Is there a rental house shortage?

[sandhiller]

😄

[Twolines]

No dogs or parties?? Im out..

[Super A_sepa]

From what I hear in a lot of places, yes there is a shortage. Mostly caused by people AirBnB-ing houses and then in turn locals can't rent them.

[Reichow7120]

3 hours ago, sandhiller said:

😄

Pretty much sums up renting houses in a nutshell. Hence why we gave it up. We sit on a empty house ( need to tear it down) rather than deal with the headaches 

[augercreek]

Here the city only allows just so many rentals. So, if you are above the quota you're out of luck.

[AKwelder]

 Can understand how he feels

 

 

And yes here there is a bad shortage. Lots of landlords got out after not getting paid during covid

[mader656]

Yes all rentals in area full then several area  towns lost multiple houses. So yes they are very short supply. Wife says some of her customers are living at a hotel because it's the only place available.

[lorenzo]

When I was 18 I was offered a resident managers position of a 14 Plex apartment building near the UNL campus in lincoln. I knew the owner.  All i had to do was fix stuff, scoop snow, mow  the little front lawn, let people in when they lock themselves out , collect rent ect….

(Rent free for me).

All college kids usually moving in and out every six months. Nothing but problems constantly. 

Rented to a Nebr football player whom I’m sure you’ve heard of but I will not mention. He had an underage girl friend with a new born. 
 

2AM one morning , snowing and cold, someones banging on my door. Heres this cute little girl holding a baby, both crying, stark naked begging to come in. He had beat her up and locked her out. I called the police for her, she got a protection order, he kicked in the door a week later, i called the police again, he tore the screen out and busted a window , i called the police. Stuff like this went on and on and on .

oh did i mention him being a fu:/king football player for Nebraska? 
In other words you can rob gas stations and commit all kinds of crimes without any Consequences.

when we finally evicted him he stayed three more months and when he finally moved out we found refrigerator wide-open with ketchup and mustard squirted all over the inside of it , we found the sinks running ,the toilet valve broke ,and running ,the toilet seat broke ,pizza smeared on the walls ,feces and urine in the carpet ,broken glass in the carpet ,holes in the drywall ,the oven on broil and all four burners on high, the dishwasher door was hyperextended, both window screens torn up, and there was nothing we could do about it. 

 

Thats just one of hundreds of stories, One night I came home on my motorcycle and I used to shut the engine off and come coasting in so I wouldn’t bother anyone. I witnessed a man carrying a stereo running from the third-floor apartment number 14 he was dragging the speakers by the wires. I threw the kickstand down and took off after him as he fled the building crossing a busy four-lane street. I was right on his heels as I heard cars screeching to miss us because neither of us even looked. 
I caught up with him behind a McDonald’s restaurant about two blocks away he swung the stereo at me I ducked and it hit the owner of the stereo in the head Who was right behind me  and knocked him out. I got him down on the ground and literally kicked the **** out of him. I stomped  so hard on the back of his leg that I heard the bones snap. By now police are coming from about six different directions. The owner of the stereo was in his bedroom listening to music talking on the phone with his door open when the guy just reached in and grabbed his stereo . When the ambulance came he had went into a diabetic coma so they hauled him off in the first ambulance and hauled the thief off in the second ambulance who by the way had three warrants for his arrest. Police officer’s said I did the community a favor. I only put up with that place for three years the free rent was not worth the trouble and to this day that is the reason I have never owned any rental property.

[1256pickett]

I have a coworker who has a few rental properties. I showed this to him and he loved it. He has shared some of his horror stories over the years I have known him and makes me never want to get into the landlord game. He did say all his tenants paid during Covid so he was good there. There was one that said something about our governor said he didn’t have to pay but my friend reminded him that it was only a TEMPORARY freeze on eviction. He warned him as soon as it expired he would owe all back rent and he had a lawyer on speed dial.  The guy paid within a couple days. 

[KWRB]

We have a rental. Nice big old house in town. It's been in my wife's family for 150 years. She loves the house and so we only rent it out to break even, maintain it and make occasional upgrades, just to keep it nice. Current tenants are a city cop and his wife who just made the decision that they weren't going to pay the rent increase and dared us to do something about it. Residential rental business is crap for the income. At least here.

[mmi]

which ALL of this doesnt make sense.......some how it works with our $$$$$/ IRAS.

"major" media has documented 10x      hedge funds BTOS, eliete etc etc  2K x foreigners .

Are the ACTUAL reason for the run up $$$$ and scarcity of housing.

Here we are plastered with tv/print ads  ,cash today ,close today, NO INSPECTIONS etc.

and bidding wars 120-250% of ask.

they have purchased blocks and WHOLE communities and then tell the govt the "new" rules.

rent is 1.5-3x $ what buying would have cost.

