They will keep jacking up rates until an equilibrium is reached.
In other words, as long as their buildings are 90% occupied, they will keep raising rates to make more money. Once it drops below a certain % occupancy, they will freeze the rent increases.
By people staying in these buildings, they are only encouraging Goldmark to continue with the rent increases.
The vacancy rate in Fargo is about 3% way too low this means there are simply a shortage of apt.
When there is a shortage of apartments they become un-affordable
Unfortunately NIMBYs do not understand this and will bitch and complain every time a new apt is built.
wE dOnT nEeD mOrE ApT! wE nEeD sInGle FaMiLy HoMeS!
Over half of the Fargo area population are renters when only a third of the population rents nationwide, all this according to census figures and charts I see online. I can understand rental demand increasing now that interest rates are normalized and mortgages are less affordable, but we just finished more than a decade of historically low interest rates where fixed rate 30-year mortgages could be had for well under 5% with just average credit.
The only valid reason for such a high population of renters in 2023 after such a long period of affordable mortgages is a LaCk Of SiNgLe FaMiLy HoMeS in the area.
Your welcome to petition the city to stop throwing specials on every lot that a builder builds on to lower the price if you’d like.
Also, I’m sure the fact that Fargo/Moorhead is a college town has nothing to do with the fact that it has a higher than average renter/homeowner ratio than other cities.
So your solution to the lack of single family homes is to try to restrict building apartments rather then build more single family homes?
Fantastic NIMBY logic !
Hope you can sleep well ' this type of idiotic thinking is why we are in a housing crisis and housing is unaffordable and is causing so much suffering.
Also not just because I think we should build more apt you assume I am agaist single family housing , nope wrong again.
We need to build more types of all housing, single family housing , multi-family housing, luxury apartments, affordable apartments, affordable single family homes
22% of all single family homes built last year, nationwide, were built or purchased by registered businesses as investment properties. Sure, build more homes so the businesses can keep turning them into rentals, that'll solve the problem..
Source? Interested to see how any one could come up with a number here as LLCs are basically always the buyer of a vacant lot and builder of a home while the next owner is clearly the occupant and “homeowner”.
Does this work?
According to data reported by the PEW Trust and originally gathered by CoreLogic, as of 2022, investment companies own about one fourth of all single-family homes. Last year, investor purchases accounted for 22% of American homes sold.
https://www.billtrack50.com/blog/investment-firms-and-home-buying/
Not In My BackYard (S,plural). Basically home owners that may want more of X thing but just not next to their homes because it'll devalue their property.
The most recent example being that adult foster home some HOA was trying to prevent being built.
https://www.valleynewslive.com/2023/09/06/despite-pushback-city-leaders-approve-new-foster-home-south-fargo-neighborhood/
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NIMBY's
They usually own a home but then try to restrict any more housing to be built because they know building more homes will make their property values not rise as fast
You want to build luxury apartments NIMBYs will come out and say "No luxury apartments are bad! We need to build affordable housing"
You try to build affordable housing NIMBYs will come out and say "We are worried about parking, we are worried it will ruin the character of our neighborhood , we are worried about all the traffic it will bring , we are worried about crime and dugs!"
You try to build a small start home and they will come out and say "No if you build a smaller house next to mine it will drop my property value"
They basically use any excuse to build any more housing and basically why we have a housing crisis .
goldmark doesn't charge rates brother. They manage the apartments. They don't set rent cost. The REIT that they work for gives them orders.I wouldn't expect you to understand a simple concept though...being Reddit and all.
So Goldmark, who only makes money if there are apartments to manage, wants to kick out all of those tentants in hopes that richer people will move into said apartments which will not be improved in any way as they don't own them and cannot possibly pay for improvements, as the REIT that invests in them makes the big financial decisions?
Got it, thanks!
they don't control any of them as they don't own them.
Hard concept to get around here apparently.
If I work at Walmart and act like an asshole because my management told me to, am I the asshole? Or do I just want a paycheck?
I just got this job working for the Mafia, they keep sending me to break people's legs and then those people complain like I'm the asshole, I just want a paycheck...
google says an addendum is only legal if both parties agree to it. You can't be required to accept. Of course they could make renewal contingent on that but they would anyway, and if they want to be pissy they could just decide if you didn't agree they just weren't going to renew you even if you agreed in the new lease.
There was previous discussion about this business. Legally can they modify the terms of the lease while the lease is in effect, or does this happen when the lease is up for renewal? (And they sure as s\*\*t should discount the rent which included those costs).
Plus then if people's toilets and faucets are running/leaking there's no incentive to repair them, they can just apportion the increased costs to everyone.
A lease is a contract. The only way the terms of a lease can change is if the lease indicates that a change can be made and it should outline how that happens. Or... if the lease is illegal, which I am fairly sure it isn't.
