Housing rent rise about to translate into CPI rise

[Klaralven]

...

What we do know with a fair degree of certainty, though, is that Americans who rent their homes are in for a nasty shock.

Rents fell during the pandemic because demand collapsed, in part because a federal moratorium on evictions kept renters in their existing homes. But the price of new rentals, as reported by the website Apartmentlist.com, came roaring back this year, with a nearly 10% rise in the average new rental between December 2020 and June 2021.

The cost of shelter comprises nearly 40% of the US Consumer Price Index, the gauge that determines payouts on Treasury Inflation-Protected Securities.

The eviction moratorium is scheduled to expire at the end of July. That means that the rent component of CPI will converge on the current market prices reported by market sources like Apartmentlist.com.

https://asiatimes.com/2021/07/housing-rent-rise-about-to-translate-into-cpi-rise/

[Rorey]

1. As a landlord, my input

I'm just a small-time landlord, and I'm definitely not rich. All of my costs went up. My insurances have all gone up 20-25%. Property values have been greatly rising here, so my property taxes are going to jump up too. The cost of repairs has gone up too. On top of that, I took some hits when a couple of my tenants were unable to work during the quarantine.

I decided a couple of weeks ago that I was going to sell one of my properties. I think I'm a pretty decent landlord. My rentals were all in pristine condition when the tenants moved in. Honestly, they were a steal for the price of rent, especially compared to rental prices in the area. I understand normal wear and tear, and I know things wear out. When that happens, I'm right on top of it.

So, the tenant who got the notice is the one who is an irritation. She had been calling at least a couple of times a month about the littlest things that I would have never dreamed of complaining about when I was a renter. I mean, she actually called me to complain that the neighbor kids didn't want to play with her grandkids once. The last straw was when she didn't pay her share of her rent in June because "somebody got into her bank account". (She's on housing, so the bulk of her rent is paid through that.) She had been getting later and later with her share of the rent, and I hadn't been charging a late fee, so I guess she thought she'd see how far she could push it. It's a real stressor for me when a tenant is late with rent because the rental income is how I pay my own bills.

I gave her notice a couple of weeks ago that she had until August 31st to move out, and haven't heard from her at all. I'm sure she's sad, and probably mad. She told me that my rental was the best place she had ever lived in, and I'm sure what she's finding is that what's available is more expensive and not very nice.

So, what I'm saying is, if you rent, be a good tenant. These are not the times to have to be looking for another rental. It's absolutely fine to call your landlord over a legitimate problem, of course, but don't be the tenant who's a pain in the butt.

[I_UndergroundPanther]

2. I am a good tenant

But once had an unreasonable asshole for a landlord.

The place I rented from them the landlord almost kicked me out for doing the right thing.

One morning I walked out on my balcony to have my coffee. It was around 7 am or so.

I smelled an overwhelmingly strong smell of gas.

I went and warned the two smokers who like me went outside to smoke and drink coffee at the same time to not go outside.


Then I called BGE emergency gas leak line .

They came out fast and started working on the gas leak. They worked there until around midnight to fix that leak. Digging up the lines and stuff.


At 9:30 am my landlord called bitching me out for calling BGE before I called the office first.

I told her I was not going to wait until the office was open to get that gas leak fixed.

You should be glad the building didn't explode.

She sent me an eviction warning and came to my apartment the next day .

Whining and threatening me.

I told her I would get my lawyer.

She got mad walked out, and broke her heel off her shoe going downstairs.

The maintenance guy who was with her laughed and she yelled at him to shut up. I snickered too.

I didn't get evicted .

She tried to evict me
again for people that broke into my apartment and had a party while I was gone for a weekend.

I had no clue what happened there. All I knew was my apartment door was open when I got home and my apartment was a mess. Nothing was stolen. I called the cops,and reported it

Later another eviction notice,and a court summons.

I went to court and the judge threw out the case. Told my landlord to quit these eviction threats and petty lawsuits.

I almost snickered.

She glared at me and my mom she was so pissed.

Apparently this landlord loved to
Threaten tenants with bogus threats to evict them. Even if tenants were good tenants.

Where I live now my landlord is happy and so am I.

[Rorey]

3. You absolutely did nothing wrong

She sounds beyond unreasonable.

Above all, I want my tenants to be safe. Did that landlord also think that things like fires should wait for regular business hours? I'm happy for you that you're in a better living situation.

[I_UndergroundPanther]

4. You sound like a great landlord!

You treat your tenants well. The ones that respect you and the apartments they live in.

The rules most apartments have are not hard to follow unless your landlord has control issues.

[Rorey]

5. It definitely sounds like that landlady had control issues

I always used to joking tell new tenants to pay their rent and don't cook meth, and they'll never see me. Adding, of course, that they should call me if something went wrong. I was a renter for decades before I owned my house, and I know what it's like to have to worry about what a landlord would say about this or that. I want them to treat the house as their own home, which is, of course, what it is.

My ex-husband did not share my attitude. He'd drive by the houses to check on things, and he'd comment about things he should have not commented about. Once he came home and told me I needed to have a talk with a tenant because he wasn't keeping the house clean. He had gone over to do some minor repair, and noticed that the guy didn't much prioritize cleaning. I told him to leave him alone, and we'd worry about it when he moved out. When the guy did move out, I went in to clean. Yeah, it was pretty dirty, but in a couple of days it was back to the pristine condition it was in before we rented it to the guy. I really didn't care. I clean everything anyway, so a little more dirt didn't really matter. I actually sort of enjoy cleaning, and I realize most people aren't like me. They can live the way they want to live.