILL including an addendum in new leases indicating that the building isn’t subject to rent control, despite a ruling by the rent leveling board to the contrary. They’re breaking the law and they don’t care. It’s heartbreaking and making living here unsustainable
❌UGLY FACT❌ It is a total lie to say there is no enough housing in America 🤢🤢🤮 Like in Dubai & China before, big real estate families keep large amount of empty buildings off the market in order to keep prices high as long as they can. ⚠️Remember⚠️for ultra rich families, it is better for them to keep an apartment empty for 10 years than to rent it for cheap 🤏
Have any of your neighbors talked about joining the tenant's union?
Rent control will just make the problem worse. If landlords can't increase rates, then they will just stop building market rate units altogether and start building luxury units, and then bulldoze all the remaining market rate units for more luxury units once the middle class priced out. This is exactly what happened to San Francisco in the 90's when they passed rent control. The solution is ending single-family zoning and getting rid of parking minimums. The scarcity of housing is artificially created by our wasteful use of space.
I believe only 1 tower is subject to rent control
The democrats are allowing insane levels of illegal immigration. Its going to get WAY worse.
It's surprising to see landlords taking such drastic measures. I wonder what's causing it.
I think it might be related to the broader economic uncertainties. With the fluctuating job market and remote work trends, people might be reconsidering their living situations, and landlords are adjusting to the new demand.
With all these changes, I'm thinking it might be a good time to revisit our overall financial strategy. Maybe consulting with a financial advisor could provide some insights into how to navigate through these shifting economic landscapes.
That's a smart idea. A financial advisor can help us assess our current financial situation, including housing costs, and develop a plan that aligns with our goals. Especially during times of market turbulence, having a professional guide can be invaluable.
Please how do I find and contact this financial counselor ?
Her name is Vivian Carol Gioia can't divulge much. Most likely, the internet should have her basic info, you can research if you likevian Carol Gioia”
I’m an accomplished engineer in big tech. My partner is an accomplished lawyer in big law. We make ~15x nyc median income. A 2 bedroom shitbox an hour commute into Manhattan is $1.3M. Rents reflect that, flying north of $5,500. Housing availability is a crisis.
Under supply yet there's tons of vacant and abandon homes nationwide and entire ghost towns.
Because rent and prop values are too high thus they get abandoned as landlords don't maintain them and increase crime because they drove good people out.
In my country there are abandoned/ extremely cheap homes too. So what? They are in middle of literal nowhere. Good if you work remotely (not everyone can), are a retiree or do farming, but as we get bigger machines/ better automation you no longer need whole village tending to farms, a few people with house-sized tractors is enough
@@Mic_Glow in America we have large portions of major cities abandoned. Detroit, Scranton/Wilkes Barre, Houston, New Orleans, Jacksonville, the list goes on, and on. But we have a high amount of abandoned dwellings in general in major cities.
The Gables bldg I am in raised some rents 20%. Double digit number of units open in a ~220 unit bldg. There are units available, but at unreasonable prices for the true amenities (pool closed for xx days over 3 yrs due to poor maintenance, pre-2-month rennovation, etc.) Over $3,330-3,500 for anything less than a 10-month lease, with 60-days notice required and over $3.5k for month to month for a STUDIO in a bldg with known plumbing issues+ in a highly transient market/community.
do you have money to fix one? you can buy the whole house for next to nothing if it's abandon investors buy them and fix them or build their own buildings and people are still complaining. it's not cheap to do. if they charged so little rent it would take a lifetime just to make the invested money back the government is not responsible for renovating abandon houses, they aren't responsible for building houses or apartments all they can really do is offer grants or incentives. they are so cheap because they want people to buy them, fix them or build something there. nobody wants to buy them because of the cost to repair or rebuild you are more than welcome to buy one
This illustrates the uneven playing field that we are on. It sounds like RealPage (or the like) is used to set prices for not just rental but also supermarket, tolls, ... The problem is all these are life's essentials. Not everybody is ready to be homeless or walk. On the other hand, if one works for a living, there is no software to set one's wage. Unions can do some of that, but they had to negotiate, whereas rents and tolls and the like negotiate with nobody.
If you want to get ahead in life don't be a loser. Being a crybaby will get you nowhere. Get it yet?
@techserviceondemand9409 - Did you actually just try to blame Creepy Pedophile Joe Biden's grocery inflation (among other things) on RealPage??? LMFAO. Good thing they don't follow up on false defamatory KZhead comments. My sides are aching from laughing.
@@jlam3927 the only loser here wrote your comment. 😂
@@jlam3927I am not sure why do you assume I am still in the rat race. I fully retired in my early 40s decades ago. I put this out because as I see it, this is a recipe for disaster. Don't take my word for it, just look at all the homeless everywhere, and the eviction and foreclosure waves that are for sure coming.
Just tax land as fully as possible. The value of land is an eternally safe investment that derives it value form the surrounding community. Tax the land and you eliminate the speculative price premium on the use of land today. Thereby the cost to access land is lower (compared to real incomes) and you can cut harmful taxes like the incomes tax and sales tax. Viva la georgism. kzhead.info/sun/ptGij82Bpn2vlZ8/bejne.html
Some of what you see in the video was shot at my building Portside Towers in Jersey City, NJ where our landlord Equity Residential is trying to deny our victory at our local Rent Leveling Board. If you can, please help our legal fight to achieve enforcement of existing laws by supporting our Portside Towers GoFundMe. Thank you!!!
Yes! I also live in Portside and have had to endure crazy 30% + rent increases. I am so glad we are coming together and saying that this is unacceptable. It's a grassroots effort against a landlord who puts profit above all else.
Encourage van life and removing income tax to tax landlords Ideally georgism for land value taxes instead but prop taxes instead is better than income taxes.
Warning : this may be a fake money grab.
