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Old 07-28-2017, 07:33 AM
 
Location: Tennessee
20,958 posts, read 15,275,811 times
Reputation: 23737

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Rents Across The US Hit A New All Time High | Zero Hedge

None of this is surprising to me. I lived in the suburbs of two Midwestern metros for most of the last five years. The rent rose by no less than 7% from year to year. My last apartment would have probably sold about $75,000 if it were a condo, but the rent was $825, plus all utilities.

Around here, median HHI is only a little over $30k, but it's almost impossible to find a place to rent for under $600. Newer 1BRs rent for around $800, 2BR often push $1,000. Meanwhile, you can find plenty of livable homes for under $100,000.

With jobs increasingly consolidating in a handful of metros, will we see any relief from this issue?

 
Old 07-28-2017, 07:46 AM
 
64,569 posts, read 66,100,109 times
Reputation: 42993
individual markets are all different . here in nyc with 1/2 of all apartments stabilized we have not had increases in 2 years for millions of people . i think 2% was voted in next year .

that is why the cpi will never reflect anyone's personal cost of living . the us is made up of 1500 mini economies so we all see something different
 
Old 07-28-2017, 09:49 AM
 
2,240 posts, read 1,386,969 times
Reputation: 4894
Renters will never see relief. They will pay what the market rate is each year. It's not news that rents are higher because the economy is down no well in the large metros.
 
Old 07-28-2017, 11:26 AM
 
Location: Lower East Side, NYC
1,837 posts, read 1,088,246 times
Reputation: 1290
Quote:
Originally Posted by mathjak107 View Post
individual markets are all different . here in nyc with 1/2 of all apartments stabilized we have not had increases in 2 years for millions of people . i think 2% was voted in next year .

that is why the cpi will never reflect anyone's personal cost of living . the us is made up of 1500 mini economies so we all see something different
1.25% for 1 year leases. Thankfully, my lease renewal is on Monday, so I won't feel it for another year. That being said, I know people living in Florida complaining about rent that's as much as my apartment or within $100+/- and others dealing with rent increases stretching into the hundreds.

I'm content with holding onto this apartment until I can afford to buy one somewhere in NYC. I'm running into more of a 'where do I want to live' as far as purchasing issue though. Forest Hills, Washington Heights ontop of the hill, Pelham Parkway, Riverdale, Bay Ridge, Howard Beach, etc. All good places in my mind. I absolutely adore my commute and still thoroughly enjoy my neighborhood though, though buying down here feels like it'd take too much effort and risk.
 
Old 07-28-2017, 12:18 PM
 
11,697 posts, read 16,443,612 times
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The last times we rented over a year was DC - rent went up 10% every year even for some long term tenants but services and maintenance was great. This is not something new.
 
Old 07-30-2017, 12:10 PM
 
4,310 posts, read 2,448,126 times
Reputation: 2424
This is why people like me live in poverty. Even without rent and saving 3k+ a month I can't get ahead because properties appreciate faster than I can save.
 
Old 07-30-2017, 10:38 PM
 
4,720 posts, read 2,255,657 times
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Quote:
Originally Posted by Perma Bear View Post
This is why people like me live in poverty. Even without rent and saving 3k+ a month I can't get ahead because properties appreciate faster than I can save.
I'll let you in on a little secret... the reason you're living in poverty is poor decisions.
 
Old 07-30-2017, 10:43 PM
 
4,310 posts, read 2,448,126 times
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Quote:
Originally Posted by lieqiang View Post
I'll let you in on a little secret... the reason you're living in poverty is poor decisions.
Yeah, I should use my powers to change the climate globally.
 
Old 07-31-2017, 05:39 AM
 
Location: USA
6,171 posts, read 4,950,686 times
Reputation: 10547
A lot of people are finding creative living alternatives to this. I know at my local Walmart, there is a small encampment of the employees living out of RVS and vans.


There is also a culture that is been propping up, basically a modern day caravan where people living out of vehicles transit all over the country in search of jobs. They travel together, park together, and share resources. They even may have someone keeping watch outside on shifts to provide security. It's no surprise we see things like this as many parts of America are headed to a 2nd and 3rd world status.

Last edited by s1alker; 07-31-2017 at 06:29 AM..
 
Old 07-31-2017, 07:59 AM
 
4,229 posts, read 1,905,340 times
Reputation: 3782
Psst! The ones taking pictures are tourists. Sometimes their Bermuda shorts and Hawaiian shirts will give them away as well.
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