Apartment Renters Forced Into Bidding Wars - How Is Your Market?

Question

https://www.cbsnews.com/boston...

Some of us knew this was coming. As sales prices skyrocket and mortage rates increase, fewer people can afford to purchase a home. This increasese the competition for rentals and drives up the rates. We also knew there would be a backlash after the eviction moratorium. You can't let people go for months or years without paying rent and then expect Landlords to absorb the losses or forgive the bad behavior.

My rental market is on fire. Everything rents quickly and for top dollar. We're being more selective in who we rent to, particularly with renters in the lower-income brackets where they are most likely to take advantage of eviction moratoriums or other government interference.

How's the market in your area?

Greg Scott · Answer

I love this quote from the article

"Many landlords lost money due to eviction moratoriums during COVID, and now they are more strict with tenant qualifications"

Politicians fail to realize that when they enact legislation there are unintended consequences. Rent control, another favorite, has been proven to reduce development, which constricts supply and makes housing less affordable in the long run.

Nathan Gesner · Answer

I don't know if I agree with you on "unintended consequences" from legislation. I think they know what could happen, but don't care because it doesn't affect them and they're more concerned with gaining votes or power.

Henry T. · Answer

Duh, we all knew it what the consequences would be.  The politicians did NOT fail to recognize the unintended consequences, these pigliticians  knew what was gonna happen. The data was all there from numerous studies.  University of Washington for one. They passed their legislation anyway to get votes. Seattle City Council Lisa Herbold, Tammy Morales, Kshama Sawant, Teresa Mosqueda, Debera Juarez, Alex Pederson, knew exactly the consequences and that rents would skyrocket, but these politicians passed their anti-landlord laws anyway, trying to look tough, for cheap quick votes from uninformed renters.  Skyrocketing rents are their fault, and they need to be called out for it.

Theresa Harris · Answer

Interesting article and I think most of us knew that would happen.  I have place in two different towns and one has always had a 0% vacancy rate and that hasn't changed.  The other seems to have fewer rentals and even last year when I bought a new place, it was rented really quickly for more than we expected (I have a property manager).

Apartment Renters Forced Into Bidding Wars - How Is Your Market?

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