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> Since 2016, rents have climbed 76 percent in Phoenix, 63 percent in Las Vegas, 80 percent in Atlanta, 66 percent in Wilmington, North Carolina, and more than
by nullc 2y ago
> Since 2016, rents have climbed 76 percent in Phoenix, 63 percent in Las Vegas, 80 percent in Atlanta, 66 percent in Wilmington, North Carolina, and more than 50 percent in Portland, Seattle, Charlotte, Nashville, and Dallas. One multifamily executive quoted in an antitrust lawsuit recalls,
While I have no general reason to doubt the fixing allegations, but in the same time span national average fuel prices increased 72% and CPI increased 32%. So it sounds like inflation is arguably a majority of those change and with it backed out the numbers sound less obviously suspicious.
- papercrane 2y agoShelter is part of CPI, which this rent fixing would distort. Even so, it seems the rent increases far outpaces inflation.
- washadjeffmad 2y agoDriving up rental prices across entire markets is what drove up mortgages. Appraisals were more of a side effect of that than reflections of actual value, although most home owners will be loath to admit their golden geese are a shame. Rental prices are used as an indicator for housing demand, and median home values feed back into the calculation for rental prices. It was a setup by deep pocketed financial interests with heavy investment into hard assets to game the math. Before the pandemic, the rhetoric against WFH was largely a tactic by mid- and high-rise owners to sustain property values and income. I don't think a lot of people had access to the people having those conversations, but it was a fairly open topic around me going back to at least 2016.