Latest news with #rentalprices
Yahoo
3 days ago
- Business
- Yahoo
Stearns County apartments for rent saw price decreases in May
Renters in Stearns County saw apartment listing prices decrease from April's average of $1,131, an analysis of new data from Apartment List shows. The average apartment listed for rent at $1,124 in May. Average listing prices in Stearns County are trending slightly downwards from April's $1,131 price, up 4.9% from this time last year. The data is inclusive of all bedroom sizes, from studios to three-bedroom units, so while it is a good indicator of how rents are moving in the area, it does not include single family homes for rent, said Chris Salviati, senior housing economist for Apartment List. One-bedroom apartments listed to rent at an average of $860, 0.6928% lower than April, when they were $866. Since last year, one-bedroom rental prices rose 4.9% from $820. Two-bedroom apartments listed for rent were 0.6595% lower than April at an average of $1,205, compared to $1,213. Since last year, two-bedroom rental prices rose 4.9% from $1,149. Statewide, Minnesota rental listing prices are on the rise from April's average of $1,332, at $1,340. In Minnesota, one-bedroom rentals were listed for an average of $1,183, slightly higher than April's average of $1,176. Two-bedroom rental listing prices are trending 0.6388% higher than April's average of $1,409 at $1418. In Stearns County, the average apartment listed for rent is 16% below the state average. One-bedroom rentals were 27% below the state average, while two-bedrooms listed 15% below. Nationwide, apartment rental listing prices slightly increased from last month's $1,392 to $1,398. One-bedroom rentals across the nation listed for an average of $1,228, just higher than last month's average of $1,223, while two-bedroom rental listing prices slightly rose from last month's average of $1,378 to $1,384. In Stearns County, the average apartment listed for rent is 20% below the national average. One-bedroom apartment rentals listed 30% below the national average, with two-bedroom rentals listed 13% below. The average apartment rental prices used in this report are gathered from Apartment List, which estimates the median rent using median rent statistics from the Census Bureau's American Community Survey and a growth rate calculated from their listing data. Read more about their rent estimate methodology here. The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from Apartment List. Please leave any feedback or corrections for this story here. This story was written by Ozge Terzioglu. Our News Automation and AI team would like to hear from you. Take this survey and share your thoughts with us. This article originally appeared on St. Cloud Times: Stearns County apartments for rent saw price decreases in May
Reuters
02-06-2025
- Business
- Reuters
DC attorney general inks first settlement in RealPage price-fixing lawsuit
June 2 (Reuters) - The District of Columbia attorney general's office has secured its first settlement in a lawsuit accusing landlords and technology company RealPage of conspiring to inflate rental prices. The preliminary settlement, opens new tab with Washington apartment property manager William C. Smith & Co was disclosed on Monday in the Superior Court of the District of Columbia, and requires court approval. The District's lawsuit in 2023 was the first in a string of cases against RealPage by state attorneys general accusing landlords of keeping rental prices high through the use of a RealPage revenue management platform. In a statement, D.C. Attorney General Brian Schwalb on Monday said some of the city's landlords "operated as a housing cartel — illegally colluding to push rents even higher." William C. Smith & Co inflated rents at more than 9,300 apartment units across the city, according to Schwalb's office. The settlement would restrict William C. Smith & Co from using and promoting any revenue management software that relies on non-public or confidential data from rival companies. William C. Smith & Co in a statement said settling the lawsuit will allow the company to focus on its core business and to avoid what it called "considerable and unnecessary legal expenses." RealPage, William C. Smith & Co and other defendants in the lawsuit have denied any wrongdoing. RealPage did not immediately respond to a request for comment. Schwalb's lawsuit alleged 14 landlords agreed to share competitively sensitive data with RealPage and collectively used rents set by the company's revenue management technology. The city contends the scheme drove up rental prices at more than 50,000 units in the District, in violation of the District's antitrust law. A monthly report from W.C. Smith in 2022 showed the company had increased revenues per unit by 4.6-4.7% despite decreased occupancy levels, according to the lawsuit. Other apartment managers in the lawsuit include Greystar, the largest apartment owner in the United States. Greystar did not immediately respond to a request for comment. RealPage and other property managers face parallel federal litigation in the federal court in Nashville, Tennessee. Some other state attorneys general also separately are pursuing lawsuits against the company. The case is District of Columbia v RealPage et al, District of Columbia Superior Court, No. 2023-CAB-6762. For plaintiff: Adam Gitlin of the D.C. attorney general's office, and Emily Levens of Cohen Milstein Sellers & Toll For William C. Smith & Co: W. Todd Miller and Lucy Clippinger of Baker & Miller Read more: Apartment manager Greystar faces more 'junk fee' lawsuits after FTC case New Jersey sues RealPage, says collusion with landlords drives up rents RealPage goes on the offense in lawsuit against city of Berkeley over AI rent pricing law Landlords, software maker Yardi must face price-fixing lawsuit, US judge rules
