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With today`s economy why aren`t rents falling 100%,50% or even 25%?Landlords advertise top dollar rents,but who is gonna take that and for how long they think the people will stay down here and swallow that.It is funny how economy reflects on every aspect,but on some it does not because of lame excuses.I see 1300 dollar rents advertised good luck with that lol
With today`s economy why aren`t rents falling 100%,50% or even 25%?Landlords advertise top dollar rents,but who is gonna take that and for how long they think the people will stay down here and swallow that.It is funny how economy reflects on every aspect,but on some it does not because of lame excuses.I see 1300 dollar rents advertised good luck with that lol
The poor economy is actually pushing rental rates UP.
Lots of people or losing homes, or can't afford to buy homes, and need a place to live. All of these people are trying to rent. It's supply and demand. The demand for rentals is very high right now. When demand outpaces supply, price goes up.
On the flip side, the demand for homes is very low right now. That's why prices keep falling.
Location: At the end of the road, where the trail begins.
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There have been record foreclosures all over the place. As these people are forced to leave their homes, they're driven to rent.
There are only so many places to rent, with an ever increasing amount of renters vying for those rental units....... equals high rent prices. They won't be coming down anytime soon.
It's just your standard supply and demand scenario.
$1300 for a nice 3 bedroom+ is not uncommon in many parts of MI.
Edit: I should of read all the responses, Michigan83 already gave the answer
I know that a lame excuse has got to exist such as supply and demand in the case of renting,but home payments now dont exceed 600$ and in many cases far lower than that.Now these are homes.So how come an apartment complex still charges so much money?In fact many of them have high vacancies and offer free months of renting to lure tenants into thinking that it is a such a great deal.Cmon now this isnt the 90s for pete sake to ask 475$ for one bedroom.The supply and demand theory on renting in this state is false and is only thrown outthere to fool people.I am not being fooled.I will pay the high rents in New York if there is a job wage high enough to justify that
Our daughter is spending $800 month for a 900 sq foot house in Garden City. That is almost what we were spending for a 1500 sq ft house (1/2 acre) in Redford before taxes...
The apartment owners costs are not going down. they still have to make loan payments, pay taxes, insurance, maintanence, in some cases utilities, etc. These costs have gone up not down. They have to collect a minimum amount of rent, or let the place go. Can you really get a one bedroom apt for $475? I did not know that it was that cheap.
I know that a lame excuse has got to exist such as supply and demand in the case of renting,but home payments now dont exceed 600$ and in many cases far lower than that.Now these are homes.So how come an apartment complex still charges so much money?In fact many of them have high vacancies and offer free months of renting to lure tenants into thinking that it is a such a great deal.Cmon now this isnt the 90s for pete sake to ask 475$ for one bedroom.The supply and demand theory on renting in this state is false and is only thrown outthere to fool people.I am not being fooled.I will pay the high rents in New York if there is a job wage high enough to justify that
Well, "pifler", you asked for opinions and you got some. Maybe you don't agree with them, but they were valid to their posters. I'll also throw in that in some cases those who are foreclosed on 'can' afford high rents because they're no longer paying property taxes nor homeowners insurance on buildings. And, again in some cases, not all cases, the low mortgage payments were artificially low with no, or very low, interest for a number of years. Those weren't valid and were bound to, eventually, catch up. And, they did in this giant bubble. There are lots of reasons rents are high, but supply and demand surely plays a part.
I can also make it a personal situation as I have tried to sell my place in Ingham County to no avail. So, I leased it w/an option to buy. The lessors are paying 1550/month plus all utilities. They want to buy but need some time. I want to sell and, luckily, 'have' some time. Times are very much different than they were in the past. Flexibility is key.
My family has a ton of rentals (both college campus apartments and houses out in the "country") We have rentals for over $1000/month and have no problem getting good renters in. We've always had more people interested then we have houses to rent, always people saying, "keep me in mind if someone moves out." Now around campus depending on if its a shared living (4 or so bedrooms with a common living) we have them at around $300 a room where are regular one bedrooms range from $495-695.
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