Why Is the Rent So Damn High? The Real Reason Will Shock You
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- Опубликовано: 17 апр 2024
- Landlords are being sued for using illegal price-fixing to drive up rents across the country. They allegedly conspired with RealPage, a tech company, to use non-public data to artificially inflate rents. Rents have spiked by 26% since the pandemic.
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Be a shame if someone hacked Realpage into oblivion.
They'd need to be outside of US Jurisdiction or Uncle Sam would come knocking real quick. Hacking is a federal crime, even port scanning a random website could get a federal agent to come to your front door.
Also, being outside of US jurisdiction usually means being an enemy of the US, and our enemies aren't generally trying to make life better for the average US citizen. They usually want us dead.
DEWIT
or, hacked Realpage into decreasing rents.
There is a lawsuit, get represented!
Stop corporate ownership of housing. Stop Blackrock.
BlackStone, not BlackRock. They're two different entities.
@@SomeUserNameBlahBlah They're both rotten to the core, and they chose those names on purpose to confuse the public.
@@greevar😂😂😂
@@SomeUserNameBlahBlah BlackRock is an asset management/hedgefund company. There is no doubt that they'd be using Real Estate as an underlying security.
@@SomeUserNameBlahBlahBlackrock does buy a lot of single family housing.
Your rent is so high you can’t afford it
and then the supreme court makes homelessness illegal
Will never happen, the Supreme Court is too conservative for that
Or every single municipality does. So we're taking it at both ends right now.
#FuckTheCorruptedSupremeCourt
obviously someone is paying these rents,
@@someguy6762 yes we are and it's an extreme burden for people of average or lower incomes. It's wrong and it shouldn't be allowed.
50% of your wage to be allowed a place to sleep = indentured servitude for future generations.
The rest of your pay will be to breathe soon
@@jenna6256 I hope i get a discounted subscription compared to the people breathing in that fancy mountain air. My air has dust in it.
@@DesertRaider-rb4zd Mine has chemicals in it from chemtrails. I hear ya
Mine’s jumped from 50 to 70 percent in four years. Neither number is close to acceptable. Plus it’s damn near impossible to find even an entry-level job. What a sad state of affairs.
Stop having kids! No slaves anymore!
I can't wait to hear about the $10 fine they receive for this!
Right! They know that the fines they receive are Pennie’s compared to the money they receive so there’s no punishment for bad behavior dollar general is the perfect example
Hey if we're lucky we'll get a $1 check in the mail!
Edit: my rent increased about $400 per month across 2 years at my last apartment. My last renewal offer they were generous enough to only raise my rent $50.
So true.
Won't even be a cash-out-of-pocket fine; $10 of your next rectal application fee...
@@mspear01 Let 'em try to come and inspect! 😃 All they're gonna find is...
🕳
💩
Edit: After re-reading; I think you might have meant to say "rental" application fee.
But, even if you did, I still stand by my statement.
"We're not price fixing... we're just setting the price and punishing landlords who deviate from it."
rents are too cheap I think, 2 bedrooms should start at 2500
Come up with software to absolve lifelong crooks of their responsibility and intent.
@@itsirrelevant4565 point is we need to respect private property rights number 1
@@someguy6762wtf are you serious. I live on 2 acres 2bd room and a beautiful view. My mortgage isn't even 800. Keep making those landlords rich and paying off their mortgages. 🙄
@@someguy6762 What does my comment have to do with private property rights?
Could you imagine every American a chance to own a home, and affordable healthcare! The country would boom. But then again, that would take from corporate and entitled profits. Nevermind.
Every American use to have a chance, they will again soon enough. But you need to remember it's a game and if you do not learn how to play you will always be stuck complaining. AI is dangerous yes, but new cards are always dealt and US citizens can be just as good in the game, if not better. The government is being payed off, so lawsuits are not going to do much. "Corporate" can be anything and currently its been known the housing market is being eaten up by foreign nations just to rent. I really do not like to bring up politics but they do play a role, America needs a person who gives two shits about foreign nations because at the moment they are really hitting us hard. Yes, politicians mainly care about themselves, but I would rather have a politician with ideas that the little guy can benefit from. I need to be careful on what I say here, too many rats sneaking around, but really analyze the situation because the government is terrified when its citizens start to think instead of outright blaming. Seriously, ask question, " the 5 W's" are a good start.
Welcome to American Oligarchy. A very few billionaires own congress so force legislation to favor their profit over citizens health safety and welfare.
It can't continue forever, this is how stagnation happens and innovation dries up. Are more equal society will start outcompeting America, if it slides further into oligarchy.
Move to another country
@@mikolowiskamikolowiska4993 It's not their country, it's the People's. Besides, are you going to tell your 80s gram to move to another country to avoid being homeless rather than standing up to money bullies? Shame on you.
@@mikolowiskamikolowiska4993after you....
Defund Zionist institutions?
The fact that landlords and these megacorps can get constantly caught in this and get slaps on the wrist constantly is depressing
This is a direct result of collusion between corporations and govt. They are essentially one and the same. The rich make the rules to benefit themselves and screw everyone else. This is why you now have 75% of the country living paycheck to paycheck with no savings to speak of. Greed has ruined this country.
@@timetowakeup6302 The same way that British colonials treated the Irish during their potato famine.
We're not human beings to them. Just "filthy peasants" who are in the way.
