Report: Rents Across U.S. Skyrocket — 98% of 1 Bedroom and 100% of 2 Bedroom climbed 20%+ in many markets

[cheeky200386]

Space in storage facilities, especially indoor climate controlled ones, is in very short supply, and prices keep going up, too. So when people lose their houses and apartments, they often lose their furniture, appliances, and personal belongings, as well

This also means it can be very difficult for a homeless person to rent a small space just to keep out-of-season clothing and other necessities safe. You can't do winter in Minnesota without winter clothing, and you can't do summer here in winter clothing. Both are deadly. Without a relatively inexpensive, lockable place to store a few things, homeless people pay more over time just to replace bare necessities year-to-year, season-to-season. As prices of everything continue to rise, continued replacement will become more and more impossible. As second-hand shops end up with people's clothing and belongings when they sell them to eat, it's possible that people could end up buying their own seasonal clothing the following year, assuming financial assistance or the people are working

Eating while homeless can be more expensive than if one has a refrigerator and a way to cook meals because eating out and eating prepared items is more expensive.

Easy to see how a day's wages, especially when working at menial takes like sweeping a parking lot or picking up and recycling cans, would be taken up entirely just by food.


: pray

When I was visiting Sarasota, FL. Mike and I noticed several restaurants, stores, and cafes had to close early or close for the day due to staffing shortages. We just immediately thought it could be because nobody with those minimum wages could afford to live near that job. Even with our professional salaries, we couldn't find any affordable apartment 30 minutes away.

What can someone working as a waitress or store clerk hope to afford?!

 

[Ghoti Ichthus]

Property taxes in Texas has gotten outrageous, even with exemptions for homestead and agriculture. They are appraising really high. It’s getting tough for older people and people with lower paying jobs to afford it. At some point it’ll push them out of home ownership.

A friend of the family house appraised $100,000 more this year than last year. Nice, but definitely not a rich area.
The rise in value was driven by people in that neighborhood selling and the insane bidding wars.

So bidding wars are not only hurting buyers, but existing homeowners, who are not in the market to sell and won't be anytime soon


That tax money goes to the government, so I seriously doubt there will be any reforms, protections, or limits on what's going on in real estate. Homeowners are subsidizing their own demise through ruinous taxation and government policies and give-aways

 

[Andy C]

Rentals here in Oregon not only are rising extremely fast, but finding a place to rent is hard. My daughter has been looking to move into a bigger rental, but as soon as one comes open in a decent area, its snatched up.

Home prices are rising faster than any place I have ever lived. We bought our house 5 years ago, and the value has went up almost 60 percent.

 

[alisani]

That's exactly what happened all last year in the real estate market. It was a true seller's-market, they were getting higher and higher bids as the contracts came in. Which was great if you had a house to sell, if you then needed to buy another, not so much.

Could something similar happen with the rental housing market? We've been looking for a rental for my middle daughter and the prices of apartments or small houses are completely unrealistic. Is this a version of the bubble we saw several years ago?

 

[alisani]

Regardless of where I end up in this life, there is a perfect place in God's House that Jesus will have prepared especially for me

Yes, yes and yes again! I could sleep on the bare ground in a potato sack, but if I'm with God, it'd be better than anything I have ever seen or imagined in this life. I thrill at the thought of living in God's House!!

 

[ShilohRose]

I'm in a state of shock. I'm trying to find an apartment for my mother to rent here in Virginia close to my family. I've been filling out a ridiculous amount of paperwork for her, and the questions are intrusive. Not only that, but now I understand the owner expects her to prove that she has three times the monthly payment for the full 15 month term! Let's say the rent were a mere $1000 a month. The expectation is that she must have access to $36,000 before she can rent that apartment, and she has to show her latest SA-199 from social security and statements from her pension funds, and any interest income from anything else, and any money she has in savings or squirreled away under her mattress. They even had the unmitigated gall to ask for checking and savings account numbers. (Fortunately, that wasn't marked with a red asterisk, and I could skip that.) It's a security nightmare, and it's none of their business! It's like the company expects the renter to default on their rent, and it wants a head start on prosecuting her.

The humorous part is they want it filled out online, and the idiot internet site doesn't understand that she has been retired since 1998, and her supervisor is deceased. It insists that her supervisor's email and phone number must be included. Shall I fill in the cemetery and lot number as the email address, and list the funeral home's phone number?

I'd look for somewhere else for her to live, but it appears that this invasion of privacy is standard procedure to rent an apartment around here.
It's going to be very hard to be civil to the flunkeys I'll be speaking to tomorrow.

