My Rent Will Increase By 10% September First.

Remy

Remy

Well-known Member
Location
California, USA
This was recently changed in California from what I have researched. The thing is, for medium and large apartment complexes, these investors are out for max profit. If they do this every year, people will be out on the street.
 

It appears that rent is up substantially in many States....Florida being the worst, according to this web site.

https://www.statista.com/statistics/1219347/average-annual-apartment-rent-change-usa-by-state/

Much of this is probably another "side effect" of Covid. New construction of housing has plummeted in the past couple of years, due to the very high price of lumber, etc. A 2X4 that used to cost less than a dollar has peaked at almost $5. Meanwhile, more and more people are needing housing every year...thus, driving up prices.
 
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@Don M. I'm not in much contact with my brother but apparently his daughter had her rent increased by 300 dollars. I believe she is in North Carolina. She's smart and has a master's degree. She went and bought a townhouse. I wish I had her ability to know what is right to do.

In my area, I think it's also due to fires. Every little plot of land that sat here empty for the 25+ years I have lived in this county is having apartments going up. Stick built houses. No condos that I am aware of for people to buy and no senior mobile park which is desperately needed in this area after fires wiped them out.

Your posts and the posts of others have really highlighted that building is done for profit, not the needs of people in the community.

I've heard Florida is a nightmare. The rent increase used to be less in California but I found out they raised the ability recently and it was on the local news this evening. I was so happy to get that notice on my door after working a 12 hour shift. I knew what it was the minute I saw it but didn't realize it would be so much. I'll check out the link
 
Don M. said:
It appears that rent is up substantially in many States....Florida being the worst, according to this web site.

https://www.statista.com/statistics/1219347/average-annual-apartment-rent-change-usa-by-state/

Much of this is probably another "side effect" of Covid. New construction of housing has plummeted in the past couple of years, due to the very high price of lumber, etc. A 2X4 that used to cost less than a dollar has peaked at almost $5. Meanwhile, more and more people are needing housing every year...thus, driving up prices.
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You're right. Lumber costs skyrocketed during Covid, but now they have decreased substantially. However, builders are still charging more because they can!

https://azbigmedia.com/real-estate/...-falling-but-when-will-consumers-see-savings/

High rent prices are also the result of large corporations buying up entire housing developments and renting them out rather than allowing first-time home buyers to buy.
 
dseag2 said:
You're right. Lumber costs skyrocketed during Covid, but now they have decreased substantially. However, builders are still charging more because they can!

https://azbigmedia.com/real-estate/...-falling-but-when-will-consumers-see-savings/

High rent prices are also the result of large corporations buying up entire housing developments and renting them out rather than allowing first-time home buyers to buy.
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This needs to stop! But politicians from local to Washington DC don't care about the people. I wonder who's dirty hands got greased to increase the rent % in California. Especially for these complexes. We're not talking mom and pop here who invested in a rental condo, house or two. And why are these investors allowed to buy all this up at the expense of the working citizen?

Some people may be thrilled their houses go up so much but in the end what does that equity get them and what about the younger people in their families.
 
When I was packing my rags and bags and relocating to "You all know where", the apartment complex I was leaving jacked the rent up to $800 a month more then the prevailing rate. The wannabee yups were bailing out at night never to be seen again. The real yups had the cash to ride it out. A lot of electronic goodies were left in their cribs and in the refuse rooms. I coulda grabbed that load and sold it all at the Sanford Flea Market and bought a new ride, lol.

BTW: Landlords are business persons first, last and always.
 
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dseag2 said:
High rent prices are also the result of large corporations buying up entire housing developments and renting them out rather than allowing first-time home buyers to buy.
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That's right....housing has become an "investment" for many corporations. They are "outbidding" individuals, then renting these houses and apartments for highly inflated prices. About the Only thing that may halt this trend might be a repeat of the housing bust of 2008.

https://nypost.com/2020/07/18/corporations-are-buying-houses-robbing-families-of-american-dream/
 
These are good arguments in favor of public housing so people aren't at the mercy of landlords who are only interested in making a buck. Housing, for most people, isn't a luxury item — especially for people who live in apartments or mobile homes. It's an essential item, much like food and water. The free market often fails miserably when it comes to providing essential goods and services. Health insurance is a good example. Socialism works pretty well for housing in a few other countries. Maybe it's time we tried it here. Yeah, yeah... we've tried "the projects" for low income people, but never anything for the middle class.
 
