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Valuation have risen an absurd amount in the past two years. When property tax assessments catch up, landlords might be looking at 15-20% higher operating costs
by thrower123 5y ago
Valuation have risen an absurd amount in the past two years. When property tax assessments catch up, landlords might be looking at 15-20% higher operating costs, and that flows through to rents.
Not to mention property insurance rates have jacked up mysteriously in the past year.
- vladgur 5y agoNot in CA with prop 13
- WalterBright 5y ago> Not to mention property insurance rates have jacked up mysteriously in the past year. Not that mysterious. The cost of home repairs has increased substantially in the last year, due to supply chain disruptions. Lumber is a big one. My hot water heater failed last week. It cost more than double to replace it from what I had paid to install the previous one.
- programmertote 5y agoI can confirm about the rising property insurance rates. My Travelers home owners' insurance (for my two bed-room apartment) has risen up by ~11% from last year. In the past years, it was just about 3-4% YoY increase. When I asked them, they answered that part of the increase is to protect for the inflation. Inflation hurts everyone especially for people who will not see a lot of increase in their paychecks. It also seems like a self-fulfilling prophecy and I personally believe it'll be sticky (meaning, YoY inflation much higher than 2% will be with us for quite a while).