this post was submitted on 10 Jan 2025
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I've been looking for a new apartment the last three months. After Jan 1st all of them owned by a rentail company raised thier asking price.
Annual price increase is 35%. Who tf gets a 35% raise every year?
It's the corpo landlords causing the problem. My private landlord never did any of that.
Private landlords are about to get harder and harder to come by...it's about to be corpos all the way down. https://www.cnbc.com/2023/02/21/how-wall-street-bought-single-family-homes-and-put-them-up-for-rent.html
I think a bigger threat than corporations buying single family houses is that there are certain types of housing that will likely never not be owned by a single entity such as the large apartment buildings with shared entry areas.
I think the YIMBYs need to start adding "ownable units of housing" to their list of things to look for when developing new housing structures. A lot of places in California are starting to build again, but they're building a lot of corporate-owned apartment buildings with hundreds of units that only help further consolidate the housing market.
My neighborhood did a mixed development model and I think that's the way it should go: some apartments, some townhouses, some condos. Stop letting a single company own the entirety of the new housing units you're building.
Corps should only be able to own apartment style housing. I'd be fine with more of them being built if we removed single family homes from the rental market.
That varies a lot depending upon where you're talking about. In my area, the overwhelming majority of people that rent aren't renting single family houses.
My area of New England, rentals seem to be either big corporate places or a unit in a triple-decker (3-story building with a single unit on each floor, traditionally owned by someone who lives in one of the units).
I live in a condo I own, which seems like an ok balance of privacy, responsibility, and being able to actually afford housing. Mortgage, HOA fee, taxes, etc, is still $800/month cheaper than my old corporate apartment, and I promise you I'm not spending $800/month in maintenance and neither was my landlord.
I think we need to look beyond individual ownership towards collective ownership. Apartment buildings should be a housing cooperative managed collectively by the people who live there.
I'm on board with that too, but I think that's a tougher sell politically.
That's reasonable. Given the current climate of apartments, I think the most accessible option for folks would be tenant unions
Get a group of people interested in doing that. And enough money to buy it.
It's possible, my city passed an ordinance to allow right of first refusal to tenants. 3 immediately formed, and there's been a few more since.
That's dope. I like hearing that. Spread that news, it's good news to spread. Im interested in how that works out.
Agree! With the added note that they shouldn't do it the way the developers in my area did: they pitched it as affordable, accessible mixed use, and then built luxury homes that normal people couldn't afford.
Same here - yimby me up. I live on the edge of a multi family neighborhood currently being scaled up. It’s objectively good in that we’re building more housing units walkable to the town center and train station. However these are huge apartment blocks that can only ever be corporate owned. They’re replacing smaller multifamily houses much more likely to be owned privately.
So we’re getting more places to live but rent is going up and we’re getting more high end places and fewer places where anyone can live. We’re helping engineers live closer to transit, which is good, but pricing out a lot of regular people
Even worse, my town always had the reputation of the affordable places where anyone to live, in the midst of a cluster of expensive towns. Not anymore. Now we’re grouped as one of the expensive towns
Get a job!
You explained everything well, some people just hate landlords no matter what and you can’t reason with them
Do you think private landlords just sit at a desk all day for a month doing nothing?
Are they twerling thier evil mustache while they sit there?
Yes
Then you are ignorant.
Property maintenance is a job. Landlord is not.
Some landlords do property maintenance in addition to being a landlord.
So they repair their own dwellings, of which they own more than one, just like a regular homeowner? We don't call that a job.
Do you ever pay someone to repair your dwelling?
Nah, I got a landlord that sucks so much money from me that he's nice enough to do it for free!
The property maintenance the landlord did is actual labor. This doesn't imply 2K/mo or any more than what it would cost to pay someone to maintain the property is justified.
I'm just trying to illustrate there's a difference between the income the landlord steals as a landlord and the income they may earn from labor. Same exists with many petite bourgeoisie small business owners who do some amount of labor, but also exploit the labor of others.
One month ago my landlord offered me a deal, and it is a good deal, to buy this place for $67k. If I'd got a loan when I moved in here I would easily own it and have plenty money to spare if that was the price back then.
This house has 17 steps to go from the front door to the one car driveway. Underneath is a fucking cave. I tried to make a workshop out of it but it's sad and has no ventilation. Hell the main house has no ventilation. The fucking structure is held up by concrete blocks, unglued, unsealed, at places shimmed with pieces of wood and bricks. The foundation is about to slip off the hill.
