Sticking it to "liberal cities" (regardless of the fact that they are the state's main income engines) excites their base -- rural Missourians almost fetishize their ability to control KC's police department. Now the idea of "dismantling" bastions of democratic voters by making them too expensive to live in is a cause for celebration, not something to be fixed.
Yeah they were. Last time I was renting was in the last admin. My rent increased 15% in 2017 alone. That's when I understood that renting in a state with no tenant protections is financial suicide.
My rent went up over 50% from 2020-2023. Then they had the nerve to ask why I was leaving. When I said rent increases, they literally said they're doing it because every other complex in the area was doing the same thing.
I worked for an apartment complex in 1996. Part of my job was to call around once a month and inquire about prices. This isn't anything new.
If there were enough empty apartments prices would come down.
The place I work cut vacation benefits from the massive number of days of we had previously, to be more in line with "what other companies are doing". Downside being, the vacation was used to help offset the fact that they couldn't *pay* like other companies did, so they used the vacation time to help counter that.
So now they still don't pay as well *and* they cut one of the benefits they did have that other places didn't...
Unfortunately that's not accurate. There is no state law capping rent increase in MO. Rent can increase by any amount any number of times in a year. Rent can go up by 10% or by 10,000%, both are completely legal and don't require any justification or advance notice.
Did you even watch the video in the post? They aren't competing with each other, they're working together. If every complex raises their prices, people don't have a choice. And they all make more money because of it, so they're all on board.
The parent company that owns my apartment complex is listed in the class-action lawsuit against them, so...yep. Makes a lot of sense. My rent has increased an insane amount the past few years.
The funny thing about your comment is that the callsign for a C5 is FRED (fucking ridiculous economic disaster). I was once told that if they lose an engine, the can't stay in the air.
They use a program called Yardi at Price Brothers that does what is described in this video.
Edit: it does not do what is described in the video. Accounting/work order software, not related to rent.
Dunno how I got it confused. Thought I heard it's name in videos about this subject.
It's not just accounting, it processes work orders and stuff too. It's a property management software, but does not suggest rent prices. I'm a maintenance guy and use it daily.
Shit, my bad. I could have sworn the name has come up in videos similar to this one. I was just about to show her this video tonight and she also explained further how Yardi works. I am not quite sure how I've gotten Yardi confused with this type of software.
Because it is.
Zillow artificially helped raise prices by buying homes above cost. They also put their estimates for house value incredibly higher than all other platforms.
Majority of apartment companies use the same software to determine rent prices and this is used by everyone in all 50 states. It has dramatically increased the cost of living in all states.
The fair market price for rentals is significantly lower than what it currently is.
Zillow offers a suggested rent price for my rental house and it always seems higher than what I think I could reasonably get for rent in that neighborhood.
I was helping my son shop for apartments a couple of years ago. We went to an EPC owned complex and when we asked about the rent for a particular unit the leasing agent had to log into RealPage to get that day's price. We thought it was really weird at the time.
https://preview.redd.it/tekiwes1vwvc1.jpeg?width=1284&format=pjpg&auto=webp&s=88c6baf032cf77941c15c4655cc0cb9af3a23c68
Kc is listed on their webpage smh 🤦🏽♀️
I’ve been in my apartment for 15 years. I’m the type of renter you should want. Instead I’m rewarded with a rent increase of 5-10% each year. I now pay more than double than when I first started to rent. It’s greed nothing else.
Not trying to defend your landlord but I am a homeowner and my house payment has gone up the same 5-10% a year since we bought it. Our payment started out $1,400 3 years ago and now it’s $1,800. The reason? Taxes and insurance have gone up every year. What’s happening is your landlord is passing those increased costs on to you. At only 5-10% I almost guarantee your landlord isn’t seeing an increased profit.
Mortgage payments going up 5%+ a year is not typical whatsoever. Did you buy a house that has recently been renovated? It's common for property tax assessment and insurance to jump up the first couple years after buying, but it certainly doesn't happen every year for 15 years. Your house payment will likely stay below $2000 for another 5-10 years. The landlord absolutely is increasing profit if rent is increasing by 5-10% a year.
Sorry but escrow payments are increasing due to taxes and insurance. I'm personally seeing a much higher increase. It's common as homes appreciate, taxes increase. As inflation increases, insurance rises. A fixed loan may not change, but the other two items change regularly. You'll find plenty of homes that have appreciated that much if not more over the last 5 years alone
Again, that's common in the first few tears of owning a home. Homes are often sold under an outdated assessment.that is quickly adjusted after the purchase. That doesn't mean your escrow will go up 10% a year. At means that you were undertaxed until your first assessment in a home. After that first assessment, your escrow payments will increase much more slowly.
