My wife and I have been renting a home for the past two years. We now have to move because owner is selling. The problem now is finding another affordable rental home.
Three years ago, a few thousand homes that went into foreclosure in Forsyth County were gobbled up by venture capital groups for a fraction of their value. Now those homes are being managed and rented by property management groups in order the make large profits for themselves and the venture groups who own the property have driven rent rates to levels that are not affordable by the average person.
Apartment owners have followed suit. The average rental rate for a small two-three bedroom home or apartment ranges from $1,300 to $1,500 a month.
The ironic part of all this is that the people needing to rent homes are the same people who were foreclosed on. The money-grubbers always seem to kick folks when they are already down.
Unfortunately, the rich are always going to get richer and the poor will be poorer.