Golden Rule: the ones with the gold, who make campaign contributions, get to make the rules via their rented units in the form of elected officials.
the fact we still have trust in capitalism is depressing
its because of taxes.... the government loves money
I've been saying this for years. The "market rent" excuse is a JOKE. It started to occur to me that landlords actually benefit from their neighborly landlord increasing their rent. If they all are in on it, they all get paid and can use "market rent" as an excuse. I remember in about 2018 or 2019 an absolute dump of an apartment complex was talking about $1200/month for a 700 sq.ft 1 bedroom and none of the others in the area were much better. I finally vented about it being wildly unfair and they all wanted to shrug and say "the price is fair because its 'market rent' for the area". They all use "market rent" as an out for taking accountability for what they're actually. None of them ever had an answer when I said "okay so YOU benefit from them hiking their rents up, how do I know y'all aren't all on the same page as far as agreeing to keep the rent sky high so everybody makes out with high rent?" If they hold the line, they win and we are all homeless or begging people to be our roommates in cramped apartments, splitting rent with people we don't even like just to survive.
there is more to it than this. i had 350 units in a large metro years back. if you buy a building (im talking about 20+ unit buildings). there are always problem tenants. domestics, police calls, destruction of property, poor choice in friends, the list goes on. the more you charge the less of these problems you have. IF you want to keep rent at 600 but those around you start charging 650. now your building will have the most problems in the area over time. so you raise your rent to 675... and the leap frog continues. even if your not on this rent site, even if you dont even know about what they are exposing in this video... you end up raising rent anyway because of how things work.
@@beardedgaming3741 Ok Slumlord.
Landlords are the best example of ENTITLED business owners. There are no rights in America, except the right to make a buck. Making a buck is angelic, it's blasphemy to regulate.
@@beardedgaming3741 What about better background checks?
@@dclaet1135 I've never much cared for that. They have their place but, it's too often used to prevent people getting a second chance. And if you're in a shit spot in life trying to rebuild, housing is kind of a big thing. There's also liability. Finances is the surefire way to not violate a disability act or affirmative action or other types of profiling suits. But that goes into a whole nother avenue of how the rental situation is fucked up
Homelessness would have a profound reduction if we had more housing a full time minimum wage can afford. The people serving and cleaning up after the rich need shelter too.
We have no minimum wage we can afford because the government that steals all your money only updates it in blue states. Minimum wage means nothing when the print money out of thin air. The economy is done
Homelessness would have a profound reduction if the government stopped paying them not to work.
@UhYeahWhateverDude homeless ain't taking no benefits they saving the government money. Bums are the ones using ebt and all that other shit.
@@UhYeahWhateverDude You've clearly never worked with long term homeless! People without an address aren't getting checks from the government!
Where I live, average rent is between $1500 and $2000 per month. Pre-pandemic it was $700-$1500 per month. Collusion? Yes.
I hate this. Every time a corporation gets caught they try to settle for way less than they took. I hope they don't settle so we can get accountability and have the company's reputation dragged through the mud for months, then pay out a huge settlement. We need real justice against our corporate captors.
I think an appropriate punishment would be for the state to seize their property and put it under the control of a public entity tasked with providing affordable housing.
@@robertjenkins6132and the public entity won't be controlled or involved with the government . . . exactly how? Anything the government touches benefits the government in the end, and we all know that.
What you are calling for is communism and socialism - state control of everything.
They should put that high tax bracket in. Use that money to give back to the tenants for each year they abuse.
Defund Zionist institutions?
@@robertjenkins6132this right here.
I got to say this all sounds like a monopoly. Cartel.
And it's 100% super illegal.
It's second only to the US healthcare cartel!
When you look into major companies across the board in the us it's either a monopoly or duopoly either way, one or two BIG companies cover the market for each area...add lobbying into the mix and they can do whatever they want.
This is what class warfare looks like. We live in a corrupt oligarchy. We need ranked-choice voting, ballot access, and more parties.
We have a chance to break the stranglehold of the duopoly and open up ballot access for all independents and third parties. We can make this happen this November by supporting RFK Jr.
@@dao8805
That would bring on another Trump term, and Trump is a LANDLORD who would never, ever protect tenants.
I used to think ranked-choice voting was a good idea, until a person who only received 21% of the first choice votes won and proceeded to mess up the entire city.
Now I leave the 3rd and sometimes even the 2nd choice slots blank for fear of a terrible person managing to gain power. That system requires the public become so much informed on all levels of politics and so much more coordination. Even if the idea is good, the people are bad, and they'll game it just like all the other systems.
No, the law is on their side. But the French invented a machine in 1789 that will fix this😊
we need landback
Be a shame if people started filling their freezers with landlords
Or cry baby tenants who need them and still can’t buy their own house. Or tenants who think they entitled to someone else’s property.
Seems like the "algorithm" is just an excuse to charge more and blame it on software. Pathetic
We live in a "don't blame me; I'm just following orders" world. You only get to talk to the order follower. When you ask for the order givers, the answer is, "they don't talk to people." I call this "layering" and almost all companies do it. Each side is then able to escape accountability for egregious actions.
Companies are doing this with salary data too! Please report on that.
"Algorithms" also hide discriminatory screening for jobs too!
This would be amazing. Pages like Indeed are so obviously data farming schemes made to tip the information edge to those with capital. Free market principles have been left to the wayside, and those in the labor market (all of us) are losing the value of our labor without any recourse.
When I worked at Briggs and Stratton, the ceo of the company said this every time pay came up during salaried employee town halls. It’s absolutely price fixing. I wish I had had the guts to stand up and call that out in the moment.
I believe it’s called a “gentleman’s agreement” They do this even with their direct competitors.
lol, which companies?
What's needed is a rent cap based on the area's median income. I'd sign that petition.
Are you also going to add a property tax cap, property insurance cap, and a cap on maintenance services/goods for maintaining the rental, apartment or home... Those fees/costs go up every year, the rent has to adjust for it. My mortgage just went up 23% between property tax and higher insurance costs, if I were renting, I'd have to pass that on to the renter, and that doesn't include normal inflation values for regular maintenance that has to be taken into account.
