| by Kenneth Chase | 100 comments

Rental Auction App Driving Up Apartment Prices?


A NEW APP HAS BEEN DEVELOPED FOR
INDIVIDUALS WERE LOOKING TO RENT AN APARTMENT BUT WANT TO
BID ON THE APARTMENT AND MAKE SURE THERE IS TRANSPARENCY
IN ORDER TO DO IT. IT SEEMS LIKE A GOOD IDEA, BUT
IT HIGHLIGHTS A HUGE I PROBLEM WHEN IT COMES TO THOSE
WHO RENT PROPERTY IN MAJOR CITIES LIKE LOS ANGELES, SAN
FRANCISCO, NEW YORK, OR BOSTON. THE RENT IS REALLY HIGH IN THESE
AREAS AND THE HOUSING IS LIMITED. BEHIND-THE-SCENES PEOPLE ARE
OFTEN IN A BIDDING WAR FOR RENTAL PROPERTIES WITH
LANDLORDS. THE APP IS KNOWN AS RENTBERRY.
IT IS INSANELY EXPENSIVE. OFTENTIMES WHAT HAPPENS IS A
LANDLORD WILL LIST SOMETHING, LET’S SAY IT IS
$1000 A MONTH. YOU KNOW THAT IN THIS
PARTICULAR MARKET THERE IS OVERCROWDING, IT’S DIFFICULT TO
FIND AN APARTMENT, BUYING A HOUSE IS TOO EXPENSIVE SO YOU
DON’T HAVE THAT OPTION. SO YOU GO TO THE LANDLORD AND
SAY I WILL GIVE YOU $1100 A MONTH. THEN SOMEONE ELSE MIGHT COME IN
AND SAY I WILL GIVE YOU $1200 A MONTH. WHEN IT COMES TO BIDDING WARS,
USUALLY PEOPLE WILL END UP PAYING 5% HIGHER RENTAL RATES THAN THEY
WOULD HAVE BY RENTING OFF-LINE.>>I AM SHOCKED IT IS ONLY 5%.>>ESPECIALLY WHEN YOU CONSIDER RENT IN PLACES
LIKE LA OR SAN FRANCISCO. ALSO, THE SAN FRANCISCO
TENETS UNIT UNION ISSUED A STATEMENT ON THIS.>>I DON’T SEE HOW IT
DOESN’T DO THAT. IF YOU HAVE INFORMATION ABOUT
THE PERSON WHICH IS AVAILABLE ON THE WEBSITE AND YOU
CAN CHOOSE WHICHEVER ONE YOU WANT, IT IS LITERALLY NOT
ABIDING BY IT.>>UNDERSTAND WHAT IS HAPPENING. YOU CAN BUY A HOME BECAUSE A
HOME IS JUST SO OUT OF REACH. IF YOU WANT TO LOOK AT
THE AMOUNTS ñ IN THE MARKET WHERE WE ARE, WE
ARE AT THE TOP OF THE MARKET. A LOT OF THAT DOES HAVE TO DO
WITH BANKS MANIPULATING THE HOUSING MARKET. OFTENTIMES IF THERE ARE A
CERTAIN NUMBER OF FORECLOSURES THE BANKS WILL HOLD
ONTO THOSE FORECLOSURES AND THEN RELEASE THEM LITTLE BY LITTLE
SO THERE ARE BIDDING WARS. THEN OF COURSE YOU HAVE
THESE OVERVALUED HOMES. FOR A LOT OF MILLENNIAL’S, THEY
DON’T HAVE THE OPTION OF GETTING A MORTGAGE BECAUSE THEY WILL BE
DENIED BECAUSE OF THEIR DEBT.>>IT SHOULDN’T BE LEGAL. THEY ARE TRYING TO CREATE AN
EFFECTIVE MONOPOLY OVER AVAILABLE HOUSING SALES.>>THAT’S RIGHT.>>THAT IT HAS RIPPLES AND IT
CAUSES RENT TO GO UP. AND IN AREA LIKE LA, EVEN THE
RENTS IN A NEIGHBORHOOD BEING TOO HIGH SUCKS BECAUSE
LEAVING JUST A FEW MILES AWAY COULD MEAN THAT YOUR COMMUTE
GOES UP BY 20, 30, 40 MINUTES. IT’S NOT THE SAME AS BEING A FEW
MILES OVER IN A RURAL AREA. WE ARE INCREDIBLY SEGMENTED
BY NEIGHBORHOOD, AND IT MATTERS WHICH NEIGHBORHOOD
YOU ARE IN.>>ESPECIALLY WHEN YOU LIVE IN LA
WHERE EVERYTHING IS SPREAD OUT. IF YOU ARE NOT LIVING CLOSE TO
WHERE YOU’RE WORKING, YOUR COMMUTE CAN BE AN HOUR, HOUR AND
A HALF, AND SOME CASES TWO HOURS. JUST TO GO TO AND FROM WORK YOU
