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Updated over 5 years ago on . Most recent reply
Do you see rents increase with new minimum wage increasing.
I am in Illinois and our minimum wage is going to $15 over the next 5 years. Who has experienced this and can you share what you have seen with rent increases over time. I have looked around at some other states and some have seen large increases and others not so much. I feel like this is a great time to buy believing rents will be going up and this will allow me good cashflow for the future and appreciation....Thoughts???
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#5 Multi-Family and Apartment Investing Contributor
- Investor
- Shelton, WA
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#5 Multi-Family and Apartment Investing Contributor
- Investor
- Shelton, WA
@Ryan Clark welcome to BP. Minimum wage in Wa is probably around 12 dollars and I don't have anyone renting from me making that. I raise rents using local market rents as my guide, and minimum wage workers are not in the rental pool. Generally, low income housing can be very profitable if you are the right LL for that segment-my hat is off to them! If you are not the LL for that market then you better stay out.