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Updated about 1 year ago on . Most recent reply

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78
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47
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Steven Taylor
  • Investor
  • Lorain, OH
47
Votes |
78
Posts

rents going up

Steven Taylor
  • Investor
  • Lorain, OH
Posted

For those of us that have been doing this for a long time (25) years its crazy to see how much the rents have gone up in the last 5 years. When I started I had a 2 bedroom for $495 a month it took 20 years to get that rent to $575.  Now in the last 5 years have gone to $895 

I have houses that was $500 now $1300 

Will we ever see this kind of inflation again? 

To be honest I dont think the rents have maxed out just yet. 

  • Steven Taylor
  • Most Popular Reply

    User Stats

    349
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    374
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    Erin Spradlin
    • Real Estate Consultant
    • Colorado Springs, CO
    374
    Votes |
    349
    Posts
    Erin Spradlin
    • Real Estate Consultant
    • Colorado Springs, CO
    Replied

    @Steven Taylor - So many thoughts on this. 
    I think that the rent prices will continue to go up because, unfortunately, fewer and fewer people have control of the rental market/own investments. In places like NYC, where the rental vacancy rate is below 1%, all the power is with the landlord and this will drive prices up. I think we will see this more and more throughout the United States.

    I also believe the nature of renting is changing. Specifically, I think midterm rentals / furnished rentals, are going to become the norm rather than the exception. I think we are already starting to see that shift, and that midterm rentals will grow in popularity not only with travelers but also with local tenants. If I had been more aware of/presented as an option a furnished rental when I was 20-30 years old, I definitely would have taken it. 

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