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I've been looking for a new apartment the last three months. After Jan 1st all of them owned by a rentail company raised thier asking price.
Annual price increase is 35%. Who tf gets a 35% raise every year?
It's the corpo landlords causing the problem. My private landlord never did any of that.
Private landlords are about to get harder and harder to come by...it's about to be corpos all the way down. https://www.cnbc.com/2023/02/21/how-wall-street-bought-single-family-homes-and-put-them-up-for-rent.html
I think a bigger threat than corporations buying single family houses is that there are certain types of housing that will likely never not be owned by a single entity such as the large apartment buildings with shared entry areas.
I think the YIMBYs need to start adding "ownable units of housing" to their list of things to look for when developing new housing structures. A lot of places in California are starting to build again, but they're building a lot of corporate-owned apartment buildings with hundreds of units that only help further consolidate the housing market.
My neighborhood did a mixed development model and I think that's the way it should go: some apartments, some townhouses, some condos. Stop letting a single company own the entirety of the new housing units you're building.
Corps should only be able to own apartment style housing. I'd be fine with more of them being built if we removed single family homes from the rental market.
That varies a lot depending upon where you're talking about. In my area, the overwhelming majority of people that rent aren't renting single family houses.
My area of New England, rentals seem to be either big corporate places or a unit in a triple-decker (3-story building with a single unit on each floor, traditionally owned by someone who lives in one of the units).
I live in a condo I own, which seems like an ok balance of privacy, responsibility, and being able to actually afford housing. Mortgage, HOA fee, taxes, etc, is still $800/month cheaper than my old corporate apartment, and I promise you I'm not spending $800/month in maintenance and neither was my landlord.
I think we need to look beyond individual ownership towards collective ownership. Apartment buildings should be a housing cooperative managed collectively by the people who live there.
I'm on board with that too, but I think that's a tougher sell politically.
That's reasonable. Given the current climate of apartments, I think the most accessible option for folks would be tenant unions
Get a group of people interested in doing that. And enough money to buy it.
It's possible, my city passed an ordinance to allow right of first refusal to tenants. 3 immediately formed, and there's been a few more since.
That's dope. I like hearing that. Spread that news, it's good news to spread. Im interested in how that works out.
Agree! With the added note that they shouldn't do it the way the developers in my area did: they pitched it as affordable, accessible mixed use, and then built luxury homes that normal people couldn't afford.
Same here - yimby me up. I live on the edge of a multi family neighborhood currently being scaled up. It’s objectively good in that we’re building more housing units walkable to the town center and train station. However these are huge apartment blocks that can only ever be corporate owned. They’re replacing smaller multifamily houses much more likely to be owned privately.
So we’re getting more places to live but rent is going up and we’re getting more high end places and fewer places where anyone can live. We’re helping engineers live closer to transit, which is good, but pricing out a lot of regular people
Even worse, my town always had the reputation of the affordable places where anyone to live, in the midst of a cluster of expensive towns. Not anymore. Now we’re grouped as one of the expensive towns
Yup. Fucking ridiculous.
I've been at the same place for ten years. My rent went up twice. I hate not having a private property owner. Unless I magically come across 150k for a house down payment, it's looking like corpos from here on out. UghJust twice in 10 years? You've got a good place. Every apartment I've stayed in (except one privately owned one) jacked the price 11-13% every year. That was a major factor in biting the bullet and getting a house. In 5 years (4 now) the house will be cheaper per month than my last apartment.
Oh yeah I've been lucky. Only reason it was raised was because a new guy bought the place.
If I could afford buying a house i would have done it years ago.
I know what you mean. Partner and I are both working professionals with no kids, and it was still a huge financial stretch to get the house. We even had help from family to get the down payment. I honestly don't know how most people do it.
My best friend and his fiance bought a five bedroom house in a great area. They'll never have kids. Her family is loaded and helped out, and that's how they were able to snag it.
Supposedly family used to only really help at the wedding. These days it's whenever possible, it seems. I feel like this social structure is going to crash hard eventually.
My private landlord never did any of that.
Mine did. 22% increase in the two years after the pandemic.
Damn, that sucks. Did you move?
We did, yes. We had been trying to buy a house for years, and that pushed us to get serious. It took another year to find something we can afford, and we had to move out of the city, but we bought our own house!
But what about the previous years? At one point I happily took a 25% rent increase because there had been no increase for 8 years
California, where the apt is, limits rent increases to 5% plus the annual increase in the consumer price index (inflation)
*except not if it's more like a house and if the landlord is renting only a small number of properties (don't remember exact wording)
5% plus inflation is still triple the typical inflation 😟
My private landlord was pretty based tbh. Rented out one half of his house because he didn't need it, it was dirt cheap, and well maintained. Loud as shit in his garage all the time, but for $300 a month that was easy to sleep through
Corpo landlords can burn though. Someone in Franktown, Colorado should find Monarch's HQ and help make that happen