@@greenearthblueskies8556 it’s not. You can check out our and my regular activity via news articles (look for Portside and rent control) as well as our over 400 speeches at Jersey City’s City Council since November 2022, every other week since we first began this fight. We are now having to move beyond the municipality to get the existing laws enforced. It takes money and anyone who is willing to help us is much appreciated.
@@greenearthblueskies8556it is not. See our Jersey City city council speeches starting in Nov 2022
Building new homes doesn’t matter if they are just bought up by speculators that keep bleeding the rent market.
Stopping investors from buying properties doesn't work because the decreased the rental supply will just raise the rents even further. Rotterdam tried that, and that's exactly what happened.
Where I live, there has been "luxury apartments" that have popped up all over the city and have had multiple articles about more housing than the city incoming population but the prices are still going higher and higher. The older apartments are just a smaller rate than the newly listed brand new apartments. The new ones have all higher end kitchens and bathrooms where the "cheaper" apartments haven't been updated in over a decade but wants to keep going higher and higher every renewal bc of this software comparing the apples to oranges
@@gabetalks9275 - please explain that logic. If less units are bought by speculators for renting, are you telling me that this results in nobody building new units? Because if people bought their own homes, then there is no need to rent and rent cannot logically increase.
@@svettnabb No. You see, recently, Rotterdam banning investors from buying up a certain percentage of the housing market to try and give a homeowners s better chance. The expectation would be that the cost of become our affordable. It has the opposite effect. The Increased percentage of homeownership decreased the percentage of rentals in the neighborhoods, causing rents to even further increase, thus causing the overall income of the neighborhood to rise even further. It actually accelerated gentrification. Oh The Urbanity has a great video about it.
What happens when they price everyone out? With people paying so much for housing they will have no disposable income left, that will crash the economy. And our worthless politicians won't do anything because of campaign contributions from the real estate industry.
Simple they already are and complaining about vacancies.
Where are you hearing that from?
People are moving back in with families and getting roomates. After a company bought our complex in a southern city with negative population growth due to the poor local economy, the rent has gone up between $100-200 every year since they took over a couple years ago. It used to be affordable enough that we knew single people living in 2 bedroom units, and couples with no kids in the 2 bedrooms, but most of the tenants we knew for years moved away. Now our neighbors are purely families, multi-gen families, and people who are roomates. A few of the 3 bedroom units have been vacant for months. They would rather old tenants leave due to the high rent increases, have rent be $100 less for the new tenants, keep units vacant for longer, than just keep rent increases affordable for tenants already living there.
They love to crash the economy, they do it like on average every 7 years and everytime we pass rules to keep it from happening they spend the next 10 years undoing it
The Earth is leveled and we begin anew
My rent in the DMV is going up 7%, and if I go month-to-month it'll be 16%. My studio is in an old building that has been shoddily updated over the years. They basically want me to pay $1900 a month to continue living here. It's ridiculous.... $1900 and I don't even have laundry in unit 😒
My rent has been going up 10% a year for the last 3 years. I'm in Rockville MD where are you?
Absolutely ridiculous. Montgomery County just passed rent stabilization (rent control) but it’s a CPI + 6% (!!!) limit… which is pretty much useless. We need to get organized ya’ll. Start attending Rockville and Gaithersburg city council meetings and tell them things are getting out of hand.
@@mady1999 I'm all for it! Just tell me when and where
You’re lucky. My rent went from $1750 to $2150 in DC in 1 year.
@@bookbag6432 Wild. I'm pretty sure DC has rent stabilization too. That might've been against the law.
I like how after this case was brought forward. My landlord in Minnesota changed their name within 3 days. Was thinking about posting the lawsuit cover page in the elevator just for fun.
I know 100% for a fact that apartment complexes call around to see what everyone else is charging each and every month, then set according prices for new leases. This has been the practice for decades. I have known multiple managers and been in offices while it was occurring.
I don't 'call' around but simply look online when determining a rent when the vacancy comes up, you don't shop around prior to making a large purchase?
I hope you also double rent on single moms. Landchads ftw! Screw the rentoids
Are you an accomplice?
@@todayisagoodday5027 pretty soon at least 3 states won't even offer women the opportunity to choose a man. A man can now force himself upon her and she is obligated to spawn future inmates. I think i followed the train of thought here
U mean they find out the fait market value for a service before determining their price? How crazy 😂
This company and its private equity owner needs to be dissolved by the US Government.
@letgo9392 u have to be able to afford a house and meet the bank standards not as cut & dry u think it's try having some empathy...
Renters are so Lam3
@@1thetvzoneRight! Thats the government for you. You think landlords are greedy the gvt is a whole different animal.
@@evielknievel4972 not telling me anything new over here
Give me the money I will @@letgo9392
Ok i noticed the rise of tenants taking landlords to court. I hope ya'll get your day because these landlords have been horrible for YEARS. 😡
There are many examples throughout history of what happens to landlords who do this and aren’t regulated. It is in THEIR best interest to stop before people say enough enough.
@@NoNameToYou Something rich people, politicians, and business owners tend to forget is that regulations exist to protect them just as much, if not more than, the exact same regulations exist to protect employees and customers.
i love landlords.
@@Woobieeee Until they raise your rent...
@@chaosengine3772 Gotta rent in order for the rent to go up. prices go up, inflation happens. Not the landlords fault.
