Extreme Rent Increases Are Killing US Businesses

[protectionist]

He's right.

 

[Concerned American]

Do people pay you rent ?

NO, I've told you that multiple times before. My taxes have increased twice in the last three years though. Almost double what they were when I purchased. My fuel prices have increased. Everything I purchase has increased in price during the last three years. The cost of lunch or dinner out has doubled. Are all of those people gouging and destroying business or are they just responding to the pressures of the market?

 

[Concerned American]

Most likely because fewer and fewer people get their prescription filled there since many insurance companies now require mail order for any reoccurring prescription

Walgreens offers mail order Rx. My insurance company uses CVS as their mail order provider. Others use Express Scrips.

 

[AMart]

Not to mention, there was a short-lived moratorium on evictions, and now we've magically inherited millions of illegals, which are being housed everywhere you look. No wonder rent's too high.

Thank God I chose a fixed mortgage rate, even if my insurance and property taxes keep rising.

That has to be a huge component and they will live 5-6-7 people per apartment, while a single American has to compete against that.

 

[protectionist]

Music Industry is difficult to begin with....
Then Nashville rent is super high due to the influx of people moving in. (State vx City planners not very communicative with each other)

Not what you want to hear....but who is president doesn't have much to do with your plight.

You are going to have to find another career to support yourself with. Do something about retirement. You can still make music....but as a fun hobby instead of as a profession.

During economic crisis following a pandemic (like following WW1) music just about died until the 20's....then snuck back in. Big orchestra bands became popular because they were cheap to hire and easily replaced.

Amazon fulfillment centers suck as far as jobs go....irregular shifts and short days constantly. Trade skills in a trade are needed in this economy.

Yes, people moving in (in sudden large numbers) is a major factor. I didn't write this OP to talk about Joe Biden, but he does take lot of blame for deliberately moving his illegal aliens into cities, thereby saturating housing markets.

I don't need another career. Although I teach music and sell art, and both of these are adversely affected by 100-200% housing inflation, I am retired, and my retirement income is sufficient to sustain me. That however, doesn't mean I should be accepting have having $4-500/mo less to spend, for no good reason.

 

[Concerned American]

That has to be a huge component and they will live 5-6-7 people per apartment, while a single American has to compete against that.

Room mates used to be a viable option for lower income Americans when they had pride in providing for themselves. Since equity, the lower income feel they are owed a place like Bill Gates owns with no investment. In my younger years, I lived in some pretty shady places and I've had my share of room mates until I reached an income level that would support the housing I desired.

 

[protectionist]

It was not that short lived.

And it was a massive overreach that for some reason the MAGA folks just pretend never happened under their guy.

So money out of the pockets of landlords is a massive overreach, but it is "whining" for business owners to complain about reduced sales ?

 

[Concerned American]

It was not that short lived.

And it was a massive overreach that for some reason the MAGA folks just pretend never happened under their guy.

A DEMOCRAT congress pushed the CARES act in March of 2020.

 

[protectionist]

NO, I've told you that multiple times before. My taxes have increased twice in the last three years though. Almost double what they were when I purchased. My fuel prices have increased. Everything I purchase has increased in price during the last three years. The cost of lunch or dinner out has doubled. Are all of those people gouging and destroying business or are they just responding to the pressures of the market?

I think anyone with a brain knows that rents that jump from $600/mo to $1600/mo or $750 to $2000, are not responding to the pressures of any market. This is just pure Greed, and doing it for no other reason then because they can.

I could understand responding to pressures of increased costs, but THESE increases are unprecedented, unheard of. The apartment that I moved out of had rent increases of $25/year, for the last 13 years, Suddenly they jump 167 % in 2 years - $1000) That's something entirely different from increased costs.

And this isn't an isolated case. This is all over the country. The gougers may not be purposely trying to harm thousands of businesses, but that is what's happening. Every business owner I know says the same that their previously steady customers are saying, that their rent just went up hundreds of dollars. Everyone except Sam Ash Music Sales. They're now closed.

 

[protectionist]

A DEMOCRAT congress pushed the CARES act in March of 2020.

Not surprising.

 

[protectionist]

Room mates used to be a viable option for lower income Americans when they had pride in providing for themselves. Since equity, the lower income feel they are owed a place like Bill Gates owns with no investment. In my younger years, I lived in some pretty shady places and I've had my share of room mates until I reached an income level that would support the housing I desired.

No one is arguing with any of that.

 

[protectionist]

Walgreens offers mail order Rx. My insurance company uses CVS as their mail order provider. Others use Express Scrips.

CVS is another one that is undergoing multiple store closings,

Walgreens could shutter over 2K stores as sales plunge amid stubborn inflation

Walgreens announced it will be cutting its profit forecast for the fiscal 2024 year and closing more stores across the US in its latest attempt to deal with a “difficult operating environment…

nypost.com

 

[JGalt]

It was not that short lived.

And it was a massive overreach that for some reason the MAGA folks just pretend never happened under their guy.

Of course Trump ordered an eviction moratorium in 2020, at the height of the pandemic. What President wouldn't have done that? But was it really necessary for Biden to continue the moratorium well after the pandemic was over, even trying to continue it after the Supreme Court struck it down?

You seem to be stuck in some kind of mindset where you've lost your ability to discern the difference between the left and the right. They are not the same.

 

[KissMy]

Unbelievable apartment rent increases of hundreds of $$$ per month, are tearing US businesses to shreds. In my own case, I was paying $600/month 3 years ago Te rent went waaay up and I movd out. That apartment is now $1600/mo for renovated, $1200 unrenovated.

So I moved out, and I now am in a better place, but I'm paying $1,014/month. So I now have $414 LESS to spend every month, than in 2021. $4,968 less per year. There goes the nice new violin and mandolin I was going to buy. Same thing for hundreds of other musical instrument buyers in my area. So guess what > our main musical instrument store (Sam Ash) closed up & went out of business, nationwide. They had been in business for exactly 100 years.

Guess who else is closing down stores. > Walgreens. No, they don't sell musical instruments, but what they do sell cost money too, and a significant part of their customer base now has hundreds of $$$ LESS per month, to buy things with.

Walgreens could shutter over 2K stores as sales plunge amid stubborn inflation

Walgreens announced it will be cutting its profit forecast for the fiscal 2024 year and closing more stores across the US in its latest attempt to deal with a “difficult operating environment…

nypost.com

Sam Ash Closing All Stores After 100 Years In Business – Synthtopia

$600/month was way below average 3 years ago. It should have been at least tripple that back then since Trump caused 3 month delay in evictions so most tenants stopped paying rent causing very expensive eviction churn, printed 500% increase in US Dollars circulating, exploded house prices, insurance cost, maintenance, repairs & property taxes. Rent price has jumped, so $1,600/mo is now the average. I'm currently getting between $1,300 & $2,200. Currently houses are so expensive it makes more sense for us landlords to sell them than rent them. The offers from home buyers are more than tempting and I'm only holding them as a hedge against inflation.