There is no "Housing Crisis" (VANITY)

[AbolishCSEU]

The media has suddenly focused on inflation after ignoring skyrocketing inflation under Biden. Now they are pimping a so-called "Housing Crisis" for renters. The fact is in most parts of the country there is actually a "Responsible Tenant Crisis." The media cites statistics that there are 15 renters for each apartment. The fact is that out of those 15 renters, possibly one of them is a qualified candidate.

Ever since the Scamdemic, when the government told renters that they won't get evicted if they don't pay their rent, many renters lived large off of expanded unemployment checks and simply opted not to pay rent. This financial letting oneself go now has repercussions of evictions (when the moratoriums lifted--in BLUE states they were extended unnecessarily), very low credit scores and generally poor rental history.

Yes inflation has hit everything including rents which include property taxes, insurance rates, utilities and repair costs doubling/tripling. However, just running the recent numbers on one of my vacancies which is in a rust belt, low employment upstate NY rural town, 205 people inquired. ONLY FIVE OF THEM WERE QUALIFIED! Apartments are sitting vacant rather than take in a deadbeat/destructive tenant that is impossible to get out with all the BLUE state "tenant protections."

This has been the case for well over a year in my area. I ran similar numbers last year. Only TWO PERCENT of the total applicants had:

1. a credit score over 600

2. a good past rental history

3. no evictions

4. no criminal history

5. no drama (people running from themselves and their perpetual poor choices)

6. steady income 3 times the rent (A HUD formula)

7. no smoking (smoke is extremely hard to get rid of and raises insurance rates in rental units)

8. no menageries of pit bulls

We have beautifully new gut rehabbed units in older housing stock so we can't afford to let destroyers in. Yet the lamestream media would have everyone believe that eeeeevil landlords are discriminating and that there are not enough apartments to go around. Just watch court television on youtube and there are SO many irresponsible deadbeat tenants it's ridiculous!

[Tired of Taxes]

I’m just five years behind you. I agree that we have lived through some tough financial times. At least we didn’t blame our parents’ generation for everything, and we didn’t feel entitled to things. I remember home prices jumping to $300K and $400K in my area back in the early 2000s before the bubble burst. I keep hoping this is another bubble that will burst.

[Tired of Taxes]

I knew nothing about credit scores until several years ago. Once, when I was young, I applied to an apartment, and the manager said my credit score was great. I don’t know what it was, though, or what affected it. I just figured everyone had a score.

But, as I learned too late, not everyone has one, and if you don’t charge your credit card for a long time, it will be closed, and without any loans or mortgages or credit cards, you won’t have a score, anymore.

I used to think that paying your bills on time gave you a good score. But apparently not. Bank accounts don’t count toward a score, either. I wish I knew all these things when I was younger.

[AbolishCSEU]

I have a vacancy, 3 bdrm upstairs apt. Beautifully remodeled, older house circa 1875. Off street parking, washer dryer hookup on same floor over 1300sq ft. $1200 Class C neighborhood. Well-kept homes and some not so well kept usually owner occupants who don’t want their assessment to go up.

Wonderful people downstairs. Been vacant since March. Can’t find anyone reasonably responsible. When I do find someone, they see a backpack person wandering around on their ride home and then ghost me.

[Tired of Taxes]

That apartment sounds wonderful.

Unfortunately, I have to stay in this area, and I just renewed my lease.

(By “backpack person,” I assume you mean a homeless person?)

[AbolishCSEU]

that is correct. They have roller bags, grocery carts, etc. and is a major turnoff to my rare good applicants.

[AppyPappy]

Banks look at income and score. A zero score if you are over 25 means you have excellent credit. A bad score will almost never go to zero.

[Tired of Taxes]

What you described sounds like the neighborhoods where I lived the first half of my life. Those neighborhoods were filled with good people, and the older homes were beautiful. One of my apartments was in a converted old mansion: hardwood floors, ornate carvings. Unfortunately, there was a criminal element in my old neighborhoods, too.

So, I moved and raised my family in a rural/suburban area. It turns out, problems like crime and homelessness are here, too. Those problems are just not as obvious to someone who’s driving through. Ironically, now that my kids are grown, they think this area is boring. They prefer walkable neighborhoods with more people.

I hope you find a good tenant.