Rental prices are increasing by more than 30% in major cities across the U.S. with the national monthly average for a one-bedroom costing $1,701. NBC News’ Zinhle Essamuah reports on how private equity firms play a major role in fueling the rise in housing costs nationwide.
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#Rent #Equity #housing
Unreal! What’s next? A new COVID variant? Rising gas prices and inflation. I climate change and drought! I don’t know why I even get out of bed anymore?!?
This is why I absolutely hate condominiums and I will never live in one
Communism
The solution to this
I don’t know. When you hear someone like Klaus Schwab say, you will own nothing and be happy, and then see what’s taking place, seems a little deliberate to me.
They are making lower income people homeless. The people that make more than the cut off for getting public assistance. They are heartless. Not only are they causing rent to sky rocket, they are scooping up every 1st time home buyers dream of buying a reasonable priced home.
I moved to the city I am in now because of affordable housing, 8 years ago. Rent has doubled in that time. Nothing but greed.
Greed is the Ultimate motivation.
Things like this will keep happening as long as there are no laws to stop them. It’s the old story of the rich getting richer and screwing over the poor and low income.
Thé biggest thing I see for Canada and America is a lack of supply of luxury homes and just regular homes in all major North American cities. A lack of luxury homes means the rich move into homes once used for the middle class, leaving the middle class to buy the homes of the poor. Its a cycle. This is especially true in Vancouver, Toronto, Miami, NYC, and LA. Building more high density buildings should be the top priority for North America. Especially being that with immigration our population continues to rise and yet housing supply isn’t increasing. Add in all the hikes lost to flood, fired, hurricanes, tornadoes and etc and you end up with almost the same supply of houses even after new construction is finished.
DISGUSTING.
SHELTER IS A BASIC HUMAN NEED.
A PAINT JOB, NEW LINOLEUM, AND DOUBLE YOUR RENT.
If you are not buying a house 20 years later you will find you become a professional losers pure losers, Because United States dollar purchasing power will keep dropping most people in car never ever match the inflation I encourage No Vacation no credit card debt no zero down our fancy car save all the money buy a house La Way you will have a roof
Tell them to quit calling for my property. So rude I get so many calls daily
GREED……………..
If you voted for Biden/Harris, you voted for this!
Greedy investors have driven up up rents.
Oh that real estate tycoon that we had in office is responsible for Wallstreet investments in the housing market…
You’ll never own a home and you will pay us high rent for the rest of your life or live in the streets. All brought to you by the democats 🤣🤣🤣🤣 dumb as rocks they are🤣🤣🤣🤣
It’s a pay to play society and we are watching them slowly cull the herd. These are the last peaceful days. In the coming years it will get worse.
rent up hundreds of dollars. should be a crime
What can be done about it? nothing. We live under a plutocratic oligarchy masquerading as a representative republic.
Screwing people who don’t have a choice.
It’s the American way!
Interesting….they didn’t cover how private equity firm go into the apartment complex, clean everything up and increase the quality of living. This is the result of higher rent.
Tents are flying off shelves. The average person can’t afford this nonsense.
And the term “affordable housing” is a con game
one dimensional analysis. just repeat private equity firms blah blah blah without digging deep, aka MONEY PRINTING, supply chain issues, etc. laughable from nbc
I live in the Nashville area and they had a news report stating that 30% of the homes purchased in Davidson County were bought by different LLC firms located in 17 different states. All over the city, billboards state, “Sell your home – we pay cash!”. Unless they win a lottery, I don’t see how someone can ever obtain their first home.
Here’s an interesting question. Who is able to pay the cost of these rents???. Lot of people going to be homeless.
Rent should be 25% if nothing is included some one should create a law on that
American dreams are gone…
Should be freaking illegal.
This is everywhere in America
I met someone the other day who rents a house in town. They can’t find anyone who owns the building and the company they pay doesn’t seem to exist. They told the FBI about it. I bet there are a ton of ghost companies that take people’s money for rent and hike the prices, then gamble in the stock market.
