Podcast 224: Rental Glut Sends Chill Through Hottest Markets

This week we discuss cooling rental prices, a landlord who double-dipped and now is paying for it, and a sad/happy note. We also have a great landlord hotline call to discuss.

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Show Notes:

00:00 – 2:15 Steve and Eric opens up the podcast with today’s topics.

2:16 – 7:48 News: Eric and Steve talked about a news in Canada about the landlord, Kathleen Beal, who illegally collected $5K in rent from college students while listing their rooms on Airbnb.

In the end, the board ruled the “landlord collected rent illegally from the tenants starting May 1, 2018,” and ordered Beal to pay back $4,852 to the students.

7:49 – 12:08 News: Burt Reynolds died on Thursday at age 82, and he spent his last days at longtime Florida Home, thanks to kind landlord.

The legendary actor was best known for his films Deliverance, Smokey and the Bandit, The Cannonball Run, White Lightning, The Longest Yard, Best Friends, The Best Little Whorehouse in Texas and Stroker Ace. He earned his only Oscar nomination for 1997’s Boogie Nights, and continued working up until his death. He died shortly before he could start work on Quentin Tarantino’s Once Upon A Time In Hollywood. His last completed film, Defining Moments, opens in December.

12:09 – 18:50 News: Rental Glut Sends Chill Through the Hottest U.S. Housing Markets

Seattle is known for its hip neighborhoods, soaring home prices, and being home to Amazon.com Inc., the world’s most valuable company. So why is its rental housing market experiencing the most severe slowdown in the U.S.?

Seattle-area median rents didn’t budge in July, after a 5 percent annual increase a year earlier and 10 percent the year before, according to Zillow data on apartments, houses and condos. While that’s the biggest decline among the top 50 largest metropolitan areas, it’s part of a national trend. Rents in Nashville and Portland, Oregon, have actually started falling. In the U.S., rents were up just 0.5 percent in July, the smallest gain for any month since 2012.

18:51 – 31:05 Landlord Hotline: A landlord in Illinois who is renting out multi unit building is having a problem with her tenant. Her tenant’s lease is up in August 2018, but has not paid the August rent. September came by and the lease is up but the belongings of the tenant are still there but not in the apartment anymore. He is not working in town anymore, and she believed that he moved out of state and there might be some people squatting in the apartment. What should she needs to do?

Steve shares details and one of it is that he would take it as an abandoned property and would document it as such. Eric also shares that you should change the locks and take an inventory of the items left.

31:06 – 34:00 Eric and Steve ended the podcast and shares that you can ask questions in RentPrep for Landlord Facebook group through Ask a PM live video every Wednesdays.

Resources Mentioned:

In The News: