discussion U.S. Median Rent To Reach Record High Of $2,000 By Summer.

[Symmetra]

Quote

 

If you think the cost of living is high right now, just hold on to your horses until summer. Rent in the U.S. reached an all-time median high in April of 2022, and it’s expected to keep rising to a record average of $2,000 per rental unit by August, according to a recent report from Realtor.com.

Currently, the national average rent is $1,827 a month, up 16.7% from a year ago. The study researched the average rental prices in the 50 biggest cities across the United States to determine the data. The data also broke down the average rent cost by the number of bedrooms, determining that rent for a studio apartment is growing the fastest of all rental units. In the U.S., it will cost you a whopping average of $1,499 per month for a studio — another record high. The average two-bedroom will cost you around $2,552 per month.

 

https://theshaderoom.com/media-rent-record-high/amp/
 

 Two-Bedrooms being $2550

[X~MoviePoP]

and they wonder why mental health is so bad. we cant afford to live, drive, buy food, go to school.

 

whats the point.

 

this is ridiculous

[Saintlor]

Really? From my perspective being from the UK I always assumed in America you can rent a 5 bedroom huge home for like $500 per month

 

I was really under this assumption

 

I thought america was really affordable apart from New York

[Schami66]

4 minutes ago, Saintlor said:

I thought america was really affordable apart from New York

100% same

I used to watch these videos of people in New York looking for apartments and there was always a few comments wondering why people spend so much money, when it's so much cheaper in state xy

 

[Sesame]

All these investment firms buying residential real estate and individuals buying multiple properties for passive income need to be stopped. 
 

Waiting for the old sack of **** in office to do literally ANYTHING

[fauxtography]

23 minutes ago, Saintlor said:

Really? From my perspective being from the UK I always assumed in America you can rent a 5 bedroom huge home for like $500 per month

 

I was really under this assumption

 

I thought america was really affordable apart from New York

It used to be like that, like even 5 years ago.

 

My first place out of highschool was a 2 bedroom house, with a lawn, for $700 a month ($350 split between two people)

[besaid]

42 minutes ago, Saintlor said:

Really? From my perspective being from the UK I always assumed in America you can rent a 5 bedroom huge home for like $500 per month

 

I was really under this assumption

 

I thought america was really affordable apart from New York

It still is. This is an average rent for the entire country. So the more expensive places like NY and LA bump up the average quite a lot.

[Mr.Link]

36 minutes ago, Sesame said:

All these investment firms buying residential real estate and individuals buying multiple properties for passive income need to be stopped. 
 

Waiting for the old sack of **** in office to do literally ANYTHING

And what do you expect them to do? To give you a free house?

[Gov Hooka]

12 minutes ago, besaid said:

It still is. This is an average rent for the entire country. So the more expensive places like NY and LA bump up the average quite a lot.

It’s median I think. So it’s still pretty ******. 
 

This is why I live with my folks and am fortunate enough to do so -and enjoy living with them. My rent money goes toward concert and festival tickets. But I know not everyone can Bc of family issues and people have different lifestyles. 

[MaxxiPad]

You pretty much need to have a roommate or live-in partner to afford rent in a lot of places. It's sad how having your own place is like an unaffordable luxury now, even for lots of full-time professionals.

[ZORBIT]

51 minutes ago, Sesame said:

All these investment firms buying residential real estate and individuals buying multiple properties for passive income need to be stopped. 
 

Waiting for the old sack of **** in office to do literally ANYTHING

spill sister! The way this upcoming working class generation will not be able to afford nor own any property when "THiS Is tHE AMerICaN DrEAm" a tragedy

-

Personally thankful my lease has protected me from these rent rises. It's horrible what most people are going through 

[hardbrit]

Why is it so expensive? It makes no sense at ALL

[Gorjesspazze9]

It’s true, they have risen rent prices In My city and all of my friends neighborhoods by an extra $700-$1200. It’s getting insane out her. Also gas prices hitting $6 a gallon on average ? 

