I live in coastal San Diego and housing inventory is almost non existent at the <1m price point. Anything with 4 bedrooms from 1-2m was selling as soon as they were listed. There are three 4 bedroom new builds at $3.2m that have been on the market for several weeks and haven’t sold. Also seeing more 1m-2m 4 bedrooms on the market that aren’t selling now. Not sure what it all means but possibly the market has peaked and might be starting to come down a little in an area where housing values tripled in the last 8 years.
Well obviously those people who are evicted aren’t going to be buying a new home, which means the house they had is now vacant and they can’t buy a new one. There would now be increases in supply and less demand. Lower demand would lead most to assume prices would decrease. So while you will see less people upgrading, other options are going to effect the supply/demand situation which will effect pricing.
Sure, lots of foreclosures would result in more supply and huge decreases in value. We saw that in the last 2000's. Let's hope we don't see that again.
I got an email that mine is being raised 25%. Called to bitch and they told me I have to go in person to bitch about it so going in to talk today. Ridiculous and good chance I’ll move out of spite if they stick with that.
Hard to fathom how someone could go with that kind of increase with a straight face. That's some martin shkreli bullshit
Did they state a reason letan ? Just cashing in on the buying market being insane, and wanting to see if people are bluffing when they say they'll leave?
Just said that’s the market rate. Housing is pretty ridiculous where I’m at right now although that is starting to slow (Jacksonville at the beach). I think it’s also partially bc when I originally renewed back during Covid I got them to agree to not raise my rent that year so I’ve been under their market rate by quite a bit and they’re trying to pull me back up to what someone off the street would be paying. Then I’m sure they know there is the factor that moving is a pain in the ass and comes with added charges so moving to a place that is only slightly cheaper isn’t worth it. I’ve currently negotiated down to a 20% increase. Trying to see if I can get down to 15% or at least get something else thrown in.
They are doing it bc they can. If the current tenant can't/won't do it, they'll find a new tenant that will. Young professionals and the general lower middle class are being priced out of buying houses and the people that can buy can charge what they want for rent. The old 30% of income for housing rule isn't remotely possible for a lot of people now.
Found this on reddit. Neat little sheet that compiles data for different markets. The trend is more listing with more of them listed as price reduced. Does not adjust for seasonality. Spoiler
My apartment went up 29% and we weren’t in a position to move so we’re riding it out until the lease term runs in March 2023. We briefly looked at other options, but it’s insane everywhere.
how do you think that would turn out for all the people currently living in subsidized housing communities?
I bought in Atlanta at beginning of June. Thankfully got my mortgage locked at 4% ahead of closing, would have been way higher otherwise. After 12 years of apartment dwelling in NYC, this has been a pretty big change.
I don’t know enough about that market/business to make an informed comment on a solution. Lower income people need to be treated more compassionately. Could start there and work backwards.
Look at this guy admitting to not knowing enough about something to have an informed opinion on it. On the internet of all places!
I've worked basically my whole career in affordable housing so I'll admit I'm biased to the work done by corporations.
There would necessarily be exceptions. In fact, such a law could further incentivise subsidized housing.
There's a huge difference in corporations running multi family housing complexes and corporations buying up every other single family home that goes on the market. I know his post didn't distinguish between the two and was just anti corporations, but there's a huge difference.
I rent but Gf and I just moved in together and places were getting listed on Thursday night with an open house and lease decision on Saturday. Housing market here is broken.
With the interest rates increasing, isn’t that expected to slow the rapid increase in house prices? Sellers were able to jack up the asking price because buyers could afford a higher mortgage thanks to a low rate. I could see this amplifying the rate at which corporations are buying houses as they aren’t needing to finance.
Yep. A huge issue in all of the "good" Birmingham city neighborhoods. To the point that neighborhoods are having to make covenants about a certain percentage of occupied dwellings to keep out Airbnbs etc.
By the same token, Woodlawn Foundation and other "corporations" are doing great work for affordable housing in the city. So it's mixed.
AirBnb is an issue but a lot of the corporate owned housing is long term rentals. Companies own tens of thousands of houses for yearly rentals.