ARE WASTING FOUR HOURS OF YOUR DAY. THE WORST PART ABOUT THIS, THERE
USED TO BE A TIME WHERE IF YOU COULDN’T AFFORD A HOME YOU WOULD
RENTS AN APARTMENT AND THAT WOULD BE YOUR SOLUTION WHILE YOU
SAVED UP WHAT YOU COULD TO MOVE INTO A HOME. NOW THAT IS NO LONGER A REALITY.>>THE WAY THEY HAVE SET IT
UP, THERE IS AN INCREDIBLE AMOUNT OF PSYCHOLOGY THAT GOES
INTO HOW YOU RUN AUCTIONS. IT IS INCREDIBLY INTERESTING. IT IS NO COINCIDENCE THAT YOU
ARE ABLE TO SEE WHAT OTHER PEOPLE ARE BIDDING. THEY ARE TRYING TO MAKE IT GO
UP AS MUCH AS POSSIBLE. THEY ARE TRYING TO
CREATE THAT VIRTUALLY. AUCTIONS ARE OKAY BECAUSE WE GET
AUCTIONED IS LUXURIES YOU DON’T NEED. YOU CAN HAVE PEOPLE FIGHTING
OVER BONES LIKE A PACK OF DOGS.>>WHAT IS HAPPENING AND LA IS
THAT PEOPLE WHO LIVE IN RENT-CONTROLLED AREAS ARE JUST
REFUSING TO LEAVE NOW. YOU SEE VERY LITTLE TURNOVER
IN CERTAIN USERS UNITS. I LIVE IN RIGHT A RENT
CONTROLLED AREA, THERE IS NO WAY IN HELL I AM MOVING
OUT OF THE APARTMENT. THE SAME EXACT UNITS NOW GOES
FOR ABOUT $2000 A MONTH. A ONE BEDROOM A PERMIT FOR
$2000 A MONTH IN LA.>>SO, WHY HAS THE
RIGHT GONE UP SO MUCH? AIR B&B IS CERTAINLY
CONTRIBUTING. I HAVE NEVER OWNED
PROPERTY OR RENTED IT. I AM SURE THAT IT SUCKS
TO RENT PROPERTY. THERE ARE ALL SORTS OF EXPENSES. IT DOESN’T SUCK $700
A MORE THAN IT DID A DECADE AGO.>>
MY DAD OWNS RENTAL PROPERTIES. HE OWNS APARTMENT BUILDINGS IN
HOLLYWOOD. I NEVER GOT INVOLVED IN ANY OF
IT EVEN THOUGH MY DAD BUSTED HIS ASS HIS ENTIRE LIFE. I ALWAYS TELL MY DAD TO
TAKE A VACATION. I DON’T WANT TO RELY ON HIM, BUT
HE STILL TO THIS DAY DOES ALL THE CONSTRUCTION, ALL THE
WORK, EVERYTHING ON THOSE APARTMENTS HIMSELF. RECENTLY I GOT INVOLVED WITH HIM
BECAUSE HE IS GETTING OLDER AND NEEDS HELP. I NOTICED THAT FOR THE AREA
HE IS RENTING IN, HE IS RENTING WAY BELOW MARKET VALUE. I THOUGHT HE WAS DOING IT
UNWITTINGLY. HE HAS THESE BEAUTIFUL
APARTMENTS THAT HE COULD EASILY RENT FOR MORE MONEY. HE SAID I KNOW, BUT THESE YOUNG
KIDS THEY HAVE A HARD TIME, THEY DON’T MAKE AS MUCH MONEY. HE IS WILLING TO TAKE A HIT TO
GIVE THEM THESE APARTMENTS FOR UNDER VALUE. HE RARELY HAS
VACANCIES AS A RESULT.>>AND PROBABLY HAPPY TENANTS.>>AND THEY ARE NOT SHITTY
APARTMENTS. THEY ARE REALLY NICE.>>IS YOUR DAD BERNIE SANDERS?>>HE SUPPORTS BERNIE SANDERS. HE’S VERY VIOLENT, HE
THROWS CHAIRS. OVERPOPULATION IS A
BIG PART OF IT. YOU HAVE CERTAIN INDUSTRIES
THAT MAKE A LOT OF MONEY IN THESE BIG CITIES. IN NEW YORK
YOU HAVE WALL STREET. THESE PEOPLE CAN AFFORD A LOT OF
MONEY. AND I’LL LET YOU HAVE THE ENTERTAINMENT INDUSTRY, THAT
INFLATES THE VALUES OF HOMES AND APARTMENTS.>>NOT IN OUR SECTION.>>DEFINITELY. OUR VERY SPECIFIC INDEPENDENT
MEDIA SECTION. YOU COULD MOVE TO UTAH AND I’M SURE
YOU’RE RENT WOULD BE OKAY. I WOULD RATHER LIVE IN MY
RENT-CONTROLLED ONE BEDROOM APARTMENT FOR THE REST OF MY
LIFE.

