Latest news with #renting
CBS News
a day ago
- Business
- CBS News
New law ending broker fees for Massachusetts renters takes effect Aug. 1. Here's what to know.
Renter-paid broker fees are about to become a thing of the past in Massachusetts. On Aug. 1, a new law takes effect that requires broker fees to be paid by the person who hired the broker, which is typically the landlord. When someone moves in to a new apartment in Massachusetts, the up-front costs can total four months' rent if they have to pay first and last month's rent, a security deposit and a broker fee. Massachusetts Gov. Maura Healey put forward the plan in January to eliminate broker fees for renters. The budget she signed into law recently says "Any fee shall only be paid by the party, lessor or tenant who originally engaged and entered into a contract with the licensed broker or salesperson." "This is about saving you money, thousands of dollars that you can now spend on whatever you need or put it away for the future," Healey said in a social media video touting the new law. "And this is just one way we're lowering costs and getting after high housing prices." According to the average rents for an apartment in Massachusetts are $2,556 for a one-bedroom and $2,966 for a two-bedroom. It's much more expensive in Boston, averaging $3,540 a month for a one-bedroom and $4,466 for a two-bedroom. Last week, real estate brokers gathered on Boston Common to protest the impending law. Demetrios Salpoglou, CEO of previously told WBZ-TV that forcing landlords to cover the broker fee will likely raise rent prices and said the real problem is a lack of rental apartments on the market. "If a landlord's forced to pay commission, they'll probably just raise their rent to cover that difference," he said. "It's misguided in a sense. I think more effort should be put on supply side, like focusing on zoning reform and other measure that bring ample supply to cities that need housing that have low vacancy rates." A similar law took effect in New York City in June, and violators could face fines of up to $2,000 for breaking the law. The new law in Massachusetts does not detail any consequences for violators.
BBC News
4 days ago
- Business
- BBC News
Rent worry stops man feeling 'too comfortable' at home
A man who works two jobs said the insecurity of renting means he cannot "feel too comfortable" in his own Jenkins, a supply teacher and a bar supervisor, had to leave the flat he lived in for 12 years after his landlord said he was selling Mr Jenkins, from Llanelli, Carmarthenshire, said the flat ended up back on the rental market for £350 a month more than he had been sector rents in Wales rose by 8.2% in the year to June, according to the latest estimates from the Office for National Statistics (ONS) while fresh data from Principality Building Society suggests house prices remain stable amid "surging" sales. Average private rent in Wales rose to £804 per month in June, though increases are well past their record peak of 9.9% in the year to November 2023, according to the Price Index of Private Rents. Mr Jenkins, 56, said having to leave the home his son grew up in left him with the "niggling thought" that he did not want to "feel too comfortable, just in case" it happened again. When he was looking for a new place in 2022 he had to choose carefully because "they were asking crazy money for some of the properties which I just wasn't in a position to be able to afford."Last year the rent on his house increased from £550 to £600 a month, which he believed was "fair", but said it could be a struggle during school holidays when his supply work dries up. Stephen Davison, 61, from Llandudno, Conwy county, lost his job during the pandemic and has to use his savings to pay his rent has gone up £100 a month which, in addition to repeated council tax in recent years, has made paying his bills more of a said: "You go from having made some plans for the future to having everything thrown up in the air. I don't know where I will be if I can't get another job."My savings are going down, my prospects of getting a job are going down and you feel insecure." Estate agent Douglas Haig, a director of the National Residential Landlords Association, said he expected rent increases in Wales to taper down as a number of cost increases for landlords "have started to bed in now".He added: "It gets to a point where there is a there's a ceiling on what the general market can afford. And I think we're getting to that point." The average house price was £238,098, an increase of 0.7% on the year, according to Principality's Wales House Price Index for April to June, while the number of sales rose 13%.Nine regions saw an increase in average property prices, while 13 had a Mansfield, Principality's chief financial officer, said affordability challenges for first-time buyers were "starting to ease" after Bank of England interest rates cuts made mortgage rates some people are stuck renting, a sustained increase in sales over the past 15 months shows it is getting more affordable for others to get on the property ladder, he added."A stable housing market, where prices aren't increasing at huge percentage points… means the accessibility for buyers to come into the market is more straight forward." Former police officer Paula Spence moved into her new family home in Cwmbran, Torfaen, two weeks and husband Graham previously downsized, but when their three children and grandchildren came back to live with them, they needed somewhere Spence said they found a buyer for their house within two days but it was "a struggle" to find the right place to buy."There were a few things out there but in a higher bracket than we wanted to pay, so we felt really lucky that we got this," she said."The family are happy and we've all got our own space, so it's all good."
