4 ms·
How is rent setting record highs, in spite of the population drop?
by danuker 3y ago
How is rent setting record highs, in spite of the population drop?
- bombcar 3y agoIf the population is dropping because lower income workers are leaving, average rents will go up as occupancy goes down. Think of it this way - you probably won’t move to a cheaper house just because one becomes available- but you might move to a nicer one of the financials worked.
- kjkjadksj 3y agoWorking class people are also more likely to have multiple roommates. So if one roommate leaves, maybe the others can no longer afford the full rent so they move too, now the landlord white washes the walls and jacks rent and it goes to a single high income individual who can afford three bedrooms themselves in manhattan.
- spread_love 3y ago> Brokers say the lack of apartments for sale, due to higher interest rates, have forced many would-be buyers to rent
- badpun 3y agoAlso, rents numbers are usually not given after adjusting for inflation. It makes breaking record a phenomenon you’d expect, similarly how Hollywood keeps constantly breaking its blockbuster records.
- ethanbond 3y agoIn addition to the other comments: high vacancy and landlords who'd rather hold out for prices to come back up. They should be taxed into oblivion.
- deleted 3y ago[deleted]