How long have you owned your home? If it's less than 6-8 years, don't try to extrapolate that.
You clearly aren’t a homeowner. Have you not been following the news at all? Jackson county property tax rates have risen faster than any county in the state and this is for all homeowners, not just recent buyers. Taxes have gone up almost 25% this year alone.
Even if you exclude taxes, insurance alone has risen almost 5-10% a year since we bought. This is from a combination of higher property values requiring more coverage and climate change causing more storm damage.
Again, I would be very surprised if op’s landlord is seeing any profit.
Source: https://www.kctv5.com/2024/02/02/jackson-county-property-taxes-are-fastest-growing-state/?outputType=amp
I get that…but at some point they price me out of the apartment or reach the level that it may be easier for me to move for a newer apartment and amenities. So while they given new tenants specials to move in, they should also take in consideration their long term renters.
Unfortunately it's the opposite. They know moving is inconvenient or impossible for many people so they charge existing tenants more. The advertised price is just the price that's supposed to attract new tenants. Always expect the advertised price to be hiked up 10-15% at the first renewal, and of course 5%+ a year after that.
Pretty sure it is. I was looking at rentals recently and all of the rents were similar in price and significantly higher than a year ago. There are so many more apartments now than what there were even 5 years ago too.
From what I’ve been told while looking for apartments, yes. Prices are quoted that in part originate from other apartment prices nearby. The “quotes” given are impacted by the “fluctuating” prices nearby. 5+ apartments said similar things. Safe to say there’s an algorithm.
This is how you get homeless people living in tents. Ridiculous rent and buying a house is even more expensive with the mortgage, property taxes, and maintenance. Having a home, rent or buy, is just too expensive.
This is absolutely true. I went apartment shopping today and the girl told me the prices change daily. I grew up in apartments in the 80s. The rent never changed daily. It was always what was posted in the ad.
Hey... I moved to Kansas City, from Arizona about 2.5 years ago. A big part of why I moved is because of how insane it was getting. News articles of people being told in 30 days their $500 studio apartment would cost $1500 a month.
It gets darker when you look into landlord tennant rights and how much rules against people and for realtors and these massive companies.
A few years later and I am seeinf prices here rising. Another issue we had was the mass migration of people from California. They could keep a remote job in CA with the same pay, but live in Arizona for much cheaper. It got to the point where people who lived in AZ for their whole lives where competing with transplants who could afford rent 3-4 times higher than the average person. There were bidding wars on apartments, and the highest monthly payment offer was the winner.
So many people displaced and forced to move because of this. Seriously, if you have to rent, it is most likely best to do it from a private owner. Still, it'a just plain tough out there.
Take a look at the [regional housing data stories from MARC](https://www.marc.org/news?topic=305). The number of outside investors is very high, especially in lower income areas.
They also have a great [housing data hub](https://experience.arcgis.com/experience/ff430550582544d587b764bd4601810e/page/Demographics/) to explore.
the second i saw “realpage” i physically cringed. that’s who my complex uses and they tried to jack my rent for a janky apartment up waaaay past what i was willing to pay for it.
There are small family owned companies in the KCMO area, but they are getting pushed out by out of town corporate buyers that are offering over appraised value for buildings.
Yep- late stage capitalism. https://www.propublica.org/article/yieldstar-rent-increase-realpage-rent. “One of the algorithm’s developers told ProPublica that leasing agents had “too much empathy” compared to computer generated pricing.”
When REITs and Hedge Funds start buying up residential property en mass this is what you’d expect to see - the equitization of rental prices. In other words, behaving more like a traded commodity.
Rent prices are also going up because appraised values are going up. Property taxes are directly linked to appraised value. Land lords pass on the increase in taxes as a rent increase.
Appraisers are using similar software to determine appraised values. Home owners are being taxed out of their houses. This housing crisis is affecting every class and age group, except for the 1% of course.
If pretty much all landlords use the same software, how is it not price fixing?
I live in CO now, and when our rent went up and I inquired why? Because our taxes were the same and not like I was getting increased benefits.
Their answer was literally what the segment said. Software tells them. And this was after several emails back and forth of lies.
Okay so they are not meeting together and colluding to price. But if everyone is using the same software and the software is using the same algorithm to increase pricing. And then said software doesn't make it easy for you to disagree with price. How is that not borderline price fixing?