These prices will never go down Unless the government physically goes in and changes those prices these prices will only keep going up-and-up and up-and-up
Dump the Mortgage Backed Securities and we’ll see if the Fed drives up real estate prices or not.
The Gobermen need to control Big corporations to control housing crisis.Realstate Airbnb and others Manipulate and use federal money to increase the profits.
NBC is in cahoots with these entities.
Why hasn’t the First time Homeowner credit that Biden promised passed yet? It’s supposed to help Americans purchase their own home. When landlords see that people are buying they will start lowering rents.
America is one giant scam.
They cant take everyone’s homes and I doubt these cowards will force us out lol they’re going to lose. The good always wins that’s just the way life rolls.
Here is the true reason why only 1% of people are Wealthy… 99% of People don’t understand that the Dollar has lost 95% of it’s purchasing power since 1911 and will continue to decline until it hits zero. It is deflationary, which is why it takes more and more Dollars to buy the same items over time. ALL FIAT CURRENCY’S GO TO ZERO. The 99% will become homeless and unable to afford food in the future because they chose to HATE the Rich rather than learn from them 🙂… Every Seminar, every word spoken by the 1% I listened to and within 20 Years we went from Loser Renter’s to 1%. We sold a couple Properties for Hundreds of Thousands in profit this Year alone and Real Estate Profits in Canada are tax free!!!!
Take a stand….write your state representatives, and demand that your state pass legislation that applies a state wide rent control.
Don’t Worry, our Politicians will not care Nor do Anything of value to help
That’s probably best. When they attempt to make things more affordable it only gets worse.
This is criminal. Our citizens have a human right to afford a home to call their own. Nobody is asking for handouts, but these rents and home prices are not affordable. Unfortunately I don’t see this getting any better soon. But I hope in the longer term, rents and home prices go down.
The rule of the land in the Unites States of America is Profits over people at all costs.
Home ownership gives stability to neighborhoods. It decreases crime and has other benefits.
Rent control actually makes things worse. No one would want to invest to fix up rent controlled housing and then it turns to crud. Better thing to do would be to build more housing. You could build taller apartment buildings if more apartment buildings can’t fit in an area
Wait till Joe Biden hears of this! Just wait! Remain calm.
There should be prime time congressional hearings.
Big corp’s buying single family homes is only helped with the Fed bumping up the interest rates on the middle class. Making money more expensive only helps Corps buy homes while at the same time screwing the individual buyer.
And home owners keep voting for higher property taxes. Crazy. The college needs up grade the sidewalk needs repairs only $50 a year more. Here they go vote YES.
I hope all the value of all properties go down, people stop renting because maybe they can buy now and that these private equity firms lose their shirts!
I told you, corporations are killers. Now Uncle Sam is funding them to corrupt the housing market.
If you aren’t a US citizen you should not be able to own land in the US
A very important story.
Predatory businessmen are the cause of many of America’s problems.
Subprime Rentals
Stopping private investors would just lower the number of places to rent. Which will make the current problem worse. No one is going to build or rent in mass scale at a lost. They would go out of business. Only the government can do that, But they would have to take the money from somewhere, or raise inflation even higher to borrower funds. This is just going to get worse. Until supply and demand meet again. But Ive said it before, My first apartment was $999 for a 2bd. My parents 1st apartment was $300 for a 2 bd, And my grandparents could by a house and a few acres for $5000. Everything goes up.
They’ve been doing this for a long time, but it didn’t become a problem until recently because ALL Democrat governors and some Republican governors outlawed the construction of new houses and the production of materials needed to build them, which caused a lack of supply that did not keep up with demand, which is why prices are so high. This was not the fault of private equity firms. This was the fault of our governors, especially Democrat governors.
Yeah, there have been residual REITs for as long as I remember.
This is obviously anticompetitive practices. Our legislature is set in place to ensure our protection against invaders and insure a fare competitive shot towards maintaining as well as improving your social standing 💯.
It’s called revenge 👹
Don’t live in the cities!!!
There are other places to live!!
Take a leap. And think bigger and better.
If you don’t rent from them they loose money. Why do you feel like you have no choices.
