Rental rates up 18% over Year
Rental rates are up 18% for the last 360, guys.
Well, what it means if you have children that are renting or children who are wanting to to buy a home, they’re probably going to, you know, look to you to stay with you a little longer. So that goes back to, oh, that’s a joy that
Keeps giving the housing market. You know, and bigger homes coming back into play and and, you know, imagine that in a way to move it several times.
I mean, we kind of thought we were the only people there for a while, but we’re not. There’s a lot of people that are, you know, in the same situation. And actually it kind of like, I do like it.
Yeah. So imagine that now 18% increase year over year. Yeah. And now we have people that can’t move so year after year. So you live in an apartment right now and you’re your renewal period is coming up and it goes up that much. You can’t you can’t renew your lease. What are you going to do?
So look at it. So if it was a thousand dollars, then it becomes basically almost twelve hundred eighteen. I mean, one hundred and two hundred and three hundred a month. That’s a huge difference. We don’t know.
The minimum is going to be at least two hundred to three hundred dollars a month, depending on where they are. And that’s like a starter apartment. And if you’re renting a home right, then you’re looking at a five hundred dollars a month increase.
Minimum year over year in these leases aren’t extremely long term ones. So then all of a sudden you’re like, Well, I need to go somewhere else. So then there’s pressure, exactly like you’re saying going backwards to people moving back in.
I think we’re seeing more of this happen and homes built in a way to accommodate that need. I do. More detached structures in larger or attach and just more compound configured in a way it compounds. Yeah, but what? We’ve got to find some more land for that more land.
So the move to further out this is all interesting stuff, ladies and gentlemen. You know, we just need to cover these bigger topics so we see what’s underlying and what’s going on. Yeah. So because there are seismic shifts going on in real, estate’s going to be at the center of all of this for a very long time.
And the more we stay on top of this trend, the more we can speak with our clients about it, and we can be the best we can, be sure. So I don’t know. Yeah, there you go. Any comments? I mean, now?
That’s a wrap. Well, that’s a wrap for us today, we covered two topics can this can the housing market keep going? I think that was a really good one. And can rental rates up 18 percent year over year in what that really means?
So if you came in late and you know who you are, then maybe go ahead and rewatch from the beginning and then you’ll get to see those because they were actually pretty decent topics that have some information that your clients may really care.
I think these are good conversations that could spark between you and your clients, you know, see how they feel about these things. These are really big things. You know, that’s how we really get good data is from the source itself. So talking with people and saying, Hey, if this happened and your kids couldn’t do this, would they move back in with you? I would be interested to see.
And now it’s a better time to buy then because now we have a need for it, right? Right. Because a lot of people are saying, why would I sell this house to get into that house?
Well, it’s because maybe you need a totally different type of home, maybe because of what’s going on. And it’s not a one year issue or a six month issue, but this is maybe a five year issue that you’re going to have to work through so that people can save enough so they can do this. And it’s just a totally changing dynamic. Yeah.
And things are going to expand out. So if you hear people that are wanting to live in here and they can’t afford it, then we need to talk them through what it looks like moving out. Yeah, and how long it’ll take to catch up.
And you know, at some, there is a time when there were just a few people in Frisco and you know, we bought kind of early on, but not super early on. But, you know, and we got in at this price and we’ve seen the crazy boom.
So get ready to hearing words like Gunter in Princeton and Sherman Renton. Trenton, I have no idea at all. Ok, but they’re really trying something. No, Tom Ball is the kids played them in baseball. There’s another little I think there’s like seventy five people in the town, but it’s out there.