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U.S. Rents Hit Record High, Coinciding with Skyrocketing Mass Immigration

Ray From Cleveland

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Rent skyrocketing, housing tanking, gas absurd, groceries through the roof.... Something is wrong

I can't really blame this administration for rents. I've been a landlord for nearly 30 years now, and I haven't seen anything like this, but this has been going on for at least the last ten years. It all boils down to supply and demand.
 

scruffy

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Rents will go even higher when the housing market crashes starting in about six months to a year.

A 1 point rise in mortgage interest means a quarter million dollars to y'r a erage homebuyers (and possibly millions to the exceptional ones).
 

MinTrut

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Just another Biden shit-show. More crapping on Americans by the worst POTUS in history.

Everything Biden and his team of idiots do have been harmful to Americans. Same with the rotten Democratic Party.


Rents across the United States have hit a record high, with the median rent for a one-bedroom apartment now reaching nearly $1,500 a month, according to the Zumper National Rent Index.
...
In Miami, where nearly 6 in 10 residents are foreign nationals, pulling more immigrants to the area every year, median rents have jumped to about $2,500 a month. In Washington, DC, where the state of Texas is busing thousands of border crossers, median rents are now at $2,370.
At the same time, rents in cities across Ohio, Kansas, Texas, Louisiana, Kentucky, Oklahoma, upstate New York, and Iowa have dropped.
Real estate investors are some of the biggest beneficiaries of mass immigration to the United States. Immigration-driven population growth, set to bring the United States population to more than 400 million by 2060, is likely to send housing prices even higher.
A 2017 study published in the Journal of Housing Economics found that “increases in immigration into a metropolitan statistical area are linked with rising rents and home prices in that metropolitan statistical area and neighboring metropolitan statistical areas.”
As legal immigration brings over a million legal immigrants to the United States annually, as well as more than a million more on temporary work visas, the Biden administration has implemented an expansive Catch and Release network where thousands of border crossers and illegal aliens are sent all over the nation every month to await court hearings.
In the meantime, those new arrivals need housing.
While it is unclear exactly where border crossers and illegal aliens are resettling, the administration’s Alternative to Detention (ATD) program gives insight into the level of mass immigration to each city coinciding with record-high housing costs.
In Boston, Massachusetts, for instance, where the median rent has hit $2,730, the number of border crossers and illegal aliens released to the area on ATD has boomed. In December 2020, just 1,500 ATD migrants were being monitored in Boston. Today, more than 8,300 ATD migrants are in the city.
The same has occurred in New York City. In 2020, fewer than 3,700 ATD migrants were being monitored. Today, more than 10,500 ATD migrants are being monitored there. More than 16,500 ATD migrants are in San Francisco today; in 2020, about 10,600 were being monitored.


Huge story.

But of course the MSM won't tell the truth about illegals as a HUGE driver of scarcity in affordable housing.
 

MinTrut

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Rent skyrocketing, housing tanking, gas absurd, groceries through the roof.... Something is wrong
Democrats burned the country down for 2 years of power.
 

MinTrut

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This is something that has been going on for many years.

" For decades, housing costs have risen faster than incomes. Since 1960, renters’ median earnings have gone up 5 percent while rents have spiked 61 percent; homeowners earn 50 percent more while home prices have gone up 112 percent.

This has obvious human costs. As the National Low Income Housing Coalition reported earlier this month, a growing share of the nation’s renters cannot afford to live in the cities where they work. In 2016, nearly half of renters were considered cost-burdened — i.e. they spend more than 30 percent of their income on rent — a proportion that has more than doubled in the last 50 years.

Rising rents also have indirect impacts. The Harvard study noted that the cities with the greatest increases in housing costs also have the greatest increases in homelessness. Expensive housing encourages private equity firms and other investors to buy up apartment buildings and evict the current residents. Displacement leads to sprawl, long commutes and workers spending more time away from their families. From cheap restaurants to affordable childcare to neighborhood community centers, rising rents are a tsunami that sweeps away support networks and social amenities critical to low-income residents."


This article is from 2018.
Yup.
 

MinTrut

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I can't really blame this administration for rents. I've been a landlord for nearly 30 years now, and I haven't seen anything like this, but this has been going on for at least the last ten years. It all boils down to supply and demand.
While the Democrats & their Covid Con accelerated the problem, there's have been serious inventory issues for 15+ years.
 

MinTrut

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Rents will go even higher when the housing market crashes starting in about six months to a year.

A 1 point rise in mortgage interest means a quarter million dollars to y'r a erage homebuyers (and possibly millions to the exceptional ones).
Yup - more people stuck in ever more scarce rental housing they can barely afford.
 

Ray From Cleveland

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Rents will go even higher when the housing market crashes starting in about six months to a year.

A 1 point rise in mortgage interest means a quarter million dollars to y'r a erage homebuyers (and possibly millions to the exceptional ones).

That's the truth. My nephew rented a townhouse nearly a year ago. He got notice of his rental increase, but now can't afford the monthly mortgage of a house due to the interest rate changes. He's stuck there unless he finds a more affordable rental. He's now sorry he took the rental in the first place and just didn't buy a house when the interest rates were lower.
 
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welcome to xiden’s america…record inflation, skyrocketing rent…folks can’t afford to live in xiden’s oppressive regime
What was the last bill that republicans created that helped middle class or poor Americans? Republicans are the party of do nothing.
 