100 Comments

Die 4 Europa

May 5, 2016, 3:09 pm Reply

I would like an appartement far away from African Americans please ^^ !

PatrickDayDreamer

May 5, 2016, 3:10 pm Reply

learn about something on wikipedia… wtf… read a book…

Narc Bova

May 5, 2016, 3:18 pm Reply

If you want to live like a 1%er you have to pay like them.

Jaleel Grove

May 5, 2016, 3:22 pm Reply

Oh I'm sorry you want to regulate the landlords choice of who gets to rent his property? I thought this wasn't a socialist country

Sheku Sillah

May 5, 2016, 3:24 pm Reply

Wow what a nice father you have Anna

Wendell 717

May 5, 2016, 3:24 pm Reply

Keep it real, we know the housing market is somewhat rigged. Especially when Wall Street is involved. But putting that to the side for a second, why is it that the rent keeps going up even in these insanely expensive cost of living metro areas?? its because the power is in the hands of a few, who have the power and resources to jack up the prices, aka a form of price gouging.

Goron

May 5, 2016, 3:27 pm Reply

$4,500/month!? Bs! My house is $1,900/month for mortgage! My house is just a few minutes drive north of Toronto!

millsathn

May 5, 2016, 3:27 pm Reply

USA is so messed up :-/

AsifIcarebear3

May 5, 2016, 3:29 pm Reply

I don't get it. People are willing to pay insane prices for living space close to or in the city. Nothing can prevent this. We can only hope that we can build bigger housing complexes so there are more apartments available.

Ihategoogle+

May 5, 2016, 3:31 pm Reply

You guys need to start talking about what Bernie Sanders did for housing in Burlington. This stuff is important and no one is talking about it. Show people what Bernie has already done, so they know it's not just pie in the sky
http://www.thenation.com/article/bernies-burlington-city-sustainable-future/

Rhonda Fails

May 5, 2016, 3:45 pm Reply

Its totally ridiculous. There haven't been any Rent Control since the 7O's! Most of the major cities are growing fast and people are taking FULL advantage of raising prices and the consumer is swallowed up in RENT and its TOTALLY RIDICULOUS!

Leek

May 5, 2016, 3:56 pm Reply

People used to rent in order to save up money to put up a downpayment on a place. Now renting costs at least the same as a mortgage payment.

Emillionaire

May 5, 2016, 4:03 pm Reply

Damn, I live in Canada and my rent for a 1 bedroom for the best spot downtown walking distance to all the universities and downtown in our city (halifax) is about 800-1200$ plus utilities. Even that price in a 1 bedroom apartment on minimum wage I had to split the apartment with someone else so we could afford it and school, her bedroom was the living room and it was the smallest apartment you could imagine, and even then we couldn't make ends meet sometimes and just buying basic necessities became everything we spent our money on. the cheapest you can get that's probably a 40 minute commute to downtown is maybe 700$ but if you go any farther from the city it's just houses and no apartments. Unfortunately I don't have parents who dont want to house or care for me after 18 and a living wage so going on 21 it's been a tremendous struggle.

