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70-80ish % of people will do everything they can to maximize every dollar they can accumulate in their bank account towards XX years of nest egg & retirement, and that includes accumulating all of the property they can get their hands on (for as cheap as possible) and jacking up the rent as much as possible.
But ... it doesn't really matter how much money you have or don't have.
You end up in the same place. That ... I guarantee.
I don't think people are willing to pay they are forced to pay; you have no other choice. Yes, we can move and again face the same situation when the next landlord increase they rent to 50%.
As for decline a 20% increase in my salary, please tell me where I can find that job
If what the company sells was not a necessity for living, then the customers can make a choice on if they want to pay for the item or not. For example, if Starbucks raise the price of the coffee and I feel I can no longer afford it, it's no big deal. I can live without it. I may not like it, but it would not have a drastic impact on my well-being or quality of life.
Roommates...
Time to swallow your pride.
2 bedrooms are FAR more reasonably priced than 1 bedrooms and tenants can have more control.
Doesn't matter your age. 35, 50, 65. These are different times.
Everyman for himself. Let the bloodbath begin!!!
That said ... see above post. The end result is the same for everybody.
your apartment complex is a corporation set up to make money by people that invested their own money. Why not charge the market rate, if not you are just giving your money to others for no reason? People complain about this, but I do not see any of them investing their own money to buy buildings to rent at lower rates.
Because housing is not equities.
Housing is a necessity.
By your logic, the top 2% could if they wanted to, pool all their money together and buy up all of the available rental real estate in the state, and reset the rental prices to exorbitant rates. I'm talking way higher than it is now.
People would do what they needed to do afford rent including crowding together and overspending their budget by double.
But 1) there's failsafes to prevent that (County/Town planning, etc) and 2) not all wealthy people do that with their money and 3) some landlords just realize it's passive income and just don't raise rent much (though that is very rare these days).
Good morning,
My question is for property owners / tenants. The complex that I live in just increased it rents by 10% for the last two years. Which resulted in 146.00 per month ($292.00 in two years). I find this to be excessive. The complex has over 300 apartments. Based on an 80% occupancy for a one-bedroom apartment that is approximately $455,000.00 annually for the property owner.
I understand the need for increase, but I have lived here for over 12 years and the increase has been 4%.
What has happened that caused such a drastic increase? I have written the mayor of the town and the councilmembers asking if some type of rent control can be instituted that would be beneficially for the property owners and tenants, but to no avail.
I am a senior citizen who do not make a six-figure salary and is finding this a struggle to pay.
To the property owners please tell me what your thoughts are and is there some type of compromise that you find acceptable without putting too much of a burden on tenants.
4% is a drastic increase? my insurance went up 11%. I don't see government capping them, nor my water bill which is run by a government entity. The reason things are going up is because people voted for free ****, the government printed a bunch of money to finance free **** which causes too many dollars chasing a finite amount of goods also known as inflation. Word got out about too many dollars and the central bank decided to take back all that money by increasing interest rates. So you have residual inflation and high interest rates. Another issue is the barriers of entry into trade work which allows construction and maintenance labor to be scare, monopolizing prices and leads to very costly maintenance and repair cost. Then u add the fact that everyone want to be "elite white collard worker" or "a content creator" instead of plumbers and roofers, u have this scarcity in skilled labor-
Not the best environment for real estate and managing real estate. Your landlord is passing those cost to you to maintain his margins as a business.
While i do think that certain vulnerable populations should have some isolation from inflation, that insulation should not rest on landlords alone. And I would not favor rent control
Without means testing, Rent control is wealth transfer from owners to renters.it pits owner against renter, and the renter usually wins. Your town probably doesn't have a bunch of renters like Newark and Jersey City so there isn't much tenant advocacy to start attacking property rights
A better approach the city offer tax incentives for landlords that keep low income seniors below market rate or cap their increases. That way the whole town bares the burden of low income seniors and not just some landlords. But most municipalities wont do that because there are just as greedy as any landlord. NYC is being sued for this very thing
4% is a drastic increase? my insurance went up 11%. I don't see government capping them, nor my water bill which is run by a government entity. The reason things are going up is because people voted for free ****, the government printed a bunch of money to finance free **** which causes too many dollars chasing a finite amount of goods also known as inflation. Word got out about too many dollars and the central bank decided to take back all that money by increasing interest rates. So you have residual inflation and high interest rates. Another issue is the barriers of entry into trade work which allows construction and maintenance labor to be scare, monopolizing prices and leads to very costly maintenance and repair cost. Then u add the fact that everyone want to be "elite white collard worker" or "a content creator" instead of plumbers and roofers, u have this scarcity in skilled labor-
Not the best environment for real estate and managing real estate. Your landlord is passing those cost to you to maintain his margins as a business.