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That's the truth. My nephew rented a townhouse nearly a year ago. He got notice of his rental increase, but now can't afford the monthly mortgage of a house due to the interest rate changes. He's stuck there unless he finds a more affordable rental. He's now sorry he took the rental in the first place and just didn't buy a house when the interest rates were lower.
Funny how here in Metro Atlanta they are selling houses on a daily basis, everywhere you go there are new houses being built. Now someone is buying them.
 

struth

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What was the last bill that republicans created that helped middle class or poor Americans? Republicans are the party of do nothing.
tax cuts….when was the last time the dems did? since taking office all they have done is raise taxes, raise inflation, raise interest rates…it would be nice if they did nothing, but said let your demaklan party us rhe party of oppression
 

Curried Goats

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At 330 million the US should be considered full.

Not only should we put a stop to Illegal immigration and round up the Illegals already here and send them back but we should curtail legal immigration.

We have enough third world shits in this country already. Defiantly no more Blacks and Browns.
What you think should happen and what your capable of achieving are two very different things but you keep hoping and praying and see how the works out for you. 😄
 

Golfing Gator

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Just another Biden shit-show. More crapping on Americans by the worst POTUS in history.

Everything Biden and his team of idiots do have been harmful to Americans. Same with the rotten Democratic Party.


Rents across the United States have hit a record high, with the median rent for a one-bedroom apartment now reaching nearly $1,500 a month, according to the Zumper National Rent Index.
...
In Miami, where nearly 6 in 10 residents are foreign nationals, pulling more immigrants to the area every year, median rents have jumped to about $2,500 a month. In Washington, DC, where the state of Texas is busing thousands of border crossers, median rents are now at $2,370.
At the same time, rents in cities across Ohio, Kansas, Texas, Louisiana, Kentucky, Oklahoma, upstate New York, and Iowa have dropped.
Real estate investors are some of the biggest beneficiaries of mass immigration to the United States. Immigration-driven population growth, set to bring the United States population to more than 400 million by 2060, is likely to send housing prices even higher.
A 2017 study published in the Journal of Housing Economics found that “increases in immigration into a metropolitan statistical area are linked with rising rents and home prices in that metropolitan statistical area and neighboring metropolitan statistical areas.”
As legal immigration brings over a million legal immigrants to the United States annually, as well as more than a million more on temporary work visas, the Biden administration has implemented an expansive Catch and Release network where thousands of border crossers and illegal aliens are sent all over the nation every month to await court hearings.
In the meantime, those new arrivals need housing.
While it is unclear exactly where border crossers and illegal aliens are resettling, the administration’s Alternative to Detention (ATD) program gives insight into the level of mass immigration to each city coinciding with record-high housing costs.
In Boston, Massachusetts, for instance, where the median rent has hit $2,730, the number of border crossers and illegal aliens released to the area on ATD has boomed. In December 2020, just 1,500 ATD migrants were being monitored in Boston. Today, more than 8,300 ATD migrants are in the city.
The same has occurred in New York City. In 2020, fewer than 3,700 ATD migrants were being monitored. Today, more than 10,500 ATD migrants are being monitored there. More than 16,500 ATD migrants are in San Francisco today; in 2020, about 10,600 were being monitored.



While this could maybe explain raising rent in bigger cites, how does it account for it in small town USA that has not seen an influx of immigrants?

How does this explain the 40% rise in home values since Q2 of 2020?
 

Golfing Gator

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This is something that has been going on for many years.

" For decades, housing costs have risen faster than incomes. Since 1960, renters’ median earnings have gone up 5 percent while rents have spiked 61 percent; homeowners earn 50 percent more while home prices have gone up 112 percent.

This has obvious human costs. As the National Low Income Housing Coalition reported earlier this month, a growing share of the nation’s renters cannot afford to live in the cities where they work. In 2016, nearly half of renters were considered cost-burdened — i.e. they spend more than 30 percent of their income on rent — a proportion that has more than doubled in the last 50 years.

Rising rents also have indirect impacts. The Harvard study noted that the cities with the greatest increases in housing costs also have the greatest increases in homelessness. Expensive housing encourages private equity firms and other investors to buy up apartment buildings and evict the current residents. Displacement leads to sprawl, long commutes and workers spending more time away from their families. From cheap restaurants to affordable childcare to neighborhood community centers, rising rents are a tsunami that sweeps away support networks and social amenities critical to low-income residents."


This article is from 2018.

In their world everything started in Jan of 2021, not a single thing was happening before then.
 

Moonglow

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Golfing Gator

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Somehow this is all Biden's fault.

1664279549733.png
 

Golfing Gator

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That's the truth. My nephew rented a townhouse nearly a year ago. He got notice of his rental increase, but now can't afford the monthly mortgage of a house due to the interest rate changes. He's stuck there unless he finds a more affordable rental. He's now sorry he took the rental in the first place and just didn't buy a house when the interest rates were lower.

How much was the rent increase?
 

Golfing Gator

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Rents will go even higher when the housing market crashes starting in about six months to a year.

A 1 point rise in mortgage interest means a quarter million dollars to y'r a erage homebuyers (and possibly millions to the exceptional ones).

$350,000 home (about the average in the US now). 20% down. 5.1% total payments are 649,293. 6.1% they are 712,824. A difference of 63,000 over 30 years. Not even remotely close to a quarter of a million dollars.
 

Golfing Gator

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the sharp uptick at the end is…xiden inflation

can’t you read a graph ?

That uptick at the end is just about when the Trump Federal Eviction Moratorium ended.

Do you not think that had any impact at all as landlords sought to make up for lost revenue?
 

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