- cross-posted to:
- news
- cross-posted to:
- news
- A group of lawsuits accuse large landlords of price-fixing the market rate of rent in the United States
- A complaint filed by Washington D.C.’s Attorney General alleges 14 landlords in the district are sharing competitively sensitive data through RealPage, a real estate software provider
- RealPage recommends prices for roughly 4.5 million housing units in the United States
- RealPage told CNBC that its landlord customers are under no obligation to take their price suggestions
A group of renters in the U.S. say their landlords are using software to deliver inflated rent hikes.
“We’ve been told as tenants by employees of Equity that the software takes empathy out of the equation. So they can charge whatever the software tells them to charge,” said Kevin Weller, a tenant at Portside Towers since 2021.
Tenants say the management started to increase prices substantially after giving renters concessions during the Covid-19 pandemic.
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.
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.
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.
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.