DISCO-INFERNO-70

May 5, 2016, 4:03 pm Reply

I have given up on humanity.
We are all to blame for supporting the never ending worship of capitalism. We all complain about the vastly expanding gap between the wealthy and the poor, and yet we CONTINUE to vote against our best interests. We CONTINUE to fill our government up with people who want to give MORE to the wealthy, and take away MORE from the average citizen.

Our belief that capitalism can do NO wrong, and how regulation and taxation is evil, is the main reason we see America turning into a third world country.

IvanPlayStation4LiFe

May 5, 2016, 4:13 pm Reply

For me thats mad cheap

iamborat100

May 5, 2016, 4:20 pm Reply

The rent is TOO DAMN HIGH!!!

mdubin

May 5, 2016, 4:25 pm Reply

That's my biggest problem right now, all these apartments are blown way out of their actual value. Its a complete rip off so you guys know. All these landlords are making a killing, you're pretty much paying off their debt then some. Also they expect you to pay the utility's which is even more insane, people like me who are going through college are being taken advantage of. How is someone like me that has to support myself with no help supposed to go to school keep up a minimum wage job and pay rent that i cant even keep up with. I tried juggling all these things at once and starved myself doing it. People wonder why someone in my situation would chooses not to go to school -_-

mdubin

May 5, 2016, 4:30 pm Reply

ITS A NIGHTMARE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

likquidsteel

May 5, 2016, 4:38 pm Reply

Rent prices are influenced by supply and demand of housing units and cost of living. Auction is the next fairest way to address this issue. Rent-controlled apartments are a form of subsidized housing; unless you are low income (I mean borderline poverty) you should not be in these units. Otherwise, move to more affordable housing or city. No sympathy if you want to live in an attractive area AND be close to work AND its affordable too AND an ocean view to boot. That's a utopia that if it existed, others would desire it too, and price shoots up. Too bad, tough shit. This is one form of entitlement we don't need.

KELLI2L2

May 5, 2016, 4:39 pm Reply

Greed is what has caused Rent Control…

CrypticCalamari

May 5, 2016, 4:55 pm Reply

Anyone that uses this app is an idiot. This goes beyond even the absurdly outrageous rent; these people are literally saying through the use of this app: "Please, screw me over. I can't verify that the other bidders are real people and not just the landlord driving the rent up via the auction, but I want to be open to being cheated out of my money."

Then again who knows. The people who bids on insane prices like these might have the resources to find out if the landlord cheated them and sue them accordingly.

darksteel78

May 5, 2016, 5:06 pm Reply

I'm apartment shopping right now in the SF Bay Area and rent is $2500/month for 1 bed/1 bath. Not cheap at all. You have to have a Silicon Valley tech job with that kind of rental rate.

The Great Amida

May 5, 2016, 5:09 pm Reply

"…individuals who are looking to rent AND apartment…" Seriously, who's the knuckle dragger that writes the video descriptions?

darksteel78

May 5, 2016, 5:09 pm Reply

It's always crazy hearing about rent in these large metro cities. Me and my roommate are paying $600 each for this 2 bed/2 bath apartment. Must be one of the benefits of living in a mid-sized city in the South.

MoneyAndPeople

May 5, 2016, 5:11 pm Reply

It proves it, he was right, THE RENT IS TOO DAMN HIGH

ArsenGTS

May 5, 2016, 5:24 pm Reply

I live in Daly City, 10 miles south from SF, I'm paying $2450 for 1 bedroom and it goes up $100-300 each year

Rob Smith

May 5, 2016, 5:25 pm Reply

Props to your dad Ana! Just tell him to put the chair down XD

Seán O’Nilbud

May 5, 2016, 5:28 pm Reply

Sometimes it's hard to be an atheist with so much evil around.

DarPower1

May 5, 2016, 5:41 pm Reply

It's expensive because they're not building enough apartments to match the rate of people moving in the city.

