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Private and public housing rentals slow down, expected to stabilize next year

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Landlord’s frustration at bad tenants as industry warns against rental caps, freezes

Sandy Dennis is a lifelong Greens voter and environmentalist.

But 30 years as a landlord, 10 of those in Perth, have left her conflicted between the Greens’ tenets of “giving renters a fair go” in “sustainable, quality housing”, and being “burnt” by another bad tenant.

Ms Dennis has gone through five tenants in the past 10 years.

All but one, she said, had either skipped rent, run a methylamphetamine kitchen, failed to clean the house, or left it damaged.

“I had one lady who left the house immaculate, and she was a wonderful tenant but had to go to Queensland,” she said.

“All others have taken off, done a midnight blitz,” she said.

She said they had taken possessions and not left a forwarding address.

“I won’t take anyone who is on social security anymore and I feel bad about that,” she said.

“But four of my tenants have been on social security for one reason or another.

“They have all

UK property rental market sees biggest supply jump in 10 months, Property

THE supply of new UK rental properties rose the most since November 2022 in an early sign of relief for squeezed-out tenants.

The number of new rentals coming to the market increased by 7 per cent in the three months to September, compared with the same period last year, according to a Rightmove report published on Thursday (Oct 5). That helped lift the total number of available rental properties by 14 per cent, while demand dipped 17 per cent over the same period.

“While it is likely that there is some way to go before this filters through to rental prices, we could start to see the pace of yearly rent rises slow more significantly than it has been,” said Tim Bannister, director of property science at Rightmove .

The shift could ease a shortage of properties to rent that’s increased rental costs at a record rate, adding to the worst cost-of-living squeezes in generations. With mortgage costs significantly higher than a year ago, more tenants are stuck renting property at a time when landlords are selling out.

Average rents in London hit a record £2,627 (S$4,373) in the three months to September, a 12 per cent rise from the

only 13% of homeowners consider putting houses on the traditional market — idealista/news

The incentive to change Local Accommodation (LA) houses to traditional rentals is one of the measures provided for in the controversy Mais Habitação (More Housing) program, which was vetoed by the President of the Republic and will be reconsidered in Parliament on 21 September 2023. The truth is that only 13% of LA owners admit to doing so, according to a study carried out by Nova SBE at the request of the Association of Local Accommodation in Portugal (ALEP) and released this Tuesday (12 September 2023).

“(…) With regard to the Mais Habitação (More Housing) program, the vast majority say that they are not considering putting the property up for rent (only 13% are considering it) and a significant proportion of respondents say that there is a risk that they will close down. This expectation of closure is alarming considering that LA is an important part of income for many and that 73% are over 45, so they would find it very difficult to return to the labor market,” the two organizations said in a statement.

If, as a result of Mais Habitação, the accommodation is no longer available for rent, what is the expected use? In response to

White people are 36% more likely to receive a positive response when applying to rent on SpareRoom than black people | UK News

White people are 36% more likely to receive a positive response when applying to rent a home than black people, Sky News has learned.

Exclusive figures provided by Generation Rent show apparent racism currently in the rental markets.

The campaign organization used artificial intelligence to set up two fake profiles, a black and a white one, on the rental website SpareRoom. The only differences in their details were their names and skin color.

Inquiries were sent out by both profiles to property ads randomly selected across the UK, within minutes of each other, with different responses.

Analysis of more than 210 ads found that the white-facing profile was 36% more likely to receive a positive response than the black-facing profile.

The white profile was also 17% more likely than the black profile to receive any response at all.

In one example the same message was sent by both profiles asking about a room in a townhouse.

“Hi there, I’m interested in the property, could I arrange a viewing please?” it read.

The white profile, named Lizzie,

Tenants face delays at VCAT as residential cases balloon

Pending cases on the residential tenancies list have exploded since the pandemic began, up 598 per cent to 23,892 cases as of March, compared to three years earlier, public caseload data shows. VCAT declined to comment for this story.

Tenants have had several significant wins recently. In October, VCAT member Kylea Campana ruled a Shepparton landlord couple could not encourage their tenants to sell their investment property because the tight and unaffordable rental market could make a family of five homeless. It was ruled that the house could be sold with the tenants in place.