Yahoo
5 days ago
- Business
- Yahoo
Grant Cardone Just Called Out A Common Net Worth Myth – And Homeowners Won't Like It
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Real estate investor Grant Cardone encourages people to rent where they live. While it may sound counterintuitive to aspiring homeowners who view rent as throwing money away, Cardone lays out a strong argument for renting instead of buying. He also believes that homeowners should not include their house when calculating their net worth. He views a house as a liability if you're living in it instead of having a tenant. Not every homeowner may like this assessment, but Cardone presents key details worth considering. Don't Miss: Be part of the breakthrough that could replace plastic as we know it— $100k+ in investable assets? – no cost, no obligation. Primary Homes Do Not Produce Income A primary home does not produce any income. While that's not the function of a primary home, it's worth keeping in mind when you are calculating your net worth. Cardone only views real estate as an investment if it's generating passive income. You need a tenant to make money with a single-family home. Some people can list an extra room on Airbnb, while other investors buy duplexes and rent out the vacant unit. Cardone used to invest in single-family homes, but he now prefers apartments since they have many units in the same location. Ambitious real estate investors who are getting started with single-family homes can benefit from keeping that long-term vision in mind. However, if your home is a primary residence, it's not able to provide any cash flow that covers expenses. While you can build equity and benefit from appreciation, it's better for real estate properties that generate positive cash flow from rent. That way, the property is profitable right away, and any capital gains are bonus money. Trending: This AI-Powered Trading Platform Has 5,000+ Users, 27 Pending Patents, and a $43.97M Valuation — Homes Are Liabilities Cardone also mentioned that homes are liabilities. He presented costs like property taxes and maintenance. Both of these expenses make up 1% of your home's value, which comes to a combined 2% per year, according to Cardone. However, that's not where the expenses stop. You have to pay closing costs both ways. You'll pay these costs when you buy the home and when you decide to sell it. These costs will wipe out some of the profits that your primary residence will make. However, it's even worse if the property doesn't appreciate much. While real estate has a history of gaining value over time, low fertility rates can lead to long-term population declines that put pressure on real estate. This trend doesn't bode well for someone who buys a primary residence now and hopes to earn a positive return on their 'investment' over the next 30-50 Miss Out On Higher Returns With Other Investments Even if you break even with a primary residence after you buy and sell it, you'll still lose a lot of money. When you invest any dollar, it is important to consider several options to maximize the return of that dollar. Every dollar you put into your down payment, mortgage, property taxes, maintenance, and other housing costs is another dollar that you cannot put into an index fund or another asset. These assets can outperform real estate, but by stuffing your money into your house, you are missing out on those opportunities. That's how we get the concept of being house poor. It's when someone spends most of their money on housing costs and doesn't have any money left over to invest in assets. Some people can benefit from renting instead of owning and using that opportunity to build up their investments. Housing makes sense for people who want to establish themselves in a neighborhood and not have to worry about a landlord. However, it's not an investment, and you shouldn't include it in your net worth. That's the way Cardone views primary residences. Read Next: If there was a new fund backed by Jeff Bezos offering a ? Image: Shutterstock This article Grant Cardone Just Called Out A Common Net Worth Myth – And Homeowners Won't Like It originally appeared on Sign in to access your portfolio
Telegraph
5 days ago
- Business
- Telegraph
The renters refusing to be ‘trapped' by homeownership
