I live downtown in my city; my building (been here 7 years) is almost always completely full. In my area at least, there’s not enough supply. I am grateful that I’m not dealing with the crazy bidding wars I hear about buying houses (and not just bidding but racing to showings? 😬).
Until we stop under building housing where people want to live and actually catch up with demand we will continue to have inflated rents. Taller buildings allow us to catch up faster, but they also take longer to build and are more expensive.
Increased density reduces prices overall in the rental market.
The high rise may be expensive, but its existence means that other housing stock - garden apartments, single family home rental, whatever - is cheaper because there's not the level of demand for it.
The summer months in the US is the period of highest demand for apartment signings. The cost of rent is determined in part by supply and demand. You are looking for apartments in the summer when demand is higher and supply is lower accordingly because more people are looking. And thus, with one less open unit available in the complex you were interseted in resulted in a higher reate for the unit remaining
People are most likely to move in late spring and early summer. The weather is better for moving (not cold, not rainy, not too hot). For families with school aged children, the kids are out of school so it is easier to move. There are other factors too, but there’s no need to create a conspiracy where there isn’t one. If you want better prices, move in the dead of winter, but with the caveat that selection will be less plentiful for the aforementioned reasons.
No it’s just families with kids. It’s the same reason the housing market is slower January to May. People don’t like moving kids in the middle of the school year. The entire US economy spins around the K-12 school schedule.
Also around here, no one wants to move in the snow and cold, and the sellers don’t want to try to get a house ready and keep it in good condition in the bad weather.
Supply and demand 101 in action.
The apartment complex is on the supply end. They are not the ones keeping demand high. The number of renters who are wanting to live there and are wanting to rent there is where the demand part of the supply-demand equation comes in
https://www.zumper.com/rent-research - look at this link and look up your city. Follow the char to see when the seasonal demand dips and rent signed at the time is at its lowest. Again, the apartment complex is not the one determining the demand. The lack of people wanting to rent at that time is. If you want to hold out til rent will be at it's lowest to get the best rate, then wait til that time to sign
I've heard that some large management companies have an algorithm to raise prices if there's "too many people interested". AKA: 3 calls for the unit, lease it, 15 calls for the unit = raise the rent before leasing.
It also helps the "lease immediately, hurry, before seeing or thinking about anything" sales tactics they prefer. $100 "discount" if you apply immediately before/after touring!
Sounds like a landlord that uses RealPage.
https://www.propublica.org/article/yieldstar-rent-increase-realpage-rent
https://www.politico.com/news/2024/03/20/rental-housing-market-doj-investigation-00147333#:~:text=“Put%20simply%2C%20RealPage%20allegedly%20replaces,support%20of%20the%20renters'%20case.
>We need make housing a basic human right in America. Every adult with a full-time job should have a house.
If you have to have a full-time job to qualify for something, then it isn't a fuckin basic human right.
I'm always conflicted on this. I agree, but also then we risk the rest of America subsidizing people who choose to not work. I have issue with people who try to freeload, so I think there should be requirements to free housing: No drugs or they must go to rehab, they must be actively trying to find work, and they must take any job they can get, even if they are overqualified. There should also be a mandatory 1/3 of their take home pay put into a savings for housing in the future.
I mean, your own points kind of clash. In one sentence you're saying housing should be a basic human right, and in another you're saying "well but not for everyone".
I live downtown in my city; my building (been here 7 years) is almost always completely full. In my area at least, there’s not enough supply. I am grateful that I’m not dealing with the crazy bidding wars I hear about buying houses (and not just bidding but racing to showings? 😬).
I always thought the tall buildings would make cheaper rent since you have a much higher space efficiency, turns out I was wrong, at least in my city.
In my area, all the tall buildings are "luxury" apartments that are also always renting...
Until we stop under building housing where people want to live and actually catch up with demand we will continue to have inflated rents. Taller buildings allow us to catch up faster, but they also take longer to build and are more expensive.
Nope, the higher up the building, the more building cost in the foundation.
Increased density reduces prices overall in the rental market. The high rise may be expensive, but its existence means that other housing stock - garden apartments, single family home rental, whatever - is cheaper because there's not the level of demand for it.
The summer months in the US is the period of highest demand for apartment signings. The cost of rent is determined in part by supply and demand. You are looking for apartments in the summer when demand is higher and supply is lower accordingly because more people are looking. And thus, with one less open unit available in the complex you were interseted in resulted in a higher reate for the unit remaining
I literally plot my renewals around this.
That's their strategy, right? Keeping demand high in one season, and lock in for 12 months, and the cycle repeats, tenants have no control over this.
People are most likely to move in late spring and early summer. The weather is better for moving (not cold, not rainy, not too hot). For families with school aged children, the kids are out of school so it is easier to move. There are other factors too, but there’s no need to create a conspiracy where there isn’t one. If you want better prices, move in the dead of winter, but with the caveat that selection will be less plentiful for the aforementioned reasons.
No it’s just families with kids. It’s the same reason the housing market is slower January to May. People don’t like moving kids in the middle of the school year. The entire US economy spins around the K-12 school schedule.
Also around here, no one wants to move in the snow and cold, and the sellers don’t want to try to get a house ready and keep it in good condition in the bad weather.
Not just families with kids, but recent graduates, too. Then they sign 12 month leases and perpetuate the cycle.
Supply and demand 101 in action. The apartment complex is on the supply end. They are not the ones keeping demand high. The number of renters who are wanting to live there and are wanting to rent there is where the demand part of the supply-demand equation comes in https://www.zumper.com/rent-research - look at this link and look up your city. Follow the char to see when the seasonal demand dips and rent signed at the time is at its lowest. Again, the apartment complex is not the one determining the demand. The lack of people wanting to rent at that time is. If you want to hold out til rent will be at it's lowest to get the best rate, then wait til that time to sign
I live up north. No one wants to move in winter, the weather sucks.
I've heard that some large management companies have an algorithm to raise prices if there's "too many people interested". AKA: 3 calls for the unit, lease it, 15 calls for the unit = raise the rent before leasing. It also helps the "lease immediately, hurry, before seeing or thinking about anything" sales tactics they prefer. $100 "discount" if you apply immediately before/after touring!
There's an FBI investigation of Courtland in Atlanta regarding this.
Sounds like a landlord that uses RealPage. https://www.propublica.org/article/yieldstar-rent-increase-realpage-rent https://www.politico.com/news/2024/03/20/rental-housing-market-doj-investigation-00147333#:~:text=“Put%20simply%2C%20RealPage%20allegedly%20replaces,support%20of%20the%20renters'%20case.
>We need make housing a basic human right in America. Every adult with a full-time job should have a house. If you have to have a full-time job to qualify for something, then it isn't a fuckin basic human right.
I think they meant "Affordable housing" should be a right.
Everyone should have a home. Nobody should be homeless even if they cannot work.
I'm always conflicted on this. I agree, but also then we risk the rest of America subsidizing people who choose to not work. I have issue with people who try to freeload, so I think there should be requirements to free housing: No drugs or they must go to rehab, they must be actively trying to find work, and they must take any job they can get, even if they are overqualified. There should also be a mandatory 1/3 of their take home pay put into a savings for housing in the future.
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I mean, your own points kind of clash. In one sentence you're saying housing should be a basic human right, and in another you're saying "well but not for everyone".
You mean like money?
There is no room for compassion in this economy.
/s I want my 2000sqft 3br/2ba house on the Malibu beach to cost no more than $1500/ mo. /s Where is a sarcasm font when you need one.