"landlords grapple with vacancies" NOOOOOOO, won't someone think of the heck'in landlordorinos??? :rage-cry:
Before you get your hopes too high, rents are still way up from pre-covid and depending on where you live in the USA your local rents could have actually kept increasing. It might take a full blown recession to see prices go back to a somewhat sane level.
My local median rent is over $2k and I make $15/hr haha. :mao-shining:
My local median rent is over $2k and I make $15/hr haha.
I feel your pain :agony-shivering: I've gotten like at least a $1.50 raise over the last two years and I'm making $19/hour yet somehow I am still spending like 65% of my monthly pay in rent hahahahaha :mao-clap:
You're getting raises? :agony-minion:
My recession-proof corp banned any raises for the last 2 years "due to covid". If they didn't bring back OT pay and let us work hybrid I literally wouldn't be able to afford working there.
I'm afraid Miami rent levels will NEVER go back to normal after everyone moved here during COVID. People who used to be able to live near their jobs in the tourism industry have to commute an hour :/
I'm not from Miami but I'm Floridian and I feel you. Even the small suburban commuter towns have gotten as expensive as some of the semi-walkable metro cities here. It would actually be more expensive for me to move back to my hometown than it would be to stay where I am and get a rent increase with my next renewal since the prices are almost the same. Moving costs + more gas + more car mileage since I'd have to drive 45min+ just to get to work and places I actually want to be.
Is this a reaction to lower house buying prices due to increase in interest rates?
Increase in interest rates might lower housing costs in the short term, but it ultimately makes ownership more difficult as mortgage payments increase. All it does is entrench ownership to the rich.
This is going to make more renters, which will start to increase rents again due to increased demand. But I hope not.
