Posted on 08/29/2021 10:40:20 AM PDT by bgill
>>Begs the question, where do the renters who pay make up the difference?<<
No, but it does raise that question.
This is why I encourage folks to buy a home/townhome/condo by any means possible. It’s the ultimate inflation protection. You run the risk of deflation (although not with the current central banks) that way but that risk is very limited currently.
>>Keep Austin weird!<<
Looks like gentrification may end that stupid motto. The problem is ungrateful rich libs just take up the slack.
All thanks to the Texas government and chamber of commerce who thought it was a wise idea over 10 years ago to advertise on national TV for businesses to come to “low tax” Texas. Save them nightly back in California on stations like TBS.
Being at the mercy of your landlord is never a great decision, unless you have the personal wealth to absorb increases in rent.
We live east of Dallas - a house on OUR block is renting for just over $2,000/month. rents not too long ago were $1200.
IT’s CRAZY! we are 25 miles from downtown Dallas.
Actually putting less down is great if possible (and most local credit unions don’t charge PMI for less than 20% down). If the value tanks, you can jingle mail, and if it skyrockets, you get all the gain on a smaller investment and can get PMI waived quickly. Either way, you are protected from rent increases. 20% down actually increases your risk of a downturn as you can get wiped of that equity (happened to me with my first purchase in 2005) - lost my entire downpayment and then some when sold in 2009.
You work for the dial an argument call center?
If we had a real pandemic, folks would have kicked the bucket, flooding the market with rental units, driving down the price.
The gubmint told landlords to pound sand.
Someone’s got to pay for lost revenue and maintenance.
And that someone ain’t the gubmint
‘This is what happens when people don’t pay their rent. Those who do pay, have to make up the difference.’
Same is true in other markets. The hell-hole of Baltimore is chock full of uninsured and reckless drives who are demographically monolithic. Since to require insurance or responsibility by those miscreants would be racist, *all* drivers in Maryland pay elevated auto insurance premiums to balance to books. When we moved from Mordor to Shangri-la our car insurance went down 75%.
How about the rents in ghost town New York City
And from a political perspective, Austin is very liberal, a huge liberal spot in Texas.
Food prices are up substantially also. Fast food is up 40 percent for many items
As a Former Austin Apartment Developer, I can say to Linda Lee that her problem is too many democrats (100% on the City Council) with thousands more coming in so her rent in central Austin is not going to come down in her lifetime.
The so called UT expert has, I’m sure, never built an apartment. I’ve built hundreds and I can tell u in Austin that at least 25% of the cost of a project is unnecessary regulation, unnecessary legal fees, unnecessary consultants, unnecessary/incompetent city staff and unnecessary legal costs.
I would not put that past them - but I'm not seeing a lot of Asian buyers in our market like they were after the crash in the mid-2000s. They're priced-out like our domestic buyers.
Like everyone else, they like to buy low - which is not possible right now. There are literally ZERO investors buying right now, which made me wonder why Blackrock started buying. Do they know something everyone else doesn't, or were they just wanting to "park" some money in something long and slow instead of liquid? Or perhaps they see hyper-inflation coming, and really think they're buying low.
But even when the Asians were buying, it was mostly good money trying to "escape," and all those foreign investors actually helped get our market back off its ass.
The Chinese farmland purchases out west sound creepy at first glance, but I'd like to know more about the buyers. Chinese don't like leaving their money in China if they're not forced to.
Nice seeing you BTW.
This is due to the “moratorium.” The owners lost money, and need to get it back.
Ahhh, the price of living the Progressive dream in woke sh-thole Austin!!!!
I bought two homes in Austin in August of 2016. One for 200k which is now worth 425k. The other in Travis Heights for 700k and is now worth 1.65 million.
I am trying to find a place in downtown New Braunfels as Austin appears to heading the direction of San Francisco.
There is now one Republican: Mackenzie Kelly from District 6, up in Northwest Austin.
“One viewer said their apartment downtown was asking for $1,200 more a month — a nearly 47% increase from last year.”
They are already paying 2,553 a month for rent?!!!
Insanity!
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