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Private equity and consolidation continues to be a thorn in your average renters side. There's no 'competition' (or what little there was before) when all apart
by fzeroracer 3y ago
Private equity and consolidation continues to be a thorn in your average renters side. There's no 'competition' (or what little there was before) when all apartments are owned by the same groups.
There's nothing more that I'd love than to never rent from Greystar again but they cover so much of the market it's impossible.
- bell-cot 3y agoIf NIMBYism prevents the construction of all but a token number of luxury apartments, and there are lots of 99-percenters who need a place to live, then you really don't need any Wall Street crap for rents to climb ever upward.
- fzeroracer 3y agoNIMBYism is an issue, but I've seen enough to conclude that I firmly believe the core problem is private equity and the way they unify rent across their property. For example: The area I last lived in (Austin outskirts) my apartment wasn't anything special, there were new units popping up around me and it was fairly far from anything major. When I left in late 2022, they tried to give me a renewal offer that was a 40% increase in rent. Most of the apartments around me were Greystar and of course, they all went up at the same rate and time.
- bell-cot 3y agoWall Street can do that kinda crap, and certainly needs some real anti-trust enforcement - but there's nothing like a "good" (for renters) vacancy rate to discourage any & every sort of rent increase.