Rent Through the Roof!?

[Steve K.]

Rent in my market has gone through the roof! Right now you can buy a $1.5M condo that rents for $20k/month! Last year that same condo rented for $5k/mo. Has anyone else seen rents go up this much in such a short time period?

[Steve K.]

Originally posted by @Bjorn Ahlblad:

@Steve K. That's remarkable! I thought my area was going crazy but now I'm seeing what crazy really is. Those rents are literally through the roof! Is there inventory to buy?

Not much inventory in general but a few market segments are soft (downtown condos, fixer-uppers and anything tenant-occupied). Most of the demand is for move-in ready, buyers are moving in from out of state and are looking to move in as quickly as possible.