PC plan to make peasants live in script/company owned housing ,along with phase 5 of no cash/ script money so they can 150% tax both sides. 50% of govt venues and 75% > fees are NO CASH /CHECK

[jingles1928]

House next door to me is the house i grew up in. I am twenty yards from that house in my Grampas house. After Mom passed she wasn't even cold yet I had people ask to rent the place.  Made a quilt house for the wife. Problem solved.

[Mudfly]

I think this could be a livable "housing shortage" in general.  I don't know where this will go in the long run, but if it costs $400,000 to build a modest house, how many people can afford that.  And it also drives up the cost of existing housing to a point where most can't afford to buy.  

That means that more people have to rent.  This thread shows that people may have housing that they are unwilling to rent due to the headaches associated with it.  If the laws were a little friendlier to landlords and renters were better behaved, that may open up the rental market to some extent.

 

Adding in: I think there should also be an incentive to upkeep existing housing.  I don't know what that looks like or how to accomplish that.  Maybe treat it like a depreciable asset and upgrades/maintenance could be capitalized somehow like a business would be able to do.

In terms of maintenance, lots of folks either can't do it themselves or can't afford to pay someone to do it, so a lot of older housing gets into disrepair and is no longer livable.

 

Edited June 28 by Mudfly

[12_Guy]

We’ve had a couple of rental properties for almost 30 years. The best tenants were the shack ups. Young couples who are moving in together for the first time. Usually both working maybe trying to save for house or wedding. Normally all they make time for is working and screwing. Rarely home to tear anything up. 😀

[Art From Coleman]

3 hours ago, lorenzo said:

oh did i mention him being a fu:/king football player for Nebraska? 
In other words you can rob gas stations and commit all kinds of crimes without any Consequences.

They ARE "special", aren't they!   (And it matters not whether they are high school, college, or professional)

And I find it quite interesting that the doughnut munchers would do nothing, even though, your wife is (IIRC) a detective.

Undoubtedly, an autograph, and a few free tickets given to the right people, trumps having to do their 'job'.

And yet they are held up as "heroes" and role models for the "yout" of America to aspire to.

[lorenzo]

28 minutes ago, Art From Coleman said:

They ARE "special", aren't they!   (And it matters not whether they are high school, college, or professional)

And I find it quite interesting that the doughnut munchers would do nothing, even though, your wife is (IIRC) a detective.

 

 

This was back in the early 80’s . 

Hadn't met her yet. She hates that kind of crap as much as i do. 
 

 

[KWRB]

48 minutes ago, Art From Coleman said:

They ARE "special", aren't they!   (And it matters not whether they are high school, college, or professional)

And I find it quite interesting that the doughnut munchers would do nothing, even though, your wife is (IIRC) a detective.

Undoubtedly, an autograph, and a few free tickets given to the right people, trumps having to do their 'job'.

And yet they are held up as "heroes" and role models for the "yout" of America to aspire to.

I'm sorry. Role models for the hwat...?

[Art From Coleman]

6 minutes ago, KWRB said:

I'm sorry. Role models for the hwat...?

"Youts" as used in "My Cousin Vinny", or as used by the late, great Rush Limbaugh, in place of the word 'youths".

[KWRB]

2 minutes ago, Art From Coleman said:

"Youts" as used in "My Cousin Vinny", or as used by the late, great Rush Limbaugh, in place of the word 'youths".

So you did or did not recognize that my post was a My Cousin Vinny reference. When judge Herman Munster asks Vinny "The two hwat?"

I was trying to be obscure to see if anyone would get it.

Mensch, I love that movie

[Art From Coleman]

I did NOT pick up on that.

57 minutes ago, KWRB said:

So you did or did not recognize that my post was a My Cousin Vinny reference. When judge Herman Munster asks Vinny "The two hwat?"

I was trying to be obscure to see if anyone would get it.

Mensch, I love that movie

I hope that, that question will NOT come up on my upcoming bar exam.

[hobbyfarm]

8 hours ago, 12_Guy said:

We’ve had a couple of rental properties for almost 30 years. The best tenants were the shack ups. Young couples who are moving in together for the first time. Usually both working maybe trying to save for house or wedding. Normally all they make time for is working and screwing. Rarely home to tear anything up. 😀

A few years ago we started using a property mgmt company for finding us tenants.  Every single one has been relocations for their work and all have been outstanding.   Probably the best thing we ever did in the rental business.

[hobbyfarm]

8 hours ago, Mudfly said:

I think this could be a livable "housing shortage" in general.  I don't know where this will go in the long run, but if it costs $400,000 to build a modest house, how many people can afford that.  And it also drives up the cost of existing housing to a point where most can't afford to buy.  

That means that more people have to rent.  This thread shows that people may have housing that they are unwilling to rent due to the headaches associated with it.  If the laws were a little friendlier to landlords and renters were better behaved, that may open up the rental market to some extent.

