4 Rent

For Rent361The locals complain that there aren’t enough young people moving to Nevada County. When you compare wages with a tight rental market that favors landlords, you aren’t going to be a very attractive location to younger folks even if they are earning two paychecks.

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10 Responses to 4 Rent

  1. george rebane says:

    Are there a lot of rental units therefore remaining vacant because landlords are too stupid to understand the Nevada County rental market??

    • rl crabb says:

      My inspiration was reading a young woman’s lament on Facebook about trying to move here from out of state and then having to start a new job and come up with $5000 to move into a house.

      • Chris Peterson says:

        Then, actually, the rental in the toon is quite the deal;
        $3900 vs $5000.
        Still, a far cry from the $350 @ mo. we paid Lance Amaral for the plaza house, which included pets and a lot of “smoking.”

  2. rl crabb says:

    This cartoon on Facebook (so far) has over one hundred likes, eighty-three shares and scores of friend requests from all over the world. I think I struck a nerve.

  3. The rental market, particularly for houses, is tight for several reasons. A lot of home owners who got evicted in the housing collapse still have damaged credit that makes it impossible for them to get a mortgage, and banks have much tougher requirements for home loans.

    Tougher lending requirements also put a damper on new home construction; why build new homes if potential customers can’t get mortgages?

    Then there are the venture capital funds, which bought up foreclosed houses by the hundreds when they were dirt cheap and are now making a lot of money renting them. Two of the biggest are about to merge, figuring there is still plenty of upside left in the market.

    But as we have learned in the Bay Area and other high cost areas, people will pay practically any rent to life where the action is if their jobs pay enough money. Alas, we have too many $12 an hour jobs and not nearly enough $1,200 a week jobs.

    • rl crabb says:

      The person who served as the inspiration for the cartoon also had another strike against her; she was a few days late on a payment which skewed her credit rating.

    • Chris Peterson says:

      The day “Let the market decide” died as political rhetoric:

      The banks never held title to any of the homes they foreclosed on; they were merely the go-between of the lenders and buyers. This was the biggest ripoff and transference of capital in history: trillions of dollars. The actual lenders themselves were repaid for their losses through government bailout, and the banks gained millions of mortgages they never held through illegal foreclosure. Estimates of the loss to homeowners and taxpayers were as high as $14 trillion. (The title, by law, follows the lender, not the bank that facilitates the loan.)
      Then, on top of that, to supposedly stop the hemorrhaging, billions more were taken from the taxpayers through Obama’s HARP program to help citizens pay the surviving mortgages the banks had illegally claimed.
      Higher rent is but an added bonus to the whole picture.

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