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4 Ways Climate Change Affects Renters

By |November 24th, 2018|Urban Planning|

We read through the 2018 climate report and summarized the effects of climate on renters. The Fourth National Climate Assessment report was released on November 23rd. It paints a grim picture of the future, covering a very broad range of topics, ranging from economic changes to infrastructure resiliency. Here are our key takeaways for renters. 1. More Crowded Cities = Higher Rent Politicians and media often understate the extent to which the US is an urban nation. “85% of the total U.S. population” lived in urban areas as of 2015, and that number appears to be increasing. “From 2010 to 2017, a historic number of rural counties in the United States experienced population declines due to persistent outmigration of young adults.” One effect of climate change may be an acceleration of that trend. The report emphasizes how difficult it will [...]

Why Luxury Apartment Buildings Have Empty Units and High Turnover

By |July 24th, 2018|Urban Planning|

Luxury apartments are the ones with glass walls, rooftop pools, and high rent. You might have noticed that there are a lot of them but they are always advertising vacancies. Why don't they just lower the rent? They also tend to have very low deposit requirements, which is strange. Why is that? Rent Control and High Turnover Many big cities have rent control measures. Generally, rent control prevents landlords from significantly raising the rent on current tenants. For example, in DC, landlords typically can't raise the rent more than $50-$100 once a year for every $1000 of rent. But, when the apartment is empty, landlords are free to raise the price. That means that it makes sense for landlords who are making renovations or have purchased a building in an up and coming neighborhood to have high turnover, so they can frequently raise [...]