Why Your Rent is So Damn High | Let Lee Explain

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  • Published on Apr 7, 2019
  • In 2017 about 43 Million Americans spent more than $485 billion on rent, which is the most money ever spent on rent. Lee explains why so many people are renting more than ever and how much we are spending on it.
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Comments • 2 885

  • Kyle Ward
    Kyle Ward 25 days ago +1

    Wait- 7% PLUS CPII? So we're looking at ~10% a year. It's that already! 10% annual increases are absolutely a problem. $1500 : $1650 : $1815 : $2000 Your $1500 rent can go up $500 signing the third year. This is why we're fucked already.

  • marie rajbally
    marie rajbally 27 days ago +1

    I’m 33 and I live with my mother cause I can’t afford an apartment. I’m fed up of boomers telling me I’m not working hard enough and I shouldn’t get handouts. I work my ass off and my pay still isn’t enough.

  • awaretenacious
    awaretenacious 28 days ago +1

    If society stops promoting the profit motive, homelessness will end.

  • J D
    J D Month ago

    Rent wouldn’t be so high if we didn’t have rent control. Also, rent control causes home prices to increase.

  • Andrew Earl
    Andrew Earl Month ago

    In reality relaxing zoning laws and allowing developers to develope and profit increases supply and decreases demand and price

  • mikeleke0
    mikeleke0 Month ago

    Wah! I'm one person and I should be able to rent a two bedroom apartment on my minimum wage salary.
    Young people need to change their mind set. Socialism, is never going to happen. You, as a young person, needs to focus on the future. If you are making minimum wage, when you are thirty, then you obviously have been not thinking as an adult. What happened to personal responsibility.
    Don't get me started on the thugs that can't speak a proper sentence. Housing for them? That is another subject.
    Edit: Just finished listening to this filthy mouth punk. How dare he speak of elderly people like that. Of course, statistics dictate he will die at the hands of his peers, with a gun shot. The urban black community,...can it get any worse? Yea yea, I'm a racist, I know. START OWNING UP, TO YOUR CULTURE AND LIFESTYLE. Do you really believe, Rap music is healthy for young minds?

  • Historia Civilis
    Historia Civilis Month ago

    URC is a good way to create another house market chrash

  • SlumLord
    SlumLord Month ago

    Facts: I went from playing $1,100 in Nj to 1,900 and that’s only rent

  • Astrah Cat
    Astrah Cat 2 months ago

    You need to force only giant companies like Walmart, McDonalds to pay more, and leave any business with less than like 100,000 employees alone.

  • Diamond Unicorn
    Diamond Unicorn 2 months ago +2

    One word... greed. That’s your answer. People need a place to live, so they capitalize on that need.

  • diogo coelho
    diogo coelho 2 months ago

    this video is so wrong after minute 4:00

  • juan gerena
    juan gerena 2 months ago +1

    Its funny that everybody gives you different answers about rent, but the real answer is GREED stop the GREED, and you cure the problem.

  • juan gerena
    juan gerena 2 months ago +4

    One simple word “GREED”

  • Lewis Simpson
    Lewis Simpson 2 months ago

    For rent. 2 bedroom apmt above an included garage. $515 per month, 515 deposit. Granite City IL. Look for it soon on stl. Louis Craigslist

  • rastaewabeach
    rastaewabeach 2 months ago

    Notice rent is at the highest only in far blue states like Cali and NY.

  • Millton Freedman
    Millton Freedman 2 months ago

    Keep an eye on Oregon. New construction is down 38% Wherever you have rent control you have very few places to rent. like San Francisco

  • Ryan Thomas
    Ryan Thomas 2 months ago

    Can't take this video seriously with all the highly biased language used

  • Tony Two Times
    Tony Two Times 2 months ago

    Why would I want to give the government my money to build more apartments. It will cost way more to do it that way. A whole team of people waging the finger at you making a government salary.

  • Tony Two Times
    Tony Two Times 2 months ago

    Wow people really do want a ruler to dictate everything about their lives.

  • Victor Guzman
    Victor Guzman 3 months ago

    We should invent cars that can stand up that way we would I think be able to have more space and rent would be lower.

  • Keith Harleyk
    Keith Harleyk 3 months ago

    What I've noticed is people buy like 3 houses in their lifetime. Each time they are trying to make money off of their house. Thats an upward trend as in prices. My family has owned our current house from the 1940's when my Great Grandma bought it. I t was paid of by the 70's and is always passed down to one person in the family. Our family also has mayed 5 other homes that are oassed down. All we pay is taxes, insurance, utilities and improvements. We won't have any homeless people in our family.

  • Midnight Rambler
    Midnight Rambler 3 months ago

    What simplistic bs.

  • Allan Love Jr
    Allan Love Jr 3 months ago

    THAT'S OUT FUCKING GOVERNMENT FOR YA.

  • j harper
    j harper 3 months ago +1

    But we have bigger TVs, faster cars and latest cell phones. Well damn, I think I know were my money went. Anyone want a slightly used I-phone 10?

