In the relatively small circle of folks that I talk to (along with those who I might not talk to, but still kinda know their business) there’s been a lot of thinking about, talking about, or actual “moving” going on. One cousin already moved from where he was, aunt and uncle are selling their original house now that they’ve moved into their “retirement” house, and then me and a couple other cousins are feeling just restless enough with our own situations that the thought of moving does pop up now and then. 🤔🤷🏻♂️😏 Oh, and I almost forgot yet another cousin and her hubby who recently purchased their first place together on the edge of town.
Then there are other folks who are considering or planning to move, even though it might not have been in their original plans. Whether job situations change, family situations change, relationship situations change, or the neighborhood itself changes enough where folks just want out… yeah, it’s become a common topic among a whole bunch of us. 😟 Even a couple friends in NJ have been taking a “serious, but not that serious yet” look at other potential homes around their area. It’s like a seed has been planted in all of our brains. 😋
I’m not gonna get into “all that” much more right now, other than expanding on the reason why I started this entry in the first place. 🙄😏 Now, this is something that I’ve heard of happening in bigger cities, but I wouldn’t have thought that my relatively small town would have been affected by it already. 🤨 But investors will swoop in and buy up all the “cool” apartment properties, do a little bit of renovating, and then rather than living in them or renting them out in a traditional manner – they use those properties as short term, almost “vacation-like” quasi-hotel type rentals. 😠
In particular I can see that this has happened to many of the downtown apartments that used to be available above businesses, retail, restaurants, etc. A few years ago you would see a couple of them become available every few months, but now the majority of what I see are listings by folks who rent them by the week, weekend, or even sometimes by the night. 😕 And in a way, you can’t blame them. Why rent a place out for $900 a month when you could average $100 a night by renting it out as an AirBNB or similar-type destination for well-off folks who only come to town for a few nights? 👨🏻💼📈🤑
It’s exactly what already-expensive rental markets in bigger cities are experiencing. Locals, who actually want a home, who want to rent via traditional terms, are priced out of the market by the influx of investors who buy up apartments for higher priced, short term rentals. 😯 I guess in some cities on the west coast, more than 50% of the apartment market has been gobbled up in that way – and the only thing that might be able to stop the practice is if local ordinances are put in place to prevent it. 🤔 But, to me, short-term renters would probably sound appealing to a city council, since that type of traffic would also be the type that would be spending money while they’re staying in their nifty vintage loft, or at least more so than a regular monthly tenant probably would be.
But yeah, all of this rambling just comes from one evening of quickly browsing through a few different apartment search type sites – so I may be assuming too much without having done enough research. 😏 But after that hour or so of browsing, when the net result is “Well… that seems like some bullshit.” 😅 it only makes sense that it would also end up here in the blog, eh?