Christian OsgoodCEO, Multifamily Strategy · CEO at Multifamily Strategy

I call BS

26 Nov 2022 · 1 min

Watch on YouTube

0:39

In this brief YouTube monologue, the speaker—identified as a landlord/property investor—directly challenges media narratives that rental prices are declining. He references fellow landlords, specifically “Lumberjack Landlord” who manages 135 units, himself with 16 units, and “Millennial Mike” with 10 units, asserting that none of them have renewed any leases at lower rates than the previous year. The speaker emphasizes that while listings may show lower advertised rents, actual lease renewals have not involved rent cuts. He further illustrates his point with a concrete market example, noting that in Washington some tenants are already paying $350 per month, leaving little room for rent reductions. The overall message is that reports of rent drops are misleading and do not reflect the on‑ground reality for active landlords.

Chapters

So every time you see a video right now that says rents are dropping, I call BS. So Lumberjack Landlord has 135 units. I have 16. Millennial Mike has 10. Like, we put all of our stuff together. Not one of us— like, physically, we know the information because it's us— not one of us has renewed a lease for a lower amount than we had leases going for last year. So rent decrease is a lie. I'm going to ask you guys, have you lowered the rent? Now, it doesn't mean listed one and then dropped the rent, but have you renewed a lease with somebody and said, hey, we're going to lower your rent by $100 compared to what you were paying last year? Well, no. And the 38-packs, I mean, there are people paying $350 a month in Washington. There's nowhere to go down.