  • J.D Nielson
    J.D Nielson 3 months ago

    The law they passed in Oregon doesn't do shit. They up mine 100.00 which is within their guidelines of 7% we are in a rent crisis.

  • Alp Gul
    Alp Gul 4 months ago

    we need Mr Drivick on this shit

  • Anna
    Anna 4 months ago +1

    Meh, I'm moving to London next year with about 1800£ as starter budget for rent per month. It's more pricey than where I'm from but honestly not that expensive, and London is supposed to be one of the most expensive cities in the world. Just get a decent job and it's definitely affordable. (Coming from a Gen z)

  • Toshiro Hitsugaya
    Toshiro Hitsugaya 5 months ago

    Grrrrrr not enough pay, yet raises prices.

  • AcaJudi JudiJudiJudi
    AcaJudi JudiJudiJudi 5 months ago

    Rent is too high and utilities.

  • Kevin Jacobson
    Kevin Jacobson 5 months ago

    I work three days a week at walmart and can afford my rent, groceries, electricity, and internet.

  • acajudi100
    acajudi100 5 months ago +1

    You are so correct. Landlords are as greedy as fuck. I could move to a cheaper country, since I am retired. Utilities are super high.

  • Alyssa Marescalco
    Alyssa Marescalco 5 months ago

    I live in Asheville NC and let me tell you gentrification is a huge reason why we have an exodus of people who aren’t wealthy to other places. We have tons of homeless people galore we’ve always had a traveling homeless population but now with all of the affordable houses turning into air b&b’s it’s depressing to see people being evicted because they can’t afford their rent anymore

  • Edward Chang
    Edward Chang 5 months ago

    this is a terrible video by not explaining why rent is so high nor why rent control is good other than that rich people are greedy

  • alize0623
    alize0623 5 months ago

    Blame rich white kids. They overpay for their Starbucks. As soon as you build one in the area, you call to them like locusts. They’re attracted to the “charm” of the area but then take it all away by making it as generic as what they were avoiding.

  • Wraith Designz
    Wraith Designz 5 months ago +1

    The statistics are far far worse than this. most people I know pay about %50 or more on just rent! let alone bills and food. Not to mention, greedy corporations who exploited the 2008 housing crisis, kept jobs only hiring part-time, never wanting to give full time, even though our economy atm is better than its been in over 60 years! Greed and corruption, is causing the majority of this. No to mention, illegal immigration and amnesty, SSA is giving asylum seekings $1,200 to 1,400 per check a month! this allows illegals to be able to pay most rents, tax-paying blue-collar workers, are not able to because the system is now literally built against them. Landlords are greedy, and most are foreign buyers, or, investors, causing the same real estate bubble we got during the 2008 economic crisis. This is not going to change, especially when we have people running the country who are selling Americans out for illegals. blue-collar workers are no longer lucrative, but immigration somehow is. It's really F'd up the favoritism going on, and the American people are fed up man. Most people be paying way more than %30 of income, that is a wicked old statistic, most be paying %50 or up to %70 or more. People are being forced to live with parents, or roomies just to stay afloat and even then, it's hard as many roomies don't seem to care or pay their share, or fights occur over finances making life even harder for most. The average worker can't even afford a 1-bedroom apartment alone, let alone a 2-bedroom, as 2-bedrooms tend to only be 200 more than a 1-bedroom, to push living with others or to rent out those over single room apartments. not to mention, rooms now are skyrocketing for rent, i just left a place that began at $450, and in 4 years they wanted over $900! greedy multi-millionaire landlord and management company who his best friend ran wants to increase rent to $1000 by next year! that's in a college town btw. so imagine what college students deal with, and their parents. Society is forcing people to go backward, and greed and crooked politicians, landlords, housing courts, and employers, all help this get worse, and it is escalating at an insane rate yearly. I could go on, but you get the point as many I'm sure reading this do.

  • Rachel McLean
    Rachel McLean 5 months ago

    Here I was hoping you would dive into the way rent is actually determined by landlords and the actual reasons why it is high, instead of getting to things unrelated to rent like student debt and healthcare, or worse draconian rent control schemes... I love how you wanted more people to live in government run projects, ohh the government known for its' efficiency and customer experience. You want to make rent more affordable? Learn some economics supply and demand, more people want to live in a trendy city, but the number of housing units lags behind the increasing demand (because housing creation isnt instantaneous, existing residents resist new building/neighborhood changing) resulting in higher prices. Make building more housing easier (increase supply), encourage city based businesses to use more remote employees (decreasing demand), increase infrastructure to allow for quicker commutes into cities (decreasing demand),

  • Pang Yang
    Pang Yang 5 months ago +1

    I think they should drop rent prices and then not raise minimum wage from 7 dollars that way even when they pay us 7 dollars we can afford a place to live and there wont be a need to raise minimum wage because if you raise minimum wage then the cost of living will go up and the purchasing power of our money will go down as prices rise. so it might be a good thing to have rent control so that the purchasing power of our money becomes stronger not just that there will be more of purchasing if prices were a little lower. when prices are at a all time high then there wont be a lot of purchasing. all i know is raising the minimum wage wont do anything if prices for rent keeps going up think about it. Rent goes up we raise wages and then it goes up again then we raise wages how long until we start getting paid 40 bucks an hour for minimum wage with prices raising in all forms of goods in services. I call that inflation. The only way to get rid of that inflation is to do rent control.

  • Brian Gamble
    Brian Gamble 5 months ago

    This video has lessened VICE’s credibility as a news platform. I feel sorry for how scorned this young man is but that is no reason to call landlords rich assholes. Being a landlord or developer has lots of risks, you can literally lose everything. In addition, you will probably be paid nothing or very little for the first decade you are in the business.

  • TheSnowFoxParty
    TheSnowFoxParty 6 months ago

    I make 53k a year before taxes and living on your own in your mid 20s like myself is very difficult....also in in the Washington DC area. So......yeah. and the prices keep going up and up

  • David Conroy
    David Conroy 6 months ago

    It's really the states govermern and the landlords that are causing the problem... as buildings are sold it they reasses and taxes goes up....

  • David Conroy
    David Conroy 6 months ago +1

    Nice video! I agree with you 'rent should increase anymore then the rate of inflation" once the initial rent is set.

  • Sakigami Fox
    Sakigami Fox 6 months ago

    The truth is that the world is over populated and we need a new world war or plague. Bodies need to drop.

  • Water Bug
    Water Bug 6 months ago

    I'm 62 years old and there has never been a time in my life when any person making minimum wage could afford an apartment. I'm not sure when people thought earning minimum wage was enough to have an apartment. What we did when we were young we rented apartments with roommates and worked to get better paying jobs.

  • Millton Freedman
    Millton Freedman 6 months ago +1

    Abolish all rent control and "no cause" regulations! Rent control causes housing shortages.

  • Section
    Section 6 months ago

    That chart about apartments is retarded. Im from New England and I know for a fact The celebrity vacation homes in Vermont and New Hampshire are affecting that curve. Shit is cheap af up there. Its only Massachusetts and Connecticut that are relatively fucked.

  • the420xtc
    the420xtc 6 months ago

    So wrong so dumb plz consult Ben Shapiro before you open your tarded mouth again

  • JaydoDre
    JaydoDre 6 months ago

    This video spent about 10% on what the title says and the rest on a traditional hippie view that has been expressed and countered a gazillion times in the past already.

  • zerillimassimo
    zerillimassimo 6 months ago

    This is the dumbest most one-dimsensinal video. It was doing well in explaining how bad the rent situation is in America, but when it gets to talking about the solutions it can only come up with one. Which is Universal Rent Control. And promotes like it's a no-brainer. As if there are no cons to it. Most of the VICE videos I've seen have been much better researched and much less opinionated, that's what I think it needs to stick to.

  • Jacob Martin
    Jacob Martin 6 months ago

    Holy shit this is dumb

  • Jacob Martin
    Jacob Martin 6 months ago

    Because real estate investing is a business, as it should be. If you don’t like it, go get an FHA loan and pay 3.5% down on a cheap house and get out of the rent cycle

  • Peter Mitchell
    Peter Mitchell 6 months ago

    Suck it vice

  • Peter Mitchell
    Peter Mitchell 6 months ago +2

    "Rich aholes" nice way to describe someone that worked to build apartments.

  • Peter Mitchell
    Peter Mitchell 6 months ago

    Supply and demand idiots

  • Savvas Tsochataridis
    Savvas Tsochataridis 6 months ago +1

    The answer is tiny house they are pretty good and modern with all the comforts you need you can buy or make one I think if you pay 1000 dollars for rent you can buy or make tiny house adios head pain welcome freedom

  • Naruto Uzumaki
    Naruto Uzumaki 6 months ago

    And this is why just because you immigrate to united states it won’t give you a better life or you’ll become a little richer

  • Mario Pierre
    Mario Pierre 6 months ago +7

    Am I right to say this a symptom of a bigger problem...?

  • NEWS NOW FORT WORTH
    NEWS NOW FORT WORTH 6 months ago +1

    oh look the 1%ers thumbs this down

  • Prophet YouTube
    Prophet YouTube 6 months ago

    Another stupid @ss video! Solution, move idiot.

  • krul Krulle
    krul Krulle 7 months ago +1

    Their should be severe penalties on leaving rentable houses empty. They should pay the goverment extra taxes if a building is empty and could be rented out.

  • Eric Anderson
    Eric Anderson 7 months ago

    A: The FED insures that investments accrue to the top .1% and especially to the top .01%. The FED and all other Central Banks assure this by adjusting the interest rates and printing money. Your ability to earn more as a percentage of income is diminished because your productivity is no better now than your dads was 20 years ago. You are a slave to government debt by design and its been this way since 1913. That is why Why Your Rent is So Damn High.

    On the bright side because the US still has the best Constitution in the world and Democrats have not thoroughly destroyed it all other countries would rather invest in the US than any other country in the world including their own.