That mention of a 12% increase really caught me off guard because that is EXACTLY the amount my rent was raised last year. And the landlord justified it by claiming it was still competitive when compared to "market rates", which I think has become a coded term indicating this algorithm is being used to price fix entire renter markets.
this is one reason, but there's actually many terrible reasons. giant corporations buying up housing, short term rentals taking over, intentional inflation and price gouging, the list goes on
the list also includes: Allowing 10 million invaders across the borders in four years. They gotta live somewhere.
And, the reason that goes unmentioned a lot of the time:
It's illegal to build enough housing.
That's all zoning laws do. Limit supply. Everything "good" they do, doesn't need to be in the zoning code.
You need to buy a specific exception to the zoning code to get anything built in cities because they've already built all the housing allowed by law, they can't build any higher.
Loosen the zoning laws, allow more supply to meet demand, lower rents.
See also: REITs. Greedy wealthy people are squeezing short term gains out of a long term investment vehicle. Real estate gains are long-term, low-risk, you don't see returns until after 15-30 years of a tenant paying your mortgage. But now people want the tenant to pay their mortgage AND another $1k plus for them to pocket that month.
"Hulk Hates Immigrants, They Take Hulk's Job"
@@HistoryInCashmere That's a pretty good representation of how angry it makes me, yes.
Yup, my rent just went up $300. No difference to my space. It cannot be justified. Cooperate greed at its finest.
same
Probably there were no upgrades either like painting or upgrading the bathroom or kitchen plumbing which gets worn out even in a house huh? That might be a onetime hike just maybe.
There could be an justifiable large increase without any noticeable difference on your part. For example, a sudden and notable increase in property tax, mortgage rate or inflation. In case the rent include utility, HOA fee and stuff of those sort, increase in those will be passed down as well.
But this is rarely the case and even when it is, it rarely amounts to $300 unless you are renting something expensive to begin with (dollar value increase is rarely the correct marker, % is).
Most routine repair and maintenance should not result in a rent increase, because a proper and responsible landlord should have a margin for that already, setting money aside from every rent check for just such a purpose. Naturally, if there was an unexpected catastrophic event or you asked for a particular upgrade, things would be different, but I presume you would have mentioned those if it was the case.
I see a lot of condo owners talking about their HOA increased a lot because the insurance on the property went up a lot.
My landlord takes 💯 % of my COLA. Every single year
I live in Massachusetts. We had some d-bag from L.A. buy the building we lived in and immediately increased the rent from $1500 for a small 2 bedroom to $2600 a month and he wanted first last and deposit to sign a new lease. We left and moved somewhere cheaper. The people with money from out of the area are buying up these properties and jacking up the rent, when people can no longer pay, they flip the property to someone else and it goes on and on. The people that grew up in these small towns and cities can no longer afford to live in their own communities
How does a business model whose foundational principle is essentially to drive away customers, survive over the long term? This makes no sense.
Maybe the end game is to create a big monopoly on the market. The smaller real estates will get bought out by the big ones when they inevitably go bankrupt.
Inelastic demand curve.
Well, if they ALL do it EVERYWHERE, then you drive away your residents to me, and I'll drive away my residents to you.
It's win-win, don't you see? 😅
I mean we all gotta live, and homelessness is effectively outlawed in many places, but we do still have an active prison labor industry
Renters aren't customers to them, in fact they're a nuisance. The building itself is the asset. The company buys the building and it appreciates, and the company can sell it for a profit. They make money off application fees. They use the building as a tax shelter. They write off the "loss" from the empty apartments. I could go on...but they point is, they don't need renters to make money off the building.
I accused my apartment complex management of price fixing back in 2015 or 2016 when the rent jumped by over $150/month for no reason. The girl just stood there and looked at me with a blank stare and shrugged her shoulders. This "price fixing" has been going on for probably the past 9-10 years.
The management isn’t the one doing the price fixing, they manage the properties and tenants. Owners and the consultant do the prices
@@dragonquakeproperty managers do control the price of rent in a lot of cases. But the person working at the front desk doesn't control that number
She shrugged because it wasn't her call lol.
@@nathansmith1793not in big corporate type or medium landlord type structures. Maybe a small mom and pop who hires a property manager for % fee monthly but that’s not the majority - trust me
Yikes. My last apartment renting is 2010 and I didn't like the $30 increase. I move to a house where I put a huge amount of deposit to make the mortgage comparable to renting an apartment. After that in 3 years later, I saw how banks use scummy tactics on loan and delay me from paying off the house. The banks are legal thieves in suits back up by powerful government backers.
Thank you!!! I have been trying to get people to understand this.
This is why, when you threaten to move elsewhere due to a renewal increase, it does nothing. They know you can’t find anything better because everyone uses the same pricing system
That's why they should have a high tax bracket. Use that money to give back to the tenants.
Note: because all other land lords are Using the Same illegal price fixing system called Real Page. All land lords are guilty and should have their Apt complexes confiscated by Fed Govt.
This will continue to happen until the C suite goes to jail.
Or worse.
"No crime in progress ever stopped because somebody else went to jail. The jails are filled with people who never planned on going there." -- Sam Antar, Former CFO of Crazy Eddie, and Convicted Felon who now blows the whistle on white collar crime.
When I was in apartment leasing, I was required to use this price fixing model by my supervisors and every time I pushed back saying the rent was too high for the amenities, age of appliances, area, etc. I got push back and was asked to justify why I felt the price should be lower. Speaking from the very bottom, Realpage intimidates you into believing that their price fixing model is supposed to help YoY profit but it just unhouses more people.
the cartel doesn't like people who are against profit progress
Thank you for sharing from an insiders prospective. RealPage is owned by a private equity firm and it's private equity conglomerates like Black Rock and State Street that are escalating prices across the board. I highly recommend a short video "RFK Jr.: How Hidden Monopolies Are Driving Up Prices". He is the only candidate who sees how this is hurting low and middle income people and is committed to fixing it. The video is about one woman's experience, she explains how she was priced out and lost her own business and how most people don't realize the businesses they think are individually owned are just fronts for huge private equity firms.