That's just a story. You may not be very different from me but I've had some incredibly shitty landlords. I've lived in a cockroach and bedbug infested shithole. I've lived in terrible places but that one takes the cake. They were taking half my income to live in that place.
I know you mean well but please don't defend landlords. If anyone owns more than one home they need to be taxed to the extreme.
Nothing I said is a defense of landlords.
That's because of land lords. You are the problem. People could afford to buy a house on a working class income in my parent's generation. But now you're using your own price speculation as evidence that we must maintain a class of renters instead of dealing with out of control prices?
Fuck no. The government should eminent domain it all for the original price plus normal inflation and put it on the market at that price. If it's older than 50 years or has had significant changes made to the original plan then we discount it. Houses are the only product we pay more for as they fall apart and it's entirely because real estate speculation is a thing.
People rented in your parent's generation too. My dad was born and raised in London 1931. They rented every house he lived in (good thing too because four of them were destroyed in The Blitz). My Mom was born in 1942 and raised in New York. Do you think most New Yorkers owned their homes even in 1942? And there was a point back then when they couldn't afford rent and had to live on an actual homeowner's screened-in porch for a summer.
There will always be a need to rent rather than buy. The price of rents is the issue, not the fact that they are available. And attacking someone who is not part of some corporate rent-raising scheme is unhelpful.
Yeah and tenements were an exploitation too. The problem of housing for sale and housing for rent are inextricably linked. Yeah getting rid of all rental housing is too far.
What is your proposed solution then?
The federal and state governments get into building housing again. Except this time they don't fuck them over with no jobs and services. Drop multi-unit housing buildings into the highest cost areas first. Rent is the cost to build, maintain, and remodel spread out over the next 50 years. The rent only goes up with actual inflation, but can be frozen for seniors or others on a fixed income. HUD can then take that asset and finance more projects. The more seed money they get, the faster it snowballs.
Basically drop some anchors in the market.
Then ban short term rentals. If that's not enough then tax vacancy.
Yeah maybe that's a bit extreme. I don't think the debt bubble would cause a bank collapse, we've had people get caught underwater before and a reduced price eminent domain would be similar to TARP in 2008. But we really do need to reign it in. And that's going to involve some people taking a bath on their loans. It's the one inescapable problem of solving housing inflation. There's always going to be X number of people who bought recently and will end up underwater. And the two answers are the government subsidizing their loan and the government forcing a sale where they would recover most of the loan. Legislation that isn't just another subsidy would likely subsidize the loan on a primary residence and force a sale to the government on other properties that are underwater and unable to be refinanced.
Yup. Fucking ridiculous.
I've been at the same place for ten years. My rent went up twice. I hate not having a private property owner. Unless I magically come across 150k for a house down payment, it's looking like corpos from here on out. Ugh
Just twice in 10 years? You've got a good place. Every apartment I've stayed in (except one privately owned one) jacked the price 11-13% every year. That was a major factor in biting the bullet and getting a house. In 5 years (4 now) the house will be cheaper per month than my last apartment.
Oh yeah I've been lucky. Only reason it was raised was because a new guy bought the place.
If I could afford buying a house i would have done it years ago.
I know what you mean. Partner and I are both working professionals with no kids, and it was still a huge financial stretch to get the house. We even had help from family to get the down payment. I honestly don't know how most people do it.
My best friend and his fiance bought a five bedroom house in a great area. They'll never have kids. Her family is loaded and helped out, and that's how they were able to snag it.
Supposedly family used to only really help at the wedding. These days it's whenever possible, it seems. I feel like this social structure is going to crash hard eventually.
Mine did. 22% increase in the two years after the pandemic.
Damn, that sucks. Did you move?
We did, yes. We had been trying to buy a house for years, and that pushed us to get serious. It took another year to find something we can afford, and we had to move out of the city, but we bought our own house!
But what about the previous years? At one point I happily took a 25% rent increase because there had been no increase for 8 years
California, where the apt is, limits rent increases to 5% plus the annual increase in the consumer price index (inflation)
*except not if it's more like a house and if the landlord is renting only a small number of properties (don't remember exact wording)
5% plus inflation is still triple the typical inflation 😟
My private landlord was pretty based tbh. Rented out one half of his house because he didn't need it, it was dirt cheap, and well maintained. Loud as shit in his garage all the time, but for $300 a month that was easy to sleep through
Corpo landlords can burn though. Someone in Franktown, Colorado should find Monarch's HQ and help make that happen