Key insights

• ⬆️ Comparison of rent prices in 2008 and 2024
• 💵 Increase in minimum wage from 2008 to 2024
• 📉 Significant decrease in unemployment rate from 2008 to 2024
• 👩‍💼 Importance of the labor force participation rate
• 💸 Potential impact of high inflation on the economy
• 📈 Rising rental prices and increased demand for rentals
• 🏠 Eviction rate increased from 3-4% to 70%
• 🛠️ Established a discretionary fund to rescue tenants in financial trouble

Q&A

• How does the company ensure accuracy and fairness in the approval process for tenants?

  The company utilizes a third-party agency for the application process, income verification, and fraud detection to ensure accuracy and fairness in the approval process, especially considering the rising denial rate for housing applications.

• What is the screening process for tenants?

  The screening process includes criminal, credit, and income checks to assess tenants' suitability and ability to pay rent. Additionally, a discretionary fund has been established to rescue tenants facing financial challenges.

• How has the eviction rate changed over the years?

  The eviction rate has increased from 3-4% to 70%, with more people struggling to afford homes and turning to financing programs. Efforts are in place to collaborate with tenants and ensure rent payments through platforms like Flex.

• What is the impact of inflation on residents' ability to pay rent?

  Inflation has made it difficult for residents to afford rent, leading to financial challenges and an increased percentage of tenants struggling to pay rent, creating a significant impact on the housing market.

• How have rent prices changed from 2008 to 2024?

  Rent prices have increased significantly from 2008 to 2024 due to the undersupply of housing, rising demand for rentals, and financial challenges for tenants, further intensified by inflation and economic changes.

• What are the differences and similarities between the U.S. economy in 2008 and 2024?

  The U.S. economy in 2008 and 2024 differs in various aspects such as rent prices, minimum wage, unemployment rate, and inflation. However, there are similarities in the challenges faced by tenants, housing market undersupply, and the impact of economic changes on residents' ability to pay rent.

• 00:00 Analyzing the differences and similarities between the U.S. economy in 2008 and 2024. Important factors include rent prices, minimum wage, unemployment rate, labor force participation rate, and the potential impact of inflation.
• 02:19 The housing market is undersupplied, leading to rising rental prices, increased demand for rentals, and financial challenges for tenants. There is a significant impact on residents' ability to pay rent due to inflation and changes in the economy.
• 04:37 Rental company used to have 3-4% eviction rate, now it's at 70%. People are struggling to afford homes, using financing programs like Buy Now, Pay Later. Company working with Flex to ensure rent payment. More people taking up side jobs like Uber, creating irregular income streams.
• 06:35 Many tenants are struggling to pay rent due to multiple jobs and lack of savings. Rescued tenants through a discretionary fund. Screening process includes criminal, credit, and income checks. 70% of tenants now have difficulty paying rent, up from 3-4% previously.
• 08:37 The company uses a third-party agency for application process, income verification, and fraud detection to ensure accuracy and fairness in the approval process.
• 10:43 Rising denial rate for housing due to challenges of the economy, industry responding with resources to help residents stay in their homes.