[shinyshimmery]

These landlords/management companies are so dumb and are soon going to realize that their buildings are going to stay vacant like what's happening in NYC. If people can't afford to live in your building, guess what? you're gonna have empty units sitting there depreciating. It's going to cost them more in the long run. 

 

A recession is coming anyhow, so it should bring the cost of everything down 

 

[Bloo]

I wish they had more detailed data breaking this down. I recently signed a lease for a 2-bedroom apartment in a major city and it's less than this. So I wonder how the price increases are distributed geosnatially. It's definitely gone up in the past few years, but the $2000 median is higher than I would have guessed.

[Bears01]

5 hours ago, Sesame said:

All these investment firms buying residential real estate and individuals buying multiple properties for passive income need to be stopped. 
 

Waiting for the old sack of **** in office to do literally ANYTHING

Tell me: do you know what the federal reserve is? 
 

Do you know what raised interest rates does? Do you know that this happened? 
 

What would you expect the president to do? 
 

I don’t think you have the answer to any of these questions 

[imabadkid]

5 hours ago, Saintlor said:

Really? From my perspective being from the UK I always assumed in America you can rent a 5 bedroom huge home for like $500 per month

 

I was really under this assumption

 

I thought america was really affordable apart from New York

I mean, outside of the big coastal cities like NYC, DC, Boston, Seattle, San Fran and LA it kinda is...

[Vespertine]

6 hours ago, Saintlor said:

Really? From my perspective being from the UK I always assumed in America you can rent a 5 bedroom huge home for like $500 per month

 

I was really under this assumption

 

I thought america was really affordable apart from New York

It really depends where you live. A huge portion of the population lives in California and the north east, and housing is very expensive in both places (besides maybe some rural areas of the north east). I live in a boring suburb in New Jersey (not very close to the city) and apartments here are just as expensive as places in NYC. I lived in Rhode Island for 6 years and was able to rent a studio for about $1000 a month, but I’ve looked on Zillow recently out of curiosity, and that’s impossible since the pandemic began. 

 

The only people I’ve ever known who rented a full house for $500-700 a month lived in rural areas of Virginia, South Carolina, etc.

 

Florida used to be “cheap,” but now there’s been a mass exodus there, and entire neighborhoods are being bought up by investment firms (including ones not even based in the US) and turned into more expensive rentals. 

 

Airbnb is also a huge problem. It has sucked up a lot of available housing. 

 

I’ve been living home with family since the beginning of the pandemic (remote job), which I have hated, but I am so grateful to have been able to save up for a down payment. I’m really hoping to buy a condo and not worry about rent, because this **** is crazy! 

[Sesame]

7 hours ago, Mr.Link said:

And what do you expect them to do? To give you a free house?

 

2 hours ago, Bears01 said:

Tell me: do you know what the federal reserve is? 
 

Do you know what raised interest rates does? Do you know that this happened? 
 

What would you expect the president to do? 
 

I don’t think you have the answer to any of these questions 

Are you kidding me? Do you guys not realize all they’d have to do is pass legislation limiting corporate acquisition of family homes and the INDIVIDUALS on AirBnB with 26 properties in their possession. The reason the housing market is absolute **** right now is because so many LLCs/Corporations are buying up any properties listed for sale with cash, some significantly above market value. That’s why houses keep selling within days of being posted. They know it’s a great investment because they get to rent out the properties while also maintaining the capital value of the home. If it keeps going at this rate, regular people won’t ever be able to own a home and they’ll be subject to renting their entire lives without the opportunity to build capital. 
 

7 hours ago, ZORBIT said:

spill sister! The way this upcoming working class generation will not be able to afford nor own any property when "THiS Is tHE AMerICaN DrEAm" a tragedy

-

Personally thankful my lease has protected me from these rent rises. It's horrible what most people are going through 

One of my coworkers just got a 30 day eviction notice because they’re updating her apartment and upping the rent 39%. It’s crazy, and the fact that there’s people in this thread condoning it. 