Same! Leasing Apartments was my first job out of college and, I didn't realize it then, but the only way prices changed daily (based on multiple factors) was through an algorithm. It also made certain assumptions that were so messed up. For example, a family's rent would rise $300/m and that family would put in their notice. They would then see that the listed price for the unit was exactly what they currently pay, come into the office, and we would have to basically tell them yeah sucks but nothing we can do. It capitalizes on the inconvenience of moving and always assumes you'll pay more, but wants the unit filled even if at a lower price.
@@seanthetropicalprawn7220 Thank you for sharing. This is precisely the kind of behavior that defeats the idea that competition will drive down prices.
This isn't even free market capitalism; it's just plain rigged and no one is talking about this stuff except RFK Jr.
The only way to get a lower rent is to move. Leasing offices always skimp on tenant maintenance requests. Some of these buildings are so old they need to be gutted to fix the plumbing, yet they won't do it with an opportunity between tenants because it's inconvenient and costly. The consumer renter has to put up with this crap they dish out.
I'm now wondering how much big data and data sharing (antitrust activity) is behind skyrocketing homeowners premiums.
Landlords were never ethical and neither should their punishment
Awww what’s the matter, can’t buy your own house?
@@dcg590 Not many can. Competing against property investment firms that are buying single family homes with cash. Good luck with your loan at 9% APR citizen.
Plenty of landlords have been ethical over the years. Demonizing a whole group is not the answer. This is a specific issue that can be solved.
One of the reasons home ownership has gone down, it’s damn impossible to save up for a down payment when they keep increasing your rent every time you renew.
Why is our media and Government so far behind?
This has been happening for years! Pure simple, evil and greed.
There too little money in journalism now so we just get crap reporting.
Why do you think? One group is constantly causing chaos in the govt
The media's just stupid these days that's the easy one to explain
When 95% of all American TV, cable, radio, internet, cellular, etc, companies are owned or are subsidiaries of the Big Five media giants, unfavorable developments like this will be ignored and buried until the stench can no longer be ignored!
Follow the money
The government is filled with wealthy and elderly people who don't experience the problems of the average American.
Not only landlords, but city official too. My landlord has kept my rent flat for the past few years...in addition to mob-like pressure from the local landlord association, the city told her she had to raise the rent. And yes, I believe her.
Are you in San Francisco, by any chance?
@@starventure No, Los Angeles.
Where is our worthless Federal government in all this?
Laundering taxpayers money via "aid" to overseas friends...
They're busy banning tiktok despite the fact tiktok servers are in Oregon and Virginia and run off of Oracle Cloud which is a USA owned and operated company....
@@ponzitizen or giving it to the illegals showing up here in droves. Meanwhile I pay $1000's for garbage insurance and crappy living conditions while paying 1/2 my pay to taxes.
Love how the DC DA insists on calling them a cartel with every given chance
It fits the dictionary and legal definition of a cartel, 100%
New York, San Fran, DC are all crap
I appreciate his accuracy.
Love it!
Because that is what a cartel is...
This is exactly why tenant unions have never been more important and needed in major cities.
I live in the Phoenix area. Rent is insane. We live in an old apartment for $1670 a month. The only "updates" are granite countertops. Apartment complexes are renting at ridiculous rates and they're ALL doing it, there is no competition. Many have trash strewn about, no security, people riffling through garbage cans at all hours of the day and night, lack of lighting in the parking lot, poor maintenance, ant and roach infestations, etc. You name it. It's trashy here. I have lived here a total of 15 years and things have become so trashy, it's like a totally different country. We are moving in October. I will never look back.
You have the right to complain about your apartment that you pay to rent, but you cannot complain about the area around it. You are bitching about homeless people going through the trash, but yet want to pay less on rent to the point that the landlord can't do anything to help the situation? You are part of the problem, cheapskate.
One reason I left the US was my rent taking over half my monthly income.
Where did you land if I may inquire? I Been watching many YT videos regarding Cambodia and the Vietnam
Thank you Kris Mayes for all that you do. Arizona finally has an actual, honest -to-god attorney general who isn't afraid to take on the big issues that affect us.
New York always fascinates me because rent is so high you literally have to eat ramen noodles every day and you earn over 100k. A little box studio is 4K a month why? Why is there so many apartments buildings and who is in them?
Where is the money going?
Blackrock is the ultimate slum lord
How is BlackRock affiliated with RealPage?
@@Redpoppy80 same business model buy everything for sale in an area and then you control the pricing of that area. This is just organizing all the landlords to act as one entity instead of the capital all coming from one company.
Blackrock and the owner of RealPages are both private equity firms. Watch the video "RFK Jr: How Hidden Monopolies Are Driving Up Prices". Kennedy is the only candidate committed to fixing this. The others aren't even talking about it.
Birds of the same feather flock together!
@@Redpoppy80Sorry Zach was a bit vauge. Real-estate investors drive up the cost of rent by buying up and selling rental properties. Each time a property is bought they can use a service like RealPage to do a "comperable service price evaluation" as though they where renting an brand new set of condos.
I am sure you can see how this might snowball if everyone was doing it.
Whats worse, the national realtors association uses the same formula's to evaluate all homes being sold, causing even less competition, and making realestate more and more of a Ponzi Scheme and less of an actual value added buisness model.
And I do mean that real-estate has become almost fully zero value added, new construction is amazingly rare. Shockingly rare, and more suprising still is the overstock of homes in the USA despite the market being very scarce
that is to say
There are a lot more vacant abonded houses then there are homes for sale, AND homeless people combined! By millions, in every single state. Its amazing to think this entire scheme has not crumbled yet.
HR Departments are colluding across industries to compress, flatten, and fix wages.