While i do think that certain vulnerable populations should have some isolation from inflation, that insulation should not rest on landlords alone. And I would not favor rent control
Without means testing, Rent control is wealth transfer from owners to renters.it pits owner against renter, and the renter usually wins. Your town probably doesn't have a bunch of renters like Newark and Jersey City so there isn't much tenant advocacy to start attacking property rights
A better approach the city offer tax incentives for landlords that keep low income seniors below market rate or cap their increases. That way the whole town bares the burden of low income seniors and not just some landlords. But most municipalities wont do that because there are just as greedy as any landlord. NYC is being sued for this very thing
Can you expand more on the bolded? What are some examples of barriers of entry into trade work?
__________________
"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
4% is a drastic increase? my insurance went up 11%. I don't see government capping them, nor my water bill which is run by a government entity. The reason things are going up is because people voted for free ****, the government printed a bunch of money to finance free **** which causes too many dollars chasing a finite amount of goods also known as inflation. Word got out about too many dollars and the central bank decided to take back all that money by increasing interest rates. So you have residual inflation and high interest rates. Another issue is the barriers of entry into trade work which allows construction and maintenance labor to be scare, monopolizing prices and leads to very costly maintenance and repair cost. Then u add the fact that everyone want to be "elite white collard worker" or "a content creator" instead of plumbers and roofers, u have this scarcity in skilled labor-
Not the best environment for real estate and managing real estate. Your landlord is passing those cost to you to maintain his margins as a business.
While i do think that certain vulnerable populations should have some isolation from inflation, that insulation should not rest on landlords alone. And I would not favor rent control
Without means testing, Rent control is wealth transfer from owners to renters.it pits owner against renter, and the renter usually wins. Your town probably doesn't have a bunch of renters like Newark and Jersey City so there isn't much tenant advocacy to start attacking property rights
A better approach the city offer tax incentives for landlords that keep low income seniors below market rate or cap their increases. That way the whole town bares the burden of low income seniors and not just some landlords. But most municipalities wont do that because there are just as greedy as any landlord. NYC is being sued for this very thing
We pay water not our landlord and it absolutely did not go up the 20-40% the rents have gone up since 2017.
And don't think I'm exaggerating. I'm a renter, a 33% hike is real empirical data. I have real data from Middlesex County. Like, my checkbook...
Can you expand more on the bolded? What are some examples of barriers of entry into trade work?
trade groups usually form consortiums, often with the help of government to limit the entry of new participants. This helps keeps their wages high. For example licensing is one barrier to entry; licensing is more than just "safety" - in fact some licenses are issued to trades that have very little safety issues. CPAs work with government to limit entry into their field by having certain experience and exam requirements. The same for engineers. Want to be an "accredited investor" for better access to securities, well you better have 200000k in net work or own a few homes. want run a plumbing business, u better join the union, pay ur dues and work in an low wage apprenticeship for several years , where the first year Ur getting coffee for a real plumber
This is not just because the government and these trade groups are looking out for the consumer... in fact most of these ppl want to limit options to the consumer, preserve the prestige of their field and keep their labor cost high
We pay water not our landlord and it absolutely did not go up the 20-40% the rents have gone up since 2017.
And don't think I'm exaggerating. I'm a renter, a 33% hike is real empirical data. I have real data from Middlesex County. Like, my checkbook...
Is your landlord trying to recover loses from previous renters that did not pay. Is he socializing his loses from a few tenants to all renters? Sort of like how rent control does the reverse
What are his insurance cost
what are local vendors charging for repairs and maintenance?
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