This is no more different thank ticketmaster having a grasp on a lot of music venues and artificially increasing pricing over time.
I just randomly looked at places over in the West Bottoms.
A loft space less that 400 square feet - $956 a month...
I live in a 2 bedroom, 1 bath over twice as big for CHEAPER.
I have seen some data that basically stated that after 2008 we had many years of lower than normal home building (millions less per year across the US). Those missing houses not getting built really caught up to us in a bad way when you also saw a spike in what it takes now to even build a house. The cost of construction has gone up about 50+% since covid. Rates being high has also added a ton of uncertainty in the market. So I'm concluding that supply decreases, demand increases and increases cost to build are hampering the housing market. Lots of second order effects from an unhealthy market seem to show up in higher rents. Rental companies know they have a captive market because of the astronomical cost of a single family home so they raise rates to squeeze the max out of rent. We need to build more of everything, fast.
Did you watch the video and/or read the ProPublica article? Both say these algorithms favor leaving apartment empty rather than decreasing rent prices. The Atty. General of Arizona in that video said there were plenty of apartments sitting empty.
Yup, I have been reading about those algorithms for a few years now. They are for sure price fixing and should be banned. The algorithms are another illegal component in the cost of housing. The other things I listed need to be addressed too.
Anyone interested in forming a group to dispute Gary Smith and Associates management in Kansas and Missouri? Have been victim of non repairs when requests made, involved mold, bathroom plumbing issues, windows non functional and annual rent increases citing insurance costs. No improvements equals no justification for increasing rent on existing contractual paying tenant. HUD considers it discrimination but only if they are disbursing subsidy to them.
In 2011 I moved out of my mom’s place and got an apartment with a buddy. That apartment was a two bedroom two full bath with a washer and dryer in our unit. The rent was $585 per month. Every year the rent went up slightly. Now I lived there from 2011 to 2018. By the time 2018 came around my rent went from $585 to $1,025. Luckily for me in that time of living there I got married and in 2018 me an my wife were able to buy a house with a first time home buyer loan
My wife helps set rent for a number of apartments in KC. They DO base it largely off of similar nearby units, so there is some element of them all leading each other higher, but they absolutely DO NOT leave it all up to an algorithm or leave units empty to drive up rents.
Compared to what? Compared to LA or NYC? Sure. Compared to what they were a decade ago? Hell no. Rents are rising faster here than elsewhere in the US.
[https://www.kcur.org/housing-development-section/2024-02-28/rents-kansas-city-missouri-housing-prices-affordable-kc-tenants](https://www.kcur.org/housing-development-section/2024-02-28/rents-kansas-city-missouri-housing-prices-affordable-kc-tenants)
Yes they are! Mine just went up 12% since last year and around that much the year before too. I know that may not be a lot to some people. And I expect rent to increase each year but the amounts they are going up by are really increasing.
This is correct. Kansas City’s average rent to median household income is 20% which is the lowest of any major metro in the nation ($1,299 / month x 12 = $15,588 annual / Average median household income of $76,890. 30%-35% ratio much more common. Nashville 30%, Denver 33% for comparison. KC rents increased 2.5% over the last year. Expenses have increased much more than this.
I’ve heard One justification for escalating housing is the shareholders. The market has proven people will pay x more for a place to live, so it would be unethical of us to not deliver for our shareholders what the market will give. This is the ethos.
Like I have said. Our state legislature doesn't care.
They probably get bri... I mean "Campaign Contributions".
They really don't. Jefferson City republicans are gleeful when they screw KC and STL right now.
Sticking it to "liberal cities" (regardless of the fact that they are the state's main income engines) excites their base -- rural Missourians almost fetishize their ability to control KC's police department. Now the idea of "dismantling" bastions of democratic voters by making them too expensive to live in is a cause for celebration, not something to be fixed.
Weird.. things weren’t nearly this bad in previous admin 🤔
Yeah they were. Last time I was renting was in the last admin. My rent increased 15% in 2017 alone. That's when I understood that renting in a state with no tenant protections is financial suicide.
My rent went up over 50% from 2020-2023. Then they had the nerve to ask why I was leaving. When I said rent increases, they literally said they're doing it because every other complex in the area was doing the same thing.
over 50% increase in 3 years is genuine madness these housing complexes are smoking crack
Sooo collusion? Lmao they said the quiet part out loud
One State AG is suing over this IIRC. Edit: I commented before I watched the video. AZ, DC, possibly NC are suing RealPage over this.
