Latest news with #risingrents
Telegraph
2 days ago
- General
- Telegraph
Young people turn to lodging to beat rising rents
Young people are becoming lodgers in ever greater numbers to beat rising rents, research reveals. Data from SpareRoom has found the number of young people becoming lodgers has risen by 50 per cent in just three years. Lodgers, who live in their landlord's home, pay around 17 per cent less than the average renter but can be evicted more easily. Many also end up having to go to bed early and endure bans on partners staying overnight and compulsory pet-sitting. But many reported feeling trapped by bizarre rules set by their landlords. Lina, 33, said: 'When you're a lodger, you're basically at their mercy. You have to do what they say, and they're always watching you. It can feel like they're invading your privacy.' James, 29, whose name has been changed to protect his identity, said his bedroom had no door, that he was not allowed to bring his partner back to the flat, and was told after he arrived that the landlord's girlfriend would be moving in with them. He said he was also told to stop all noise after 9pm because his bedroom was directly above the landlord's. 'I was sort of trapped in my room. I couldn't even go for a wee or anything like that. It was really bad,' he said. 'If I went downstairs to brush my teeth, he would get annoyed. Anna, 26, whose name has also been changed, said she had no other option but to become one as she had no reference or guarantor in Britain after moving from Norway for a master's course. She said the arrangement was her only option. She moved into a property she found on a Facebook group for Norwegians in London, but soon ran into issues. Her bedroom had no lock, she had to take care of her landlord's dog when she went away and had to give an advanced warning if a friend was coming to visit. All friends had to be women and visit during the day under the rules. She also said her landlord installed a camera by the front door. Anna recalled: 'She said to me twice, 'Just so you know, I got the camera so I can see who comes in and who doesn't come out when I'm not home'.' A government spokesperson told The Times: 'Our Renters' Rights Bill will transform the private rental sector in England, bringing greater security to millions of renters. 'Lodgers live in the landlord's home, rather than a rental property. But we know that this is an evolving sector which is why the Bill will allow us to extend protections and rights to new tenures like lodgers in the future. We continue to keep this under review.'
CNA
21-07-2025
- Business
- CNA
Johor Bahru's heritage businesses near RTS station grapple with rising rents, inflation
Johor Bahru's heritage businesses near RTS station grapple with rising rents, inflation By CNA/Zamzahuri Abas With a mix of heritage businesses and hipster cafes, the area near JB's RTS station has become a major draw for locals and tourists. But rising rentals have forced some to go out of business in recent years. Salahuddin Bakery, which has operated for 86 years, was forced to relocate last year due to doubled rent. 'I felt quite nostalgic and sad because I grew up there until I was 36 years old,' said its fourth-generation owner Rahim Khan. Hiap Joo, a bakery and biscuit factory, said rent for its lot on Jalan Tan Hiok Nee has increased by roughly 10% every two years. Its owner Lim Toh Shian hopes the 106-year-old business continues to stay viable. Street barber Velu Seranggoo, who single-handedly runs V Vinod Barber Shop, said legacy family businesses like his are 'no match' for the likes of hipster cafes, bubble tea shops and modern barbershops. Tailor Mary Lin, who owns a mom-and-pop store, has also seen her rent increase 'steadily' over the years. She said she may be forced to retire and live with her family, who are based in Singapore. Next Story
Reuters
15-07-2025
- Business
- Reuters
Goldman Sachs finances $270 million affordable housing project in New York
NEW YORK, July 15 (Reuters) - Goldman Sachs (GS.N), opens new tab will finance a $270 million affordable housing project to build 385 apartments in the East New York neighborhood of Brooklyn, New York Governor Kathy Hochul's office said. The city's housing crunch and rising rents have become a key focus of Democratic mayoral candidate Zohran Mamdani's campaign. The project financed by Goldman's Urban Investment Group will include commercial space, the governor's office said in a statement. "This project is helping us fight the housing affordability crisis while also prioritizing improvements that will make the neighborhood more livable for families," Hochul said. Mamdani aims to invest public dollars to triple the city's production of permanently affordable, union-built, rent-stabilized homes – constructing 200,000 new units over the next 10 years, according to his campaign website. His stunning victory over former Governor Andrew Cuomo has drawn concerns from business leaders, including some on Wall Street, about the costs of his proposed policies. Goldman's Urban Investment Group has invested nearly $11 billion in affordable housing and other development projects across the state and $9 billion in New York City since 2001. "Our investment is a down payment on East New York's potential, creating thousands of high-quality, affordable homes and essential services that will fuel the economic vitality of the community," said Asahi Pompey, chairman of Goldman's Urban Investment Group.