I live in SF and pay a lot of money for my apartment, but they seldom build new apartments for a crowding city. So market rate goes up as the wealthy renters compete with poor renters. If all groups were satisfied, there would be twice as much housing stock today. But idiots bitch, moan and whine about how high an apartment is and make it as hard as possible to build. Not understanding that more condos are the solution, not the problem. They're expensive because the market rate is fucked up by the lack of housing for wealthier renters.

As supply of housing goes up; demand for housing goes down. Simple. So if you're against any new apartments, you're part of the problem.

John A

May 5, 2016, 5:42 pm Reply

Apt prices are insanely high ….until the $15 min wage, which won't happen, I don't know how a low end worker can live somewhere and eat at the same time.

Merve Fattah

May 5, 2016, 5:50 pm Reply

Mr. Kasparian you made me cry.

Lord Raiden

May 5, 2016, 5:57 pm Reply

I own a 5 bedroom house and insurance, mortgage and property taxes is $720 / month

Election Commentary and Analysis

May 5, 2016, 5:58 pm Reply

Solution: Don't move to a big city. Move to places where rent is less expensive. Easy.

BlunderCity

May 5, 2016, 6:01 pm Reply

Rents and property prices are expensive because banks are manipulating the market? Really? Don't you think the Fed's near zero interest rate policy has more to do with it than anything else?

Oh and no Ana, you're not going to have to live in your rent controlled apartment your whole life. The property market will crash one day and you'll be able to find cheaper or buy. I'd venture to say this crash will happen when rates inevitably rise in the future but who knows.

SolDeSaBelle

May 5, 2016, 6:24 pm Reply

2:12
I'm sure their defense on breaking the Fair Housing Act will be "No no no! They're not all applicants, they're only applying to be applicants! We only select one of them, and thus the first qualified applicant is indeed the one who is selected" or some bullshit like that.

Tom T.

May 5, 2016, 6:46 pm Reply

The moral of the story is stay out of the major cities.

Juan Rodriguez

May 5, 2016, 6:48 pm Reply

Ah Anna you wonderful daughter you.

Nick Shrefler

May 5, 2016, 7:02 pm Reply

Levy a Land Value Tax

sleepykitty7

May 5, 2016, 7:08 pm Reply

Its interesting being in wyoming we are having problems with housing in a similar way. In wyoming there are barely any apartments and the apartments we do have they are not cheap. So we have this problem of in order to live here you need to be able to afford a house. Which for a full time college student that can only work minimum wage jobs it does not work. It feeling like the system here is heavily weighted towards the adults that have already made their lives, and don't care what happens the the generations behind them.

Lance Boil

May 5, 2016, 7:11 pm Reply

I was renting a very nice two bedroom apartment in 16 unit building in downtown San Fransisco, two blocks from the top of Nob Hill. I began renting it in 1976 for $250.00 per month. In June 1979, the Board of Supervisors passed the Rent Stabilization Ordinance, or rent control. The landlord could raise my rent only 4% per year if he wished. When I decided to move to the county-side and retire in 1999, I was paying under $700.00 per month. I could not do a sub-lease as my contract would not allow it and the landlord lived in the building, so would know if I was sub-leasing. All new occupants in the building were paying up to $3000.00 per month. I asked my landlord how much he would pay me to cancel my lease and move out. We settled on $12,000+. This payed for my move and went towards a down payment for a home in the country. My landlord could also write it off as a business expense. I had to declare it as earnings. It was a win win. I was surprised to learn from my landlord that most renters who had moved had never thought to ask them to buy them out.

Robyn Palumbo

May 5, 2016, 7:13 pm Reply

Don't act like millennials are the only victims here. Plenty of Gen-X-ers are being pushed to the sidewalk because of the apps that millennials are using to jack up prices. I was raised in SF and I'm disgusted by what's happening here. Things change over time. I get that. But the newbies moving in here are such little pricks. We wouldn't despise them so much if they would have some manners.

Mlogan11

May 5, 2016, 7:22 pm Reply

Ana's logic:

1) If she's looking to pay for a rental – rates are outrageous, unfair, and too high.

2) If her father is renting out his properties: He should rent at the MAXIMUM value he can get and is "amazed/surprised" that he isn't doing that.

Inconsistency alert!!!

ddrcal1

May 5, 2016, 7:22 pm Reply

They need to pass a tax law/ordinance of up to 75% for such a high/ridiculous rental rate.  They want to charge such a high rate?  Let them pay for it.

