I live in Gilbert, AZ in the same apartment complex for nine years. When they started renovations, I was informed I had to move out of the unit. The newly renovated apartment we moved into costs an additional $610.28 a month in rent and a bunch of mandatory add-ons. Now I pay $2091.17-$2094.60 per month. Now they installed smart and Cox internet which I've been told will be an additional charge if we decide to renew our lease in 2025. Wages are not enough to pay for housing. We are looking to move back to the Midwest, though I dislike the frigid cold winter months. My family lives near me and it breaks my heart that we may have to move away. Arizona is not what it use to be.
As long as the government allows large corporations to own most rentals, rents will continue to go up, using excuses like renovations. People will suffer rent gouging until they stop accepting this.
You say this is unsustainable, except it’s completely sustainable for these private equity groups. It’s unsustainable for us regular folk, but no one really gives a shit about us.
This will not change anything. Rent will still be high. 🤷🏿♂️ The only thing this solves is it allows the government to get their cut. You still paying the rent. No one is talking about utilities.
What are you even talking about dude? It has nothing to do with the government getting their cut. It has to do with private businesses fixing the system in their favor to screw US all over (yet again). This is one of those things where the government has to come in and do their effing job. For US.
It's exactly the same in San Diego where I have just left after COVID. There's a company that owns most of the apartments and they push people around. And they're charging $2,500 and every year it goes up about $100 take it or leave it. Thank you for covering this
I do agree with this lawsuit but she was very light on the facts other than than landlords agreed to keep prices high . This is a very important case for everyone because of this fails I shudder to imagine the consequences.
I lived in a complex 2018-2021 which was managed by sincere ladies who understood the tenants: poor students who wanted a peaceful place to live to be successful in their studies. Suddenly it changed hands 3 times by the end of 2021 and it went completely downhill. Ended up in the hands of Rise48 Holdings LP, who decided to paint the walls and then double the rent in every unit. Place was a disaster, apartment units were empty indefinitely and I got out as quick as I could. Corporate landlord is a disgusting title, all the tenants were dissatisfied.
GREED GREED GREED They are to blame for "unaffordable housing" I've rented in Phoenix since 1972 but even now with private landlords...they've all jumped on the bandwagon of raising rents to astronomical levels. I'm a senior and will have to move soon....I will probably end up on the street
As a real estate agent in AZ (but rural, and we still have the problem just with single family homes) what i can add as at least one "reason" is that the investment companies "have a fiduciary duty" to their investors to make money. As much as possible. My friend who was an accounting student (15 years ago) in an economics class related a test she took where the "correct" answer for economic ethics was to essentially break the law if it meant making more money for your client. If there is any truth to that, there there are some major problems. People might be interested to look at grandma's stock portfolio and see that the real estate shares are one of the better returning investments. BUT as far as I have been taught in Real Estate, it is supposed to be done ethically to the community (gentrification is actually considered unethical as it drastically changes the character of a neighborhood) and obviously, LEGALLY. The laws already exists. Good for AG to be going after the people that give capitalism a bad name. And for pointing out the difference between FREEMARKET capitalism and corporate capitalism.
No. 100% Price Fixing through.... 3rd party software that not only suggests pricing, but handles all CRM for the property management. The SOFTWARE makes guarantees about rent pricing & does engage in dynamic pricing. They know it, and the property management knows it. See also Hemlane software
Rent from a homeowner, not a business. I’ve been a landlord in Scottsdale for over 20 years, i appreciate the heck out of my tenants and do whatever I can to not raise rent. I just knocked $150 per month off a lease to retain the current tenant and show my appreciation. Loyalty is rewarded when you do business with me. If you need a single family home to rent in Old Town, hit me up.
@@lilyamongbrambles4458fortunately none of my homes are vacant. I do advertise on Craigslist and Zillow/trulia/hotpads 60 days prior to end of the current lease. Best of luck with your search
BR is the world's largest investment company, is renowned for its role in public markets; Blackstone is the leading player in private equity, real estate, and alternative investments, managing $1 trillion assets under management.
I live in Gilbert, AZ in the same apartment complex for nine years. When they started renovations, I was informed I had to move out of the unit. The newly renovated apartment we moved into costs an additional $610.28 a month in rent and a bunch of mandatory add-ons. Now I pay $2091.17-$2094.60 per month. Now they installed smart and Cox internet which I've been told will be an additional charge if we decide to renew our lease in 2025. Wages are not enough to pay for housing. We are looking to move back to the Midwest, though I dislike the frigid cold winter months. My family lives near me and it breaks my heart that we may have to move away. Arizona is not what it use to be.
Greed..one apartment raises his rent ..the apartment across the street raise there rent..pure greed..
This is precisely what pushed me into homeownership.
