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Honored Contributor
Posts: 27,387
Registered: ‎05-10-2010

Re: How high can rents get to before people go homeless?


@Sooner wrote:

I feel so sorry for all who are getting raising home rates. It is terrible and terrifying for many people.

 

If we don't get people back to work, and the economy patched up, I fear for us all. With jobs going begging, I am thinking it is time to start considering jobs programs rather than handouts for folks who are able to work.  Sounds harsh?  What else are you going to do where it would be helpful?  It's a matter of people pulling together at the root of it all to help with hands out and hands up.  

 

And the current economic methods aren't helping that's for sure.  Nobody seems really worried about the economy in many cases. . . but US!  Woman Frustrated

 

The problem with with rising rents  is not in any way related to the economy and the job situation in this country is actually good.  Rents have been increasing for  years for various reasons. Supply and demand is partly responsible, there are not enough rental units.  Most places don't have rent control so landlords can charge whatever they want.  


 

Respected Contributor
Posts: 2,595
Registered: ‎03-10-2010

Re: How high can rents get to before people go homeless?

[ Edited ]

@Sooner wrote:

I feel so sorry for all who are getting raising home rates. It is terrible and terrifying for many people.

 

If we don't get people back to work, and the economy patched up, I fear for us all. With jobs going begging, I am thinking it is time to start considering jobs programs rather than handouts for folks who are able to work.  Sounds harsh?  What else are you going to do where it would be helpful?  It's a matter of people pulling together at the root of it all to help with hands out and hands up.  

 

And the current economic methods aren't helping that's for sure.  Nobody seems really worried about the economy in many cases. . . but US!  Woman Frustrated


@Sooner   This is the current info, as posted by CNBC for June, 2022:

 

  • Nonfarm payrolls in June increased by 372,000, topping the 250,000 estimate. The unemployment rate remained at 3.6%.
  • Average hourly earnings rose 5.1% from a year ago, a touch faster than estimates.
  • Education and health services led job creation, followed by professional and business services and leisure and hospitality.

 

Job growth accelerated at a much faster pace than expected in June, indicating that the main pillar of the U.S. economy remains strong despite pockets of weakness.

Nonfarm payrolls increased 372,000 in the month, better than the 250,000 Dow Jones estimate and continuing what has been a strong year for job growth, according to data Friday from the Bureau of Labor Statistics.

 

 

The unemployment rate was 3.6%, unchanged from May and in line with estimates. An alternative measure of unemployment that includes discouraged workers and those holding part-time jobs for economic reasons fell sharply, dropping to 6.7% from 7.1%.

“The strong 372,000 gain in non-farm payrolls in June appears to make a mockery of claims the economy is heading into, let alone already in, a recession,” said Andrew Hunter, senior U.S. economist at Capital Economics.

 

"Justice will not be served until those who are unaffected are as outraged as those who are. - Benjamin Franklin
Honored Contributor
Posts: 12,184
Registered: ‎07-15-2016

Re: How high can rents get to before people go homeless?

@Kachina624 

 

Re NYC - at least where I live ...

 

There are people moving in as quickly as others are moving out. 

 

There are 8 apartments on my floor -  since March 2020 - we've had four change tenants - 3moved,1died.

 

It seems as soon as the apartment has been repainted - new people move in.

 

Rents are high - but (for me) well worth it for the convenience .... no car needed - almost everything I need is within walking distance. 

---------------------------------------


@Kachina624 wrote:

Some of your rents sound atrocious but how would you like to live in Manhatten?  With the occupancy rate being what it is, it sounds as though there's been a migration out of the city.

 

Screenshot_20220731-123834_kindlephoto-499612752.png


 

Esteemed Contributor
Posts: 5,531
Registered: ‎03-09-2010

Re: How high can rents get to before people go homeless?

You’re not going to like my answer. I don’t know what percentage is a $129 increase but I am a part-time property manager and most everyone’s rent went up $100 which was around 6%. Landlord expenses go up just like everyone else.
Esteemed Contributor
Posts: 5,531
Registered: ‎03-09-2010

Re: How high can rents get to before people go homeless?

Forgot to add, CA does have some restrictions. Generally 5% plus inflation per year if you are on a lease. If it’s month to month, that doesn’t apply.
Valued Contributor
Posts: 735
Registered: ‎11-12-2010

Re: How high can rents get to before people go homeless?

@SurferWife  Wow that is insane. A friend of mine lives in an upper level apartment and hers also went up $300 per month. Maybe these complexes want us out so they can charge new folks even more.

Respected Contributor
Posts: 3,159
Registered: ‎03-09-2010

Re: How high can rents get to before people go homeless?

[ Edited ]

@Meowingkitty 

 

I live in North Peoria AZ,  and we own our home. But there aren't many apartments around here. The few apartments are charging between $1700 and $2600 a month. Even more for three bedrooms. 

Home owners that rent out their homes for two or three months are charging over $3k a month. 

Trusted Contributor
Posts: 1,142
Registered: ‎06-08-2021

Re: How high can rents get to before people go homeless?

[ Edited ]

I'd do nearly anything before paying that kind of rent. I'd definitely look into buying a mobile home or renting in a mobile home park.

 

Or buying an RV or camper and living in that until this all blows over (if it does).

 

Becoming an over-the-road trucker?

 

But yes, I remember during the pandemic people were not paying rent and the landlords couldn't evict them in some places. Everything is a mess....

Honored Contributor
Posts: 10,549
Registered: ‎03-09-2010

Re: How high can rents get to before people go homeless?


@Kachina624 wrote:

Some of your rents sound atrocious but how would you like to live in Manhatten?  With the occupancy rate being what it is, it sounds as though there's been a migration out of the city.

 

Screenshot_20220731-123834_kindlephoto-499612752.png


@Kachina624 I watch Cash Jordan on YouTube.  He's a young guy and a Realtor in Manhattan and shows a different apartment for rent everyday....sometimes he goes into one of the other boroughs, usually Brooklyn.  

 

It's interesting to see the vibe of the different neighborhoods and how insane the rents are.  Some of the apartments are real dumps too!

Honored Contributor
Posts: 12,157
Registered: ‎03-09-2010

Re: How high can rents get to before people go homeless?

[ Edited ]

My daughter's rent for an awful, very small 2 bedroom with many problems and leaks went up $400/month this year! It is shocking.It was about $1000 before it went up. 

Some states have no rent caps.

This complex did have one building destroyed by fire and I thought maybe they were hoping to get as much as they can but they should have had insurance so it doesn't make sense for what it is.

I'd guess anything you don't need, just eliminate and find free ways to replace the things you enjoy. Good luck!

And know you are not alone. Rents are going up astronomically all over the country.

"If you walk the footsteps of a stranger, you'll learn things you never knew. Can you sing with all the voices of the mountains? can you paint with all the colors of the wind?"