Home rent prices are unreal.......

[jltrent]

I see a lot more homeless people. From scanning over the map of the US of A it looks like monthly rent in just the last year has went up $200-$300 monthly and it was way high before that. People are going to need a bigger handout or get evicted.

https://www.rent.com/research/average-rent-price-report/

 

[Rafter S]

I don't know what the solution is. It's my understanding that part of the problem is people turning what used to be rent houses into the short term rentals people book online instead of hotels. I think the bubble has just about burst on that though. It used to be an inexpensive alternative to a hotel. Now it's often not less money than a hotel, and many of them seem to want you to clean the place before you leave.

 

[farmerjan]

Part of the rental problems also stems from this whole group of lazy entitled ones that won't even take decent care of the places they rent... keeping it clean and not tearing up the walls, carpets, floors, etc... Landlords are tired of getting stuck with having to practically rebuild the place to rent it out again to get torn up. I can't blame the landlords from wanting to get more rent to cover the costs to fix up later..... and also, the ones that get all this assistance aren't paying for it anyway.... my son had a house he rented and one time the people he rented to had rent assistance.. he got the rent right on time from the county assistance but the renters were always late with the little they had to pay.... like $200 of the $850 or so... they didn't do even the basic house cleaning half the time, vacuuming and such... and then eventually wound up losing the assistance due to drug problems.... then he had to go through some BS to get them out...
He has a great renter in there now.... but that was a year and a half of a nightmare...

 

[CowboyRam]

I will never own any rentals again. It seams the the landlord has no rights. It is getting harder to evict them. Dad used to have 52 rentals back in the 80's and he heard every excuse under the sun why they could not pay the rent. He even had one guy tell him that he could do anything he wanted once he was in, dad never even let him in. He had one unit where they never cleaned, and each time he was in the unit for maintenance he would tell them to get the newspapers away from the electric heat registers, and he would have to give them the same warning every time he was in there. Once the moved the tub was so dirty he had to clean it with muriatic acid.

I personally have been told my a moving tenant that the place was dirty when they moved in; I know for a fact it was clean. They were also the same ones that asked if they could owe me the rent, they already owed the rent. After my divorce that rental had to be sold, I was never so glad to see it gone.

 

[shaz]

I will never own any rentals again. It seams the the landlord has no rights. It is getting harder to evict them. Dad used to have 52 rentals back in the 80's and he heard every excuse under the sun why they could not pay the rent. He even had one guy tell him that he could do anything he wanted once he was in, dad never even let him in. He had one unit where they never cleaned, and each time he was in the unit for maintenance he would tell them to get the newspapers away from the electric heat registers, and he would have to give them the same warning every time he was in there. Once the moved the tub was so dirty he had to clean it with muriatic acid.

I personally have been told my a moving tenant that the place was dirty when they moved in; I know for a fact it was clean. They were also the same ones that asked if they could owe me the rent, they already owed the rent. After my divorce that rental had to be sold, I was never so glad to see it gone.

I had a rental back during the the subprime mess and even bad tenants could buy a house which kept my rent down. I've only got one now on the farm that I let my hunters use for free. They pay utilities and it has an off the grid water system. They put a fair amount of money into it.

Everything you're saying I can relate to.

 

[Ky hills]

It's hard to get good renters. The last renters we had weren't in the house a year until they burned it down, being careless with cigarettes.
Prior to that we had mixed results of good and bad renters. I can tell you from our experience, 90% of the prospective renters were folks that you would not want around your property period let alone living on it.
I think definitely the short term rental business may be having an effect, but probably not as big of a loss of rental property as one would think. In our area there are older neighborhoods that are almost exclusively rentals, and most of those would not work for short term rental units unless significant improvements were made.
Most people are not going to invest the time or money to properly run a successful short term rental.
We are doing a short term rental on our property. It is a lot of work, wife does the cleaning and I help with it. It brings in more money than a traditional rent situation, and we don't have people constantly on the property, which gives us a bit of a break, from having people close by.
Honestly, a whole house short term rental should be worth more than a hotel room, especially if a lot of amenities are offered. So much more room, and ability to cook and wash clothes.
In the case of someone renting out just a room in the house that they live in also, I can see that being less expensive.
In ours we don't require guests to wash laundry before they leave, but do ask that they clean up any messes, and put their trash in a bag. Sometimes guests will go an extra mile to help out, and on a few occasions we are left with a mess to clean and pick up.

 

[bbirder]

Those of you that have the desire to stay in the rental business should move from residential to commercial property. Your customers have some stake in the game. Once a business is established, they want to keep the same address and keep it maintained. Write a strong lease and warn them up front that you will hold them to it. My rents were due on the first, and if it was not in my hand by the 10th, I would start eviction proceedings and put up a "For Lease" sign in front of their business. Never had much trouble collecting.
True story. I once had a preacher lease one of my buildings for a church. He was paying $2000/mo, and after a few months he approached me and asked if I would consider lowering the rent. I told him, "Reverend I'm in the rental business and you are in the preaching business. If you can't make the rent, pass the plate twice" He agreed with me and kept the lease for two more years.

 

[Travlr]

I see a lot more homeless people. From scanning over the map of the US of A it looks like monthly rent in just the last year has went up $200-$300 monthly and it was way high before that. People are going to need a bigger handout or get evicted.

https://www.rent.com/research/average-rent-price-report/

In a lot of housing markets there are corporate house hunters outbidding anyone with a job. They swoop in with a cash offer that's higher than asking price, outbidding civilians, and are driving the market up... driving rents up too. If you have ads in an urban area offering to buy houses without closing costs or commissions for cash, it's the same corporations buying up everything else.

There's some kind of long game being played that doesn't make much sense to me.

 

[Shuttle50]

It's happening across the country. A little bit of social engineering going on I think.