I knew something shady was going on! I started studying real estate investing in 2013, and we were taught that the pricing of single family homes were based on the prices of homes that recently sold within a neighborhood that was comparable to the house being evaluated, that seems to have been thrown out the window in 2020. All of a sudden house's that had been vacant for years in Atlanta Inner City price point went up. Many of the neighborhoods I would search for property in only sold for 100,000 and at the low end 80,000. However, when the corporate buyers started buying these home and fixed them up they drove the prices up to 250,000 and beyond even though the neighborhood only dictated 100,000 at best. This also drove the rent for an apartment up. The last apartment I rented was 900 and that was for a 2 bd, 1 bth, in a complex that only worked on updating apartment as they got new renters. Over half of the buildings in the complex were not occupied, and it wasn't the safest neighborhood either, it was what I could afford at the time. Fast forward to 2022 after I had moved out in 2021, the price for an apartment skyrocketed to 1200 to 1400 for the same apartment, and nothing about the neighborhood had changed that would call for that type of increase. And everywhere you looked for apartments no matter how shady the neighborhood or how bad the apartment was, the rents were sky high. There was no increase over time, these price hikes happened overnight! How do you function when you can only afford to pay 900, and you did not get an increase in your pay at work and you have other bills to pay as well, yet you are being told that you new rent will be 1200 to 1400 dollars to renew your lease. Use to be when they increased over time that you could negotiate when you were a good and consistent tenant. All of that has gone out the window, and I'm just waiting on the market to crash, cause at this rate no one will be able to afford basic housing. And I'm talking about people who actually have decent paying jobs. They won't be able to live in some of the worst neighborhoods because the coat is just too high. What happens to these buildings and homes when people just can't afford to live in them. What drives the price then? Does the AI account for the money landlords are missing out on with all of the vacacancies they have to maintain. Of course, not the AI, just tell the landlord to charge the current tenant more to cover the cost of maintenance for empty apartments and houses. This is beyond ridiculous and drove me away from wanting to be an investor. Can not compete with big corps in neighborhood and even if I could get a house below the inflated market value in some of these neighborhood I would not want to price the house for 3 x the amount of what it is worth an swindle people out of their money. On top of that, you have people stealing people's deeds in ga right from under their noses l, but that a whole other issue!!!! It will be time for me to start planning my departure from this country soon if things continue at the rate we are going. Sorry for the long rant just hate the way thing are looking in today's world! Praying for better tomorrow's for our children!
i confused... i see empty houses and apartments everywhere... And my friends that work in the industry say the software they use is geared towards maximizing profit. the prices dont actually reflect the market..
i’m 27, have a pretty stable full time job with benefits and have seriously considered just buying a van to live in because even in my relatively cheap city rent is almost completely unattainable to the average working person.
I lived in an Avalon several times. They will screw you over on thep rice any chance they get. They raised my rent nearly 800$ in one year, i'd go talk to them and they would just 'market rate'. Such a scummy company.
I did the same exact thing
@ddc2343d- it's called the free market "comrade".
@@jlam3927 It's NOT a free market when all the major players are colluding to inflate prices!
The small hats are the problem.
@@jblyon2 he's a sheep just trolling
Our rent has gone from $900 a month to $1600 from 2020 to 2024. Huntersville NC
I'm so sick this is happening to us all. Moved to the Midwest because things used to be affordable. We are being ripped off.
if housing is so lucrative, then why aren't more being built? Sounds like shady established owners are preventing new housing.
More is being built, but it all is unaffordable and sit empty. At least that is what is happening in my area.
@@augustek5382There’s empty apartment buildings around me. They also built a mostly empty 800 unit townhouse community. Bubble will burst soon. Be patient. No one sane will pay these ludicrous prices.
Because building housing doesn't happen kn a vacuum? You need land to build on first, which has to be in at least a somewhat desirable area. There is no housing shortage in the middle of nowhere villages in Alabamah or such, but in metropolitan areas where land is limited. Then you need permits. Also for new developments you need to construct streets, power/sewage/gas etc. That is often times requiring the local government to build out the public infrastructure to connect to that, and they are chronically broke and undermanned. The real issue is not lack of housing build, but lack of permitting in existing and future zones. Nearly everywhere is just zoned for single family homes, instead of small appartment buildings (3-6 family buildings) or at least duplexes. That drives up cost of land, permits, infrastructure and such up massively, slowing down how much the governments can make available. As well as wasting the capacity of the available land. Oh, and long term it basically drives the local government into an i frastructure death spiral, as single family suburbia usualy doesn't pay enought taxes to makntain infrastructure and public services because of the sprawl.
People don't want a huge building built overlooking their backyard or taking all the street parking
@@reappermenbullshit its greedy scum bag landlords, this is why I’m glad amazon is entering the market to put a lot of these landlords out of business.
I left Brooklyn, NY in 2009. The rent for my1,200 sq ft apartment was 1,200. Right over 4th Ave in Sunset Park. Mile 5 of the marathon. Today, that same spot is $4,500. The floors have hills.
laws are totally tenant friendly. As a result, landlord needs to be compensated for the risk of taking on a new tenant.
And landlords should not be bailed out with prop 13 or subsidies. Nimby laws. All nimby laws thrown out. Landlords unless it us primary residence of 500 sqft per family member or household should have no protection or tax deduction such as 27 yr depreciation that income tax payers do not get. If landlords get that income tax payers should get rental deduction to full effect of income taxes. Meaning that 50k rent paid means 50k tax deduction completely. Since we ourselves are itself a business in reality. Thus deduct food transport and rent from income taxes 100%. Any gains after is taxed if they want to validate landlord claims since that's exactly what rich wealthy have been doing.
That's a 375% increase in that time. If the rate stays the same at 375%, another 15 years will see the rent at $16,875/mo
@@iguess2739 I miss BK like a mofo, but know that I will never be able to live there again... not for rental prices that could buy land every single year.
@@ksjdfovck leech detected
These landlords are price gouging
No one is stopping you from buying your own place, or dont move to an apartment that you think is overpriced
@@Brendonbosy man stfu. Most people can’t buy their own place.
@@Brendonbosy no one is forcing these “landlords” to move out of their homes to downsize and over charge rent on a home they themselves can barely afford, hence the over charging. Have some compassion baldy
@@Brendonbosy landlords and house flippers literally have stopped people from buying their own homes by flipping all the starter homes and fixer uppers out of existence.
Oh please. You have no idea what the Landlords have to pay. It is not lucrative to be a Landlord and you are lucky to clear a few thousand dollars a year. Clearly not worth it to be a Landlord.
