Meanwhile, rising mortgage rates are making itto buy a home, forcing many to stay in the rental market. And adding to all of this, the massive cohort of millennials hitting their late 20s and early 30s are eager to move out on their own.
"There's a severe shortage of rental housing at all price points and in essentially every city across the country," One tenant stopped paying for most of a year, yet he couldn't evict her because of the pandemic moratorium. When she did leave, he discovered major damage to the place."Just her apartment alone, between lost rents and in repairs, I spent over $25,000," he says.
"I raised the rent by this drastic amount, not because that's what I would typically do," he says,"but because I have to recoup all these losses that I've had over the last year." Even though real estate is his retirement plan, Nuruddin thinks housing should be considered a human right. He'd like to see more rent control and a bigger investment in public housing. And while building more to address the historic shortage is good, he says it should be"the kind of housing that's actually going to solve the problem, not just more McMansions or quick flips that start falling apart after five or 10 years.
just really going to ignore profiteers owning multiple homes as short term vacation rentals? or corporations & overseas investors buying up thousands of homes to reduce stock & artificially inflate price? 'construction shortage'. no amount of building can outpace greed.