CTV News
15-06-2025
- General
- CTV News
‘We're seeing desperation': Tenant advocates brace for housing crisis around moving day
With moving day approaching, community organizations say rising rents, renovictions, and a lack of affordable housing are pushing more people to the brink. With July 1 just weeks away, some housing advocates are sounding the alarm over what they call a deepening crisis. Community groups like Project Genesis say they're already overwhelmed by the number of people unable to find a place to live, many of them at risk of homelessness. Rising rents, renovictions, and limited access to affordable housing are pushing vulnerable tenants to the brink. 'We're seeing desperation,' said Margaret van Nooten, a social rights worker at Project Genesis. 'People are afraid to move, but others have no choice — and many just can't find anywhere to go.' A 72-year-old Montreal man says he may be forced to sleep outdoors in the coming days. Richard Duncan has been renting a room in a Verdun apartment for six years. But when the building was sold, his name wasn't on the lease, and his roommate accepted a buyout from the landlord. Duncan, who is retired and on a fixed income, was left with nothing. 'I was given three months' notice,' he said. 'The new owner paid people to leave. [The leaseholder] took the money, and now I'm stuck.' His search for new housing has been difficult —and with no cellphone or internet, Duncan says even accessing listings is a struggle. 'I have to do everything myself and I don't have the needed resources,' he said. 'It's been a stressful three months.' Duncan's situation is far from unique, according to van Nooten, who says her office has seen an increase in people unable to secure housing — even those with jobs or stable incomes. 'The housing situation overall — it's terrible. It's been a really difficult year for tenants,' she said. 'We're seeing people getting hit with massive rent increases — five, even 10 per cent in some cases and people just can't keep up.' Project Genesis has cautioned renters not to break their lease unless they've already secured another apartment. But some, like Duncan, are being forced out — either through repossessions, renovictions, or pressure tactics. 'We're seeing landlords managing to get long-term tenants out — sometimes by offering a few thousand dollars to leave, sometimes by threatening renovations that may or may not happen,' she said. 'They know they can double or triple the rent if they turn the unit over.' Those unable to find housing in time are increasingly doubling up with family or strangers. 'We see three generations in one apartment, people living in overcrowded, sometimes unsafe conditions,' explained van Nooten. 'Rooms being carved out of living rooms. It's not sustainable.' In Montreal's overheated market, she said even being able to pay doesn't guarantee an apartment. 'There are bidding wars — people get to a showing and find someone else offering the landlord more than the asking price,' said van Nooten. Credit checks, references, and online-only listings present additional barriers — particularly for people without access to internet, phones, or email. 'And the city's platform to search for housing still requires internet access, a certain level of digital know-how and assumes literacy," she added. 'If you're a single person on welfare and your cheque is around $800, you likely can't afford a phone plan or home internet.' Discrimination is another factor, she said, with families, racialized tenants, and those with disabilities often passed over. 'I had a woman with an autistic daughter who was repeatedly rejected for housing — the landlord just didn't want a child with special needs.' The Office municipal d'habitation de Montréal's (OMHM), the city's municipal housing office, has already received more than 600 requests for help this year. The annual average is just over 900. Duncan is hoping his application will be among those accepted. 'I'm just looking for somewhere to lay my head down at night and not worry,' he said. 'If I don't find it, I'll end up sleeping in a park very soon.' In a statement to CTV News, Loyola district councillor Despina Sourias, who serves as a special advisor on housing at Montreal's executive committee, said the administration is aware this moving season will be particularly difficult. 'That's why our administration is continuing to invest more resources to support vulnerable households,' she said. 'We've doubled the budget dedicated to relocation support and created a new $1.5 million envelope over three years to strengthen housing committees and tenant associations — essential allies in protecting renters.' Sourias added that the city is working actively with partners to ensure no one is left behind. 'We want every household to know they're not alone and that there are real resources available to help them through this.' But van Nooten said housing groups are already overwhelmed. 'Staff are exhausted. We're hearing from organizations across the city that they've had to shorten their [opening] hours and still can't keep up with the number of requests,' she said, calling it a cry for help. She said what's needed most is more social housing — and fast. 'The private market is ruled by greed. It's not meeting this most basic need,' she added. 'We need more subsidized units, more practical help for people trying to find housing, and better protections for tenants.' For now, Duncan continues to wait — without a safety net.
CNA
18-05-2025
- Business
- CNA
Local firms in Chinatown enjoy 40% boost in sales after tie-up with heritage centre
A tie-up with a heritage centre and the rejuvenation of a cultural street have boosted sales for some local businesses in Chinatown by up to 40 per cent. But shop owners there say that challenges remain in rising rents and a lack of manpower. Nadine Yeam finds out more.