The issue is there are too many large landlords/property management companies taking a high percentage of the market. We need significantly more housing and less concentrated rental ownership
You say it like rentals aren't real housing. That's complete nonsense. We need more housing diversity. Not cracking down on rentals. 75% of our housing market is just single-family homes and nothing else with no missing middle outside of cities.
@@gabetalks9275 Please explain to me what's preferable about paying a constant, ever increasing sum for no purpose other than to line some unseen beneficiary's pockets as opposed to doing the same thing with the prospect of eventually owning the property (i.e. a mortgage).
@@gabetalks9275 Not at all. I was saying that ownership % is way to concentrated in certain markets were you have several large landlords/companies owning a significant amount of the rental market. Ideally you need more lenders to have better competition. In the short term though antitrust investigations might be needed for some regional rental markets.
Because landlords have become extortionists.
I'm in Montana. My town isn't big, but landlords have all jacked their prices up too. Apparently they were all happy making $1400/mo until they saw they could double it... every one of them claims it's to "keep up with taxes." Suuuure, it has nothing to do with you pushing out good tenants to improve your own retirement right?
First, you can thank all the people that decided not to pay rent during the rent/eviction moratorium even when they had the stimulus or were still working. Anyone who thought prices would stay remotely the same after that fiasco is certifiably stupid. Secondly, my property taxes have went from a few hundred dollars a year to about $1,300 a year because land values have went from about $3,000 an acre to $15,000 an acre or more in my area. My friend that lives up the road a few miles, has a few acres, and has a prime piece of land has had his taxes go from $6k-$7k to up over $15k a year. And lets not forget that homeowners insurance has been going up something like 30% year over year for the last several years. Landlords bend over backwards to keep good tenants, but just like everyone thinks they are a great employee they also believe they are a great tenant which statistically does not bear out. And landlording is not nearly as profitable as most people think it is unless you literally own hundreds of units that are squeezing out a few hundred dollars a month of profits with perfect tenants that pay on time and don't destroy things. One bad tenant can cost tens of thousands of dollars offsetting the profits of dozens of rentals. The real value of landlording is that it is generally a safe store of wealth. Those stock market 1's and 0's can all but disappear like they did in 2008 when peoples investments almost halved virtually overnight. Frank-Dodd okay'ed bail-ins making your bank deposits unsecured loans to the bank.
The # of people who did not pay rent is too low to cause a national rent price increase of this magnitude. Demand for apartments are high because the lack of affordable single family homes. Developers know this and can charge whatever they want. @@apersonontheinternet8006
@@apersonontheinternet8006 Exactly! I used to be a Landlord in Florida and I sold my last rental house during the pandemic. If I cleared $ 3 or $ 4 thousand a year off a rental house I was lucky. People don't realize that a call to a plumber, electrician, A/C, will cost $ 150 or $200 and you have to pay for parts and labor after that. I had to pay Florida business tax plus accounting fees. Most tenants don't care for the property like the owner would so when they move out it costs a lot to paint and repair. Also Taxes and insurance were expensive. The only reason I was a Landlord is because it was a safe place to park my money and I made a lot from the appreciation of the properties. Otherwise being a Landlord SUCKS!
Can't blame the landlords for trying to maximize returns on an asset. To change behavior they have to receive an alternate signal - like losing the asset.
My rental hosue was paid off by my landlord decades ago... he paid ~$30k. He brags how it was the worst house on the block and how cheaply he was able to "fix it up." He charges me $1700/mo (over $20k/yr). Tax increased $100/mo... I got to eat all of that increase. It is not a nice house or a nice location. Basement flooded in a big rain and carpet was ruined. He tore out the carpet and left gummy bare patchy tile... says he'll fix it up when i move out, but its not worth it now since im already renting it. I get that he can do what he wants with his property... but he is rich, and retired, and refuses to cost share the tax increases at all while making $15k+ off me every year, and doesn't spend a dime he isn't legally required to. That rent increase is a lot of money for me... not so much for the guy who bought this house for literally $30k back in the day and who now makes that every 2 years off me now (plus MASSIVELY increased equity) Same guy tells me I'm the best tenant he's ever had. Single, no pets, quiet, clean, never pay late, neighbors like me... Am I supposed to feel grateful that he hasn't jacked up my rent more and pushed me out of the area? Thanks for not raising rent even more to pay for a new car? Thanks for passing on 100% of what would be a tiny cost increase for you, but ends uo being a major cost for me? I have zero sympathy for any difficulties landlords run into. I could probably afford a fkn house if landlords wouldn't buy every damn property. 53% of people in my area rent... that implies 50% of homes (let's say 40% at LEAST since I'm sure you'll be pedantic) are owned by someone who already has another home and would rather get weathy by making someone else's life more expensive. That doesnt count short term vacation rentals either. If rich assholes didnt buy houses to maximize their revenue streams, then also profit off the resulting property "value" increase when they sell... we would not have the housing issues we have today.
Shout out to NBC for saying something that literally everyone everywhere on earth has known since the literal feudal era
Housing is a requirement. It’s should never be a luxury to rent an APARTMENT! for peep sakes folks can barely afford groceries
The rate of increase of the population has been at a historic low in the US for years. Therefore, the idea that these rent increases have anything to do with an increased population and not enough housing is an absurd statement by people looking for tax incentives to build new buildings that they can charge even more money to live in.
Repeat after me: There is NO shortage of houses in America. There is only corperate greed that owns them all and wants you believe there is. The majority of SFH and Rental properties are owned by massive investment firms who are charging more than what they are worth and crying wolf that no one wants to buy them. We need a housing market that isn't run by major banks and lenders focused on making homes INVESTMENTS, and returning homes to exactly what their original intent was all along: a roof over your head to call home.
Housing is expensive and under supplied... so lets take advantage of it. I remember when I moved out back in 2019. During the lease signing, the agent was openly telling the rep for the management agency (jokingly) to stop putting low rent apartments out there. Despite the fact the apartments in the building were all rent stabilized. Like the people working in real estate have lost themselves to the profit motive and we all need to decide if we are just going to step aside and continue hearing their whole bs speech on "its not moral but it is legal"!
