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I'm not necessarily disputing, but I just got a lease signed in a Florida beach town in a week of listing in APRIL for an entire year at $400/month over last year's Snowbird Fall-Winter Rent Rate.

AmericanKulak says

I'm not necessarily disputing, but I just got a lease signed in a Florida beach town in a week of listing in APRIL for an entire year at $400/month over last year's Snowbird Fall-Winter Rent Rate

What's happening is that people who are "investors" in rental property often have adjustable rate mortgages. As rates go up, they are forced to raise rents to keep up with their own payments. I suspect this time we're going to get massive interest rates but it won't matter, we'll end up in hyperinflation.

People in debt are going to be destroyed, people not in debt will just be bankrupted. How do you fuck over the most people today? Raise interest rates and do inflation at the same time. I always thought the Boomers would be fucked over when they tried to retire. Last one was born in 1964 - that means the youngest is 58. They will all be at retirement age in 2030.

What a coincidence, that's when everybody is supposed to own nothing, but still be happy.

richwicks says

What's happening is that people who are "investors" in rental property often have adjustable rate mortgages. As rates go up, they are forced to raise rents to keep up with their own payments. I suspect this time we're going to get massive interest rates but it won't matter, we'll end up in hyperinflation.

I paid cash for it, and was advised by the property manager to do so.

My point in offering a counter-factual was about demand for rentals (albeit yearly leases instead of vacation rentals).

I would add also that rents continued to go up through the financial crisis (national average; it went down in some places like NYC for a year or so) since many former homeloaners became renters.

richwicks says

What a coincidence, that's when everybody is supposed to own nothing, but still be happy.

Yes, agreed, this is how they will claw back Boomer Wealth.

I wonder how Blackrock and others finance SFHs.

AmericanKulak says

I paid cash for it, and was advised by the property manager to do so.

In the Great Depression, property wasn't an asset, it was a liability. It's so hard to see what they are doing, but I suspect they are going to pull the same shit again. I thought they were going to pull this shit 15 years ago though, and they didn't. History really does rhyme, it doesn't quite repeat, but there are only so many rabbits in their bag of tricks.

Maybe.

Or maybe since the COVID restrictions have loosened, they took flights to places like Cancun instead.

B.A.C.A.H. says

Maybe.

Or maybe since the COVID restrictions have loosened, they took flights to places like Cancun instead.

This makes the most sense.

I've been going to Miami beach the past 2 years because of its lack of COVID19 restrictions, and it was crowded like I've never seen it before over the past 2 years.

I suspect that with many areas now opening up, the potential list of travel destinations without any COVID lockdowns has increased drastically. More choices, more competition.

(I'm skipping Miami this Winter and doing Bahamas instead)

Rates on the Jersey Shore are higher this year compared to previous years. If Panama City Beach Florida isn't booked up, yet, it might be because of gas prices. September Atlantic City rates look expensive by September standards. I mean even after Labor Day still expensive compared to the usual where it gets cheap after Labor Day.

AmericanKulak says

Yes, agreed, this is how they will claw back Boomer Wealth.

richwicks says

In the Great Depression, property wasn't an asset, it was a liability. It's so hard to see what they are doing, but I suspect they are going to pull the same shit again. I thought they were going to pull this shit 15 years ago though, and they didn't. History really does rhyme, it doesn't quite repeat, but there are only so many rabbits in their bag of tricks.

Pivoting off my earlier comment.

They wanted to Privatize Social Security back in the 90s so they could have Wall Street take it "Back" via management fees and then maybe an engineered "oops" crash. NYT (no surprise in hindsight) pushed hard for privatization.

This was back in the 90s/early 2000s when Big Corps and Wall Street could do no wrong, CEOs were the heroes, etc. Secret CEO tv PR show where the corps financed the propaganda like CEOs gave a shit about employees while outsourcing any possible customer service/low level IT job to India and weren't manipulating the financials to gin up the stock price for a year or two before they took a golden parachute with the options. And it gave the network a show that was entirely paid by others + they kept ad revenue and all that crap.

So, failing in that, the new plot is to stop Boomer Soc Sec payouts by money printing and keeping the SS Adjustment CPI with hedonics, ludicrous substitute goods, and crass manipulation far below the real rate of inflation.

AmericanKulak says

So, failing in that, the new plot is to stop Boomer Soc Sec payouts by money printing and keeping the SS Adjustment CPI with hedonics, ludicrous substitute goods, and crass manipulation far below the real rate of inflation.

Nothing new about that.

AmericanKulak says

I wonder how Blackrock and others finance SFHs.

Blackrock may be collecting houses not to sell, but to rent. I suspect they will get some exemptions from local landlord laws, in the manner that Uber/Lyft are taxi companies immune to local taxi regulations.

zzyzzx says

Rates on the Jersey Shore are higher this year compared to previous years. If Panama City Beach Florida isn't booked up, yet, it might be because of gas prices. September Atlantic City rates look expensive by September standards. I mean even after Labor Day still expensive compared to the usual where it gets cheap after Labor Day.

A few things that make Panama City Beach attractive is that it can be reached by car within 12 hours such as from as far as Ohio.

If the same was to go further south like Fort Lauderdale or Sanibel Island, they would need another 9 hours at least of driving. It is an eco-tourism vacation as compared to an amusement park vacation in Orlando; which makes here attractive as far as the largest expense is paying $350 a night (total through Vacasa, VRBO, etc.) for a condo on the beach. Most will shop at Walmart here to eat at the condo instead of dining out at the traditional places like Dat Cajun Place, Wicked Wheel, Pineapple Willies, Schooners, Sharkys, Bayou on the Beach, Captain Anderson, etc.

Also Panama City Beach has white sand and clear beach water. It has underwater visibility that is at least 40 feet on an average day. And its comfortable beach weather here from early March to Thanksgiving (about 8.5 months compared to South Florida which is about 10 months).

I've seen people go to Walmart and drop $150 on fishing rods and inflatable kayaks with paddles as well as sun screen at Panama City Beach's two Walmart supercenters.

That provides enjoyment for a 1 week vacation (which averages about $2400 for a 7 nights stay at a beach condo).

Compare that to spending $90 for a one day pass to Disney.

ad says

A few things that make Panama City Beach attractive is that it can be reached by car within 12 hours such as from as far as Ohio.

Yes. A good option during pandemic (whether or not you think it's a hoax, didn't change the reality that air travel was more difficult then compared to now). Maybe that's why bookings are down for this year. Folks are back to flying to places like Cancun, Caribbean, etc.