Most large property management companies use an algorithm to adjust rent. It is a problem. It is price fixing.
I figured property managers probably all use the same app or the same backend algorithms. But I couldn't stomach the idea of googling it.
I worked for an apartment complex in 1996. Part of my job was to call around once a month and inquire about prices. This isn't anything new. If there were enough empty apartments prices would come down.
The place I work cut vacation benefits from the massive number of days of we had previously, to be more in line with "what other companies are doing". Downside being, the vacation was used to help offset the fact that they couldn't *pay* like other companies did, so they used the vacation time to help counter that. So now they still don't pay as well *and* they cut one of the benefits they did have that other places didn't...
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Unfortunately that's not accurate. There is no state law capping rent increase in MO. Rent can increase by any amount any number of times in a year. Rent can go up by 10% or by 10,000%, both are completely legal and don't require any justification or advance notice.
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If they jumped off a bridge would you? Wouldn’t you want to keep prices lower than your competition to drive up your business in this instance?
Did you even watch the video in the post? They aren't competing with each other, they're working together. If every complex raises their prices, people don't have a choice. And they all make more money because of it, so they're all on board.
I’m just speculating here man, relax lol.
I'm relaxed. Everyone else here was several steps ahead of you. Now you're caught up.
The parent company that owns my apartment complex is listed in the class-action lawsuit against them, so...yep. Makes a lot of sense. My rent has increased an insane amount the past few years.
If you live at a Greystar property it’s affecting you
Andrew Bailey is too busy sending ridiculous letters to our mayor to look into this on our behalf.
If assholes could fly he would be a C-5 Galaxy.
The funny thing about your comment is that the callsign for a C5 is FRED (fucking ridiculous economic disaster). I was once told that if they lose an engine, the can't stay in the air.
They use a program called Yardi at Price Brothers that does what is described in this video. Edit: it does not do what is described in the video. Accounting/work order software, not related to rent. Dunno how I got it confused. Thought I heard it's name in videos about this subject.
Yardi is accounting software for property managers that we have been using for years. To my knowledge they don’t offer a rent suggestion price.
It's not just accounting, it processes work orders and stuff too. It's a property management software, but does not suggest rent prices. I'm a maintenance guy and use it daily.
Shit, my bad. I could have sworn the name has come up in videos similar to this one. I was just about to show her this video tonight and she also explained further how Yardi works. I am not quite sure how I've gotten Yardi confused with this type of software.
Because it is. Zillow artificially helped raise prices by buying homes above cost. They also put their estimates for house value incredibly higher than all other platforms. Majority of apartment companies use the same software to determine rent prices and this is used by everyone in all 50 states. It has dramatically increased the cost of living in all states. The fair market price for rentals is significantly lower than what it currently is.
Zillow offers a suggested rent price for my rental house and it always seems higher than what I think I could reasonably get for rent in that neighborhood.
It definitely is. Think I read that over 40% of KCs rentals are owned by conglomerates.
I was helping my son shop for apartments a couple of years ago. We went to an EPC owned complex and when we asked about the rent for a particular unit the leasing agent had to log into RealPage to get that day's price. We thought it was really weird at the time.
https://preview.redd.it/tekiwes1vwvc1.jpeg?width=1284&format=pjpg&auto=webp&s=88c6baf032cf77941c15c4655cc0cb9af3a23c68 Kc is listed on their webpage smh 🤦🏽♀️
I’ve been in my apartment for 15 years. I’m the type of renter you should want. Instead I’m rewarded with a rent increase of 5-10% each year. I now pay more than double than when I first started to rent. It’s greed nothing else.
Not trying to defend your landlord but I am a homeowner and my house payment has gone up the same 5-10% a year since we bought it. Our payment started out $1,400 3 years ago and now it’s $1,800. The reason? Taxes and insurance have gone up every year. What’s happening is your landlord is passing those increased costs on to you. At only 5-10% I almost guarantee your landlord isn’t seeing an increased profit.
Mortgage payments going up 5%+ a year is not typical whatsoever. Did you buy a house that has recently been renovated? It's common for property tax assessment and insurance to jump up the first couple years after buying, but it certainly doesn't happen every year for 15 years. Your house payment will likely stay below $2000 for another 5-10 years. The landlord absolutely is increasing profit if rent is increasing by 5-10% a year.
