I’d add outsized that businesses with huge reserves of cash buying up local houses (single and multi family homes) do no more to help the average renter, much less anyone hoping to buy their 1st house (home) than I’ve ever seen.
These businesses (largely located out of state) will then raise the rents of the current renters for the next m…
I’d add outsized that businesses with huge reserves of cash buying up local houses (single and multi family homes) do no more to help the average renter, much less anyone hoping to buy their 1st house (home) than I’ve ever seen.
These businesses (largely located out of state) will then raise the rents of the current renters for the next month. In most cases doubling or sometimes even tripling the rent. With just a 30 day notice this puts the current renter in a tough place. Now the average wage earner has to pay more of their weekly income simply to afford their rent. Their lives which were reasonably stable financially now have become more hand to mouth.
I know a few who live in two or three bedroom apartments getting more roommates than the bedrooms available simply to afford the rent. Living rooms become bedrooms. Storage closets become bedrooms. And those people moving in have been forced out by the place they lived being bought and their rent doubled. They couldn’t afford to stay so they move.
As mentioned the businesses buying up local properties are often located out of state. Their onslaught of buying as many houses as they can has driven the price of single and multi family homes through the roof. While real estate has always been a commodity the number of homes and apartments in one town being owned by one large corporation are becoming the next monopolies. I’m lucky enough to own my house. If not I couldn’t afford to live here.
I’d add outsized that businesses with huge reserves of cash buying up local houses (single and multi family homes) do no more to help the average renter, much less anyone hoping to buy their 1st house (home) than I’ve ever seen.
These businesses (largely located out of state) will then raise the rents of the current renters for the next month. In most cases doubling or sometimes even tripling the rent. With just a 30 day notice this puts the current renter in a tough place. Now the average wage earner has to pay more of their weekly income simply to afford their rent. Their lives which were reasonably stable financially now have become more hand to mouth.
I know a few who live in two or three bedroom apartments getting more roommates than the bedrooms available simply to afford the rent. Living rooms become bedrooms. Storage closets become bedrooms. And those people moving in have been forced out by the place they lived being bought and their rent doubled. They couldn’t afford to stay so they move.
As mentioned the businesses buying up local properties are often located out of state. Their onslaught of buying as many houses as they can has driven the price of single and multi family homes through the roof. While real estate has always been a commodity the number of homes and apartments in one town being owned by one large corporation are becoming the next monopolies. I’m lucky enough to own my house. If not I couldn’t afford to live here.