Valuations in the current real estate market to be discussed at the Kenosha Landlords Meeting | local news

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Food prices, gas prices and now in much of the country rents are also increasing. “I couldn’t even think straight. I really couldn’t.” Cathy Sostaric says her rent in Las Vegas has increased by almost $600 a month. “I understand the market, I totally understand that. I totally understand that things are going to go up and rents are going up, but this is going up too high, too fast.” In Florida, Diane Studley’s rent in Tampa rose $1,200 a month in two years. She draws on her savings and retirement to make ends meet. “It’s a terrible feeling and I go to bed every night and I’m like, what should we do?” Online broker Apartment List tells Newsy that rents across the country have risen by a record-breaking 18% throughout 2021. Among the cities with the fastest rent increases are Tampa and New York City. Oakland and Minneapolis are cities with the slowest rent increases. “So 2021 had more than five times the price growth that we’re used to in a typical pre-pandemic year,” Rob Warnock, Apartment List’s senior research associate, told Newsy. One of the factors that caused the price to rise: supply and demand. “We have seen over 5 million new households started since the beginning of 2020. These households are forming much faster than new homes are available to them and that means prices are going up,” Warnock explains. Experts say another reason for the increases is that some landlords cut rent to retain tenants early in the pandemic and are now adjusting again. “Nevada has no rent control laws. Landlords can raise the rent as much as the market will allow,” said Taylor Altman, an attorney with the Legal Aid Center of Southern Nevada. Real estate prices are also rising, and that is forcing people who can’t buy houses to rent, adding to the already large rental pool. “We’ve never seen this kind of rental growth in Tampa,” says Jay Lybik, national director of multifamily analytics at CoStar. The pandemic has prompted a number of people to migrate to other parts of the country, fueling the market in those destinations. “Both rental and sale properties are overpriced. They’re above trend,” says Ken Johnson, a real estate economist at Florida Atlantic University.

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