[Bears01]

6 hours ago, Sesame said:

 

Are you kidding me? Do you guys not realize all they’d have to do is pass legislation limiting corporate acquisition of family homes and the INDIVIDUALS on AirBnB with 26 properties in their possession. The reason the housing market is absolute **** right now is because so many LLCs/Corporations are buying up any properties listed for sale with cash, some significantly above market value. That’s why houses keep selling within days of being posted. They know it’s a great investment because they get to rent out the properties while also maintaining the capital value of the home. If it keeps going at this rate, regular people won’t ever be able to own a home and they’ll be subject to renting their entire lives without the opportunity to build capital. 
 

One of my coworkers just got a 30 day eviction notice because they’re updating her apartment and upping the rent 39%. It’s crazy, and the fact that there’s people in this thread condoning it. 

And you do know to “pass legislation” it’s the job of congress, correct? 

[karron0624]

17 hours ago, Saintlor said:

Really? From my perspective being from the UK I always assumed in America you can rent a 5 bedroom huge home for like $500 per month

 

I was really under this assumption

 

I thought america was really affordable apart from New York

During the pandemic i had a two bedroom downtown walking distance to everything for $1400 a month. Same two bedroom is now $3000 a month (mind you Nashville has exploded, but still …)

[Saintlor]

1 hour ago, karron0624 said:

During the pandemic i had a two bedroom downtown walking distance to everything for $1400 a month. Same two bedroom is now $3000 a month (mind you Nashville has exploded, but still …)

How are people affording this? Have loads of people suddenly became rich?

[karron0624]

42 minutes ago, Saintlor said:

How are people affording this? Have loads of people suddenly became rich?

Comparatively, a lot of people in Nashville are moving here from CA or New York while keeping their OG jobs, which is pricing everyone out. For example, in Nashville, Big Law will pay a first year law student 180k. In New York, some of those firms are starting at $300k. So we arent just competeing with Nashville people who have been out placed, we are competing with people who are coming from markets who make nearly double what we make and are used to these prices.

 

For example, i’m in an 1800 square foot home i bought in 2019 for 274k, and i thought i was overpaying for my house. My neighbor across the street works for a silicone valley tech company, paid 380k for the house (1400 square feet fyi) last year in cash because he sold his house in Cali for like over a mil. He came to me and was telling me how the house was a steal and properties were so cheap here ?. He still makes his silicone valley paycheck in a cheaper market, with a house he grossly overpaid for, but he doesnt have a mortgage so it doesnt matter. Its the same for all my neighboors. Only three people on my street have been in Tennessee longer than two years. Everyone else came down here from a more expensive market and keeps bidding 50k-100k over asking price, in a market where traditionally, asking price was as high as youre going to get.

 

I think a lot of people arent taking into account that with WFH, you can get a job in a more expensive market, live in a cheaper market, pocket that extra money and that is also driving prices up. Especially  in Tennessee where we have no income tax. 
 

So to answer your question, richer people are moving here not understanding our market, and using their market tactics while maintaining their OG salaries. This is causing disparities in incomes (Tennessee is one of the lowest cost of living states with the lowest income) among actual Tennesseans who work here vs people who are moving here but work in another state.

[Sesame]

6 hours ago, Bears01 said:

And you do know to “pass legislation” it’s the job of congress, correct? 

Did you know that a typical president actively work with their party reps to draft up and advocate for bills hence the “campaign promises” they all promote? Did you know executive orders are a thing? Stop shilling for this crap President. If Biden continues ignoring every ongoing economical problem in this country, he’s basically going to hand the next election over to republicans. 

[Bears01]

50 minutes ago, Sesame said:

Did you know that a typical president actively work with their party reps to draft up and advocate for bills hence the “campaign promises” they all promote? Did you know executive orders are a thing? Stop shilling for this crap President. If Biden continues ignoring every ongoing economical problem in this country, he’s basically going to hand the next election over to republicans. 

I think Biden sucks, but the basic knowledge of how our government works continually failing among our public is a serious problem