I'm curious if there's another large firm running a data aggregation and salary "suggestion" scheme
Well definitely in red states salaries are suppressed.
what is your proof
@@homeboy20i2 I don't engage with uninformed people who do not know the difference between evidence and proof.
@@homeboy20i2 do you understand the difference between proof and evidence?
Lovely. I can officially report that realpage has officially taken root in wisconsin as well. My landlord makes us pay rent through it.
Thank you to these AGs for defending their State populations.
Yup! Our rent has gone up more than $800 in 4 years. Destroyed our savings.
That makes me livid I truly feel for you an many others. Greed has literally ruined America
Happening all over the globe. Australian renter here.
Now this is happening all over the western world
I lived in 3 Asian countries.It's not happening that bad there
Time for high taxes on living space you don't occupy. The more living space you don't occupy, the higher the taxes.
Raise taxes on corporations??? Republicans are not going to like this suggestion...
i dont think you understand the issue here that would not fix anything since occupancy is not really going down they are just raising the prices unilaterally across the city.
@@zachmoyer1849 they mean that the owner doesn't occupy
@@dragoonzen their suggestion would not be a corporate tax are you just a bot with no sense of context?
You wouldn’t rather rent from a family that owns a house they rent out? Maybe they have 2 houses they inherited from parents. You want to tax the crap out of them, too?
Price fixing should be treated as a serious crime
If yiu don't like the rent become a landlord! POS
Agreed. Economic harm like this is still harm. People have been hurt. That pain should carry the threat of punishment.
@@AaronMartinColby Then go buy your own home. Stop being a leech!
@@rack9458 You're the type who's a chump because you enjoy being a chump, lol. :)
@@rack9458yea stupid of me to be learning how to multiply and divide instead of just buying real estate
Please stop calling them landlords. They aren't landlords! They're private equity firms with unlimited cash. They can sit on a property indefinitely without a tenant, and it makes no difference to them, unlike a real landlord who relies on cash flow. This is what's driving up prices. They could price a 1 bedroom at $10,000 a month and never get a tenant, AND THEY DON'T CARE because they don't need the money! It's just a write off to them.
Yes. And they can write the $10,000 a month unit as a loss on their taxes. This leaves little incentive to rent the unit if you have a large tax burden.
Great video. Seems like this is used everywhere and has no regulation. I'm interested if this applies to any of:
1) Job Salaries / benefits
2) Grocery Store price fixing
3) Military Industrial Complex
4)Hospitals/Insurance/Pharma/veterinarian price fixing
5) Transport
6) e-commerce
You're spot on,. It's happening across the board and it's because private equity firms like Blackrock and State Street are buying up everything and eliminating competition.
Watch "RFK Jr.: How Hidden Monopolies Are Driving Up Prices". He is the only candidate committed to fixing this and other issues affecting working Americans.
I am so for this story, and then suing these big money, big creepy control corporations all working together to create artificial inflation and profit over everyone’s expense.
literally everything you listed has problems because of government intervention/regulation.
@@cpK054L Liar !! Corporations in the above list are the problem BECAUSE no oversight, rules and/or regulations
They are doing it all by themselves! I wish the government would get involved and do something about this because the fat cats are not going to do it themselves!!
Housing is a necessity and we desperately need more regulations that curtail the price gouging and profiteering off a necessity.
Yawn, nice bait.
@@MK_ULTRA420 Bait? What are you even talking about? You feel baited by reality? Good?
@@ComradeCatpurrnicus Tankies gonna tankie.
You're absolutely 💯 🎯❣️
@@MK_ULTRA420 How the heck am I a tankie? I hate tankies and constantly ridicule and call them out. You really seem to presume a lot off of nothing.
My landlord said one time that the shareholders wanted the rent to be higher, and thats why he was raising the rent. For a 40 year old outdated apartment to the price of apartments in the bougie side of town; we were not in the bougie side of town. Additionally. The landlord was the owner. He was the biggest shareholder, and couldnt say outloud "I want to extract more money from you because this wbebsite saidi can charge that, and i dont care if you dont agree with the price".
Landlords are responsible for homelessness, poverty, and many chronic illnesses created by their decrepit properties. Also, people in urban areas subsidize the infrastructure of suburbs disproportionately with their taxes, and more so for every property a landlord owns. They are nothing short of an existential threat to our society.
Vietnam and china before communism: First time?
That last statement was hilarious. Fyi.
It is ridiculous to blame one entity for so many of society’s problems. They are caused by multiple factors including poor decisions by the affected individuals.
My rent went from $1,300 in 2023 to $2,100 in March 2024.
The agency (landlord) said "If you are unable to pay the increase, you are hereby .on notice to vacate."
There are no rental properties available anywhere near, so I'm looking at couch surfing until I'm ultimately homeless.
You don't know me, so please forgive my compulsion to offer advise that might help you: There are two bedroom apartments in Kansas City going for $850, not in a ghetto, but not many tbh. So I know affordable cities still exist... If you are lucky enough to have some family or trustworthy friends in a city with more affordable rent, make the plan now to move asap. Hopefully you can find a wfh job that allows freedom of movement. Also, Amazon sucks to work for, but they do hire over the internet for warehouse jobs so you'd have something lined up for wherever you move to. I hate to say it, but sometimes it's scary to be homeless until you actually are. Then it's just a temporary condition while you circle the wagons and save up for comeback. Just make sure you're never labeled as homeless or living in a shelter. These algorithms can't be trusted to not discriminate. Employers will lowball you if they think you're desperate for a job.
PS: r/beermoney has advice on ways to pull in some extra money to save up for the move.
Good luck!
I'm sorry your going thru this, it is criminal what these entities are allowed to get away with thru greed and corruption for power.
All of the world will be living in the streets if this is allowed to continue.