Renters face a tight market, and delays if they pursue issues at the tribunal.Credits: Peter Rae

“There is no doubt that the rented premises are the rental providers’ property and they are entitled to sell it,” Campana’s decision reads. “They should also be able to realize the best price possible for their investment – but at what cost to the renters?”

VCAT member Filip Gelev ruled against a landlord attempting to evict their tenant because a family member wanted to move in because the property was held in a company name, and therefore did not have access to the quoted reason to vacate.

“The

Real estate industry facing pushback to longstanding rules setting agent commissions on home sales

LOS ANGELES (AP) — A series of court challenges seek to end longstanding real estate industry practices that determine the commission agents receive on the sale of a home — and who foots the bill.

A federal jury in one of those cases on Tuesday ordered the National Association of Realtors along with some of the nation’s biggest real estate brokerages to pay almost $1.8 billion in damages, after finding they artificially inflated commissions paid to real estate agents.

The class-action lawsuit was filed in 2019 on behalf of 500,000 home sellers in Missouri and several border towns. The verdict stated that the defendants “conspired to require home sellers to pay the broker representing the buyer of their homes in violation of federal antitrust law.”

If treble damages — which allows plaintiffs to potentially receive up to three times actual or compensatory damages — are awarded, then the defendants may have to pay more than $5 billion.

“This matter is not close to being final as we will appeal the jury’s verdict,” Mantill Williams, a spokesman for the NAR, said in a statement. “In the interim, we will ask the court to reduce the damages awarded by the jury.”

Williams

Real estate brokers weigh in at the end of commission rules

ST. PETERSBURG, Fla. — The Real Estate industry is changing. The National Association of Realtors announced on March 15 an anti-trust settlement of $418 million that’s ending rules on commission.

What You Need To Know

The National Association of Realtors announced on March 15 an anti-trust settlement of $418 million

Until now, home sellers often paid about 6% of the sale price toward a fee that would be split between their own agent and the buyer’s agent

The new plan can leave realtor pay up in the air, depending on the contract

Sunny Alexander is the Owner and Broker for Red Sash Reality and one of more than one million members of the NAR is ready to adapt.

“Change is good,” he said. “It’s going to be rough learning the new normal.”

Alexander has been in the industry for nearly 20 years. He started his journey in Tennessee after serving in the Army. For the last six years, she’s shown homes in Tampa Bay.

She says she’s the voice of reason for her customers and tries to guide them to the best decisions.

“They either need to sell a house or they need to buy a house,” she said. “So

Home sellers can say goodbye to hefty 6% commissions under new real estate deal

As part of an agreement to settle a series of lawsuits over inflated real estate commissions, the National Association of Realtors said Friday that big changes are on the way.

The group says it will pay more than $418 million to settle the lawsuits. But much more significantly, industry experts say, the settlement will upend the real estate market and create more competition, which will lead to lower commissions.

The realtor group said it will eliminate a longstanding rule that mandated a non-negotiable commission be posted on the Multiple Listing Service (MLS), its real estate database, which handles more than 90% of home sales. Currently, to list a home with MLS, the non-negotiable commission is typically between 5 and 6 percent.

By removing that rule, real estate commissions can be negotiated, which could lead to lower costs for home sellers.

Asked for comment, the National Association of Realtors referred NJ Advance Media to its statement.

“This would mean that offers of broker compensation could not be communicated via the MLS, but they could continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals,” said Nykia Wright, the group’s interim CEO, in the statement.

How does the National Association of Realtors’ settlement affect you?

By Alicia Wallace, CNN

(CNN) — The National Association of Realtors’ recent $418 million settlement to end antitrust legal claims came with a bombshell: Decades-long rules and informal guidelines — especially those that made a 6% commission the norm — could be overhauled.

This proposed settlement is not only expected to fundamentally change how Americans buy and sell homes, but it could also transform the nation’s real estate industry, including the number of agents within the sector. Economists also predict that the process of buying a home could be cheaper; However, it could also mean more upfront costs — potentially making it harder on lower-income and first-time buyers.

Do you work in real estate, or do you have plans to buy or sell a home in the near future? We’d like to hear from you as to how this ruling and proposed changes could affect you.

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