You can make money other places that are cheaper to live.
and I bet that the government will do nothing about it
What would you have the government do about it?
Glad to hear this getting covered. It’s been an ongoing issue finally at the forefront
Rent is already going down. This article is super late
My husband and I had to pay 20k over the asking price for a HUD house to even get a home. We still have to do a lot of renovations to the home due to property manager not taking care of the home properly. We just gut the bottom half of the kitchen and it was horrifying what we found.
why come inflation and rent and groceries allowed to float up but minimum wage requires manual political intervention every single time
This is why people are homeless
How is Freddie Mac allowed to do business? They are always involved in scandal or questionable practices.
Not only in America everywhere even in Europe…
It’s about time , people start realizing, these Private Equity Firms are manipulating the Market Housing Rate. But they are not doing it alone these real estate management companies are helping them.
Another big factor is illegal immigration. Injecting millions of people into the country especially the southwest has decimated supply and jacked prices. Close the border and start deporting.
Our elected people have allowed this to happen to us.
Life is a southpark episode
well, when you have people as popular as john oliver saying landlords should just be given bailouts, why wouldn’t they just raise the rent ?
This has been happening for years and years. Companies buying up low cost properties and raising rent for the local area.
What if we make them disappear… ya not wit it tho 😓
Rent should be affordable not profitable
They are going where the last bit of liquidity is. People will pay to remain sheltered. They are greedy pathetic pigs!
These are sad sad times in which we live!!!🥲
NBC late to this story
BRB starting a private equity firm 💰🏘
Hey NBC might be a little problem at the border too, you should look into it
So glad my home is paid. Wish I wasn’t living in Tennessee because I’m sick of the south and dump politics and people but it’s better than 2000 a month rent. I think I’d just commit suicide if I had to pay that.
I hate to say it but this needs government intervention.
If the USA government, state government and local governments don’t do something about this. We will have so many people homeless in America.
“The problem with capitalism is the capitalists…they’re too damned greedy.”
President Herbert Hoover
And they have the nerve to complain about homelessness
The more corporate America takes a hold of us the more it looks like what we wanted to get rid off.
Wealthy gets wealthier, rich gets richer, middle class going poor, poor is fuked! Time to pay tho for the middle class for looking down on us all those centuries!
SO EVIL!
They’ve been doing this for eons. I can’t believe everyone is just figuring this out. They’ve been recently gobbling up midwestern pockets so now I guess it’s more noticeable. The goal is to have everyone renting since the government isn’t making as much on property taxes. Follow the ladder up, look at the holding companies these equity firms are under, and you’ll find large corporations, which will inevitably lead you to the government.
You’re also being forced to finance or lease vehicles. Notice that? Go look at the used car market and tell me what you find…Look at what you depend on to live and all roads lead to the same place. The government.
Greed and human stupidity make life for the masses harder.
There’s enough for everyone’s needs but not everyone’s greed
Who would have thought when they started to ramp it up and buy entire neighborhoods? Guess everyone forgot when they said you will own nothing and be happy. Even went as far to say they will be renting rooms by the day from these homes they bought up.
the gov is like everyone stay, whilw warren gekko is looking for distressed securities
This is so unfair. We need local, state, and federal government laws to prevent this predatory purchasing.
Capitalism at its very finest. Greed, greed, greed.
My landlord says based on the market value my place is worth more therefore it will raise the rent.
The truth is the place has material peeling off from faucets, knobs, cabinets, drawers. A smelly a.c unit
Ant infestation. If anything the value of the place should be half of what I pay. If we appraise vehicles for there true value. We should be able to appraise rentals for true value aswell. My old car is not worth twice its original price just because it’s been utilized. If that’s the case my old car be same price as a new car based on these people’s logic.
people need to stop buying the overpriced homes from them.
When corporations bleed us dry, what then…?
If someone buys all of a needed resource, then only sells to the wealthy.. they are evil and we should put them in prison for putting profit over people. They are killing people by taking away shelter. By all logic, the people should fight back, survival trumps everything else.
I wish we could move all democrats to a farm and have them work for a living.