[Tarara Boomdea]

Channel 3 Poll Question

90% yes.

Local shops, restaurants are screwed - landlords sucking up all the money.

https://news3lv.com/news/local/vote-...as-rent-prices

[Tarara Boomdea]

https://web.archive.org/web/20230916...gas-2905142%2F

Rental rates for a one-bedroom apartment in the Las Vegas Valley dropped double-digits over the last year, according to a new report from Rent.com, which is owned by Redfin.

But month to month, from July of this year to August, rental rates bumped up slightly, by 0.36 percent, the report states.

“I would say the biggest thing, both in Las Vegas and nationally, is that price growth has slowed relative to the last two years, but prices remain elevated well above pre-pandemic norms,” Rent.com CEO Jon Ziglar said in a statement.

The average cost for a one-bedroom apartment in the valley in August was $1,654, an 11.9 percent drop year over year, according to Rent.com.

[Tarara Boomdea]

Nevada leads nation in home foreclosures, report says
Las Vegas Review-Journal | September 19, 2023
https://web.archive.org/web/20230920...-says-2907053/

Renters are also hoping for relief in the city given that a wave of new apartment units is coming onto the market this year.

[apple92680]

Get ready for another tidal wave of Section 8!

Foreclosed homes will be bought by BlackRock and their subsidiaries and rented out en mass again, a la 2010.

[Tarara Boomdea]

A record number of Americans are shelling out one-third of their income on rent right now — but apartments in these 47 cities are getting increasingly affordable

★ Apartments are as unaffordable as ever, with millions spending a third of take-home pay on rent.
★ However, rapidly receding rent growth is a bright spot for renters, including those waiting to buy.
★ Here are 47 real estate markets where rent is lower now than it was in September 2022

Rent remains at astronomical levels across most of the US, even though the growth of monthly payments to landlords has slowed to snail's pace in the last nine months.

The number of Americans spending at least a third of their income on rent has never been higher, rental platform Zumper recently noted, citing a Harvard study from earlier this summer.

https://www.businessinsider.com/real...outlook-2023-9

#18 Henderson
https://www.businessinsider.com/real...rson-nevada-18

#19 Las Vegas
https://www.businessinsider.com/real...egas-nevada-19

[timothyaw]

Originally Posted by lvnyc

A record number of Americans are shelling out one-third of their income on rent right now — but apartments in these 47 cities are getting increasingly affordable



https://www.businessinsider.com/real...outlook-2023-9

#18 Henderson
https://www.businessinsider.com/real...rson-nevada-18

#19 Las Vegas
https://www.businessinsider.com/real...egas-nevada-19

So I'll repeat this once again, keep government OUT of housing! Let the market run itself. The pendulum always swings from high to low.

[moguldreamer]

Originally Posted by lvnyc

A record number of Americans are shelling out one-third of their income on rent right now — but apartments in these 47 cities are getting increasingly affordable

100% of apartments are affordable to the people who rent them.
100% of homes are affordable to the people who purchase them.

[Willy702]

How many foreclosure notices turn into an actual property being transferred to the lender?

I'm still waiting to see this drop in rents. My rental properties all saw modest rent increases this year. A good friend is out looking for a rental home and sure doesn't seem like any price decreases there. The apartment he has been in for four months just notified him if he renews the rent is going up about 3%. So where and what are the causes of things supposedly getting more affordable?

[Mike from back east]

Originally Posted by timothyaw

So I'll repeat this once again, keep government OUT of housing! Let the market run itself. The pendulum always swings from high to low.

Okay, but things are not that simple, and to really get the government out of the housing market will tick off all the "investors."

If we want to get the hand of the government out of the housing markets then eliminate the tax laws making it advantageous for wealthy people and big corporations to keep gobbling up homes and putting them in the rental market. No matter the interest rates, here in the Phoenix area our TV stations bombard us with ads from plug ugly men to sell your home to them.

The lust for investible assets drives up the price of homes to levels high enough to where many buyers are priced out of the market for a home and forced into rental housing (owned by more huge corporations and REITs) the cost of which keeps going up in a sort of death spiral.

Change the tax laws to stop allowing depreciation on SFHs and THs and the insatiable demand for ever more homes to buy will be reduced, prices should stop rising and may soften to where young people and first time buyers can again afford a home of their own.

The whole business of REITs is ripe for a tax overhaul, many are little more than a tax dodge, written into tax laws by lobbyists for the banks and other major investors who are influential enough ($$$$) to get what they want from Congress.

[Tarara Boomdea]

In addition, if I may be so bitchy, the worst people seem to be drawn to these "investments". I hope they get their asses handed to them. I was a landlord once, and got out of it asap - it felt creepy.

Originally Posted by Mike from back east

Okay, but things are not that simple, and to really get the government out of the housing market will tick off all the "investors."

If we want to get the hand of the government out of the housing markets then eliminate the tax laws making it advantageous for wealthy people and big corporations to keep gobbling up homes and putting them in the rental market. No matter the interest rates, here in the Phoenix area our TV stations bombard us with ads from plug ugly men to sell your home to them.

The lust for investible assets drives up the price of homes to levels high enough to where many buyers are priced out of the market for a home and forced into rental housing (owned by more huge corporations and REITs) the cost of which keeps going up in a sort of death spiral.

Change the tax laws to stop allowing depreciation on SFHs and THs and the insatiable demand for ever more homes to buy will be reduced, prices should stop rising and may soften to where young people and first time buyers can again afford a home of their own.

The whole business of REITs is ripe for a tax overhaul, many are little more than a tax dodge, written into tax laws by lobbyists for the banks and other major investors who are influential enough ($$$$) to get what they want from Congress.