Overpaying millennials driving up rents?

From HousingWire:

Rents rise as millennials keep forking over the cash

Rent.com conducted a survey of 1,000 millennial renters to find out how they are planning their next move, finding more than half (57%) rank affordability as the most important factor when choosing an apartment. Yet when asked, 55% said they are willing to spend up to $150 more per month in order to stay in an apartment they love. Nearly one in four respondents (24%) are willing to shell out an additional $400 a month, just to keep their pad.

And looking at industry trends, they might have to pay that extra money soon.

Real Property Management and RentRange’s latest data report found that through the first quarter 2015, the average monthly rent for single-family homes was $1,286, representing a 5.4% year-over-year increase. The rental market data was limited to three-bedroom single-family homes in the U.S.

“Rental rates are up throughout the country and we expect that trend to continue in the near future,” said Don Lawby, President of Property Management Business Solutions, the franchisor of Real Property Management. “There are a lot of economic indicators supporting that viewpoint, not the least of which is America’s continual shift toward renting.”

But can millennials actually afford to be spending as much money?

Going back the rent.com, it seems that the millennial heart and head are at odds.

Despite their desire for affordable apartments above all else, 22% of millennials are spending up to 40% of their annual income on rent.

In order to afford living, more than one in three millennial renters (39%) reported getting some financial help, with 24% turning to their parents for additional support, 9% receiving financial support from the government and 6% depending on the kindness of others.

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24 Responses to Overpaying millennials driving up rents?

  1. The Original NJ ExPat says:

    frist

  2. The Original NJ ExPat says:

    So, reading between the lines, last year Brena couldn’t afford an apartment so she was wishing her parents let her stay home forever and this year she’s actually looking at rents in Texas. Maybe Mommy and Daddy sold after all?

    This article is by the same 22 year old Texas girl who brought us this gem last year:

    https://njrereport.com/index.php/2014/06/13/so-when-do-we-see-the-boomer-migration/

  3. The Original NJ ExPat says:

    Here’s some other economic reporting from the author’s twitter feed:

    “Cheap gas and @taylorswift13’s new album equal necessary road trip”

    https://twitter.com/BrenaSwanson/status/530462581119787009

  4. grim says:

    You just won’t give that poor girl an inch will you. I’m actually more surprised that Trey Garrison hasn’t beaten her to death. Talk about a dichotomy of style.

  5. grim says:

    Gap between the haves and the have nots just got a little wider. Must have been a brutal “negotiation”. Ha ha, you suckers in the private sector. Now shut up and pay your taxes.

    Morris sheriff negotiates 15% pay hike over 3 years for jail officers

    Morris County Sheriff Edward Rochford has negotiated a three-year contract for officers at the county jail expected to raise salary costs between 15 and 19 percent.

    The raises, at about 5 percent a year, will come out to 15 percent over the three years, said Susan Hunter, the sheriff’s chief of staff.

    But Allison Stapleton, the county’s manager of labor relations, said the total cost to the county will acutally increase by 19 percent over the three years, adding in costs for additional days off and a larger uniform allowance on top of the salary increases.

  6. grim says:

    WTF is flash packing? Is it something like glamping? Why do I even know these words?

  7. The Original NJ ExPat says:

    The Millennial Anthem:
    https://www.youtube.com/watch?t=54&v=pXRviuL6vMY

    “Stressed Out”

    I wish I found some better sounds no one’s ever heard,
    I wish I had a better voice that sang some better words,
    I wish I found some chords in an order that is new,
    I wish I didn’t have to rhyme every time I sang,

    I was told when I get older all my fears would shrink,
    But now I’m insecure and I care what people think.

    My name’s ‘Blurryface’ and I care what you think.
    My name’s ‘Blurryface’ and I care what you think.

    Wish we could turn back time, to the good ol’ days,
    When our momma sang us to sleep but now we’re stressed out.
    Wish we could turn back time, to the good ol’ days,
    When our momma sang us to sleep but now we’re stressed out.

    We’re stressed out.

    Sometimes a certain smell will take me back to when I was young,
    How come I’m never able to identify where it’s coming from,
    I’d make a candle out of it if I ever found it,
    Try to sell it, never sell out of it, I’d probably only sell one,

    It’d be to my brother, ‘cause we have the same nose,
    Same clothes homegrown a stone’s throw from a creek we used to roam,
    But it would remind us of when nothing really mattered,
    Out of student loans and treehouse homes we all would take the latter.

    My name’s ‘Blurryface’ and I care what you think.
    My name’s ‘Blurryface’ and I care what you think.

    Wish we could turn back time, to the good ol’ days,
    When our momma sang us to sleep but now we’re stressed out.
    Wish we could turn back time, to the good ol’ days,
    When our momma sang us to sleep but now we’re stressed out.

    We used to play pretend, give each other different names,
    We would build a rocket ship and then we’d fly it far away,
    Used to dream of outer space but now they’re laughing at our face,
    Saying, “Wake up, you need to make money.”
    Yeah.

    We used to play pretend, give each other different names,
    We would build a rocket ship and then we’d fly it far away,
    Used to dream of outer space but now they’re laughing at our face,
    Saying, “Wake up, you need to make money.”
    Yeah.

    Wish we could turn back time, to the good ol’ days,
    When our momma sang us to sleep but now we’re stressed out.
    Wish we could turn back time, to the good ol’ days,
    When our momma sang us to sleep but now we’re stressed out.

