Why Is the Rent So High? The Real Reason Will Shock You

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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deadgerbil · 26-30, M

Renting or owning property is crazy. There are new houses in my neighborhood built closer together than your outstretched arms and they are wicked expensive

SatanBurger · 36-40, F

@deadgerbil I've seen really small houses for 300,000 it's ridiculous, I just don't get how that's even legal. Right now I'm at the stage that I'm actually legit getting the term unchecked capitalism or whatever that term is, I'm pretty sure that's not the correct term I want to use but I've heard people say that and I'm finally just now getting it.

How can that even be legal? But the answer is, in capitalism it seems like you can literally do whatever you want.

ViciDraco · 41-45, M

@SatanBurger the term is Late Stage Capitalism.

I frequently compare capitalism to a tool. If you are trying to build something, you grab a tool and start using it. But eventually you reach the limit of that tool and need to reach for something else. You may really like that handsaw, but after a certain point you are only ruining your project by insisting on continuing to use that handsaw. It's time to put the handsaw down and pick up a new tool. (Honestly, I think that point was reached many decades ago)

SatanBurger · 36-40, F

@ViciDraco Thanks, I knew it was something for sure but couldn't quite put a finger on it.

ViciDraco · 41-45, M

I had seen that video. RealPage aside, it's because they can get away with it. People have to live somewhere. Private equity and investment banks have been snapping up property, new construction is expensive and frequently suppressed. This means supply is limited and buying housing is out of reach for most people. So they are stuck renting. And since housing is a necessity, especially with some localities outlawing homelessness now, they can raise prices until most people's breaking point because they have to live somewhere.

And it keeps getting worse and worse. In some places you get three couples sharing one place and the landlords just adjust pricing up since some people with six incomes can afford it.

SatanBurger · 36-40, F

@ViciDraco That's insane. It will be getting worse, I mean nothing in this country changes so I only see it getting bad

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SatanBurger · 36-40, F

@Rolexeo And the funny thing is, rent actually could be normal but a few bad eggs are fixing prices so bad that they're quite literally making it so nobody can live by price fixing. It can be normal but the govt has to step in and arrest these people and do their actual jobs.

Like I feel like this price fixing is probably barely legal territory but I also feel like we need to start making an example of these bad companies and putting our foot down about it too. They can't keep raising prices of rent unless they want to turn the US into a developing world because nobody literally can live in that sht for very long so like honestly... it's crazy how these people can even get away with controlling the entire United States housing departments.

Honestly, that's insane.

LordShadowfire · 46-50, M

I charge a rate that directly reflects the mortgage payment.

SatanBurger · 36-40, F

@LordShadowfire That's good you don't use that RealPage site.

LordShadowfire · 46-50, M

@SatanBurger Honestly, I never heard of it. Don't see the point in joining in with those heartless corporations to squeeze every last penny out of the little guy.

Moneyonmymind · 31-35, M

is this everywhere in the US or?

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Moneyonmymind · 31-35, M

@ViciDraco my current lease is over In July, usually my landlord will send over the lease documents to sign a little before June, there was an increase last year in my rent so I’m worried there will be another increase..

ViciDraco · 41-45, M

@Moneyonmymind increases are normal. Just hope it will be modest and not a big spike

Moneyonmymind · 31-35, M

@ViciDraco true but I will still ask for a decrease doesn’t hurt to ask 😂🤷🏾‍♂️

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