It is widely assumed that every young person has an ambition to buy their own home. Each government has tried to lure voters with policies to boost homeownership. It's a rite of passage in a country obsessed with property. For some young people, the soaring cost of buying of a home has shut them out entirely and consigned them to renting whether they want to or not. Young people are buying their first homes later and later, marooned from the property market by high prices and mortgage rates. But for others, who might be able to afford to buy a home, those years of saving and sacrificing to put down roots are not worth it. This group is mobile, less likely to have children and wary of commitment. Some argue that the stability that comes with owning a home was once a selling point. Now, however, it would be an albatross around their necks. So, they are swearing against homeownership for good. 'I've always seen mortgages as a bit of a trap' Hayley Knight, 37, runs a communications agency. She currently rents a room at a friend's house in Islington and has no desire to ever buy a house. 'I've always seen a mortgage as a bit of a trap. I've rented for years, [though] it's not necessarily a cheaper option.' For some, buying property represents being tied to one place when they crave flexibility. Knight adds: 'I set my business up on the basis of it being purely remote and being able to work from anywhere in the world. 'I don't want any of the commitment [of owning a home] – it doesn't fit into the lifestyle that I have.' Maisie Bamford, 34, rents a flat in Leicester, having previously lived in London. She has no plans to buy a home for the foreseeable future. 'I'm happy here, and it's affordable to me. My life goals have changed – buying a property isn't something that's so important to me any more. I'd rather use my savings for life experiences, having extra money in the bank in case I ever want to travel or move to a different part of the UK. '[Renting] gives me much more freedom, I don't want to be tied down to a specific location. Even if you buy somewhere and rent it out, you still have to be around to manage it.' Elle Sherwood, 24, grew up in Twickenham, south west London, but has moved out and rents in a shared house. She does not envision wanting to buy property in the future. 'Renting gives me choice and flexibility, without the huge financial commitment of buying a property. Also, as my dad's only child, I wouldn't want to be tied down to an area if something happened to him and I had to up sticks. Not being tied to any one space is huge to me.' A lack of ties Part of that desire for freedom is a lack of ties to one location – and for the growing number of young people opting not to have children, the need for a permanent home is diminishing. The age at which women have children has been steadily increasing for decades. In 2023, women were 30.9 years old at childbirth, which has generally been increasing since the mid-1970s. More than a third of teenagers do not want to have children in the future, according to research by University College London. Bamford says: 'Not planning on having children in the near future has shaped [my decision not to buy a house] too. 'More and more people my age are choosing not to have children. Often people settle down near parents and grandparents because they have kids. I don't have that, and a lot of my friends feel the same.' Knight says: 'I don't want children, but if I were to start a family, I wouldn't want to bring them up here. I don't think there's much of a sense of community in the UK any more – everyone is out for themselves.' The lure of a life abroad The rise of remote working has made it much easier to leave the UK. And as real wages have stagnated while the cost of living and homeownership has soared, combined with the highest tax burden since the Second World War, this is an increasingly attractive option for many young people. Nearly three quarters (72pc) of 18- to 30-year-olds would consider living and working in another country in the short or long term, according to the British Council's Next Generation UK 2024 report. Bamford adds: 'If you can work remotely and have a better quality of life, why wouldn't you? When people say they want to live by the beach or somewhere hot, I just think, why not do it?' Tristan Van Den Berg, 25, says that there is a growing awareness among his peers of the better quality of life available in other countries at a much lower price. 'If you earn £1,500 a month, you can go and live in Thailand in a two-bed flat with a pool – it's incredible.' This lies in stark contrast to what you see in the UK, adds Knight. She says: 'Seeing house prices in other countries compared to what you get in the UK is crazy. 'A friend of mine paid £650,000 for a two-bedroom flat in Wimbledon. In Spain, I saw a two-bedroom flat with a pool, private beach access and a mountain view for £150,000 near Malaga. 