Forbes
02-06-2025
- Business
- Forbes
Colorado Legislation Thwarts Use Of AI In Rental Housing
Things are hard enough in the housing world without absurd solutions like banning housing providers from consulting the internet and artificial intelligence when managing their properties. Yes, this is exactly what the Colorado assembly passed with House Bill HB25-1004. The legislation makes it a crime for housing providers to use online platforms to gather information when setting rents. To understand how far this legislation tests what's reasonable, let's have a glass of lemonade. As summer is approaching, you and your friends decide to open a lemonade stand. You spend time costing things out; pricing lemons, sugar, and maybe some interesting adds like salt rims, and herb infusions. But there is one piece of data you don't have. How much are other lemonade stands charging? You wonder, 'Is there an app for that?' It turns out there is, and you check it out. There you can see all the lemonade stands in the city and in your neighborhood. It's a useful piece of information and helps you set the price when you consider your costs. What's nice is that because you're new, you can charge less than your competitor up the street who is charging $3 for a similar product. Because you have a good supplier, you're going to charge $2.65. Then a cop car pulls up. Turns out you've committed a crime by consulting the internet. Here's the bill with lemonade substitutions where appropriate. Read it and see if it makes any sense. The bill prohibits the sale or distribution for consideration of an algorithmic device if: The bill also prohibits the use of an algorithmic device by a person to set or recommend the price of lemonade, number of glasses, or other commercial term associated with the consumption of lemonade if: The bill also prohibits a person engaged in the business of providing algorithmic device services or products that are used to set or recommend the price of lemonade, number of glasses, or other commercial term associated with the consumption of lemonade from using nonpublic competitor data pertaining to lemonade stands in Colorado in algorithmic calculations. A violation is deemed to be an illegal restraint of trade or commerce and is punishable in accordance with the "Colorado State Antitrust Act of 2023". You have customers buying your product and the officer informs you that you need to stop because each time you sell a glass of your cheaper lemonade, you're triggering fines under the anti-trust act that range from $250,000 to $1,000,000 for each glass sold. Ignorance can be a strength, especially when it provokes strategic questions. Why is rent so high? How can we fix that? Answers to that question are obvious. When there is great demand for housing and there are few units, prices will go up. It's that simple. To address high prices, the answer always goes back to how can production be increased as well as variety in housing types and location. This is true of housing and lemonade stands and any other product people want to buy. And when people are setting a price for their product, they always seek out the best data, including consulting with colleagues and using technology, to set their prices. It's how lemonade stands work and any other business. As of this writing, Governor Polis has signed the legislation but is asking for a delay in implementation. And what's true is that rents have gone down in Colorado, dropping, on average in the state's largest city, Denver, from $1,875 to $1,819. Vacancy rates in Denver are up to 7% which is usually the standard vacancy rate factored in to most apartment project pro formas. If that is the average in Denver, it means many apartments have higher vacancy rates. With higher vacancy rates come lower prices. The assembly either doesn't understand how the world works, or doesn't want to know, or worse, doesn't care. It appears that Governor Polis understands that although he signed the bill, it isn't going to make much sense to implement it. In the end, the new law is grandstanding. But it could be worse than that, blinding housing providers from price information that could actually help them lower their prices at a time when competition between landlords to fill vacant apartments would benefit consumers. That's how markets work. And more information is better for everyone whether its housing or lemonade.
