Shame of industry

I am ashamed to be a part of this industry anymore. 16 years ago I entered this profession. For 16 years I applied myself to learn as much as possible with the goal of becoming a supervisor. This industry disgusts me now. There are a few factors that contribute to that disgust,but mainly it is the rents we ask for now. The new buildings are built the absolute cheapest way to build and pass inspection. The old buildings are lipstick on a pig. Never addressing key structure issues. Plumbing, electrical,HVAC..ect. This invisible abomination called "MARKET VALUE" is an invisible "whatsamahoosie" that has driven families into the streets. Single folks to have to have 2 jobs sometimes 3 JUST to pay rent ON A 1 FREAKING BEDROOM APARTMENT! I am ashamed of the industry and the corporations that run this fiasco. I'm out.

That is a shame the places you have represented do such things. The place I have worked the past 20 years does superb work with updates. So do not put everyone in the industry in the same category. 

Dear “Ashamed, I’m Out”...I understand your position and decision. There is something Rotten in Denmark. Has been smelly. Smells worse now in 2024.I have worked for a number of companies, have friends in the industry - and those who hightailed long before the recent housing crisis because of the general toxicity of the industry. This is to say - I have some street cred. Some companies have questionable practices and do not keep up their properties. Some have undeniable quality in their products and services. So not all are deficient, but it appears many are deficient, the “all” suffer from these “deficients”, including those who must have a home to live in (basic necessity) and those who see this as only a way to make a killing regardless if it “kills” others in the process.There are many factors that are impacting the price of “market value” and housing right now. I am of the opinion that the most powerful accelerant was Pandemic 2020 and the emptying of major cities to the outlying “safe harbor” of less congested areas. Now we’re all congested. This is a false “supply & demand” and “market value” influence. This was not “Hey! There’s GOLD up in them thar hills!” and then everyone is running for a great job opportunity and need for housing. This was a worldwide health scare. I have heard discussions from “powers that be” about the actual term of taking advantage during a crisis: Price gouging.And when and if the “powers that be” begin investigating and regulating - the “all” will suffer because of the “deficients”.I worked for a company who primarily did biz in NY. Bossman told me that NY was not friendly to them, so they branched into CT, buying lower grade communities. That was not so great for them, so they decided to buy larger and higher grade communities. But they came to CT with their NY mentality - one that is likely attributed to why NY was “unfriendly” to them. Deficient.I experienced in January of 2020 beginning a job at a very nice luxury community and thinking the prices were high. But it was a very nice community, indeed. A 1 BR apartment at that time was $1500 (woah!) and by the time September 2020 hit, it was $2000. Did the cost of running the place increase that much? Yes, there were unexpected costs with COVID cleaning and prevention. But the prices of rent kept increasing after the precautions subsided - and not just this community, but multifamily and single-family homes everywhere. Homes for rent, homes for sale. Hmmm.Then, those thinking of selling their homes, and those not thinking of selling their homes - decided to sell their homes! I have heard more than a hundred times since 2020 about the folks who were taking the opportunity to sell their homes at a profit (overpriced, essentially). Then those who had to compete with many others with bidding wars (ca-ching! ca-ching! ca-ching!) and those who had to step back because they could no longer afford to buy a house. They will wait. But now, they must compete for and “afford” a rental. But wait! The owner of the rental has decided to sell and they must get out. Vicious cycle.In monitoring communities and pricing, not only for making comps, but to see what everyone was doing - to see if pricing would level out, go back down, or what - I saw what a former employer of a 1970s vintage community was charging. I was shocked. The building is all studios and was not taken care of to great extent while I was there, I had been hearing from residents (who were touring at my new community for another company) about how unkempt the property was and they wanted to leave. When I was there the rents were in the $800-$900 range, and magically, in 2024 they held a roughly $1400 price tag. Why? Because you can. And because of deficiency.I do not fault you “Ashamed, I’m Out” for cutting ties with something your conscience is not holding dear. It’s called “Character”. Take that knowledge and experience of yours and don’t abandon those who you feel are being shafted in this “market value” invasion. Homes are a necessity - a basic need. You can fight from the inside or get to the outside and start knocking on some doors. Buildings should be kept up to code (and thankfully, there are those who DO actually care for their investments, not because of governmental obligation, but because it is their “character”), pricing should be reasonable, and qualifying should be obtainable (that’s another sore spot).It is not popular to tell your truth, especially when it turns the leaves over revealing the evidence and rattles pocketbooks. But the lives of our neighbors are at stake. Would we need so much more “Affordable Housing” had the recent crisis not been turned into an opportunity? The locals of 2020 had difficulty affording housing, then those who found it a bargain - and safe haven - pushed the “market value” and the beds of locals out their doors. Vicious cycle.I commend you for taking your stand. Keep standing. I also thank Multifamily Insiders for hosting a place where people of the industry can be real.

Sorry about the word-blob! My formatting didn't hold!