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Has anyone bothered to ask why we’re facing such precipitous drops in rental occupancy rates, at a time when, based on the US Census Bureau, birth rates are at an all time low and the 2010 to 2020 increase was the least since 1930-40 (the peak of the Great Depression)? Why would there be such a demand, when people aren’t having kids, aren’t forming new households, and many young adults are continuing to live with mom and dad? Could this surge in occupancy have anything to do with a population surge coming from south of the border?
LOL – this is the the least educated comment I have seen you post in a while…
we have seen a population increase in marion county of legal citizens since 2010…. and total units available outside the mile square has gone down….
but yes – illegal immigrants are the reason I raised rents 20% across the board on all my properties…. sigh
No. The issue is multi-faceted. Zoning that forces low density housing (or, in the majority of cases, single-family houses only), increasing urbanization of the American population (82.66% of Americans live in cities or suburbs and this is projected to increase to 90% by 2050), and agglomeration effects of cities make this an issue. The biggest issues are the supply of apartments, the zoning that makes them so arduous to build, and the NIMBYism that enables such massive constraints (plenty of it based on thinly-veiled “I don’t want ‘those people'” opposition).
Just look at property values in rural communities and you’ll see what’s happening: mass migration from rural areas to more urban areas. The American Dream in small towns is on life support and this is reflected in stagnant/dropping property values in such areas.
Hahahahahahaha
We also have a dump truck load of people moving into the mid west. Climate change, droughts in the south east, and affordability here is much better. Look at Cincinnati… it’s exploded in the last 3 years. Maybe more so than Indianapolis. Until supply catches up with demand nothing is going to change.
south west^*
100% – about 50% of those buying homes in my MKN/BT area are moving here from the coasts or moving back from the coasts…
Most people like the idea of supply and demand to dictate economic conditions. But when fairness is PERCEIVED to not be ideal, then many folks get anxious and look for new solutions. As a veteran of the real estate business I will say that this will all balance out eventually, but just like the auto business now, we have limited supply and strong demand. This is due to a variety of factors that have resulted in a kind of “perfect storm”, the likes of which we have not seen previously. But we better be careful in adopting some of the extreme measures that some states and communities have taken to seemingly make things “more fair” for the masses. Rarely, does government get it right and they often cause more problems than they solve. Can some changes be made? Yes, certainly we can: like institutional investors/equity firms might need some boundaries, and we need to build more affordable housing but I am very familiar with our state laws and I see nothing that “favors landlords” in our statutes. The people spouting this nonsense are exaggerating things and likely have not been involved personally. We need to be aware of tinkering too much with the market or it could create unintended consequences. History does repeat itself – we need to learn from it.
Are you serious? Indiana State Code is FILLED with laws that favor landlords. We have virtually no tenant protections. It’s why Indiana has the second-highest eviction rate in the U.S. and landlords that let their properties rot with no repercussions. Even bare minimum protections that were enacted at the local level received a State response prohibiting them. What a load of crock. The landlords need to be held accountable.