Irish Times
19-05-2025
- Business
- Irish Times
The Irish Times view on housing policy: more of the same will not be enough
The Government is in a very difficult position on housing. And there are few signs that things are improving. To make a start in the right direction first requires one vital thing – an acceptance that 'more of the same' in terms of policy will simply not be enough. The figures in recent months have been uniformly poor, notably those showing that housing completions last year were not far above 30,000, when during the general election campaign senior ministers had been promising close to 40,000. On Monday, the latest report from , the property website, showed asking prices for new rentals exceeded €2,000 on average for the first time. Meanwhile, figures for housing commencement notices have showed a sharp annual fall, even though last year's had been inflated by incentive deadlines. All the money being spent on new schemes is not paying off as it should. An honest examination of these – and why they are still not working – might not be a bad place to start. And it is essential that rather than piling up more schemes on top of those already there, the Government focuses forensically on the fundamental issues, such as planning, the cost of building and aligning all parts of the State machinery. If it does not do this in the coming months then, politically, it will see no benefit by the time of the next general election. READ MORE High rents are just one symptom of the wider problem in the housing market, driven fundamentally by lack of supply. The latest figures from on new rentals are striking, albeit that those in existing tenancies face somewhat lower costs. A key area for the Government here is that while the Rent Pressure Zone rules offer some protection to existing tenants, they also seem to be one of the factors stymying new supply. The Housing Commission recommended an amended scheme, rather than a free for all. The latter is clearly not possible at current rent levels. The issues in terms of accelerating new supply apply across the board in the housing market and are not easily solved. But so far the Government has not given any clear indication of how it will improve things, bar the creation of a plethora of new taskforces and groups which may or may not make things better. At least they should ensure more clarity on the key issues. And help with decisions on implementing the new planning bill and whether, in fact, more fundamental changes are required. Ultimately, responsibility comes back to the Minister for Housing, James Browne as well as the Taoiseach and other senior cabinet members. Ministers tell us that housing is an emergency, but are they prepared to treat it as one, which will involve discommoding those who are already housed in order to build for those who are not? And resetting incentives across the system in favour of the generation currently locked out of the housing market.
Irish Times
19-05-2025
- Business
- Irish Times
Rents and homelessness are both rising - so how's that housing plan coming along, Government?
To say there is a drumbeat of bad news for the Government underplays the current situation when it comes to the years-long housing crisis . Taoiseach Micheál Martin has acknowledged it is not just the biggest policy headache the Coalition faces, but the social crisis of a generation. And yet, every week brings more bad news. On Monday, The Irish Times led with a report that average rents nationwide have reached €2,000 per month for the first time, climbing faster between January and March than at any point in the last 20 years. Inside, the newspaper reported that housing commencements have slumped to a near-decade low . The Irish Independent reported that mortgages are soaring in value as those who can buy are saddled with ever-increasing mountains of debt. READ MORE In The Irish Examiner, it seemed as though James Browne , the Minister for Housing, was trying to generate a positive drumbeat of policy changes. There was reference to a State savings fund to give extra financial resources for building. Changes to rent pressure zones were flagged, while it was also indicated that the Coalition wants to overhaul the Land Development Agency. Browne's predecessor, Darragh O'Brien, was known to flood the zone with policy announcements. It was part of the political strategy he deployed to keep up a perception of progress and strength. But O'Brien had one thing that Browne does not: while the day-to-day experience of the housing market was dire, at least the outgoing Coalition could point to increased housing output while claiming it had turned a corner. That covered up for a lot of blushes as access and affordability worsened, as did the numbers in emergency accommodation. It has now reversed, with inaccurate projections of 40,000 homes in 2024 supercharging the sense of disillusionment. Trajectory is not something that Browne can point to and in truth, there is no optimism that the situation is going to improve soon. The opposition, too, is wary of voters losing faith One official, speaking privately last week, was downbeat about a draft of the Government's new housing plan which they had seen. It comprises more lists of actions, more measurements, more solemn statements of resolve. But this person could see few grounds for optimism that things were going to improve in the next 12 months, or even the next two years. After that, it becomes hard to model, but it is a simple fact that even if the Coalition was making the 'right' interventions now, it has no real way of knowing. Housing policy has a huge lag time between action and outcome – and even then, it's hard to tell if the lever you pulled months or years ago is really the one having an impact on the market. Housing plans, like housing ministers, have come and gone. It was Rebuilding Ireland under Simon Coveney, which was redrafted by his successor Eoghan Murphy. It was Housing for All under O'Brien. The constant has been the worsening crisis. The Coalition is acutely aware of this. It is increasingly disturbed by it as a sense of dread around housing pervades. The opposition, too, is wary of voters losing faith in not just the ability of the Government to address the housing crisis, but mainstream politics in general. The foregrounding of the housing crisis by far-right political agitators in their attacks on Government and opposition has not gone unnoticed. As the electoral commission reports today, there is a cohort of voters already drifting away, citing disinterest or disillusion. The contest between the opposition and Government for these votes is afoot. They both are hoping to spark a sense of hope amid the dour outlook. Meanwhile, the diet of bad news continues.
