Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
that's a good catch, and why npr is among the sources I rarely use. I didn't bother to fact-check them.
Still, the charts you've linked seem (to me) to tell the same story. Landlords spent 17 months unable to evict tenants that already hadn't paid or because of Covid job loss couldn't pay (see the weeks below "average"). As soon as evictions opened up, they began evicting folks and the pace increased ~6 months later (March '22). Eviction laws vary by state, so the types of tenant you evict first may vary. A "down on their luck" tenant may go first because they go quietly and quickly. A "f you capitalist rich mean person, I'm taking every step I can to fight this and I'm trashing it in the process" ... you might actually wait and NOT evict. A good-paying pre-pandemic tenant may have fallen a couple months behind but then paid regularly; at the end of the moratorium they still owed a lot of the "couple months" and the landlord says "I'll give you 6 months to get completely current."
I don't know, but these are all possibilities. But the main thing it reveals is that there probably weren't a bunch of "deadbeat tenants" that weren't deadbeat types pre-pandemic.
The charts don't say the same thing, because the NPR chart is claiming that evictions just returned to normal rates when more accurately they were on the rise and kept going after March to higher than pre-pandemic levels.
<now for the brutality>
They only showed data thru March. However, their source is right now showing data thru August 7 or a one week lag. That means they discarded April and a part of May from their bar graph.
Last year, according to WaPo/Redfin (trust at your own peril ) 1 in 7 ie 14% which was a record high. They shifted more to SFH from TH/CND. Looks to be generally double what they bought over the last 15 years. One thing to remember is the flippers also count in these figures. And surely one reason the investor purchases rose was the Opendoor/Zillow activity. Opendoor sold 21,000 homes, or a little less than 1/2% of all home sales.
Thanks. +1
Stats focus just on metro areas so between that and flippers it's lower.
However, I find it entirely believable that especially in a niche locations with more activity that could definitely spike the market somewhat.
Noticing that Wapo has to point out how "black neighborhoods are more targeted" just to get in some racial divisiveness for their readership. Another way to word that would be that black sellers are getting more for their home sales because of increased competition...sigh.
landlords aren't "taking advantage" of anything. They have the supply, and there is more demand than supply. If 10% of the 1 BR "gotta live by myself" tenants went to a 2 BR with a friend - and saved hundreds a month - then the price of 1BR's would go down significantly.
We'll never have enough "affordable housing" until the government makes a large investment of dollars or tax breaks, or both.
I'm not inferring landlords are acting nefariously. If supply is low, and demand is high (people need homes), prices increase. Landlords are rational actors and will raise rents accordingly.
But I dispute the second part of that statement. If more people bunked up, prices for 2BRs would increase accordingly. Then people would flock to the falling 1BRs, which, in turn, would increase rents. The common denominator never changes: not enough housing. Stuffing people like sardines isn't the answer, building more housing is.
The charts don't say the same thing, because the NPR chart is claiming that evictions just returned to normal rates when more accurately they were on the rise and kept going after March to higher than pre-pandemic levels.
<now for the brutality>
They only showed data thru March. However, their source is right now showing data thru August 7 or a one week lag. That means they discarded April and a part of May from their bar graph.
But that would ruin the narrative.
oh yeah, I ignored the NPR claim in that post and just paid attention to evictiontracker.
I'm not inferring landlords are acting nefariously. If supply is low, and demand is high (people need homes), prices increase. Landlords are rational actors and will raise rents accordingly.
But I dispute the second part of that statement. If more people bunked up, prices for 2BRs would increase accordingly. Then people would flock to the falling 1BRs, which, in turn, would increase rents. The common denominator never changes: not enough housing. Stuffing people like sardines isn't the answer, building more housing is.
in my market, the avg 1 BR is $1,300/mo, the average 2BR is $1,650. It would take a major shift - far more than 10% of 1 BR occupants - to make a 2BR cost $2,600 (a 58% increase). Rents here are up 33% total last 2 years.
The private market is essentially building 300-unit complexes as fast as they can (about 18 months from full approval), because they can make a profit at $1,300 or $1,650 and have them 95% occupied within 6 months to 1 year.
Affordable housing can't be built/profitable by the private market at $615 for a 1BR or $1,050 for a 2BR. That's 60% of AMI for my community. Nevermind trying to help the 30% AMI folks
1 bedrooms in Manhattan are now at $5,100/month! 59% of Americans fear they will not be able to make their rent or mortgage payment next month (I heard on radio today, but do not have any link).
Housing affordability is probably at the all time worst. Blackrock is contributing to it to some extent, but so is the current administration. Impeding energy throughput pushes prices upward on just about everything.
1 bedrooms in Manhattan are now at $5,100/month! 59% of Americans fear they will not be able to make their rent or mortgage payment next month (I heard on radio today, but do not have any link).
Housing affordability is probably at the all time worst. Blackrock is contributing to it to some extent, but so is the current administration. Impeding energy throughput pushes prices upward on just about everything.
Is that an average or just on the high end? That’s absolutely insane. If you make that kind of money, why the hell would you be renting? Is that AirB&b prices?
Its kind of scary that investment companies are buying up single family homes in order to rent them out to people. Sounds like it is going to increasingly drive up prices and price many people out of ever owning their own home, especially in already expensive areas. I think it said that they already are buying a quarter of the homes being sold!
Having said that, I am not sure what can be done about it. Limiting excessive population growth might help.
Yes, stopping immigration will help, but the centralization of wealth and power continues.
You are correct, but regardless, we are in a massive housing shortage, and landlords are taking advantage of this by raising rents fairly significantly. There's only one solution to this problem. We need to build. Build more mansions, build more medium sized homes, build more condos, build more apartments, build more townhomes, build more everything. This will increase supply, reduce housing prices, and boost the economy. Current homeowners may face a loss of home value, and an increase in property taxes, but the deck has been stacked in favor of current homeowners for too long. A home is a place to live, not an investment with a 10% ROI. Build enough homes, and Blackrock will leave the market. Keep housing levels low, and vultures will exploit us.
So tell me - who's going to FUND those new apartments and houses? Who's going to build them and do you expect that they are built for free? Who's going to sale the land for the apartments and at what price? Are you going to tell a city or other agency that they cant require this or that?
Then who's going to maintain the building or insure them?
I am one of the vultures and proud that we are providing housing to people and that they are well maintained. Have you looked a Section 8 apartments?
Maybe a better questions is why cant you afford to live in a nice safe apartment? Lack of skills to earn enough money to provide yourself with a decent place to live?
All the people commenting now being judgemental about others incomes are so out of touch. Banks typically only fund a mortgage for 1/3 of your monthly income, so many of you wouldn’t have been able to afford even a basic home in this market even at the peak earning years of your careers, even if you own 3, 4 or 5 properties now. Equity is everything in in securing a mortgage and unless you were able to magically save up 2 or 3 hundred thousand dollars in cash, you have no idea what even well above average earners are dealing with.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
) 1 in 7 ie 14% which was a record high. They shifted more to SFH from TH/CND. Looks to be generally double what they bought over the last 15 years. One thing to remember is the flippers also count in these figures. And surely one reason the investor purchases rose was the Opendoor/Zillow activity. Opendoor sold 21,000 homes, or a little less than 1/2% of all home sales.
Another way to word that would be that black sellers are getting more for their home sales because of increased competition...sigh.