That's nuts. I'm sorry you're going through this because of someone else's greed.
Back in 2018 my wife and I had to move back into my mom's house after my rent went up from $720/mo to $1,300/mo.
This! This exactly happened the same way to me in Atlanta and I was the first tenant in my apartment building since it was built and I lived there for 4 years and I still had to vacate they didn't care I had 100% on time payments and kept to myself no issues... All that mattered was someone else moving to ATL was willing to pay the 67% increase SMH! Sooo infuriating as I am a 33 with no kids..why can't I afford an apartment without it taking 50%-60% of my paycheck instead of the 30-35% like boomers always tell us ! Something has to give! This isn't sustainable..
Search around your area. 1300/month at 6% is around 220,000 loan.
all you need is 2,200 cash to put onto earnest, and have the sellers cover closing.
Budget more towards 200k, with 2k in cash and believe me, you'll have enough for insurance, taxes, etc.
Now you have a "fixed" rent, that never goes up. Also, you can file for homestead exemptions on your home for MOST states, and you get some of those taxes back on your annual returns.
Stop being a rent-peasant and start owning.
If you lose your job, you can throw your home back on the market (don't reveal that you are struggling) and get your equity back.
My wife and I have tried to buy a home recently. It had been listed for one day. Already had 2 cash offers from a couple property management groups. They gonna turn it into another rental. Almost everyone in our town rents cuz there is nothing else. And this isn’t the city. It’s a small town in Colorado
Who would have thought combining such traditionally ethical groups, corporate tech bros and landlords, would have done something so exploitative?🙃
Turn landlords into dirt again
My 352 unit apartment complex started using real page. My 2/2 rent went up $350 in three years. Then the price on my unit went up an additional $350 on the apartment’s web page. So many people moved out. They have 20 empty units listed, but I know there are more than that. Empty parking lot. Eventually, they stopped using real page. Still, place is empty. At one point, real page lowered the rents drastically to compensate for so many empty units. lol. The complex shut it off! Haaaa. My last renewal was “Zero Increase”. So I got lucky….currently my apartment is listed for $161 more than I am currently paying. Most apartments are listed now at a single unit price, but say…”Call For Rent”….I hope Real Page gets busted…and all tenants gets some kind of a settlement, even if it’s a small amount. So many people moved out and it’s a struggle out there already.
All renters need to do a Class Action lawsuit against Real Page and Land Lords for their Criminal illegal collusion.
The place I live, rent was $775 in 2018.
It's now $1495.
If this was a democracy, workers could pressure congress to require corporations to pay enough for them to pay rent in turn. The math doesn't add up. There are thousands of workers for every executive, but congress sides with management 100% of the time.
Far too many of them are bought and paid for, and it's all entirely above board.
Democracy doesn't work in Russia.
That's how a republic works, not a democracy.
How about the 8 million illegals Joe Biden just let in? Do you think they'll be renting? All that money the US is paying for these people... what do you think it's doing to RENTS for the entire country?
Minority rule thanks to Repubs being overrepresented in the electoral college and Senate, abusing the filibuster, gerrymandering and trying to use other voter suppression tactics, and continuing to deny statehood to D.C. and Puerto Rico.
Biden's admin is trying to tackle anticompetitive business practices, and he has policies he wants to pass in a second term that would make housing more affordable. We need Biden plus progressive majorities in the House and Senate.
This is having a terrible effect on disabled people who are looking for housing
12 years in an apartment with reasonable rent ($450/one bedroom) and friendly management. Then they required an account and payment with an online system. I called it immediately - the same system is used by all the other landlords and they will compare rents.
The next month saw a $120 increase, two months later a $400 increase. When I questioned it, I was told "your rent was well below market value. We are making adjustments to bring it in line with comparable units in the area." More than doubled my rent in a couple months. Luckily I was saving all those years and was able to buy a house - that's a whole other racket with colluding slimeball realtors.
I mean who sets the rents in the area? They do. So for them to act like there's some magical genie out there setting the units to a certain level and they're just following along, the innocent little rascals, is a lie and it is disgraceful. They're greedy snakes and that's all there is to it. Even if I was making a six-figure income, unless I was renting a top of the line luxury unit, I wouldn't be willing to pay these rates. It's out of control. We are all being bankrupted by these scumbags.
Translation: "we're greedy bastards and we're going to stick it to you because we can"
Glad you were able to get out and move on. Sorry for those who weren't in that position.
@@dao8805 Thank you. Indeed it's horrible for those that get trapped, have to double-up on housemates, or end up out on the street and whatnot.
It was a year of hell for me. They started sending in fly-by-night hired hands to do plumbing and repeatedly fix the same leak. They'd come unannounced and make me clear out the closet to get to access - one time telling me thy needed access but then not doing anything there. They wouldn't clean up after themselves.
The final time they showed up unannounced, I hear keys in my door and I holler out "WTF is going on?" guy replies back forcefully, "We need to get into your apartment faXXot!" ...I saw red and flung the door open and threw a haymaker wanting to knock his head off. Only glanced his noggin. Whatever he said back triggered me more and I ended up lockin up with him and gave him a black eye. ...so then he calls the police of course. His use of the "F"-word might have saved my ass, the cops ended up having us both sign something saying we declined to press charges. But after talking about it with a friend I realized and decided I wanted to press charges for breaking and entering. these maintenance guys were off-the-books under-the-table workers ...anyway that went nowhere, cops were like "nope, you agreed not to press charges!"
The landlord then sends an eviction letter with threats to take me to court. That's an even longer story from there!...
In the end I was incredibly lucky to have found and been able to afford the place I bought. I'd already been trying to buy a house for a couple years already at that point and I had really lost hope.
@@dao8805 Thank you. Indeed it's horrible for those that get trapped, have to double up on housemates, or end up out on the street and whatnot.