PrincessTS01

May 5, 2016, 7:25 pm Reply

i used to use WEST SIDE RENTALS its just as bad

user 15481

May 5, 2016, 7:57 pm Reply

I wonder what is going on in the San Francisco Market to make rent so high?

Sweetearth1958

May 5, 2016, 8:06 pm Reply

I will tell you that California—ANYWHERE in the state where ANY kind of employment–McDonalds, Walmart, or whatever–is available, is ONLY for the wealthy.  I live here and I've watched this go on for the last 8 years.  Fortunately I bought my dump 20 years ago so I can still live here.  But I am stuck where I am, or I have to leave the state.

fejkakaunt

May 5, 2016, 8:23 pm Reply

All this time Ana was pretending to be a poor millenial
and now we find out she is a heiress of real estate fortune

GemMine

May 5, 2016, 8:35 pm Reply

so john lives at home with his mom

Darth Gorthaur

May 5, 2016, 8:41 pm Reply

so if John doesn't own any property an never rented any property where the hell does he live ? in some sort of pimped dumpster or some shit?

crusader4507

May 5, 2016, 9:12 pm Reply

Construction worker life, 2-3 hour commutes oneway…

Lauro Padilla

May 5, 2016, 10:30 pm Reply

John sleeps in TYT's offices.

Trevor Bernard

May 5, 2016, 10:37 pm Reply

I would love to be a tenant for Ana's father. Renting these new modern apartment near Marina WestChester and Culver City are not worth it too expensive

Taun-Chi Gaming

May 5, 2016, 11:00 pm Reply

Or you can just do what that Google employee did.. Live in your van in the parking lot. lol

Reiden Lightman

May 5, 2016, 12:34 am Reply

You know what's sad? There are more empty living places than there are homeless people. There's enough houses/apartments to house everybody.

Housing markets are predatory as fuck. We talk about pharmaceuticals and pay day lenders being predatory, but when it comes to the first basic necessity of living (a home), people are fucked up the ass and then some. It's absolutely ridiculous. Where I am, whether it's a luxury apartment or not, you'd have a hard time to find anything below $1,000 per month. Studio? Anywhere from $1,000 to $2,000. 1 Bedroom? Anywhere from $1200 to $2500. Need I go on?

I don't think any of these places are even trying to compete. I live in a half-decent apartment with my mom (because I can't afford to move out on my own yet). It's $1300 per month, 2 bedroom with water and garbage paid. It has 2 pools and a fitness center. Sounds okay, but maintenance is absolute shit here. We've been waiting for a new stove for over 5 months. We were told again that we'd get it by last Friday; it's still not here. Now… let's go over to the apartments just a 10 minute walk away. My friend lives there. 2 bedroom 1.5 bath, no pool, no nothing extra paid. It constantly gets roaches because they hire the weakest and cheapest shit for extermination. Same fucking price.

The worst part is that there's no laws protecting us because God forbid the government do anything that might take a single dollar away from corporations. Capitalism is supposed to mean different companies that do the same thing try to get your dollar by offering the best product possible at the lowest price possible. Instead we have any corporation charging anything they damn well please.

I might never own a home. I've almost come to terms with it. I might be in low space low quality apartments for the rest of my life. How bad is it when I've basically accepted that as what's gonna happen no matter how hard I try?

joe momma

May 5, 2016, 1:16 am Reply

I live in Houston. It's incredibly cheap to live, and a lot of jobs. A lot of high paying jobs as well. Guess the conservatives aren't complete idiots are they?

ElectroMagneTech

May 5, 2016, 1:24 am Reply

You are going to have to have an advanced technical degree in order live in major cities sooner or later. Robotics and the outing of jobs from the country, is going to force people to need degrees in STEM fields.

HALFBREEDMUGEN

May 5, 2016, 1:31 am Reply

I live in SF and the rent makes want to jump off any high structure i see.

r3dxfaction

May 5, 2016, 1:58 am Reply

Overpopulation is the real problem, we need a biblical disaster that'll bring down population

Christopher Van Buren

May 5, 2016, 3:37 am Reply

Not to mention that property owners could (would) game the app and create fake renter accounts that they use to drive up the bidding wars on their properties. "I like you, but this other guy is bidding a lot more than you…"

Cyberspine

May 5, 2016, 3:45 am Reply

Build higher

Evolution1101

May 5, 2016, 4:12 am Reply

Sooo in summary… The rent is TOO DAMN HIGH!

