Posted on 08/06/2022 10:54:30 PM PDT by SeekAndFind
So, if there is no demand for rentals, where are people planning to live? I don't believe people are buying.
How to Live in Your Car
In times of uncertainty, people tend to.hunker down.
People are less optimistic under Biden and less willing to take a chance on a move away from their safety net.
New housing starts are slowing, as well.
This is actually a good thing for the “little” people.
It means Rents should be collapsing as well. Lower Rents are good for the Renters.
Also, more young people are living in with mom and dad to save money instead of launching.
This is about the rate of growth of rents. They’re still expected to increase at over 12%, which is higher than inflation.
Being alive is just plain expensive!
I see a lot of places in that list where no sane person would ever want to live.
So a collapse means that rent is only increasing at 12.7% every year.
In my entire life there has never been a year where my salary increased by 12.7%.
I would prefer to keep my reliable renter in place...especially with the loss of the SALT deductions on my federal taxes.
Just at Fry’s tonight. Family size box of Corn Flakes was $5.99 when it was always $4.99. That’s a 20% increase. Dry dog food is 50% higher. Most of the grocery items I regularly buy are 15-20% more than a year ago, unless they’re on sale. To hear the “experts” say inflation is around 9% just blows my mind.
Note that the cereal box is twice as thin with less volume as well.
Housing starts are down because of Higher interest rates and the BIDEN RECESSION!!
I am not sure that “rent growth collapsing” necessarily means a collapsing of demand. It may justs be that people can’t afford the rent at existing levels. So they may be moving in with parents, friends or seeking out roommates. But if rent because more affordable, they would strike out on their own.
If rents consistently outpace wage increases, something has to give.
Yup. Our plumber has increased his house call fee by 33% in the last year. Our garbage collection is over 50% as well, likely due to diesel costs.
th wordage is very irritating
.........
‘growth’ really means...
monthly rent increase
or something else?
please be specific
Not necessarily the young people’s faults - many have simply been priced out of the market.
I’m renting because I’m not sure whether I’ll be able to continue to work remotely or not. If so, I can buy a house anywhere. If not, I need to be within commuting distance. Also, house prices here in Charlotte have exploded in the last two years. They’re up about 50% in that time. Rent has also gone up about 20-25% in the last year. I notice a lot of people are moving further away in response because they just can’t afford the increased rent. There are a lot of vacancies in the nicer/trendier rental properties you did not see a year or two ago.
I think we’ve reached the end of the rent hikes. The market is signaling it simply will not bear any more. Less rent than they wanted still beats units being vacant long term. The same thing is happening with house prices here. The increases have stopped. I think at some point the bubble has to burst and real estate will have to give back some of the insane price increases of the last couple years. Inflation is crushing people’s income.
You can always live in your van and meet hawt wimen
https://www.youtube.com/watch?v=t4QQTfIvzv4
Then again, every nomad need roots and a piece of land
https://www.youtube.com/watch?v=JpZm8Jf7t5A
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