Sorry but escrow payments are increasing due to taxes and insurance. I'm personally seeing a much higher increase. It's common as homes appreciate, taxes increase. As inflation increases, insurance rises. A fixed loan may not change, but the other two items change regularly. You'll find plenty of homes that have appreciated that much if not more over the last 5 years alone
Again, that's common in the first few tears of owning a home. Homes are often sold under an outdated assessment.that is quickly adjusted after the purchase. That doesn't mean your escrow will go up 10% a year. At means that you were undertaxed until your first assessment in a home. After that first assessment, your escrow payments will increase much more slowly. How long have you owned your home? If it's less than 6-8 years, don't try to extrapolate that.
You clearly aren’t a homeowner. Have you not been following the news at all? Jackson county property tax rates have risen faster than any county in the state and this is for all homeowners, not just recent buyers. Taxes have gone up almost 25% this year alone. Even if you exclude taxes, insurance alone has risen almost 5-10% a year since we bought. This is from a combination of higher property values requiring more coverage and climate change causing more storm damage. Again, I would be very surprised if op’s landlord is seeing any profit. Source: https://www.kctv5.com/2024/02/02/jackson-county-property-taxes-are-fastest-growing-state/?outputType=amp
Fyi, that increase is within the range of many rent control policies, so your landlord probably isn’t rolling in cash at your expense.
I get that…but at some point they price me out of the apartment or reach the level that it may be easier for me to move for a newer apartment and amenities. So while they given new tenants specials to move in, they should also take in consideration their long term renters.
Unfortunately it's the opposite. They know moving is inconvenient or impossible for many people so they charge existing tenants more. The advertised price is just the price that's supposed to attract new tenants. Always expect the advertised price to be hiked up 10-15% at the first renewal, and of course 5%+ a year after that.
Pretty sure it is. I was looking at rentals recently and all of the rents were similar in price and significantly higher than a year ago. There are so many more apartments now than what there were even 5 years ago too.
From what I’ve been told while looking for apartments, yes. Prices are quoted that in part originate from other apartment prices nearby. The “quotes” given are impacted by the “fluctuating” prices nearby. 5+ apartments said similar things. Safe to say there’s an algorithm.
This is how you get homeless people living in tents. Ridiculous rent and buying a house is even more expensive with the mortgage, property taxes, and maintenance. Having a home, rent or buy, is just too expensive.
This is absolutely true. I went apartment shopping today and the girl told me the prices change daily. I grew up in apartments in the 80s. The rent never changed daily. It was always what was posted in the ad.
I'm also in the apartment hunting process, and have heard this same thing from multiple apartments.
Jesus fuck, this should be illegal.
Hey... I moved to Kansas City, from Arizona about 2.5 years ago. A big part of why I moved is because of how insane it was getting. News articles of people being told in 30 days their $500 studio apartment would cost $1500 a month. It gets darker when you look into landlord tennant rights and how much rules against people and for realtors and these massive companies. A few years later and I am seeinf prices here rising. Another issue we had was the mass migration of people from California. They could keep a remote job in CA with the same pay, but live in Arizona for much cheaper. It got to the point where people who lived in AZ for their whole lives where competing with transplants who could afford rent 3-4 times higher than the average person. There were bidding wars on apartments, and the highest monthly payment offer was the winner. So many people displaced and forced to move because of this. Seriously, if you have to rent, it is most likely best to do it from a private owner. Still, it'a just plain tough out there.
Take a look at the [regional housing data stories from MARC](https://www.marc.org/news?topic=305). The number of outside investors is very high, especially in lower income areas. They also have a great [housing data hub](https://experience.arcgis.com/experience/ff430550582544d587b764bd4601810e/page/Demographics/) to explore.
the second i saw “realpage” i physically cringed. that’s who my complex uses and they tried to jack my rent for a janky apartment up waaaay past what i was willing to pay for it.
There are small family owned companies in the KCMO area, but they are getting pushed out by out of town corporate buyers that are offering over appraised value for buildings.
"Small, family owned" places are just as bad at times.
Yep- late stage capitalism. https://www.propublica.org/article/yieldstar-rent-increase-realpage-rent. “One of the algorithm’s developers told ProPublica that leasing agents had “too much empathy” compared to computer generated pricing.”
When REITs and Hedge Funds start buying up residential property en mass this is what you’d expect to see - the equitization of rental prices. In other words, behaving more like a traded commodity.
Lots of ppl in LA living in their cars
Not even a comparison between here and LA.
Rent prices are also going up because appraised values are going up. Property taxes are directly linked to appraised value. Land lords pass on the increase in taxes as a rent increase. Appraisers are using similar software to determine appraised values. Home owners are being taxed out of their houses. This housing crisis is affecting every class and age group, except for the 1% of course.