The US needs rental increase legislation so that the people don't get gouged, like they do in Canada.
More regulations = no new construction
Price gouging putting people on the streets. The difficult process of finding and securing a place to live is contributing to homelessness. People in hotels, short term rentals, campers and RVs and couch surfing is significant and not counted as homeless. WORKING PEOPLE IN DIRE STRAIGHTS
And yet many people want to just blame homelessness on drugs. No one thinks it will happen to them until it does.
Can you buy a property and rent it to me under market price?
@@letgo9392 Nobody is forcing you to hoard housing
@@jennifermarie3158 nobody should be telling others what to do either🤷♂️
OK, like college kids, we now need to start finding each other and figuring out reasonable roommate situations. Unfortunately, that’s what we have to work with at this point until this situation improves, or that’s what will have to do as it continues worsening
This is 100% true. As someone who’s been renting in the Boston area, this software driven rent increase is insane. I was offered a renewal with a 32% increase last year!
If you don’t like it buy your own property with your money It’s private property
@@francobarbagallo8915So what do you think is gonna happen when nobody can afford to buy anything or rent? Do you really think raising the price every year is a good thing? Wait until it’s happening to you and you can’t afford it. Then it’ll be a problem
@@eligreg99 "So what do you think is gonna happen when nobody can afford the rent? ".......then the rent comes down. it's called supply and demand
@@jgg204 Well a lot of people can barely afford it now and it seems to keep going up so I’m not so sure about that model anymore.
@@eligreg99 You're wrong though. Rents in these A-class complexes in all of the bubble areas is decline.....Austin, Boise, Denver, Dallas, Nashville, Miami....rents are all declining. Plus, you aren't entitled to live in an A-class apartment. If you can't afford it, there are B-class complexes and even C-class complexes. If you make $50,000 per year, why should you be entitled to live in a luxury complex? Go live in 70's, 80's, or 90's built complex where there aren't price-driving amenities. Planet fitness is $10/mo. You don't need to spend $3,200 for a gym
This is what happens when you claim an economy is capitalist but that economy has no competition. When the supply of product is this low, and the product is absolutely essential to living, then you have a situation where the suppliers can charge almost anything. We have a deficit of millions of homes, mainly because, since 2008(and earlier for multifamily) we just haven't been building enough homes
Capitalist economies have no mechanisms to stop monopolies from forming when the natural supply is low.
When it comes to raising the monthly fee, I hope the renters win. I'm sick of greedy landlords.
If you have an eviction in 2024 you will never find an apartment to rent until it's off of your rental history background in about 7 years
We need more Affordable homes not Rental apartments….
Rent is insane in DC. Not to mention a lot of properties have the audacity to charge you $200+ a month for parking 1 vehicle. I looked at the south and even they are getting expensive and have the nerve to ask for application fee, on top of an administrative fee and a deposit. It definitely is capitalism. I never felt so poor in all my life.
THISS!!! The parking fee is $250 on my old lease for garage parking and $150 for outside parking. On top of the already $2,100 rent + utilities + online payment processing fees, everything adds to about $2,500/month just to have a ONE bedroom in DC. $2,500 just to have a roof over your head is beyond unbelievable.
❌UGLY FACT❌ It is a total lie to say there is no enough housing in America 🤢🤢🤮 Like in Dubai & China before, big real estate families keep large amount of empty buildings off the market in order to keep prices high as long as they can. ⚠️Remember⚠️for ultra rich families, it is better for them to keep an apartment empty for 10 years than to rent it for cheap 🤏
You can thank parking minimums for that. Not capitalism. Parking minimums forces the renter to pay for parking, even they don't use it, because building and maintaining the garage is expensive. The price for covering that is shifted onto the renter. Blaming capitalism for this is an association fallacy. The real problem here is single-family zoning manufacturing artificial scarcity and parking minimums manufacturing artificial scarcity while simultaneously forcing the everyday to pay for parking they may never even use. We need to start building mixed-use density.
America has exported all of our good jobs to the biggest commies, the CCP, leaving us with little options while robots continue to replace people. "Our country" has been hijacked by big corporations who have little interest in the people.
@@gabetalks9275Sure, that's part of the problem, but these buildings have been here for decades and rents were not previously this egregiously high. Something else has changed, ending you ask me, it's private equity.
They should take the people who raise property taxes to court as well.
It difficult for small properties to stay afloat with the huge increases in taxes, sewer, water, insurance, utilities, and Maintenace. The large corps are greedy though.
in my state they are generally voted on... so we can throw the voters all in jail?
There should be a damn law to stop landlords charging over $2500 this is getting ridiculous. Profiting over people living shouldn't be a thing
Yeah. And there should be a damn law where tech workers can't be paid more than public school teachers in the district where their pay is generated from. See how that works ?
And lets also stop property taxes from going up so landlords dont have an excuse to increase rent.
It’s a free market. If a landlord is charging way over market price, then ppl wont move to that bldg. Rent has increased in the aggregate and you have no one else to blame but your boy Double Digit Inflation Joe
Can they also add in a law for the government to not increase the property tax
Then why don't you buy property and rent under market? Should be easy no? Be aware that you need to deal with squatters, those that refuse to pay rent , those that destroy a property because it can take 3 years to evict.
The housing situation just gets worse and worse and nothing is done about it.
No money to be made in fixing any problem in this country. So nothing gets solved.
My grandparents bought a house in the late 70s in California. My grandfather worked at a farm & my grandma stayed home & took care of 4 kids. That isn’t possible anymore bc the working class can’t afford houses or children. People & corporations purchasing houses for profit sounds good at first but just like anything greed takes over & the working class get no affordable housing. It’s super sad!
