Anonymous
Anonymous asked in Business & FinanceRenting & Real Estate · 2 months ago

Who's in charge of rent prices?

Im in Texas but I also mean just in general.. They're talking about housing prices skyrocketing, and I can't move out bc of it. Then the other day I heard someone talk about rent being $800 a month before when I haven't seen anything below $1K a month... 

So who's "in charge" of making the prices go up and is there anything we can do about it..? 

I also read that before covid, businesses were doing better than ever profit wise, but employees paychecks have not raised... 

Update:

***have not raised to match profit...

19 Answers

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  • 1 month ago

    the real estate market.

    REnts and property values have SOARED in western Oregon since 2013.

  • garry
    Lv 5
    1 month ago

    in charge , lol , your joking arent you , its called supply and demand on market values ..boy are you dumb.

  • 2 months ago

    The property owner himself

  • 2 months ago

    The property owners set rent prices based on what people are willing to pay.  

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  • 2 months ago

    The owner of the property sets the rent prices and generally the price at the going market rate. As for prices going up, you've got to remember inflation takes a toll on landlords as well. Their costs are skyrocketing as taxes rise rapidly along with the costs of insurance, maintenance, etc.

  • 2 months ago

    No one is regulating rent prices except in cities like New York, where there are rent-control laws. The landlord is free to set any rent he or she deems appropriate. In these days, that's going higher because a lot of people just decided to stop paying rent, even when they COULD, and avoiding evictions due to federal moratoriums. It has put landlords in a bad position--they can't collect their legal rents, and they can't evict people for non-payment. 

    The pandemic has re-aligned quite a bit of modern society and will continue to do so until it is under control. But don't expect things to go back to 'normal' anytime soon, or even after. Things have changed permanently and that will include housing and the options available. 

  • 2 months ago

    Rents are set solely by the individual property's owner, depending on costs, especially property taxes, and market conditions. Demands for rental housing are increasing rapidly, apartment construction quantity has been down for several years, since the 2008 meltdown. 

    As for incomes, real income increased during 2017-2020 for the first time since about 2006-08. 

  • 2 months ago

    No one person is in charge of that.  Prices are set by what landlords can get.  They check what apartments in the area are charging and set their price accordingly. 

  • Anonymous
    2 months ago

    In general, nobody is in charge of rent prices.  They're set by market forces and individual landlords.  Some places like NYC do have rent control, which is controlled by the city, but that's quite rare and limited.

  • n2mama
    Lv 7
    2 months ago

    Supply and demand, largely. Each landlord sets their own rent based on what the market will support (rent control areas are slightly different due to limits on how much rent can be raised). In areas where there are lots of places for rent and not a lot of people looking for housing then housing prices are lower. Where there isn’t a lot of available housing the rent prices are higher because there is much greater demand.

    And yes, employers generally do not raise employee paychecks to match profits. 

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