How Bizzare?

May 5, 2016, 4:33 am Reply

The San Francisco Tenants Union? Those guys are still alive?

catquack

May 5, 2016, 4:52 am Reply

Rents in Hong Kong are in some cases over double that…  depending on area and amenities.

Marhaba iktara

May 5, 2016, 5:00 am Reply

where is the "Rent is Too Damn High" man when you need him!

magister343

May 5, 2016, 5:49 am Reply

The proper solution is Land Value Taxes.

RassBrass

May 5, 2016, 7:03 am Reply

I lived in San Francisco in the late 90's and I was always broke, working two jobs so that I can afford to pay the rent of a one bedroom apartment which I was pretty much using for about 6~7 hours to just crash and get a little asleep. I'm glad i moved out of that state.

a bains

May 5, 2016, 7:44 am Reply

Is it just me who dislikes every video that starts with advert

evov monbly

May 5, 2016, 8:20 am Reply

So the transvestite in the beard has never rented property (meaning daddy gave him a house) Anna ' s dad is a rich landlord and Cenk is a millionaire. … and these turds know what it's like to be plebeian s? ??

Nikki

May 5, 2016, 9:34 am Reply

Wow! I'm glad I live in Phoenix. An apartment/townhouse here costs $400-$700/month, depending on the area. $400 is in some of the worse neighborhoods, but $700 will put you in a decent area. Of course, there are more expensive apts in wealthy areas, if you have the money. And the weather is not a problem as long as you have a car.

N.W.A.

May 5, 2016, 10:18 am Reply

And if there's one thing you shouldn't be able to do, it's get top dollar for whatever you're selling, because TYT logic.

Claramata

May 5, 2016, 12:28 pm Reply

Ana's dad sounds like my landlady (I live on the beach and my rent could be ridiculously high, even in the less than ideal area) but when nobody else in all of Monmouth county nj would rent to me because of my student loan debt she did and for a pretty damn low price. She was like an angel from heaven after a year and a half of couch surfing with different relatives while I tried to get an apartment.

pressmot

May 5, 2016, 1:24 pm Reply

If you can bide on a house why not a apartment

smeggie42

May 5, 2016, 1:47 pm Reply

want cheap rent? come to detroit we have tons of stuff available oh wait you dont want to live here then thats your choice to live in that city. as for the app it proves the landlords are asking too little for their apartments. there is a high demand and a low supply.

BlackMambakins

May 5, 2016, 1:59 pm Reply

Indentured servitude.

Awdly tbd

May 5, 2016, 2:03 pm Reply

Rent in Utah is a nightmare. Even with 11$ an hour without a car I can't afford an apartment close enough to my work that isn't a 40 minute to an hour commute. Nor can rent on my own. I can at least afford to feed myself however.

86 GrandNational

May 5, 2016, 4:42 pm Reply

I live in Brooklyn and i pay 1325. for a 1 bedroom apartment, shits gettin' crazy in NY

momzbabz7

May 5, 2016, 6:26 pm Reply

Great ! Glad to know Every landlord is money hungry EXCEPT her father ! Your a clown if you think theres not other factors property owners have to take into consideration in renting to tenants other than money , If a tenant offers me the highest bid but has a bad credit report / background check OF COURSE theyre not gonna be my first option !

edwin rios

May 5, 2016, 7:05 pm Reply

Ana can I have your dads number?

rockthestrand

May 5, 2016, 7:07 pm Reply

Median is not average, bad reporting here.

mtneves77

May 5, 2016, 7:13 pm Reply

Why would renters even want to use this app, this forces you to compete with other renters when you do an auction like this. Using a platform like this you would be forced to compete with people who are willing to pay more or live further if they have to. This app could in theory further segregate the rich from the poor because a poor person is more willing to take a longer commute where the richer have the means for the mere convenience of being closely located to work. Anas father sees the very real value in making his tenants happy on top of having a really steady income happy tenants are less likely to be disrespectful towards his property, miss pay dates, or incite general drama in his life Not to mention the costs associated with repair because your tenants are destructive and any associated lawsuits. There's a lot of hassle to be saved if you're willing to pay it forward.

kcegr

May 5, 2016, 7:32 pm Reply

welcome to the real world

Matthew Warren

May 5, 2016, 8:00 pm Reply

wow, 4.5k a month? with that kinda money i could rent a penthouse apartment where i live.

