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Why U.S. renters are taking corporate landlords to court
(www.cnbc.com)
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this post was submitted on 05 Feb 2024
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I have no idea how people can afford to rent. In my general 5 square mile area, there are literally dozens of new apartment complexes, townhomes, and housing developments that are built strictly to rent, and the rent for all of these places range from $1500 for a 2 bedroom apartment to $3000 per month for the townhomes and rental houses. I just don't understand the system where these people somehow cannot afford to buy a home but are expected to pay more than a mortgage in rent.
Who is living in them? That’s what I am so confused about. Like who can afford it ? Is it people from neighboring towns that are rich enough to get an apartment in town for work like. I just don’t get who is filling all these new places.
Multiple people living together. I recently went to Washington about an hour north of Seattle at a place I lived at a long time ago. Place was a shithole with plazas boarded up. This was like a decade ago. Went back there this last fall and shitty homes there are like half a million dollars. It took a few days before it clicked at how many fucking cars there were lining up and down all the streets. Even where I visited had like 4 adults; there's just so many damn people bunking together now even with full time jobs.
Probably not many people long term. When you buy a place to rent it out you need a steady stream of people who want it over the years. Single family homes with 3-4 bedrooms are good for young families.
The problem with lots of these expensive apartment complexes in small towns that can't support them is: people are not going to be perpetually locked out of houses. Either we will build more houses, build more apartments in better cities, or kids will live with their parents longer.
One of my top priorities for kids I have is housing. College degree? Maybe a state school. But they will definitely need a place to live.
Houses and mortgages in my neighborhood aren't much cheaper for an older house with 2 bedrooms and 1 bathroom. I know owning and a 300/month savings off that higher rent price is not nothing but it's not the huge savings it was several years ago to instead have a mortgage. That said I'm not sure how anybody is affording anything.