"We've been paying $3,000/month for 18 months"
The housing market is flipping on its head for not just home buyers, renters as well! Renters all across the country are reporting and complaining of massive rent increases!
Why? It's a wall street game!
Hedge funds and publicly traded companies are investing their money in the most stable market there is, the housing market! When there's any kind of financial instability, theres always one thing people will always need, housing!
So as competition rises and housing inventory shrinks the demand for a place to stay is on the rise. So with the demand comes price increases. Wall Street and the other large hedge funds purchase property and set the rent price higher than usual.
"No one will rent it for that much"
They will when they own the 36 other available properties for rent and they all have an equally higher monthly rent. The renter is forced into no other decision but to pay that rent.
Wait!?
They could just BUY a place of their own, and their mortgage payment would be less than the rent!
Of course, they can buy. However, inventory is shrinking and hedge fund buyers are willing to out bit the mid-level-buyer in order to secure the house and produce a cash flow positive home.
How can you win?
Working with the proper real estate agent and brokerage has NEVER been more important! Real Estate agents are hungrier than ever and will stop at nothing to say the right things to secure buyers and sellers. Leaving CUSTOMERS best interests behind.
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If you're a buyer, who has lost the last 11 homes they've bid on, work with an agent that has an abundance of spectacular reviews and past recent sales! If you're a seller, who is looking to sell their home for MORE, work with a brokerage that supplies WORLD class marketing, spectacular reviews, AND recent sales of ABOVE LIST price.