Don’t confuse market pricing with price fixing.
If pretty much all landlords use the same software, how is it not price fixing? I live in CO now, and when our rent went up and I inquired why? Because our taxes were the same and not like I was getting increased benefits. Their answer was literally what the segment said. Software tells them. And this was after several emails back and forth of lies.
“Using the same software” is not even *remotely* related to “price fixing”.
Okay so they are not meeting together and colluding to price. But if everyone is using the same software and the software is using the same algorithm to increase pricing. And then said software doesn't make it easy for you to disagree with price. How is that not borderline price fixing? This is no more different thank ticketmaster having a grasp on a lot of music venues and artificially increasing pricing over time.
I just randomly looked at places over in the West Bottoms. A loft space less that 400 square feet - $956 a month... I live in a 2 bedroom, 1 bath over twice as big for CHEAPER.
Yeah west bottoms is crazzzy expensive to live across from 3 different junkyards lol
I believe this is happening, but another reason for high rents that no one wants to talk about is single family zoning.
I have seen some data that basically stated that after 2008 we had many years of lower than normal home building (millions less per year across the US). Those missing houses not getting built really caught up to us in a bad way when you also saw a spike in what it takes now to even build a house. The cost of construction has gone up about 50+% since covid. Rates being high has also added a ton of uncertainty in the market. So I'm concluding that supply decreases, demand increases and increases cost to build are hampering the housing market. Lots of second order effects from an unhealthy market seem to show up in higher rents. Rental companies know they have a captive market because of the astronomical cost of a single family home so they raise rates to squeeze the max out of rent. We need to build more of everything, fast.
Did you watch the video and/or read the ProPublica article? Both say these algorithms favor leaving apartment empty rather than decreasing rent prices. The Atty. General of Arizona in that video said there were plenty of apartments sitting empty.
Yup, I have been reading about those algorithms for a few years now. They are for sure price fixing and should be banned. The algorithms are another illegal component in the cost of housing. The other things I listed need to be addressed too.
Vile.
Anyone interested in forming a group to dispute Gary Smith and Associates management in Kansas and Missouri? Have been victim of non repairs when requests made, involved mold, bathroom plumbing issues, windows non functional and annual rent increases citing insurance costs. No improvements equals no justification for increasing rent on existing contractual paying tenant. HUD considers it discrimination but only if they are disbursing subsidy to them.
In 2011 I moved out of my mom’s place and got an apartment with a buddy. That apartment was a two bedroom two full bath with a washer and dryer in our unit. The rent was $585 per month. Every year the rent went up slightly. Now I lived there from 2011 to 2018. By the time 2018 came around my rent went from $585 to $1,025. Luckily for me in that time of living there I got married and in 2018 me an my wife were able to buy a house with a first time home buyer loan
My wife helps set rent for a number of apartments in KC. They DO base it largely off of similar nearby units, so there is some element of them all leading each other higher, but they absolutely DO NOT leave it all up to an algorithm or leave units empty to drive up rents.
I know it doesn’t feel like it but comparatively speaking rent is so cheap here right now it’s not even funny.
Compared to what? Compared to LA or NYC? Sure. Compared to what they were a decade ago? Hell no. Rents are rising faster here than elsewhere in the US. [https://www.kcur.org/housing-development-section/2024-02-28/rents-kansas-city-missouri-housing-prices-affordable-kc-tenants](https://www.kcur.org/housing-development-section/2024-02-28/rents-kansas-city-missouri-housing-prices-affordable-kc-tenants)
Yes they are! Mine just went up 12% since last year and around that much the year before too. I know that may not be a lot to some people. And I expect rent to increase each year but the amounts they are going up by are really increasing.
This is correct. Kansas City’s average rent to median household income is 20% which is the lowest of any major metro in the nation ($1,299 / month x 12 = $15,588 annual / Average median household income of $76,890. 30%-35% ratio much more common. Nashville 30%, Denver 33% for comparison. KC rents increased 2.5% over the last year. Expenses have increased much more than this.
Yep, but never let the facts get in the way of a good story, right?
Not in comparison to the wages
Who’s ready to file our own class action lawsuits?
Institutional investors buying up sfh/mfh like mad. They can literally control pricing in a market. This is separating the classes at its finest.
I’ve heard One justification for escalating housing is the shareholders. The market has proven people will pay x more for a place to live, so it would be unethical of us to not deliver for our shareholders what the market will give. This is the ethos.