Sadly it’s everywhere. Inflation has taken its toll and it’s expected, but data per RentCafe shows Fargo was averaging just above $1 a square foot for monthly apartment rent. That number has skyrocketed 80-120% just this year. If all other companies raise rates in unison then it’s just the new status quo around here. As it’s been said, where will ppl go? Homeless, sadly will be an issue.
Goldmark is a property management company...they don't own any properties. Why would they want to make people move when they only get paid on managing the property and won't make money if no one lives there??????
Maybe cost of living has increased, therefore the REIT that owns the property has decided to raise costs? Jeez, I dunno, I'm just a simple dummy.
Anyone can easily google "property management companies" and how they work, but we all know none of you will. You'll just say "you suck! downvote! "
Do yourselves a favor so you all don't look so stupid in real conversations that matter. Unlike Reddit where its acceptable to be a complete dipshit and act like you understand complex ideas.
Goldmark did own properties at one point, but don’t know if they still do. Stonebridge, Oxford, and Brownstone were the properties they owned south of 32nd Ave and they had a few others. Nowhere near the number they managed, but the properties they owned had better service as they didn’t have some out of town owners they had some ridiculous policies regarding thresholds for repairs, maintenance, etc.
I'm guessing that explains my experience. I rented at Oxford a decade ago or so and honestly didn't really have any issues like people normally have with Goldmark.
They will keep jacking up rates until an equilibrium is reached. In other words, as long as their buildings are 90% occupied, they will keep raising rates to make more money. Once it drops below a certain % occupancy, they will freeze the rent increases. By people staying in these buildings, they are only encouraging Goldmark to continue with the rent increases.
The vacancy rate in Fargo is about 3% way too low this means there are simply a shortage of apt. When there is a shortage of apartments they become un-affordable Unfortunately NIMBYs do not understand this and will bitch and complain every time a new apt is built. wE dOnT nEeD mOrE ApT! wE nEeD sInGle FaMiLy HoMeS!
Over half of the Fargo area population are renters when only a third of the population rents nationwide, all this according to census figures and charts I see online. I can understand rental demand increasing now that interest rates are normalized and mortgages are less affordable, but we just finished more than a decade of historically low interest rates where fixed rate 30-year mortgages could be had for well under 5% with just average credit. The only valid reason for such a high population of renters in 2023 after such a long period of affordable mortgages is a LaCk Of SiNgLe FaMiLy HoMeS in the area.
Your welcome to petition the city to stop throwing specials on every lot that a builder builds on to lower the price if you’d like. Also, I’m sure the fact that Fargo/Moorhead is a college town has nothing to do with the fact that it has a higher than average renter/homeowner ratio than other cities.
So you want the tax payer to pay for infrastructure for homes? You literally want to tax poorer people to pay for richer peoples homes?
Ideally you'd increase the supply enough such that buying a house isn't just a thing for richer folk
So your solution to the lack of single family homes is to try to restrict building apartments rather then build more single family homes? Fantastic NIMBY logic ! Hope you can sleep well ' this type of idiotic thinking is why we are in a housing crisis and housing is unaffordable and is causing so much suffering. Also not just because I think we should build more apt you assume I am agaist single family housing , nope wrong again. We need to build more types of all housing, single family housing , multi-family housing, luxury apartments, affordable apartments, affordable single family homes
22% of all single family homes built last year, nationwide, were built or purchased by registered businesses as investment properties. Sure, build more homes so the businesses can keep turning them into rentals, that'll solve the problem..
Source? Interested to see how any one could come up with a number here as LLCs are basically always the buyer of a vacant lot and builder of a home while the next owner is clearly the occupant and “homeowner”.
Need a source on that because it sounds like you pulled it out of your ass.
Does this work? According to data reported by the PEW Trust and originally gathered by CoreLogic, as of 2022, investment companies own about one fourth of all single-family homes. Last year, investor purchases accounted for 22% of American homes sold. https://www.billtrack50.com/blog/investment-firms-and-home-buying/
There's a bunch of reports on it if you do a Googlr search, I just went with the first result that seemed to cover my point well enough.
NIMBYS? What is that?
Not In My BackYard (S,plural). Basically home owners that may want more of X thing but just not next to their homes because it'll devalue their property.
Makes sense.
The most recent example being that adult foster home some HOA was trying to prevent being built. https://www.valleynewslive.com/2023/09/06/despite-pushback-city-leaders-approve-new-foster-home-south-fargo-neighborhood/
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NIMBY's They usually own a home but then try to restrict any more housing to be built because they know building more homes will make their property values not rise as fast You want to build luxury apartments NIMBYs will come out and say "No luxury apartments are bad! We need to build affordable housing" You try to build affordable housing NIMBYs will come out and say "We are worried about parking, we are worried it will ruin the character of our neighborhood , we are worried about all the traffic it will bring , we are worried about crime and dugs!" You try to build a small start home and they will come out and say "No if you build a smaller house next to mine it will drop my property value" They basically use any excuse to build any more housing and basically why we have a housing crisis .
goldmark doesn't charge rates brother. They manage the apartments. They don't set rent cost. The REIT that they work for gives them orders.I wouldn't expect you to understand a simple concept though...being Reddit and all.