Grant Duffey

May 5, 2016, 8:24 pm Reply

holy shit, here in GA 3 bed 2 bath brick house on half acre lot 700 a month

Grant Duffey

May 5, 2016, 8:29 pm Reply

prop tax

Ibrahim Boss

May 5, 2016, 8:32 pm Reply

you should see Vancouver

shankyxyz

May 5, 2016, 8:39 pm Reply

haha no wonder. The bearded cuck John Idarola has never rented property. His daddy is pissing his money on this cuck to come and blabber about the benefits of socialism. no wonder, he is a socialist living off his daddys capitalist profits.

John Doe

May 5, 2016, 10:33 pm Reply

Apparently TYT has never heard of owner occupied rentals.

Gr33nAv3ng3r

May 5, 2016, 12:59 am Reply

I think the Bay Area could solve the Banks-holding-inventory-long problem by setting a timeout for banks (or their affiliates) who own X percent of inventory in an area. So if you are a bank and the total number of foreclosures you process (in flight or in preforeclosure) represents say 20% of all inventory in a zip code, you cannot sell any property in that zip code for N months. You can see more property by releasing your foreclosures into the market or reducing preforeclosures.

MCJ62

May 5, 2016, 4:00 am Reply

No, ridiculous land use controls from government are driving up apartment prices. Smh, the extent to which people demonized free market innovations is sad.

waswestkan

May 5, 2016, 10:03 am Reply

Generally actions can detirmine what the consumer believes to be a far price. However it would be better if these are no reserve auctions, but I doubt they are or the landowners would participate. There should be controls in place to insure as best as possible that they landlord doesn't employ persons to run up the bids.. There are too many people for rthe vailable land, so that's going to run up the cost of housing. Unreasonable expectations of renters and buyer ar also run up the costs with there expectation of more space than needed for survival and premium finishes. nothing wrong with Formica countertops and carpet and vynl floor coverings, though there need to be a faster move to lower VOC products. I'm curious as to where TYT located there new studios. Did they locate them in a place closer to affordable housing and where zoning allows. commercial/industrial in closer proximity to residences? In the event you you can't afford housing near where you work, perhaps it's time to reassess your expectations. Something humans have been required to do all along now. In the event Anna is being truthful about her dad, no wonder she is so "liberal". Not that I really doubt her because I know many of all stripes act similarly as her dad. Of course we get the bullshit it's the government's fault comment. In the event it's so onerouse to o be alandard, property owners would sell their property and put their money where it get's a better return.. The reason they don't is because property ownership remains the best investment.. Some people seem to be as ignorant as they assume everyone else is.

fangal12

May 5, 2016, 3:57 pm Reply

Ana, I'm going to need your dad's contact info lol

Tecpaocelotl Castillo

May 5, 2016, 4:32 pm Reply

Ana, your dad sounds like my dad. He works his ass off and rarely take vacation. He wants to leave stuff for my sister and me. I always tell him to take vacation.

millgiass

May 5, 2016, 2:29 pm Reply

Yeesh! More than 4x my total income.

MrEndzo

May 5, 2016, 5:47 pm Reply

I like the way leftist complain about something without really looking at the source of the problem.

Austin

May 5, 2016, 1:33 pm Reply

This would be brilliant if it were employers bidding on employees

Splice Tape

May 5, 2016, 3:32 pm Reply

wow, my first apartment was a 3 bedroom for $250 a month. wasn't the nicest place but not a dive.

Dumb Jason

May 5, 2016, 8:51 am Reply

IM ETHAN RENTBERRY

HateGovernment

Jun 6, 2016, 4:08 pm Reply

Poor people should not live in our large cities. They bring too much crime with them. Large cities should be for our best citizens.

HateGovernment

Jun 6, 2016, 4:09 pm Reply

Our biggest problem? Too Many People.

Kaizer

May 5, 2017, 10:29 am Reply

Basic principle Supply and Demand….. There too many demand for a few rental space

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