Now, let’s talk about these moveouts, what I’ve seen within the last 60 days, literally 60 days, so many people are moving out. Look, I literally just came back from vacation in the world yesterday. Two people turned their keys in. Like I need people to understand. I need owners, investors, everybody understand that this market is in shambles. The economy is crazy. We’re trying to turn this into a rentals market, but the problem is people can’t afford the rent. I don’t think people have a problem paying their rent like people want to pay their rent. They need somewhere to stay. But I think the issue also arises that they can afford it, meaning that the job that they have is not job and the income they got income that they have is not income coming. So that forces them to go under eviction and a lot of times have to forfeit and move by the apartment.
Don’t get me wrong, I understand accountability. I have bills. You have bills. We all have bills. We have to pay our bills. But what are we doing? Because if we look around, there are so many homeless people. There are so many people living in shelters. Shelters are packed. Shelters are over field.
Like, listen, waitlists are long as hell, meaning to the point where these Section a and PPRA communities don’t even have any vacancies because everybody needs a income based apartment or some type of rent controlled apartment. And again, I don’t say everybody. I’m not talking to your people that are good, that are making money. I’m talking to the majority of people who come out of my post and tell me like, hey, Darren is hates . So what I’m noticing is that they’re gonna have to come up with a plan to lower the rates, but it’s already happening because every other week they loan the rent $50 or $100 at my property. Neighboring properties like the rents are slowly decreasing because they see this pattern. These people can’t afford the rent. Like, and when I say these people, I mean people who are working class people making anything less than 50,000. And I’m saying that to say that some people who make more than 50,000 with a multiple income household, they are not in the same position as someone who is a single person in a household with children and other expenses making less than $50,000 a year. They cannot afford to rent anymore because the rent is too high.
Now, don’t get me wrong, people love to say, well, how were they surviving before? The rent was 5:50? The rent was $700, the rent was 900. Literally, if you paid a thousand dollars between 2015 and 2020, you were living in a nice apartment, 1,000,12, like we saw getting into 14. You were sibling in the high rise. Now everything is almost a minimum of 14 dollars. That’s crazy. And we’re not talking about it enough. But that’s here nor there. But I do agree with your comment. They do need to come with a set rate. We need to have more stabilized communities and we need more tax credit communities so people can be at the forehousing. Hope this information helps you.