[Tarara Boomdea]

https://www.rent.com/research/january-2024-rent-report/

Leading yearly metro declines in December was Salt Lake City, where rents dropped sharply, by 20.75 percent. Austin experienced the second largest decline among metros in the study, with a 12.5 percent decline year over year, followed by the Las Vegas-Henderson-Paradise metro, where rents fell by 9.3 percent.

[moguldreamer]

I'm hearing apartment complexes are raising non-rent recurring monthly fees covering common utilities such as water, wifi, clubhouse amenities - the equivalent of "resort fees" at hotels. So they can advertise moderating rent, but they increase the monthly resort fees. This is like airlines that are reducing the ticket price but adding on fees for carry-on luggage, seat selection fees, front-of-plane fees, aisle-seat fees, window-seat fees, and other junk fees.

[movin1]

My water and natural gas bills have gone up a lot (my gas bill doubled) for the house I own and live in. I imagine landlords are experiencing the same increases and have to cover those costs via charging tenants more.

[wpcoe]

And then there's: "The report also reveals rental rates have surged by 1.9% year-over-year, now averaging $1,745 per month."

source: https://www.ktnv.com/news/average-la...to-afford-rent

[Tarara Boomdea]

https://twitter.com/MacroEdgeRes/sta...31314272395763

MacroEdge @MacroEdgeRes
There were almost 5,000 evictions in Las Vegas in January, 150% higher than the pre-COVID average
Last edited
4:06 PM · Feb 19, 2024 · 21.9K Views

[Tarara Boomdea]

Feeling a little devilish tonight...

There's a limit on how much rents can be raised. You'd think that would be common sense, but by their actions, I'm not sure some landlords know that. I am angry because throughout the pandemic I paid my rent on time and in full, yet I'm treated and talked to like trash, by a very un-businesslike landlord.

At one point, the PM advised me that the reason for the exorbitant rent increase was "the market is going crazy, and I don't know why". I would have thought that even a minimum amount of maintenance or improvement of the surrounding neighborhood would justify such an increase, but nothing like that had happened. If anything, conditions were older, shabbier and generally deteriorating.

Things could be worse. I will be reasonable about the amount I want to protect your place :-)

The Western Journal
Expert on Squatters Warns Nation: We're in for a 'Nightmare' Once Illegal Immigrants Discover Housing Law Loopholes
By Jack Davis February 24, 2024

[moguldreamer]

Originally Posted by wpcoe

And then there's: "The report also reveals rental rates have surged by 1.9% year-over-year, now averaging $1,745 per month."

source: https://www.ktnv.com/news/average-la...to-afford-rent

I wonder what journalism drop-out equated "surged" with "1.9% YOY"

[moguldreamer]

Originally Posted by Tarara Boomdea

Feeling a little devilish tonight...

There's a limit on how much rents can be raised. You'd think that would be common sense, but by their actions, I'm not sure some landlords know that. I am angry because throughout the pandemic I paid my rent on time and in full, yet I'm treated and talked to like trash, by a very un-businesslike landlord.

Tenants vote with their feet. It appears you haven't yet voted.

Originally Posted by Tarara Boomdea

At one point, the PM advised me that the reason for the exorbitant rent increase was "the market is going crazy, and I don't know why". I would have thought that even a minimum amount of maintenance or improvement of the surrounding neighborhood would justify such an increase, but nothing like that had happened. If anything, conditions were older, shabbier and generally deteriorating.

I see the source of your economic misunderstanding.

There is no need for a property owner to give a reason to raise rents. Indeed there is no reason for a property owner to even have a reason to raise rents.

[Tarara Boomdea]

I see you're perfect for the job.

[Tarara Boomdea]

Freddie Mac reports alarming surge in defaults. $100 Million Apartments going dark.


https://www.youtube.com/watch?v=M2I_FZ2PqzQ

Las Vegas mentioned. Negotiate.

@8:18 Free months rent. Playing on current renters lack of awareness.

Renewals up 4.2%. New leases down 3.9%.