It's disgusting. Greed is alive and well and it's ugly.

"There is not enough affordable housing in the United States. For every 100 extremely low income households, there are only 29 adequate, affordable, and available rental units. That means two parents who both work minimum-wage jobs might wait years to find a safe, affordable place to live with their two kids. With such high demand, why aren’t developers racing to build affordable apartments?

It turns out building affordable housing is not particularly affordable. In fact, there is a huge gap between what these buildings cost to construct and maintain and the rents most people can pay. Without the help of too-scarce government subsidies for creating, preserving, and operating affordable apartments, building these homes is often impossible. This tool helps explain why.

Development costs a lot of money. Developers rely on loans and other sources to fund construction before people move in and start paying rent. But developers can only get those loans and equity sources if the development will produce enough revenue to pay back the loans and pay returns to investors. The gap between the amount a building is expected to produce from rents and the amount developers will need to pay lenders and investors can stop affordable housing development before it even begins, leaving few options for the millions of low-income families looking for safe, affordable homes.

The problem is even more difficult when you consider the poorest residents. In many places, the rent the poorest families can pay is too little to cover the costs of operating an apartment building, even if developers could build that building for free."

The cost of affordable housing: Does it pencil out? > https://apps.urban.org/features/cost-of-affordable-housing/

Bella ✌️
 
ElCastor said:
Rate of inflation last year was 7%, and this year 9.1%.
https://www.usinflationcalculator.com/inflation/current-inflation-rates/
The cost of everything is going through the roof -- including your landlord's cost of maintaining your apartment, and maybe even his taxes. Rather than blame your landlord it might be worth looking at the cause of those inflation numbers.
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Absolutely. Covid, the war in Ukraine and tremendous demand vs. supply has really contributed to inflation. People didn't spend anything during the height of Covid. Now they are spending like crazy and the goods are in short supply.
 
ElCastor said:
Rate of inflation last year was 7%, and this year 9.1%.
https://www.usinflationcalculator.com/inflation/current-inflation-rates/
The cost of everything is going through the roof -- including your landlord's cost of maintaining your apartment, and maybe even his taxes. Rather than blame your landlord it might be worth looking at the cause of those inflation numbers.
Click to expand...
Multi-billion dollar companies are buying up rental properties and raising rents. Check out the Carlyle Group as a good example. While there may be some landlords who are having a tough time, most are doing very well.
 
My Honorary Daughter's rent went up just over 9% recently. About 3 years ago, new young landlords bought the house my son, late DIL and their two sons were living in. They raised the rent $250 all at once. I told my DIL I thought that was illegal but she didn't lodge a complaint at that time. I'm so sorry you'll be faced with this rent hike Remy! I certainly hope there's an ordinance or law in place that will disallow raising the rent by such a high percentage each year.
 
Jules said:
True. That’s the bottom line

@Remy I’m surprised that there isn’t a maximum % percentage. 10% is pretty high..
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I agree it's high. It used to be a lot lower but for some reason it was increased recently and these investors jumped on it. I think it was 3 or 5%. Something to do with inflation. But these big apartment complex owners probably don't need the money. They just want it. Greed. And how is this helping working people already dealing with inflation?
 
dseag2 said:
I saw that the very unfortunate people who were victims of the floods in Kentucky and lost everything are now living in shelters because there are no rental properties available in their general vicinity. 😔
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This is very sad and believe me, I've experienced it. While my dwelling has not been destroyed by fire, the mass destruction of homes of all kinds has lessened availability and drove up prices. As I mentioned apartments are going up on every little plot of land that was bare for the 25+ years I've lived in this area.

After one fire, there were tents in the Walmart parking lot. Some people I knew through work left the state.
 
ElCastor said:
Rate of inflation last year was 7%, and this year 9.1%.
https://www.usinflationcalculator.com/inflation/current-inflation-rates/
The cost of everything is going through the roof -- including your landlord's cost of maintaining your apartment, and maybe even his taxes. Rather than blame your landlord it might be worth looking at the cause of those inflation numbers.
Click to expand...
I don't know about investment property but for housing, taxes don't go up in California as long as you own the house. Just usually very little with local taxes added. I'm actually afraid to ask for repairs here anymore. Why do the repair for me when they can get rid of me, add their cheap pergo flooring and jack the rent up even more? These people are scary and they scare me. I'm not feeling sorry for the investors of these apartments in any way shape or form. If you want to, by all means do.
 
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