 

[Ghoti Ichthus]

I'm in a state of shock. I'm trying to find an apartment for my mother to rent here in Virginia close to my family. I've been filling out a ridiculous amount of paperwork for her, and the questions are intrusive. Not only that, but now I understand the owner expects her to prove that she has three times the monthly payment for the full 15 month term! Let's say the rent were a mere $1000 a month. The expectation is that she must have access to $36,000 before she can rent that apartment, and she has to show her latest SA-199 from social security and statements from her pension funds, and any interest income from anything else, and any money she has in savings or squirreled away under her mattress. They even had the unmitigated gall to ask for checking and savings account numbers. (Fortunately, that wasn't marked with a red asterisk, and I could skip that.) It's a security nightmare, and it's none of their business! It's like the company expects the renter to default on their rent, and it wants a head start on prosecuting her.

The humorous part is they want it filled out online, and the idiot internet site doesn't understand that she has been retired since 1998, and her supervisor is deceased. It insists that her supervisor's email and phone number must be included. Shall I fill in the cemetery and lot number as the email address, and list the funeral home's phone number?

I'd look for somewhere else for her to live, but it appears that this invasion of privacy is standard procedure to rent an apartment around here.
It's going to be very hard to be civil to the flunkeys I'll be speaking to tomorrow.

When a form won't process without certain blocks filled in and it won't take deceased, N/A, etc., I put in my own information and find a place to note the supervisor is deceased, etc. Usually, it works to put Deceased or Supervisor Deceased in the name block and then use my own email address, etc. in the other blocks. Some forms will allow you to fill it in like that and then change the font to white so the block (usually) looks blank when it prints or online unless the recipient highlights where the text is in the block and then can read it. If I do this, I always make sure the name block is visible and shows Deceased/Deployed/similar issue.

Depending on what's asked and who's asking, I'd be very concerned about identity theft, account draining, fraud, etc.

 

[cheeky200386]

I'm in a state of shock. I'm trying to find an apartment for my mother to rent here in Virginia close to my family. I've been filling out a ridiculous amount of paperwork for her, and the questions are intrusive. Not only that, but now I understand the owner expects her to prove that she has three times the monthly payment for the full 15 month term! Let's say the rent were a mere $1000 a month. The expectation is that she must have access to $36,000 before she can rent that apartment, and she has to show her latest SA-199 from social security and statements from her pension funds, and any interest income from anything else, and any money she has in savings or squirreled away under her mattress. They even had the unmitigated gall to ask for checking and savings account numbers. (Fortunately, that wasn't marked with a red asterisk, and I could skip that.) It's a security nightmare, and it's none of their business! It's like the company expects the renter to default on their rent, and it wants a head start on prosecuting her.

The humorous part is they want it filled out online, and the idiot internet site doesn't understand that she has been retired since 1998, and her supervisor is deceased. It insists that her supervisor's email and phone number must be included. Shall I fill in the cemetery and lot number as the email address, and list the funeral home's phone number?

I'd look for somewhere else for her to live, but it appears that this invasion of privacy is standard procedure to rent an apartment around here.
It's going to be very hard to be civil to the flunkeys I'll be speaking to tomorrow.

Wow that's awful. It's upsetting how hard it is to get any type of housing these days.

 

[ShilohRose]

Ugh, I typed fifteen instead of twelve, when talking about the length of time of the lease.

 

[Jojo4124]

That's exactly what happened all last year in the real estate market. It was a true seller's-market, they were getting higher and higher bids as the contracts came in. Which was great if you had a house to sell, if you then needed to buy another, not so much.

Yes I heard that houses were selling for $100k plus over asking prices

 

[Baby Yoda]

Yes I heard that houses were selling for $100k plus over asking prices

Some did but most would not appraise at the inflated price, and most contracts had a clause added about how much over appraised value a buyer would pay if not for the whole asking price.

One of my team members put in 4 contracts before getting one accepted that wasn't outbid.

 

[Carl]

I knew some people that didn't want to join society. They camped on vacant land winter and summer. Didn't have much money so don't know what they did for heat in winter. But they lived that way for years.

 

[Everlasting Life]

Yes, things are certainly getting out of control. On top of this, corporations are also buying up houses as fast as they open up for investment purposes. So, this really cuts into inventory.

However, don't forget about the wonderful God factor here.

When my husband and I needed to sell our house about 13 years ago, right in the midst of the housing tsunami and houses were being abandoned with no one, I mean very few people buying, God came through in answer to prayer in wonderful ways!

We actually sold our home, despite serious, apparent issues with a neighbor (which made the prospective buyer that much more eager to buy, strangely), there was quite a bit against us, humanly speaking, being able to sell our home but despite all odds, God was there moving things forward. Then we found a beautiful home for an amazing price....which turned out to be a home we had toured years earlier thinking how nice it would be for whoever could possibly afford it! In this aspect of buying, someone had gotten ahead of us, but fell through leaving it open for us to have the next option to buy.