It was a year of hell for me. They started sending in fly-by-night hired hands to do plumbing and repeatedly fix the same leak. They'd come unannounced and make me clear out the closet to get to access - one time telling me thy needed access but then not doing anything there. They wouldn't clean up after themselves.
The final time they showed up unannounced, I hear keys in my door and I holler out "WTF is going on?" guy replies back forcefully, "We need to get into your apartment f(word)!" ...I saw red and flung the door open and threw a haymaker wanting to knock his head off. Only glanced his noggin. Whatever he said back triggered me more and I ended up lockin up with him and gave him a black eye. ...so then he calls the police of course. His use of the "F"-word might have saved my ass, the cops ended up having us both sign something saying we declined to press charges. But after talking about it with a friend I realized and decided I wanted to press charges for breaking and entering. these maintenance guys were off-the-books under-the-table workers ...anyway that went nowhere, cops were like "nope, you agreed not to press charges!"
The landlord then sends an eviction letter with threats to take me to court. That's an even longer story from there!...
In the end I was incredibly lucky to have found and been able to afford the place I bought. I'd already been trying to buy a house for a couple years already at that point and I had really lost hope.
I talked to my landlord about my recent rent increase of over 300$ a year. and i was told "it was an algorithm not a person"
So yeah. pretty sure this effected us here in orlando.
All they know is how to keep Jacking your rent up and don't do the necessary repairs
Vadnin said over 30% of apartments are VACANT. In a Free Market Capitalist country this would be pressure to reduce rents. REDUCE RENTS.
Because rich people are greedy
I think this is what happened to me in Colorado. I had been in my apartment 7 years with an affordable rental price. I was established in my community, knew my neighbors, grocery stores, and restaurants. A corporation from California came in and wanted to update the property. They gave the existing renters a choice, you could stay and move to an updated unit while they upgraded the unit you were in but the rent for the units were now double with no way of negotiating affordability. Sadly, the whole neighborhood was disrupted and forced to move. Gentrification by an algorithm.
RealPage is owned by a private equity firm and it's private equity conglomerates like Black Stone and State Street that are buying up EVERYTHING and escalating prices across the board. I highly recommend a short video "RFK Jr.: How Hidden Monopolies Are Driving Up Prices". He is the only candidate who sees how this is hurting low and middle income people and is committed to fixing it. The video is about one woman's experience, she explains how she was priced out and lost her business and how most people don't realize the businesses they think are individually owned are just fronts for huge private equity firms.
Weird how there’s always a different scapegoat depending on the region. “Some damn Shelbyville tycoon came around and bought up all the real estate in Springfield.” We are being played.
We need to make private equity companies illegal!!!!!!!
No, that had nothing to do with this software. That was simply a value-added play that has been going on all over the country with multifamily assets.
I was astonished to hear that they are enforcing these rents and punishing those who don't abide. That is just insane how transparently criminal it is
Any presidential administration can stop this instantly with an executive order.
Keep your apartments full with long term tenants. No need for leasing agents. WTF is wrong with people?
IM AS MAD AS HELL AND IM NOT GOING TO TAKE THIS ANYMORE. We literally moved from one of the states listed in in the lawsuits because we were priced out. Two, able-bodied, prime working age professionals. Now starting a whole business in a friendlier state.
Aww, you're angy
At least you have a choice or a chance.
what state did you leave?
DC is not a state, maybe AZ? @@kilo_kilo
@middleagebrotips3454
Several states are involved in the lawsuits, not only the locations you chose to pay attention to in the video.
The rent is too high everywhere. We are stuck in a negative economic feedback loop because there is no incentive for consumers to have free time.
Funny how this hitting the news again. I recall hearing this on NPR several years ago, when I was still driving to work in the mornings. They don't just use RP but also Zillow, et al.
Stop Foreign snd Corporate ownership of American real estate! The housing is For the People, it's not a luxury!
I was wondering what was going on and suspected an algorithm was in charge of our rent skyrocketing over the few years we lived there. After looking at their site I now know for sure that they were the reason we couldn't afford to live in our apartment anymore
Paying over $1,000 a month to stay in an apartment with no microwave, no dishwasher, no in unit washer/dryer, and no ventilation in the bathroom. I’m trying to move out this year because it’s bullshit.
Ever time our govt. wins a settlement against a major corp., it's usually a small fine. But when they go after a small business firm, t's life in prison & $250 BILLION dollar fine.
Techbros and fraud go together like milk and cookies.
Techbros are destroying society lol
"Lawbreakers insist that reports of their lawbreaking are untrue." Oh, okay.
As a person who is looking to do rentals, I can say yes these companies do this. It's not fair, and it's all about the bottom line for them, not the landlords, not even the renters. And it hurts everyone
If the government would build new housing projects to help the poor, rent prices would drop
Thank you so much for this. As a homeless person, this pisses me right off.
I'll share it in my wellness playlist. It'll be under environmental wellness (the 5th category) in the renting / home ownership playlist. Great stuff as always.
If your REALLY want to help bring the rent down, you can help my homeless work-shy friend. There is a time honored tactic that will always work and never fails to lower the rent. Do you know what it is? Take a moment to figure it out...
Tic
Tock
Tic
Tock
Answer: It's YOU! You, your presence that is, can help destroy a neighborhood character enough that it becomes undesirable to the point that no one with high disposable income wants to live there, and the landlords have no choice to lower the rent. It is very simple. Just be yourself. Go and hang out near the high end places, smoke some weed(the more pungent, the better) and act crazy in front of the residents. Do your business as close to it as you can, and get some of your buddies to do likewise. The more hard drugs, the better, the more arrests and assaults, the more successful you will be! Try to keep your crimes in the misdemeanor category, as you don't want some felony ruining your game. Get online and spread some fake stories about the intended target, the more disgusting the better and remember that visibility, like reading, is fundamental. What you want to be is a living reenactment of the realtors of olden days, hiring minorities to blockbust an expensive area to make it suitable for lower income and homeless people. You've got this.
