The skyrocketing cost of insurance premiums in Florida is leading residents to drop their insurance, consider selling their home, and even move out of the state, according to recent reports.
For years now, the sunny, vibrant state has been a magnetic destination for many Americans—a phenomenon which has been driving up demand for housing, especially during the pandemic, as well as home prices.
But while Florida was the number one state in the country that people moved to in 2022, it was also the one with the highest number of residents wanting to relocate, according to a SelfStorage.
Everywhere is expensive now. Sad reality.
Greedflation is real
My rent went up 24% this month. Now I’m paying half of my income to one corporation
More than my parents mortgage on their house
I bought a house I didn’t really want recently because my rent had gone up 50% in the previous two years, and was going to go up another 10% if I renewed again. Prices are out of control.
Same here. I was looking at renting and the cheapest apartment I could find was the same cost as a mortgage on a house. So I just bought a shitty house that I still can’t afford but I guess I’m at least building equity so that’s nice.
Most jurisdictions have tenant protection laws that prevent such rent raises unless you did something wrong. If not the latter, I’d try and talk to some tenant protection organization in your area. They tend to be free consultation. If not, there’s always a lawyer as well. You could even be entitled to getting money back if they did illegal rent raises.
There are zero protections where I live They could raise the rent 1,000% if they like.
Every complex in the area raise the rent at the same time from 1700 to 2000 for a one-bedroom apartment.
When I got the renewal offer I checked everywhere and I would have to move an hour away in an area where you wake up to gunfire to pay $1,700 a month again.
I spoke to the manager of the complex to negotiate the rent increase and they just told me it’s the “market rate”. I’ve spoke to other neighbors and they have the same rate that I do so it’s not a ‘punitive rate’
I had like a week to decide so I’m going to ride out this year and leave the area next fall.
Don’t worry, housing prices will crash next year and then you can buy cheap. Lol
No they won’t. The government will bail it out and the economists who work for the banks and the government will say how wonderful of an idea it all is.
That would not surprise me, but prices could still crash if that happened. Bail outs happen after that.
Could being the operative word here. Look at how fast that California bank was bailed out. After 2007 disaster it would surprise me if there is already a plan that can be executive ordered ready to go, give the banks a trillion dollar line of credit. You know so they have time to evict people.
One bank foreclosured on a family over five dollars. Thanks government!
Why would they crash? Build 2 Rent is a massive industry that’s just getting started.
I was kind of joking, but I did see this recently which made me wonder if the institutional buyers/investors thing is a bit overhyped and coming to an end not that far into the future:
Link