'You don't get anything for your money in the UK, even outside of London – especially with the stamp duty increase and interest rates where they are.' A lack of faith in the future of Britain's economy is another reason young people might feel put off laying down roots in the form of bricks and mortar, adds Knight. 'We are an island. We no longer have EU support, the economy is sinking, it's worrying. The cost of living is ridiculous. I came back from three years of travelling in October, and I was shocked by how much prices of everything had gone up in such a short period of time.' The cost of homeownership It's not just the price of getting on the ladder which is putting off would-be buyers, but the costs associated with owning and maintaining a home. Owner occupiers' housing costs (OOH) rose quickly between 2021 and 2024, and continue to rise faster than inflation. Renters are increasingly aware of what they would be taking on if they bought property, explains Bamford. 'With the cost of living, and everything being more expensive, I hear stories about friends who have bought and there are so many more things you're responsible for. If my boiler breaks, my landlord comes and sorts it out.' Sherwood adds: 'In Twickenham, there are lots of flooding issues; even if I could afford a house there, there are loads of costs that could come up and be a massive burden because of that. Then I'd be tied to the property because I'd have that mortgage.' While Sherwood acknowledges that she is foregoing a degree of financial stability that comes with a mortgage, she prefers alternative approaches when it comes to investing for the future. 'So much could change [in the coming decades] from regulations, to [property] market fluctuations, to personal circumstances. I would rather invest in stocks and liquid assets for a sense of financial security.'
The Independent
22-07-2025
- Business
- The Independent
Monthly rents rise £221 over three years – here's how much they've gone up in your area
The cost of renting in the UK has seen a sharp rise over the last few years, new data shows, increasing by an average £221 a month in just three years. This makes the cost of renting 21 per cent more expensive than three years ago, the analysis by Zoopla finds, far outstripping inflation. The average monthly rent in spring was £1,283, figures from the property website show. London continues to be the UK's most expensive city for renters, at an average £2,101 a month in 2025. This is followed by Oxford (£1,747), Brighton (£1,640) and Cambridge (£1,600), the data shows. Meanwhile, northern areas Burnley (£625), Hull (£652) and Grimbsy (£656) have the cheapest rents. However, rental growth has varied across different areas of the UK in this time, with some surprising areas seeing prices rise much faster than others. Over the last three years, renters in Rochdale saw the highest relative increase, with average costs rising 34.3 per cent per. This brought the average rent from £668 in 2022 to £897 in 2025. This was followed by Bolton (31.5 per cent), Wigan (31.1 per cent), and Blackburn (29.1 per cent), pointing to a trend of quicker rising rents in the North West. However, annual growth in average rents for new tenancies in the UK is actually now slowing, Zoopla reports. Its report shows that growth has shrunk from 6.4 per cent last year, to 2.8 per cent in the year to April. But the growth in rental prices since 2022 means that private tenants have seen a greater increase in their monthly housing costs since 2022 than mortgaged homeowners, the property site adds. Its figures also show that mortgage repayments for an average outstanding loan currently sits at £1,154 per month – £129 more than the average rent. Richard Donnell, executive director at Zoopla, said: 'A shift to higher mortgage rates raised alarm over how mortgagees would be able to afford higher repayments over the last three years. The sales market has been resilient thanks to mortgage regulations that ensured borrowers could afford higher mortgage rates. 'Renters have faced similarly steep increases in the cost of renting in recent years with rents pushed higher on string demand and limited supply of homes for rent which has hit lower income renters hardest. 'The quickest way to alleviate high rents is to grow the stock of homes for rent in both the social and private rented sectors. Growing housing supply is a key Government target and its vital that the stock of rented homes is expanded across all tenures.'