Thank you AG Mayes for standing up to Arizonans!!
Really, AZ Dems need to turn this into commercials & please for God's sake learn to message
they are welcome to raise rent as much as they like, they own the property not you
@@someguy6762 How Christian of you...oh wait, you'd be a Moneychanger
@@eringo-bragh4243 its not christian to say oh ill force you to rent your property at a low amount
@@eringo-bragh4243 I don't force you to rent a room out for 100 bucks, so don't do that to landlords. who ever owns it chooses the price and if we don't like it we rent else where
Simply put. We are not going to pay these 'new' prices cause we can't afford them.
Price Fixing using a Computer Algorithm is illegal... Real Page is Guilty
I'm surprised California is not in on this lawsuit. Our housing crisis is out of control because of this.
Our housing crisis is out of control because we haven’t built enough housing for decades
It’s simple supply and demand in CA. Everyone also wants to live near the coast but there are affordable places if you look inland. Instead of living in LA or OC, move to one of the desert communities to save a ton on housing. There are always options, but most folks want affordable housing in the area they want ro remain in.
@@Noah_527 You say that like it's a bad thing. If someone works in Encino buying a home in the desert is hardly an option for them. My point was that I thought a Cali politician would be all over this to score points with voters because housing is such a huge issue.
@@ahunt1054 All that politicians can really do is institute some sort of minimum increase per year. But your rent is still going to keep climbing up. And when one person moves out of a place, the landlord simply raises it up to market rate. CA has enough home owners and landlords that it will never get to a point where a politician can force across the board decreases in rent. It's not how things will work and it isn't really how they should work. Would it be ok for politicians to force your employer to pay you less because they can't afford your current rate? Of course not.
gotta love the "free market".
This is not a free market. Cartel price fixing is illegal in the USA
Rental rates should be set to the applicant's personal income and then only 30% maximum is allowed. That is more favourable and levels the playing field.
Not rent control? Not zoning laws? Not increasing property taxes? Not rise in minimum wage? Not rise in costs of goods and services?
Classic case of misdirection.
Thank you for this. I was recently forced to move due to rent increasing from 2018 to 2023. Now I see what may have been happening.
If a landlord is found guilty of this, the courts should award the property to their tenants.
You will see an end to rental apartment construction. Then you'll really have something to complain about.
@@AQuietNight Not an end to apartment construction! Won't somebody think of the corporate landlords?
@@AQuietNightWow, that’s crazy… so you’re saying landlords literally can only justify building new apartments if they can break the law and price fix? Sounds to me like the entire practice shouldn’t exist at all then.
you just want to freeloader on the back of the government
@@AQuietNightThis is like saying repossessing someone's car will lead to no more car manufacturing. I hope the absurdity really sinks in.
This is important and more people need to see it. More DAs need to sue as well and create more real competition amongst landlords
Or just ban landleeches from buying houses
"You will own nothing, and be happy about it" -WEF
This feels like the housing economic version of whale hunting in gacha games tbh. Using blatantly manipulative methods to figure out exactly *just how much blood you can squeeze from the stone without it being a loss*.
This has been the history of civilization lol. There are bullies and they constantly try and push the limits of how much they can take.
And all these f*n landlords who keep totally quiet about it, just happy they are profiting and not called out on it
Lol its always easier to blame the landlord because that was the end result. What about all the people that over paid for homes, inflation and yes all the people that are actually paying market value rent?
The whole point of the video is that "market rent" has been artificially inflated through massive price fixing.
People who paid for homes also paid inflated prices because of the landlord scam driving up not only rents but of course housing prices
market value is a good raise, you can stay slightly under if you like, and have a good tennant.
las Angeles has a rent cap why not move there?
This racketeering system needs to be treated as what it truly is, an organized criminal enterprise, something similar to the mafia!
Send everyone one involved to prison under the Rocco laws!
Simply make this a federal crime!
Yes Fed RICO laws and confiscate Apt bldgs from Land Lords.
Renters take their justified anger out on small scale landlords. "Many a woman was saved through real estate" say a small scale landlord friend of mine.
My mom was a lovely landlord who took care of all her renters, young and old. I grew up with that and want to be a landlord today and build community like she did, but the vitriol is hard to bear.
And rent control laws make it extremely risky to rent to long term tenants that you can build a relationship with.
I wish more people were talking about this.
I'm starting a company to combat this problem. Actually thanks to this channel and all the things I've learned about this growing problemas a renter currently myself. So I started thinking what would I want from a company I was renting from? And just started jotting down Ideas... That was about two years ago. Now I'm working on selling my current business so I can fully focus on getting this one started. And to make sure it works the way it does in my head Ill be the first test subject of the Company and make sure all the math works correctly. I'll be working on a website soon and try to get all my crazy ideas written out in a way that makes sense to everyone. I'll come back and post a link once it's up. Oh but if anyone has things they would like to see in a company that they would rent from, post a reply I would love to read them. 😄
Count me in …. How do I join? I will work for free
Same thing seems to be happening to restaurants, an owner told me once, " I don't want more customers, I want more higher paying customers"
That's Hawaii's philosophy.. They don't want tourists who get a condo and go to costco.. They want whales who pay 5k a day....
25% increase to renew my lease to meet the "market value." I can understand this if I moved out and new tenant came in, but landlord (an individual) would not negotiate a reasonable increase.
Corporate monopolies are a big problem but don't mistakenly think they are the biggest problem in regards to housing. The biggest problem is that our cities have a chronic housing shortage, and most are still not building near enough units to house everyone. We will continue to face skyrocketing rents unless we deal with this problem and not let some well off retiree block the construction of an entire housing complex.