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this post was submitted on 23 Oct 2024
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While it looks nicer, the rent has doubled here
Rent has doubled everywhere in the past few years. Real estate industry is to blame
Yes and no. Yes because fuck big corps that buy houses and set rent price to achieve fill factor of 0.7, no because very these corps buy cheap dirty houses, renovate them, and double the rent.
I bet you don't live in Paris or even France.
There is a lock on rent in heated housing markets for example. Not everything in the US is the same on this side of the pond.
If only.
I live in Portugal which has a similar massive house price bubble, especially in the main cities of Lisbon and Porto, and the "investors", foreign or otherwise, seldom buy run down places to renovate, much less actually build anything: there's no need to do it when the market is so tight and the bubble so massive that merelly buying anything and sitting on it (not even rent it) will yield you 14% a year, and way more than that if you AirBnB them (realestate "investors" don't put their houses in the normal rental market when they can make 4x as much from short term lets to turists).
What you describe might've happenned back when prices were just slowly trickling up and there was no "make money fast" scheme of turning habitation spaces into mini-hotels so "investors" had to actually activelly add value to the dwellings they bought in order to extract a better profit, but nowadays thanks to most governments doing all that they can take to pump up house prices - as it makes GDP figures go up plus most top politicians are at the right wealth level to themselves be housing "investors" - simple ownership of such assets yields great returns without lifiting a finger and in touristic places renting them via AirBnB can double or triple that yield with litterally no more investment than having the place painted and adding some IKEA furniture with no need for paying for and spending time in proper renovations.
So: keep cities horrible so that the rent stays low. Got it.
Also tourists will stay away
Keep that tourism money at home! Our local restaurants can get fucked!
You see, politicians are all just impotent victims and there is nothing at all they can do to control rents and cool down house price bubbles and their inaction (or even actions that help stoke the prices up) have nothing to do with them putting first and foremost the further enrichment of those who have the most riches /s
I think your statment here is actual in reverse of what you may want to point out.
An increase in rent shows a induced demand for the property. More people are wanting to live in this location, thus the rents have gone up because of this demand. The rent did not go up because of the cost of installing those trees, but because the trees are there.
Similarly homes located near public parks, schools, hospitals, or transit may have a higher price tag because more people want said properties.
In London you can literally spot where the subway stations are from a map of rent prices since prices within an area go up the closer a place is to the tube.
Nope. Increase in rent shows the pumped up scarcity.
Again nope. You are spreading propaganda without knowing it. Rent is driven by rental algorithms like Yardi and Realpage. Supply and demand do not work if the property is in the hands of few that calculate their prices using the same database and the same algorithms.
You mean shitty places with no amenities rent for the same as desirable locations because of algorithms? TIL
No, they renovate it to increase the property class, rent cost for this one, and rent prices overall
The rent would have doubled anyway. Paris is Paris.
Due to reno or price gouging?
nature is a costly amenity