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In Olympia Washington my rent was $2200 in 2005 and for the same home in 2015 it is $1950...
The real killer is Thurston County has run amok with property taxes...
Property tax has gone up 80% in 10 years from $6,800 to $13,000...
Over 6 months of rent going just to pay the property taxes... crazy.
On the flip side of rents... Section 8 rents in the SF Bay Area county of Alameda have just been raised... the Fair Market Rent Standard on one bedrooms has gone from $1235 to $1663
My prediction is the pendulum will swing back... no idea how far....
That depends on how hard the crash is.
If they can pull off not having it, back in the day 98% of the land in England was owned by 2,000 people. Land Monopoly. It could realistically never swing back.
Only 19% of new Section 8 Voucher Holders were able to find secure housing in 2015.
I gave out all 50 applications I had with me in 2 hours for my last 2 bedroom rental.
Even though I stated No Section 8... about half that showed up were Section 8
For many years Section 8 operated a very good program and at one time I managed a lot of Section 8 rentals... now, I have a few legacy tenants.
The reason for the change is because HUD has systematically taken away the very things that made the program work... the deal breaker for me and others is when Housing got out of the Security Deposit side of things citing large losses...
For decades a family would might pay $50 of a $1,000 dollar security deposit with HUD guaranteeing the remaining $950 should their be provable tenant caused damage.
HUD unilaterally notified owners they would no longer accept damage claims and told owners holding $50 deposits set by HUD that they were now on their own and this was never the agreement.
HUD unilaterally notified owners they would no longer accept damage claims and told owners holding $50 deposits set by HUD that they were now on their own and this was never the agreement.
And you can't sue the government without the governments permission.
And you can't sue the government without the governments permission.
I voted with my feet... as Section 8 tenants vacated I filled the units with non-Section 8 tenants.
The original program bears almost no resemblance to what is in place today...
Originally, HUD would contract for the unit... HUD would place the tenants and manage the property... HUD took care of all damages.
Around 1980 it shifted to the owner selecting the tenant and performing the maintenance with HUD guaranteeing the equivalent of 2 full months security for tenant damage.
Another problem is the vast use of contract inspectors that simply are not aware or know the history... simply giving a window for an inspection instead of a specific time is a huge problem.
In 25 years I never missed a single inspection... either I was there or sent someone... any issue was quickly resolved with HUD, Tenant and Owner at the table in the home.
Now... I never attend... I simply cannot spend a morning or afternoon waiting around... lucky for me there are not many anymore.
Something simple like a door latch needing adjustment was quickly repaired and now it generates a document stream and letters going back and forth and followup inspections wasting even more time.
Back in the day... a family had a Housing Representative that was a shared resource... a Landlord could call the representative if there was a problem... sometimes all it took as a call from the representative to straighten things out...
It is telling reading comments on this thread that many of the respondents are not living in SF, NYC or LA. Yes, I know, if you are living in St Louis or Dallas, San Antonio or Flint, rent is cheap. Wages are less, but the rent is very inexpensive when compared to many other cities. Have you ever been to Manhattan? The cost of rent is crazy high. If you make 100k a year, and you rent, you will live in a dump and not even a spacious dump. That is the way it is. Supply and demand. Think about it.
It is telling reading comments on this thread that many of the respondents are not living in SF, NYC or LA. Yes, I know, if you are living in St Louis or Dallas, San Antonio or Flint, rent is cheap. Wages are less, but the rent is very inexpensive when compared to many other cities. Have you ever been to Manhattan? The cost of rent is crazy high. If you make 100k a year, and you rent, you will live in a dump and not even a spacious dump. That is the way it is. Supply and demand. Think about it.
Then move if you don't like it. There is plenty of work elsewhere in the country other than the super expensive coastal cities.
It is telling reading comments on this thread that many of the respondents are not living in SF, NYC or LA. Yes, I know, if you are living in St Louis or Dallas, San Antonio or Flint, rent is cheap. Wages are less, but the rent is very inexpensive when compared to many other cities. Have you ever been to Manhattan? The cost of rent is crazy high. If you make 100k a year, and you rent, you will live in a dump and not even a spacious dump. That is the way it is. Supply and demand. Think about it.
NYC is not exactly supply and demand - more like demand and never enough supply because rent stabilization apartments never get to the market. NYC will always be a mess due to rent stabilization.
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