My family moved to the US and California in 2010, right before it became a real shitshow. They have been renting the same apartment since 2012, that is 12 years now. in 2012 they were paying $1100 for a non-renovated 2bed 2bath apartment. This year, their rent was 2280 for the exact same apartment. I moved to Iowa last year, my rent is less than half for a bigger apartment. It is NUTS
It was still a shitshow then
Gotta get that 15% ROI to 30 to satisfy the billion dollar firms
That ironically we’ve bailed out multiple times
@@NoNameToYoushut up communist /s
Not just ROI, Big Corporations will continue to buy in one area and force rents to rise, renters have few places to go. Additionally this can cause home prices to appreciate. A landlord with a few properties is happy with 5% to 7% ROI. Big Corporate 7% to 10%. Add about 6 to 8% appreciation to 7 to 10% ROI and they can meet or beat the average S&P historically.
And here i hardly get 4.5% roi
In my neighborhood there are 30 homes that are owned by one guy from California. I live in Plano Texas.
I don't even make those types of rent prices in 3 months on my paycheck. How in the world do the elderly/disabled people make it in these towns with these types of rent payments on Social Security benefits? God bless them. Yes, something needs to be done on landlords taking advantage of their tenants. Just ridiculous!
our HUD department should take over and start building condos/townhomes and selling them to the public at an affordable price and with the profits keep building more condos, it will bring job and affordable housing to everyone but our government is incompetent
Good luck getting any politicians to do something as risky as having the government interfere in the free market. Some politicians would consider it but there are enough people out there who would faint at the idea of their house price being impacted by other people being able to afford a place to live, and those people vote.
instead they give out free SSI and food stamps so you buy all the vedgtible oil and sugar loaded foods they sell you at walmart which they secretly own to then have to treat you at the hospital@@SL420-
Rightfully so 💯 how is someone suppose to afford rent if snakey slumlords keep raising it up $100+ $200+ in a year?? Murica: land of the struggling, home of the homeless 💯
If you think rental increases have anything to do with homelessness you have never had a conversation with a homeless individual.
@schenksteven1 First off, *YOU don't know me or my experiences.* Homelessness is rampant in my hometown and the cost of living is one of the main contributing issues.
@schenksteven1 That along with poverty wages and what do you get?? Rampant homelessness and displaced people
@@Jay-jb2vr I don't know anything about you or your experiences. I do know enough about homelessness to know that (unless you live outside the western world) the cost of living is not one of the main contributing issues. I also know that wages have almost nothing to do with homelessness. If you provided free housing, and a living wage job, to every homeless individual in the US, most of them would still be homeless tomorrow.
@@schenksteven1 *You're too ignorant to speak on this topic* 💯
Landlords charge a "teaser" rent for the first year then jack it up every year because they know everyone hates moving.
They sure are. I used to sell appliances. And a big landlord came into get brand new ranges. He told me he was doing this so he could hike the rent. He also told me that he meets with other big local landlords, and at their meeting, they decided that Eugene, OR could match California rates in the future. He said if students are willing to sleep in their cars and go to college in CA, they can do it in OR. This was in 2016. My rent was $800 a month. Similar places have rates of $1000-$1500/ month today.
how about we are also willing to build our own houses and ignore you
this is what happens when companies get to big and then big companies instead of competing with each they work with other they monopolize the system and its the low/medium income citizens that pay the price
I always thought there was price fixing in large rental properties. You shop around and you will find similar rents and fees and they all have empty apartments.
Exactly. Aren’t they losing money or is it a tax right off for them? I just don’t understand their strategy.
It's a tax write off for them. Like business expenses or losses on an investment. There's no real incentive for them to lower rents or try to fill the rooms. Either they get renters that will pay what they're asking or they can get tax deduction on the loss
Its called market rate, that is what everybody is charging for a particular unit type. Most apartment owners do not want to compete on prices, aka the race to the bottom. This is the same practice for any business
Keeping rents elevated increases the value of the property, regardless of vacancy rate to an extent.
@paulm5458 - You don't know what price fixing is.
Hot take: Nobody should be allowed to own more than one home. Period. Housing should not be a way for people to make money.
That's insane and the wrong answer. The government needs to regulate rent.
That is a hot take and with the population of US now I'm not that opposed lol. It's getting ridiculous out here in some of these parts I tell ya.
Absolutely. There's no reason for it. At most two homes.
@@prentfaiyaz That's insane and the wrong answer. People who can't afford it need to stop living so large. Single-wides are quite affordable but not very chic. False pride is a stumbling block.
@@DukeofBlasphemy One home and a summer cabin, and you need to pay vacancy tax on it when you aren't living in it.
How about local governments finally begin allowing mixed use development. You know… something in between single family houses and skyscrapers with the possibility of the commercial space at ground level. This way there will be enough housing for everyone.
Should take the government to court with all the property tax increase hikes too ffs
Ideally, we should be replacing our tax system with land value tax. Property taxes are a regressive tax that tax the poor more than the rich. By taxing the land that the properties stand on instead of the properties themselves, the burden of taxation will be shifted onto the rich. Not the working class.
@@gabetalks9275 Exactly, Land Value Tax can only be a net benefit for society and equalize the wealth disparity...which is why it won't happen as long as the rich are in charge.
Local governments set property taxes goober. Just so you know.
@@jlam3927 is local government not a subset of 'the government'? I was just notified recently my county is raising the assessed value of my property by 30%, not that any work was done or an actual assessment performed. They're raising it just because of home values nearby, so they think they must be leaving money on the table- if they keep the existing property values in place.... And the Assessed value is higher than even zillow/redfin estimate it
@@jouaienttoi Stop dooming. The rich want you to be a doomer because that'll make you more accepting of the status quo.
