Article: In many cities, rent grows out of reach

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Real Estate Broker · Chicago, IL · Member since 2013 · 6k+ posts · 5k+ votes

An analysis for The New York Times by Zillow, the real estate website, found 90 cities where the median rent — not including utilities — was more than 30 percent of the median gross income.

http://finance.yahoo.com/news/many-cities-rent-grows-reach-184511143.html

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Jean BolgerPro Member

Aurora, CO · Member since 2012 · 2k+ posts · 1k+ votes

12y

This is disturbing, and it's one of the reasons I'm happier investing in an area with lower rents than in my home town. I want to provide decent housing at a decent price, not gouge people who have no other choice.

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Jean BolgerPro Member
Aurora, CO · Member since 2012 · 2k+ posts · 1k+ votes
12y
This is disturbing, and it's one of the reasons I'm happier investing in an area with lower rents than in my home town. I want to provide decent housing at a decent price, not gouge people who have no other choice.
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Val Csontos
Rental Property Investor · Annapolis, MD · Member since 2014 · 214 posts · 140 votes
12y
That would be here (Baltimore Washington Corridor) we had our rent nearly doubled here in past 5 years!

Reasons:

1, Salaries High

2, Folks with variable interest loans were evicted from their houses in record numbers like 8%, and this created a Rental Shortage in the entire region.
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Brie SchmidtBusiness Member
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Real Estate Broker · Chicago, IL · Member since 2013 · 6k+ posts · 5k+ votes
12y
@Val Csontos - double rents in 5 years???!!
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Val Csontos
Rental Property Investor · Annapolis, MD · Member since 2014 · 214 posts · 140 votes
12y
@Brie Schmidt The apartment price range doubled and SFR probably went up 30-40%. Real nice 3br 2ba apartment (A quality) $2000 - $2300/mo walking distance to the mall.

So when people are tired of apartment living they come to rent our SFRs for same or a bit lower price :)
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