As long as the government allows large corporations to own most rentals, rents will continue to go up, using excuses like renovations. People will suffer rent gouging until they stop accepting this.
You say this is unsustainable, except it’s completely sustainable for these private equity groups. It’s unsustainable for us regular folk, but no one really gives a shit about us.
These tenants all need to get in touch with the AZ Attorney General
This will not change anything. Rent will still be high. 🤷🏿♂️ The only thing this solves is it allows the government to get their cut. You still paying the rent. No one is talking about utilities.
What are you even talking about dude? It has nothing to do with the government getting their cut. It has to do with private businesses fixing the system in their favor to screw US all over (yet again). This is one of those things where the government has to come in and do their effing job. For US.
It's exactly the same in San Diego where I have just left after COVID. There's a company that owns most of the apartments and they push people around. And they're charging $2,500 and every year it goes up about $100 take it or leave it. Thank you for covering this
I’m a native of Tucson and I can’t afford to live there anymore.
I do agree with this lawsuit but she was very light on the facts other than than landlords agreed to keep prices high . This is a very important case for everyone because of this fails I shudder to imagine the consequences.
"if" you mean "when"
I lived in a complex 2018-2021 which was managed by sincere ladies who understood the tenants: poor students who wanted a peaceful place to live to be successful in their studies. Suddenly it changed hands 3 times by the end of 2021 and it went completely downhill. Ended up in the hands of Rise48 Holdings LP, who decided to paint the walls and then double the rent in every unit. Place was a disaster, apartment units were empty indefinitely and I got out as quick as I could. Corporate landlord is a disgusting title, all the tenants were dissatisfied.
GREED GREED GREED They are to blame for "unaffordable housing" I've rented in Phoenix since 1972 but even now with private landlords...they've all jumped on the bandwagon of raising rents to astronomical levels. I'm a senior and will have to move soon....I will probably end up on the street
This is price fixing sucking away life out of the community and keeping them from thriving.
It's an easy arithmetic problem. Average medial pay, Average cost of bills, Average travel cost to and from work = how much rent should be.
Sad,. Just plain greed.
I said goodbye to greystar and Phoenix 7 years ago when my rent was $900
Same thing is happening with car insurance software. By Nexus.
There are lawsuits regarding the algorithims being used to price rents.
It is also very hard to find good honest workers to fix things. Such people in high demand and very expensive.
Bring an investor on to explain why they are raising prices.
As a real estate agent in AZ (but rural, and we still have the problem just with single family homes) what i can add as at least one "reason" is that the investment companies "have a fiduciary duty" to their investors to make money. As much as possible. My friend who was an accounting student (15 years ago) in an economics class related a test she took where the "correct" answer for economic ethics was to essentially break the law if it meant making more money for your client. If there is any truth to that, there there are some major problems.
People might be interested to look at grandma's stock portfolio and see that the real estate shares are one of the better returning investments. BUT as far as I have been taught in Real Estate, it is supposed to be done ethically to the community (gentrification is actually considered unethical as it drastically changes the character of a neighborhood) and obviously, LEGALLY. The laws already exists. Good for AG to be going after the people that give capitalism a bad name. And for pointing out the difference between FREEMARKET capitalism and corporate capitalism.
rents have gone up everywhere reguardless of who owns them
No. 100% Price Fixing through....
3rd party software that not only suggests pricing, but handles all CRM for the property management. The SOFTWARE makes guarantees about rent pricing & does engage in dynamic pricing. They know it, and the property management knows it.
See also Hemlane software
I don't have a penny
Rent from a homeowner, not a business. I’ve been a landlord in Scottsdale for over 20 years, i appreciate the heck out of my tenants and do whatever I can to not raise rent. I just knocked $150 per month off a lease to retain the current tenant and show my appreciation. Loyalty is rewarded when you do business with me.
If you need a single family home to rent in Old Town, hit me up.
@@FoxWalksSlow Are your current for rent properties listed anywhere like Craigslist,.etc?
I'm looking more east valley area but I would be curious to look at what you have available.
Risky relying on people who could also go bankrupt
@@kathrynj.hernandez8425 that’s why renting from me has no risk.
@@lilyamongbrambles4458fortunately none of my homes are vacant. I do advertise on Craigslist and Zillow/trulia/hotpads 60 days prior to end of the current lease. Best of luck with your search
Banking is not a free market.. neither is utilities... so...
This is the plan for everything = Tokenization
This has to be Blackrock ..
I think the "you will own nothing and be happy" crowd are ultimately behind this. IYKYK.
BR is the world's largest investment company, is renowned for its role in public markets; Blackstone is the leading player in private equity, real estate, and alternative investments, managing $1 trillion assets under management.
Bingo!! They create shell companies to disguise ownership
Just admit you can't afford to live here. Go to El Paso, Oklahoma City, Albuquerque, etc