You gotta have a full time & part time job, side hustle plus sell a lil weed to afford rent here in Miami it’s INSANE
Facts I am trying to get my license to sell insurance or real estate as a third side hustle income job
live in Medford, Boston region, from 2018 to today my rent went up from $1550 to $2100, house built in 1900, everything is old, the price here in the region has risen skyrocketing and there is still the risk of the owner of the house going up even more, 2 bedroom house small rooms, tiny kitchen, very hot in summer as the ceiling is lowered
That is actually cheaper than many 2 bedroom apts in Boston.
@@TanNguyen-nq9nj I don't think it's that cheap because it's a very old house, third floor and small rooms, close to the house there's a condominium, huge rooms, laundry in the house, elevator, swimming pool in the building and parking space $3200 two bedrooms, built in 2015 Do you think that it's cheap to pay $2,100 for a house with low ceilings, narrow stairs, wood-paneled walls, and a third floor attick?The houses here in Boston are mostly houses over 70,80 and even 100 years old, I've seen trash apartments for $2000, the reality is that they are taking advantage and charging absurdly expensive prices, it makes no sense for the rent to rise almost 100%
you are lucky that you are not living in California. I just rented out my newly purchased townhouses for 6800 in soCal, even the smallest rental property I own collect at least 6k a month here
@@samsongxin I've read about California, if I'm not mistaken, it's the most expensive state for rent and to live, the cost of living and taxes are very high, no wonder many large companies are leaving the state and moving to states like Texas and others where everything is much cheaper than in California
@@augustojunior5906 Sorry for the confusion. I did not say that it was cheap. I just said that it was cheaper than other options. I live in the the area and definitely know that it is not cheap to live. In my town, the two bedroom apt is about $2700.
Yes. My rent has gone up 25% from 2021 to 2023 for a non- luxury building while under one of the management companies mentioned in the this video and I am outside of the beltway. Studios 30-50 mins from the city are still 1900 or more, so it’s out of control here and most ppl just have roommates till their 30s or move back home with parents to save at some point.
The government increased the money supply by 40%, so this is to be expected. My taxes increased by 30%. We have no choice but to pass some or all of that to the renter. Housing is a mess, but the government created this mess with massive printing during covid. Not to mention endless QE which was explicitly designed to inflate asset prices.
Well what about the government colluding on property tax hikes? Jumps of 500% are considered legal…
In 2013 my rent for 1 bedroom apartment was $750 in denver colorado. By 2015 my rent went up to $1000. I was told by 2016 my rent would go up to $1300. In 2016 i decided to buy a house and i did for 200k 4bed 2 bath 2 car garage big back yard, good neighborhood in Colorado springs. I looked online to see how much the same apartment in denver is now in 2024 and its now $2200 for the apartment i used to live in. I made a smart decision!! Also my home is now valued at 450k. Very ridiculous the econmy now and im only 33 years old!!
The last place I lived in Mountain View, Ca I was paying $750/Mo. in 2000. I just looked it up and its now at $2250.
If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to build generational wealth and cultivate financial knowledge, you must be in the market......
I agree with you and I believe that Professionals are currently dominating the market since they have access to both the necessary strategy for making money in this industry.
That's awesome to hear. I invested 5k in Robin hood about a year ago and it steadily went down, now my portfolio is down to $800. I don't know what to do and i am in between jobs
@@Florencecoxx Understanding your financial needs and making effective decisions is very essential. If I could advise you, you should seek the help of a financial advisor. For the record, working with one has been the best for my finances.
I’m Glad i stumbled on this. Please, if its not too much of a hassle for you, can you drop the details of the expertise that assisted you and how to get in touch.
@@Florencecoxx I get guidance from *Sarah Alma Martinez* Most likely, the internet should have her basic info..
Wow!…Real Page! Wow. My complex lost half its residents due to extreme pricing by real page. They already had my rent up $350 a month. Then Real Page drove it up another additional $350. Tenants left in mass. Now, they had lowered the rents back down $350, to where it was previously inflated. It’s been down for months. Last leases has a zero increase… Now, with all the empty apartments..guess what…they must have gone back to Real Page, because now the prices just jumped back up $350 more again. So HOW will that help struggling earners that couldn’t afford the medium prices, afford it now that it’s up again by $350 more? Should be illegal.
You are going to see automated systems crash when market prices are not stable. Software can't factor human emotions or understand the market. I like the AI angle in the report. That's mostly just computer software searching the web for data on prices. The idea is that software that can gather more data then the information is closely to be correct. It's never going to be 100% correct. Some companies are going to learn the hard way that software tech sales are lying about the results.
@@jjred233human emotions aren't the issue here overall, economic factors are. Software can do that perfectly fine, the question is what you tuned the software for. Do you set it to achieve maximum rent price on it's own, or to e.g. achieve maximum price you can safely get while achieving over 80% occupancy (or whateever number you want). Sure there will be a few missteps along the way, but nothing major like what the OP described.
Algorithm: "You can hike your rent by $350 because blah blah blah..." Landlord: "I would follow the advice. Thank you!" A month later... Algorithm: "You can hike your rent by $350 because it is surging in the entire neighbourhood" Neighbouring landlord: "I don't want to be late on the train"
I worked in property management for 7 years. The answer is yes. They absolutely are colluding.
I'm just gonna sleep in my car join a gym and rent smallest storage and save over $2000 a month 😢😢😢
Already doing the same thing. Gonna save for a few years until I can afford a mortgage. 🤜🤛
ALWAYS live below your means.
Until housing supply can meet or exceed demand, rents will continue to rise sharply. There’s no regulatory or legal mechanism that can stop this. In fact, it may only curb new housing starts and make the issue worse. Part of the reason rents are increasing so sharply in many markets is because millions of people continue to migrate from California, NY, etc in favor of places with lower cost of living. The places they are fleeing are the most expensive in the US in large part because they are the most difficult to add to housing supply.
I know a land lord, she said she was raising the rent on her homes because "everyone else was" truly disgusting in every sense of the word
We are tired of paying 2500+ a month for rent
Greed has no bounds.
Only because we treat it like a virtue.
Right. So full blown price fixing monopoly so landlords don’t have to compete. Perfect.
