State Farm Threatens to Abandon California If They Can’t Raise Prices: 52% For Renters, 30% For Homeowners

State Farm Threatens to Abandon California If They Can’t Raise Prices: 52% For Renters, 30% For Homeowners

California’s largest insurer, State Farm, recently notified California’s Department of Insurance to allow them to hike home insurance rates for millions of residents, or they will drop coverage of many insured. The request comes amid the state’s ongoing insurance crisis as coverage costs increase. Several insurers, such as Allstate, Farmers Direct, and State Farm, have … Read more

Average asking rent in Canada up 7% from a year ago, even as price growth slows

Average asking rent in Canada up 7% from a year ago, even as price growth slows

The average asking rent in Canada reached $2,185 in June, up seven per cent compared with a year ago despite representing the slowest annual rate of growth in 13 months, according to a report by Urbanation and Rentals.ca. The slowed pace of price growth is a sign that supply and demand are rebalancing in the rental … Read more

Many Canadians in their 20s and 30s are delaying having kids — and some say high rent is a factor

Many Canadians in their 20s and 30s are delaying having kids — and some say high rent is a factor

Anna Smith would like to start a family. But she would also like more space for a baby, as the 27-year-old and her partner currently live in a 500-square-foot apartment in Toronto’s east end for $1,550 per month. Like many Canadians in their 20s and 30s, she says she’s realizing she can’t have both.  So Smith, a University of … Read more

Colorado tenant advocates call for rental price-fixing investigation

Colorado tenant advocates call for rental price-fixing investigation

Two Colorado nonprofit groups called publicly on Attorney General Phil Weiser this week to “root out collusion and price fixing among large landlords” amid national and state scrutiny of software that’s allegedly used by property owners to artificially increase rental prices. The nonprofits — law firm Towards Justice and the housing group Community Economic Defense … Read more

Where’s the toughest place to find an apartment in California? – Daily News

Where’s the toughest place to find an apartment in California? – Daily News

”Survey says” looks at various rankings and scorecards judging geographic locations while noting these grades are best seen as a mix of artful interpretation and data. Buzz: Silicon Valley ranks as the hardest spot to find an apartment in California, with western Los Angeles County scoring as the easiest. Source: My trusty spreadsheet reviewed the … Read more

Rental security deposits in California cut substantially under new law – Daily News

Rental security deposits in California cut substantially under new law – Daily News

Rental security deposits in California will be cut substantially under a new law that limits them to one-month’s rent. The cost to move into a furnished rental in California will be cut in half under Assembly Bill 12, which took effect Monday, July 1. For an unfurnished unit, maximum move-in costs will be a third less. … Read more

US Housing Affordability Crisis Won’t Improve Until 2026 As Rates and Prices Remain Too High, Analysts Say

US Housing Affordability Crisis Won’t Improve Until 2026 As Rates and Prices Remain Too High, Analysts Say

Bank of America (BofA) analysts recently noted that the prolonged US housing affordability crisis won’t improve until at least 2026 due to rising property prices and short supply as homeowners stay locked in due to elevated mortgage rates. While the US housing market appeared to stabilise after years of muted activity due to the pandemic, … Read more

Supervisors may extend 4% rent increase cap in unincorporated LA County – Daily News

Supervisors may extend 4% rent increase cap in unincorporated LA County – Daily News

The Los Angeles County Board of Supervisors on Tuesday will consider extending until the end of the year a 4% cap on rent increases for rent-controlled apartments in unincorporated areas. In response to the COVID-19 pandemic, the county enacted a freeze on rent hikes for rent-controlled units in March 2020. The freeze was extended multiple … Read more

WeWork to exit bankruptcy after judge approves restructuring plan

WeWork to exit bankruptcy after judge approves restructuring plan

A U.S. bankruptcy judge on Thursday approved WeWork’s Chapter 11 bankruptcy plan, allowing the shared office space provider to eliminate $4 billion in debt and hand the company’s equity over to a group of lenders and real estate technology company Yardi Systems. Flexible workspace provider WeWork expanded at breakneck speed, opening its first location in … Read more

Tech Workers With $135K Salaries Can Only Afford 35% Of NYC’s Rentals

Tech Workers With 5K Salaries Can Only Afford 35% Of NYC’s Rentals

New York has always been expensive, but as housing prices continue to rise, the Big Apple is setting new records. Data indicates that rent costs increased seven times faster than earnings last year, and over half of New York’s residents are paying more than 30 per cent of their before-tax earnings on housing. In other … Read more