 

Adding in: I think there should also be an incentive to upkeep existing housing.  I don't know what that looks like or how to accomplish that.  Maybe treat it like a depreciable asset and upgrades/maintenance could be capitalized somehow like a business would be able to do.

In terms of maintenance, lots of folks either can't do it themselves or can't afford to pay someone to do it, so a lot of older housing gets into disrepair and is no longer livable.

 

I'm afraid there is a real shortage here or at least very tight inventory. 

You have some very good points that I 100% agree with.  New construction is out of control between labor and materials. A $400000 home now was $200000 not that long ago.  I don't see how a young couple or family working average jobs can afford that much. 

Not to get to into it but rents are almost becoming  unaffordable  too.  Just wait until interst on all the variable rate investment  loans go up and the landlords start passing that on.

[AKwelder]

We have the added problem that the pot industry is trying to find places to put their cash, so they are buying homes.  Flipping, rentals, and who knows

 

When you want to buy a house it’s hard to compete with a guy with a suitcase full of used 20’s

[Dirt_Floor_Poor]

23 hours ago, lorenzo said:

When I was 18 I was offered a resident managers position of a 14 Plex apartment building near the UNL campus in lincoln. I knew the owner.  All i had to do was fix stuff, scoop snow, mow  the little front lawn, let people in when they lock themselves out , collect rent ect….

(Rent free for me).

All college kids usually moving in and out every six months. Nothing but problems constantly. 

Rented to a Nebr football player whom I’m sure you’ve heard of but I will not mention. He had an underage girl friend with a new born. 
 

2AM one morning , snowing and cold, someones banging on my door. Heres this cute little girl holding a baby, both crying, stark naked begging to come in. He had beat her up and locked her out. I called the police for her, she got a protection order, he kicked in the door a week later, i called the police again, he tore the screen out and busted a window , i called the police. Stuff like this went on and on and on .

oh did i mention him being a fu:/king football player for Nebraska? 
In other words you can rob gas stations and commit all kinds of crimes without any Consequences.

when we finally evicted him he stayed three more months and when he finally moved out we found refrigerator wide-open with ketchup and mustard squirted all over the inside of it , we found the sinks running ,the toilet valve broke ,and running ,the toilet seat broke ,pizza smeared on the walls ,feces and urine in the carpet ,broken glass in the carpet ,holes in the drywall ,the oven on broil and all four burners on high, the dishwasher door was hyperextended, both window screens torn up, and there was nothing we could do about it. 

 

Thats just one of hundreds of stories, One night I came home on my motorcycle and I used to shut the engine off and come coasting in so I wouldn’t bother anyone. I witnessed a man carrying a stereo running from the third-floor apartment number 14 he was dragging the speakers by the wires. I threw the kickstand down and took off after him as he fled the building crossing a busy four-lane street. I was right on his heels as I heard cars screeching to miss us because neither of us even looked. 
I caught up with him behind a McDonald’s restaurant about two blocks away he swung the stereo at me I ducked and it hit the owner of the stereo in the head Who was right behind me  and knocked him out. I got him down on the ground and literally kicked the **** out of him. I stomped  so hard on the back of his leg that I heard the bones snap. By now police are coming from about six different directions. The owner of the stereo was in his bedroom listening to music talking on the phone with his door open when the guy just reached in and grabbed his stereo . When the ambulance came he had went into a diabetic coma so they hauled him off in the first ambulance and hauled the thief off in the second ambulance who by the way had three warrants for his arrest. Police officer’s said I did the community a favor. I only put up with that place for three years the free rent was not worth the trouble and to this day that is the reason I have never owned any rental property.

@lorenzo for police chief

[766 Man]

21 hours ago, Mudfly said:

I think this could be a livable "housing shortage" in general.  I don't know where this will go in the long run, but if it costs $400,000 to build a modest house, how many people can afford that.  And it also drives up the cost of existing housing to a point where most can't afford to buy.  

That means that more people have to rent.  This thread shows that people may have housing that they are unwilling to rent due to the headaches associated with it.  If the laws were a little friendlier to landlords and renters were better behaved, that may open up the rental market to some extent.

 

Adding in: I think there should also be an incentive to upkeep existing housing.  I don't know what that looks like or how to accomplish that.  Maybe treat it like a depreciable asset and upgrades/maintenance could be capitalized somehow like a business would be able to do.

In terms of maintenance, lots of folks either can't do it themselves or can't afford to pay someone to do it, so a lot of older housing gets into disrepair and is no longer livable.

 

  The whole thing is out of whack and prices will trend down in the future to reflect affordability.  There are maybe a handful of people who could afford a 400,000 dollar house based on salary around where I live.  In the past when I saw a modest new house go up the question would be who died?  In other words the builder inherited some money to build a home that they otherwise could not afford.