New building codes are intentionally making new construction cost prohibitive. Recent amendments to building codes are NOT for safety, but instead line the pockets of manufacturers. This increase in building costs has lead to the housing shortage we have now.
as a retired building inspector this is dead on. Yet that pales in comparison to the absurdity of so much of building codes, maybe 50 years ago the building code, not plumbing, HVAC or electric, could be carried around in a back pocket now a hand truck -- that's right a damn hand truck is necessary if one were to haul around all the various building codes manuals. So what's the benefit to the typical consumer of housing or light commercial vs that 50 years ago? A little safer sure in some respects, but current codes are there to ensure against 'all' possible catastrophes but 1 and one very important 1 -- 'individual responsibility' and no matter if building codes were tripled there's no making up for that need of that individual responsibility...
And we have 2 families living under one roof these days cus no one can afford rent on their own
There isn't a housing supply issue. The issue is big corporations are buying up all of the housing. Regulate them out of the market and prices will come down
👏 👏 👏
Exactly this trickle down economics and putting altruistic faith in “big business.” To take care of our needs in an unregulated market. Is propaganda, if they could they would have us working like in the gilded age.
You are a few decades too late. The last instance was telephone companies. Since than it doesn't happen anymore.
Well said
We need to actually let them fail the next time they demand bailouts.
so Realpage is incentivized to profit off each customer/unit with a percentage fee- so naturally it will 'default' to above average rates for the local market to boost the fees they're taking in- and the more property management firms using it, means an endless cycle of raising prices on tenants in the area It is designed to make a profit, and explicitly not care about renters feelings or capabilities..
I was surprised that Wall Street would buy into Rental Housing. There are more than 3,500 Counties, Towns, Cities and States in the US, and the "landlord" would need that 3,500 representative to administer tenancy suits in the US. Now comes the sell-off.
Uhm, what? Why does it matter for corporation a that buys and then rents housing in, say, washington dc that there are thousands of other cities, counties and states in the US? The can't be sued in a random place in alaska about their properties in DC. They only need representatives in the place they are doing business with, same as with any other kind of business they could run.
Also, it's all of the 'cash out refinancing' landlords get off the value of their properties. They refinance and keep the money and tag on the higher mortgage payments to their tenants. Corporations borrow the money, and the tenants have to pay it back. It's disgusting.
I’ve been saying this for years. landlords have so much equity then they want to cash out now the tenants are left holding the bag. then landlords talk about oh cost of maintenance and raw materials for repairs. no the truth is they got that money loaned to them by the bank and now need tenants to pay it back. all the while, little to no improvements to the units are happening. it’s greed.
They will raise rent for as high as they can. Residential real-estate should be exempt from finance capitalism. Let greedy people make money 💰 only via the means of production. In other words, by actually working! 😳
Time to implement a rent cap!!!
There should be a law that caps rent by the percentage of income a person has. Doesn't make sense that 50-90% of a person's income will go to rent.
These mega lords are very different from mom and pop landlords with one or two properties
Ban corporate ownership of single family homes, Ban foreign investors from owning US real estate and Ban Air BNB = Housing prices would crash overnight
Ban all the employers form giving raises to their employees, then the inflation will crash overnight....!!!!
Rotterdam tried banning investors from buying up a certain percentage of the housing market, and it caused the rents to skyrocket due to the decreased rental supply. This is housing crisis is a result of manufactured scarcity via single-family zoning and parking minimums.
@@bogdan78pop When it comes to the pace of annual pay increases, the top 1% wage grew 138% since 1979, while wages for the bottom 90% grew 15%. Your argument is trash just like you
@@gabetalks9275 "Airbnb was responsible for nearly one-fifth of all the residential rent increases in the United States between 2012 and 2016." Investors are buying homes for short term rental use as well
@@supadave422 Ban the short-term rentals then. Short-term rentals aren't real housing. Short-term rentals just turn housing into hotels. That's completely different than blocking investors from buying up actual housing.
This is how revolutions start. If you cannot live, you will fight to live.
See you in 2076
Rent control may sound like a solution, but it just makes it worse. When landlords can't raise the rent, they just stop building market rate units and shift to building a wave a luxury units. Then, when all the middle class residents are priced out, instead of continuing to sell the units, they'll just bulldoze them for more luxury units. This is exactly what happened to San Francisco when they passed rent control back in the 90's. Stopping investors from buying up units doesn't help either because when Rotterdam tried that, while it increased the homeownership rate, the decreased rental supply caused the rents to surge, which still wound up fueling more gentrification. We need to recognize that this housing crisis is first and foremost, the result of our zoning laws. The landlords and investors are reacting to it because the manufactured scarcity has put the rich and the working class is a bidding war for the limited supply. We need to get rid of single-family zoning and parking minimums, replace our current tax system with a land value tax, and allow apartments up to 6 stories instead of just 2 to only need one staircase.
Rent controll can be balanced between renters and homeowners. It is important to have many different owners and housing providers to allow for Competition
Oh please. With a severe house housing crunch, most buildings that go up are luxury buildings. Its happening already/anyway.. so just do nothing? 😂
Yes, housing supply is the crux of the problem, but the other half is land speculation. When owning a home is a good investment, the cost of housing will ever increase, by definition. A house should be a similar asset class to a car: a large up front cost of a depreciating asset that requires maintenance over time, or a long term rental. Just tax land and you eliminate the ground rent seeking behavior of land lords and remove the political motivation to lobby for restrictive zoning laws that keep the number of units and the density restricted.
@@RavenMyBoat Georgism Supremacy
Then ban the ownership of land. Make all land government property. Problem solved.
What's great about all of this is that if you get into a lawsuit with one landlord they tell every other landlord so it's impossible for you to rent ever again
The government needs to get rid of corporate landlords!
what individual would be able to build ia 500 unit apartment complex? not many
@@williamhaynes7089we will live like great great great grandpapy then