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Discussion Anyone else getting their rent raised this year?
- Thread starter Baphomet
- Start date
I'm moving somewhere much closer to where I work now (I got a new job in the last year that's over an hour from my current place), so I'm kinda just subject to how the market's shifted. If I want to keep living in a 2 bedroom, 1.5 bathroom place, it'll probably be $50-$100 more. But I'm also going from splitting rent three ways to just two, so I'm actually seeing a far bigger jump than that. Fortunately, I got a fairly significant raise to start the year that will nearly even everything out.
Rent usually goes up close to inflation, but for last couple of years rent and housing costs have really exploded in most countries. Shortages of housing, trades, lumber, materials and zoning concerns makes new builds hard but there are still more people moving in and being born/coming of age. And then demand is largely inelastic so looks like mortgage rates were indeed passed. Because of the housing shortage people can't really move and the market knows it. Shit sucks for renters right now.
I'm in Sydney, which might be close to the worst in the western world for rent right now. (The pre 2010 houses and apartments are decently big compared to most countries, the new builds are garbage).
Places that were $400 a week are now $700 a week. Frankly the only people who can live within 30 minutes of the city must be pretty wealthy or living in Share houses. The issue is a great majority of jobs are close to the city, and the rest is mostly urban sprawl and most of the state has fewer jobs. People keep voting against density too. Not that new apartments have enforced regulation anyway, and no one trusts either party of the state gov to allocate adequate funding for infrastructure projects to support it.
Some landlords don't suck too hard and try not to pass on all costs and charge a bit below market rent. But most don't. And I don't believe Blackrock and investment companies won't use algorithms and AI to skip around that small amount of human compassion.
I'm lucky enough to be have a mortgage right now, got in a year before the rate rises (you can only lock for up to 2 years, usually though, maybe 5 if the bank thinks rates are going down). So I really lucked out. Getting a loan is way harder now. You'd think rate rises would have slowed down housing price growth a bit more. The average couple would also probably need to live 1:20 from the city to buy in that this point. Luckily I work from home over half the week.
Good luck everyone.
I'm in Sydney, which might be close to the worst in the western world for rent right now. (The pre 2010 houses and apartments are decently big compared to most countries, the new builds are garbage).
Places that were $400 a week are now $700 a week. Frankly the only people who can live within 30 minutes of the city must be pretty wealthy or living in Share houses. The issue is a great majority of jobs are close to the city, and the rest is mostly urban sprawl and most of the state has fewer jobs. People keep voting against density too. Not that new apartments have enforced regulation anyway, and no one trusts either party of the state gov to allocate adequate funding for infrastructure projects to support it.
Some landlords don't suck too hard and try not to pass on all costs and charge a bit below market rent. But most don't. And I don't believe Blackrock and investment companies won't use algorithms and AI to skip around that small amount of human compassion.
I'm lucky enough to be have a mortgage right now, got in a year before the rate rises (you can only lock for up to 2 years, usually though, maybe 5 if the bank thinks rates are going down). So I really lucked out. Getting a loan is way harder now. You'd think rate rises would have slowed down housing price growth a bit more. The average couple would also probably need to live 1:20 from the city to buy in that this point. Luckily I work from home over half the week.
Good luck everyone.
- Pronouns
- He/Him
I am actually trying to lower my rent and search something new as soon as possible because for the past two months I had a hole from my bedroom to the bathroom because of a water damage. (Yes I have a flatmate and the whole experience was even less pleasant than you can imagine)
Landlord, who lives directly under my Apartment and never came to see that fucking hole, promised me to fix it in the first week when I moved in last month. But nothing happened until now, they only fixed the wall a bit last Friday.
Landlord, who lives directly under my Apartment and never came to see that fucking hole, promised me to fix it in the first week when I moved in last month. But nothing happened until now, they only fixed the wall a bit last Friday.
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every year I lived in the US it bumped up like a hundred
we still have scraps of rent control law in Ontario, but Doug Ford is trying really hard to destroy it
As such, I'm limited to like a $40 CAD bump per year.
It's still hard to deal with though. Still a blow. Especially when groceries have pretty much doubled via price fixing and shittiness.
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