(09-17-2024, 07:34 PM)mikesez Wrote:

(09-17-2024, 07:11 PM)p_rushing Wrote: Mikesez, you have gone on a long rant about rents going up but continue to overlook the problem.

You say supply is low. Why is that? How many people have been let into this country? Don't you see the problem?

The government has a set limit they will pay for housing illegals. That amount will magically be the amount the renter will rent for. The amount is different in different places but that becomes price floor for rents.

Stop trying to apply a bunch of financial and economic terms, theories, etc. to explain it away. The rates drop immediately if the government stops paying. Supply doesn’t change until people are kicked out of the country.

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There are a small number of states that will pay for housing for some illegal immigrants, but the federal government does not.

The price floor you're describing in most places is section 8, which is federal, and does not benefit illegal immigrants unless they happen to live with a citizen.  I agree that program is problematic.  But it's also about 50 years old now.  Before section 8 we had a lot more government owned housing, which is also not great.  But these are older problems.  The housing shortage is a new problem, that started on the West coast and is hitting all over most major cities now.

As far as rental cost a lot use the 1% rule. It is just a rule of thumb.  Zillow has a nice article.
https://www.zillow.com/rental-manager/re...house-for/

Additionally historical rent info here. Amazing that it spiked as the current administration attacked fossil fuel and enacted their policies, without a plan to mitigate the damage other than rolling them back before the election.

https://ipropertymanagement.com/research...nt-by-year

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