How Was US Real Estate in 2022?
According to this article, as the pandemic becomes endemic and remote work becomes the norm, foreign countries are increasingly promoting remote home-based work. This has led many people to look for properties in other cities, causing significant fluctuations in real estate prices. (A doubling of both home purchase prices and rents is not impossible.)
Meanwhile, fears of large-scale layoffs have also dampened genuine home-buying intentions, making people more conservative; more and more have chosen to rent instead.
Therefore, Wall Street capital has moved into popular residential cities to buy up real estate, renovate it, and rent it out. It can take about 25 days to clear out a building and re-rent it. There have even been cases where landlords raise rent at regular intervals (some owners, worried about layoffs, sell their properties, only to see them reappear on the rental market soon after…). Rents have seen average increases of around 20%, and in some cases jumped directly from $1,900 to $3,100. Tenants who don’t pay are evicted. Indeed, some people have filed complaints, but it seems to make little difference…
In the US, temporary rent hikes are not penalized.