Posted on 02/21/2022 6:09:44 AM PST by Mr. Mojo
Rents have exploded across the country, causing many to dig deep into their savings, downsize to subpar units or fall behind on payments and risk eviction now that a federal moratorium has ended.
In the 50 largest U.S. metro areas, median rent rose an astounding 19.3% from December 2020 to December 2021, according to a Realtor.com analysis of properties with two or fewer bedrooms. And nowhere was the jump bigger than in the Miami metro area, where the median rent exploded to $2,850, 49.8% higher than the previous year.
Other cities across Florida — Tampa, Orlando and Jacksonville — and the Sun Belt destinations of San Diego, Las Vegas, Austin, Texas, and Memphis, Tennessee, all saw spikes of more than 25% during that time period.
Rising rents are an increasing driver of high inflation that has become one of the nation’s top economic problems. Labor Department data, which covers existing rents as well as new listings, shows much smaller increases, but these are also picking up. Rental costs rose 0.5% in January from December, the Labor Department said last week. That may seem small, but it was the biggest increase in 20 years, and will likely accelerate.
Economists worry about the impact of rent increases on inflation because the big jumps in new leases feed into the U.S. consumer price index, which is used to measure inflation.
Inflation jumped 7.5% in January from a year earlier, the biggest increase in four decades. While many economists expect that to decrease as pandemic-disrupted supply chains unravel, rising rents could keep inflation high through the end of the year since housing costs make up one-third of the consumer price index.
(Excerpt) Read more at yahoo.com ...
Pain is the only way to get the attention of the dumb masses.
Our governor wouldn’t allow you to evict for over a year.
Then our 2 major cities passed “rent control”.
Values of property have sky rocketed this higher taxes
And now poopy pants is driving the dollar in to the ground.
Ummm duh rents went up.
My wife and I ( like most here probably) literally predicted this inflation, including fuel, rents and interests rates when the election got stolen.
As such we positioned ourselves financially, no more revolving credit, cleaned up lingering accounts. Ya it hurt the saving but now we are on solid ground unless the whole economy goes Venezuelan, little to do there other than go full survivor mode.
Thing is we know people who have seen us be successful with this planning, they are even astounded we got ahead like this and yet they still refuse to believe we predicted it.
The spiritual blindness is very deep!
No surprise that the AP leaves out one very important word in this story:
Biden
If you’re paying nearly $3k/month to live in someone else’s building, you’re definitely doing something wrong.
Determined at this point to get a travel van or camper if it’s the last thing I do.
when home prices go up, rents ALWAYS go up to. It literally HAS to be that way.
Land lords don’t typically “own” their properties outright, they go to the bank like everyone else and get a loan to buy their rental property.
In order to make a profit renting it, they have to charge more to the renter than the cost of that mortgage + taxes + Maintenance or whatever else.
The reason most people rent is not because they can’t afford to own, it’s nearly always because they don’t have the willpower needed to save up for the required downpayment.
Most people could easily save the money for it, but are unable to, because they can’t resist the urge to spend anything extra they make on something optional.
Good! The faster the Biden regime collapses the better. And then it’s time for revenge. Woe to be a politician or anyone in the media. Bastille Day is coming to America!
My mom and dad taught me something before I was even old enough to have credit.....long term renting is for suckers.
Buy land, seeds, guns and ammo.
Consider planting staples, like field corn, wheat, beans, potatoes and cabbage.
Get a sow pig or two and a boar. Goats and chickens, too.
Keep a low profile.
I predict a revolt over this.
Pain and fear, although the former gets quicker results.
Influx of the masses fleeing Communist oppression in the Blue States.
/S
Looks like the 1930’s are coming back in style..
“””Rents have exploded across the country,”””
Biden’s plans are working perfectly.
Step 1-—Let millions of illegals into the USA.
Step 2-—Create a housing shortage.
Step 3-—Rental rates go up
Step 4-—People demand RENT CONTROL
Biden only has this last step to accomplish his goals of more government control of the people..
The one bedroom I got in San Diego in 2016 for $1500 is now $2400. The 400 unit complex has 4 1 bedrooms and 1 studio available. Glad I own.
Agreed.
Credit is like being addicted to a drug for some people.
We owe a fairly small amount on our home mortgage and one vehicle. No credit card debt, that’s only for emergencies.
Problem with people is, if they can’t afford it they can’t do without.
Sure sign of a lack of financial discipline.
We’ve had a form of rent control for several years. No evictions of bad tenants. So now owners are trying to make up for it, to include factoring in future threats to their income.
What did anyone expect?
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