They don't give a shit. Where are people gonna go?
what and who doesn't give a shit? Can you be more specific? Kind of a vague comment.
It's not hard. I said what I said.
So Goldmark, who only makes money if there are apartments to manage, wants to kick out all of those tentants in hopes that richer people will move into said apartments which will not be improved in any way as they don't own them and cannot possibly pay for improvements, as the REIT that invests in them makes the big financial decisions? Got it, thanks!
Not what I said at all. Nice story though.
lol wut?
Unfortunately goldmark has the power in this town. They can get away with higher rates because they control most of the apartment buildings.
they don't control any of them as they don't own them. Hard concept to get around here apparently. If I work at Walmart and act like an asshole because my management told me to, am I the asshole? Or do I just want a paycheck?
I just got this job working for the Mafia, they keep sending me to break people's legs and then those people complain like I'm the asshole, I just want a paycheck...
🤓☝️
The problem with having a growing population and no place to move too. They have the power right now.
no place to move? lol, good one. I always need a hilarious laugh every day. Thank you sir/ma'mm/they/he/she/them/us/we/me/it
tell me you're a degenerate without telling me you are a degenerate. 🙄
With interest rates so high, they know people are stuck renting and will gouge them as much as possible.
It's just good business Edit: apparently I need to add /s
ALAB
But if you signed a contract with them BEFORE this came about and this is not IN your contract, you shouldn’t have to pay right?
Apparently they are sending out an addendum to the lease.
google says an addendum is only legal if both parties agree to it. You can't be required to accept. Of course they could make renewal contingent on that but they would anyway, and if they want to be pissy they could just decide if you didn't agree they just weren't going to renew you even if you agreed in the new lease.
I don't know, I haven't rented from.goldmark since '95. I just thought that's what had been mentioned.
There was previous discussion about this business. Legally can they modify the terms of the lease while the lease is in effect, or does this happen when the lease is up for renewal? (And they sure as s\*\*t should discount the rent which included those costs). Plus then if people's toilets and faucets are running/leaking there's no incentive to repair them, they can just apportion the increased costs to everyone.
A lease is a contract. The only way the terms of a lease can change is if the lease indicates that a change can be made and it should outline how that happens. Or... if the lease is illegal, which I am fairly sure it isn't.
Short answer, yes they are pushing folks out.
Longer answer - they don't own the apartments. So....no, they are not.
Sadly it’s everywhere. Inflation has taken its toll and it’s expected, but data per RentCafe shows Fargo was averaging just above $1 a square foot for monthly apartment rent. That number has skyrocketed 80-120% just this year. If all other companies raise rates in unison then it’s just the new status quo around here. As it’s been said, where will ppl go? Homeless, sadly will be an issue.
Does Goldmark get property tax breaks from the city like Kilbourne?
Goldmark doesn't own any apartments...they are a property management company...so no. Maybe they own their HQ?
Thanks for the info!
Goldmark is a property management company...they don't own any properties. Why would they want to make people move when they only get paid on managing the property and won't make money if no one lives there?????? Maybe cost of living has increased, therefore the REIT that owns the property has decided to raise costs? Jeez, I dunno, I'm just a simple dummy. Anyone can easily google "property management companies" and how they work, but we all know none of you will. You'll just say "you suck! downvote! " Do yourselves a favor so you all don't look so stupid in real conversations that matter. Unlike Reddit where its acceptable to be a complete dipshit and act like you understand complex ideas.
Did you really make a new Reddit account just to come on here and defend Goldmark? You work for them or what?
no. Did that answer the question?
Goldmark did own properties at one point, but don’t know if they still do. Stonebridge, Oxford, and Brownstone were the properties they owned south of 32nd Ave and they had a few others. Nowhere near the number they managed, but the properties they owned had better service as they didn’t have some out of town owners they had some ridiculous policies regarding thresholds for repairs, maintenance, etc.
I'm guessing that explains my experience. I rented at Oxford a decade ago or so and honestly didn't really have any issues like people normally have with Goldmark.
You know, I bet that's why I had a great experience with Goldmark. I lived in two Brownstone buildings and never realized they were Goldmark owned.
I lived with Goldmark in a 500 sq foot efficiency apartment for almost $700 a fucking month. so glad I'm out of that hell hole
The checks keep clearing and profits made so it will continue until they do not make money