    Used to play pretend, used to play pretend, bunny
    We used to play pretend, wake up, you need the money
    Used to play pretend, used to play pretend, bunny
    We used to play pretend, wake up, you need the money
    We used to play pretend, give each other different names,
    We would build a rocket ship and then we’d fly it far away,
    Used to dream of outer space but now they’re laughing at our face,
    Saying, “Wake up, you need to make money.”
    Yeah.

  8. grim says:

    Those two guys should be much bigger than they are. Vessel is a great album.

    https://www.youtube.com/watch?v=ktBMxkLUIwY&index=2&list=PLekNfBXtDGkRDgdihI59MyxbLAvZs8n3t

    Better track off the new album, you can’t argue that it’s not incredibly creative, unique:

    https://www.youtube.com/watch?v=nky4me4NP70

  9. The Original NJ ExPat says:

    The larger uniform allowance may actually be for larger uniforms. My wife used to work for Blauer and when she saw that they had uniform pants that went up to something like 54″ waist size she asked which cops would be on the job and be that size? “Corrections.” was the one word answer.

    But Allison Stapleton, the county’s manager of labor relations, said the total cost to the county will acutally increase by 19 percent over the three years, adding in costs for additional days off and a larger uniform allowance on top of the salary increases.

  10. anon (the good one) says:

    @GuardianUS:
    The US payday loans crisis: borrow $100 to make ends meet, owe 36 times that sum

  11. anon (the good one) says:

    @stiglitzian:
    Stiglitz: “In the first 3 years of recovery in the United States, 91% of all the income gains went to the upper 1%.”

  12. Juice Box says:

    Took an early drive this morning, lots of shingles out for spring selling season. Plenty of POS dumps hittng the market.

  13. The Great Pumpkin says:

    5-

    “Gee, I wonder why there is no money for pension payments….

    Bergen County Sheriff Michael Saudino, $267,984 a year — $138,000 in salary plus $129,984 from pension;
    Passaic County Sheriff Richard Berdnik, $253,947 a year — $151,887 salary plus $102,060 pension;
    Union County Sheriff Ralph Froehlich, $228,024 a year — $142,728 salary plus $85,296 pension;
    Warren County Sheriff David Gallant, $206,464 a year — $124,084 salary plus$82,380 pension;
    Somerset County Sheriff Frank Provenzano, $200,834 a year — $124,910 salary plus $75,924 pension;
    Middlesex County Sheriff Mildred Scott, $191,198 a year — $129,950 salary plus $61,248 pension;
    Morris County Sheriff Edward Rochford, $191,088 a year — $129,636 salary plus $61,452 pension;
    Hunterdon County Sheriff Frederick Brown, $191,013 a year — $109,185 salary plus $81,828 pension; and
    Sussex County Sheriff Michael Strada, $135,642 a year — $107,250 salary plus $28,392 pension.
    Overall, 17 of the state’s 21 county sheriffs, or 80 percent, are double-dipping, a New Jersey Watchdog investigation found. Those sheriffs collectively receive $3.37 million a year — $1.22 million from pensions plus salaries totaling nearly $2.15 million.

    Even worse, sheriffs have hired a few dozen of double-dippers as their undersheriffs.

    Bergen’s Saudino, for example, has four undersheriffs who collect six-figure county salaries plus their pensions as retired cops. Combined, the sheriff and his four top aides rake in nearly $1.1 million a year — $583,000 in county salaries plus $512,256 from police pensions.”

  14. Jason says:

    13-Maybe Pumps is finally seeing the light as to why property taxes are so ridiculously high.

  15. Comrade Nom Deplume, who needs to stop screwing around and get back to work says:

    [11] a-none

    “Stiglitz: ‘In the first 3 years of recovery in the United States, 91% of all the income gains went to the upper 1%.'”

    How’s that Hope and Change thing working out for ya?

  16. Fast Eddie says:

    13-Maybe Pumps is finally seeing the light as to why property taxes are so ridiculously high.

    High property taxes are justified and warranted. That’s what a fat, middle-aged, quasi-menopausal house guide told me. Remember, we’re insulated and prestigious. Keep telling yourself that even after eating those spaghetti and hot dog leftovers.

  17. nwnj says:

    That sheriff Rochford is the same guy who tried(multiple attempts actually) handing out 700k worth of “bonuses” a few years ago and was denied.

    He’s been elected sheriff for 20+ years, WTF is wrong with this picture? He’s representing the people or the unions(aka Corzine)? Not clear but people keep voting him back apparently(supposedly a republican but they’re all the same).

  18. Liquor Luge says:

    Anarchy now! Let’s see who wants to be sheriff when attaining the position makes you the guy most likely to catch one between the eyes…

  19. Liquor Luge says:

    Fcuking thieves. They are no better than common racketeers, these double-dipping pigs.

  20. chicagofinance says:

    “Flash packing” is the act of exposing yourself in public while wearing nothing but a holstered firearm.

    grim says:
    May 9, 2015 at 8:14 am
    WTF is flash packing? Is it something like glamping? Why do I even know these words?

  21. The Original NJ ExPat says:

    [20] I thought it was the automated manufacturing process of putting thumb drives into those plastic hang-cards that you can’t open without scissors. Either that or very fast and stealthy fudge packing.

    “Flash packing” is the act of exposing yourself in public while wearing nothing but a holstered firearm.

  22. The Original NJ ExPat says:

    ASP.Net 5 looks like it might be a game changer.

  23. D-FENS says:

    Flash packer?

    Handgun found in Bridgeton man’s ‘butt cheeks’ during jail search, police say

    http://www.nj.com/cumberland/index.ssf/2015/05/pistol_discovered_in_bridgeton_mans_butt_cheeks_du.html#incart_river_mobile

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