There were so many details that had God's providential, sovereign hand in play and helps me to remember, with God, ALL things are possible.....no matter what stupid, evil plans humankind has.

So, don't despair, don't get mad.........GET GOD! I'm telling you, He is a great helper!

 

[cheeky200386]

Yes, things are certainly getting out of control. On top of this, corporations are also buying up houses as fast as they open up for investment purposes. So, this really cuts into inventory.

However, don't forget about the wonderful God factor here.

When my husband and I needed to sell our house about 13 years ago, right in the midst of the housing tsunami and houses were being abandoned with no one, I mean very few people buying, God came through in answer to prayer in wonderful ways!

We actually sold our home, despite serious, apparent issues with a neighbor (which made the prospective buyer that much more eager to buy, strangely), there was quite a bit against us, humanly speaking, being able to sell our home but despite all odds, God was there moving things forward. Then we found a beautiful home for an amazing price....which turned out to be a home we had toured years earlier thinking how nice it would be for whoever could possibly afford it! In this aspect of buying, someone had gotten ahead of us, but fell through leaving it open for us to have the next option to buy.

There were so many details that had God's providential, sovereign hand in play and helps me to remember, with God, ALL things are possible.....no matter what stupid, evil plans humankind has.

So, don't despair, don't get mad.........GET GOD! I'm telling you, He is a great helper!

AMEN!! Knowing how powerful and amazing God is keeps me holding hope for housing. I know he will make the miraculous happen if it is his will for us to have our own home. Staying with my mom longer than I'd like may be his will too.

 

[Jojo4124]

Some did but most would not appraise at the inflated price, and most contracts had a clause added about how much over appraised value a buyer would pay if not for the whole asking price.

One of my team members put in 4 contracts before getting one accepted that wasn't outbid.

Maybe depends on area. My friend's sister paid $150k on top of the asking price n they battled 3 others making offers. My cousin paid $80k over asking price and didnt require any repairs made before purchase despite what repairs were needed.

I also work for super wealthy ppl and have heard their neighbors mentioning stories like this. They said someone they knew paid $200k over asking price for their house because they had lost out on 3 houses due to bid competition. Sounds incredulous, but the super rich do stuff like this I guess.
This was in 2020 and 2021. Blew my mind.

 

[Baby Yoda]

Maybe depends on area. My friend's sister paid $150k on top of the asking price n they battled 3 others making offers. My cousin paid $80k over asking price and didnt require any repairs made before purchase despite what repairs were needed.

I also work for super wealthy ppl and have heard their neighbors mentioning stories like this. They said someone they knew paid $200k over asking price for their house because they had lost out on 3 houses due to bid competition. Sounds incredulous, but the super rich do stuff like this I guess.
This was in 2020 and 2021. Blew my mind.

If the people are wealthy and can pay cash, or get loans that don't use the property as collateral, they can pay as much as they want over asking price.

 

[DWB]

Part of the problem is people moving from blue states to red states, and people moving away from crime.

 

[cheeky200386]

Part of the problem is people moving from blue states to red states, and people moving away from crime.

That's true. I don't know how many of the people moving out of blue states are conservatives trying to escape or are trying to spread their failed policies.

I know Mike wants to free us from the rot of the blue states but we can't afford anything.

 

[Belle of Grace]

I know Mike wants to free us from the rot of the blue states but we can't afford anything

Cheeky, we can sure understand Mike's thinking on this. I would feel the same way, if I were younger, too. Yesterday, I read an article by Britt Gillett, posted by Chris, and the truths that it contained helped me to see more clearly what really matters and what doesn't. Even today, I have quit fretting about a few things that I realize now are not really 'issues' so I'm letting them go. Yay! We're going Home very soon. Praying for others to come to know the Savior
https://www.raptureforums.com/forums/threads/are-we-on-the-verge-of-the-tribulation.190219/

 

[cheeky200386]

Cheeky, we can sure understand Mike's thinking on this. I would feel the same way, if I were younger, too. Yesterday, I read an article by Britt Gillett, posted by Chris, and the truths that it contained helped me to see more clearly what really matters and what doesn't. Even today, I have quit fretting about a few things that I realize now are not really 'issues' so I'm letting them go. Yay! We're going Home very soon. Praying for others to come to know the Savior
https://www.raptureforums.com/forums/threads/are-we-on-the-verge-of-the-tribulation.190219/

AMEN! Eternity and sharing the Gospel is all that matters.