Housing Analysis

[irvinebullhousing]

Theoretically, if you're not getting any raises and the cost of necessities like utilities, groceries, and gas are all going up, your rent should go down. If the nation is in a recession and people start tightening their belts on spending, you'd think that landlords might take pity and charge a little less to offset that change.

While that'd be great in theory, that's not the capitalist way. Home prices fluctuate. But rent prices? Your landlord is experiencing the same squeeze, and they're probably going to respond to that by jacking up your rent.

The eviction moratorium led to a shortage of rental supply because all the deadbeats got free shelter for 17 months.  That artificial supply shortage led to outsized rent increases for those responsible renters that desperately needed to find housing during the pandemic.  Rental price indexes are calculated using newly signed leases, so the pandemic effects overstate the actual increase in rents for all renters. 

It will take time to undo this artificial supply imbalance.  The CDC moratorium ended in September and it will take time for landlords and the system as a whole to catch up on eviction filings.  Even now, filings are only at 60% of normal.
https://evictionlab.org/updates/research/eviction-filing-trends-after-cdc-moratorium/

Still, evictions remained well below historical average after the moratorium was lifted. At their highest level, in the second month after the moratorium ended (September 27 through October 26), the 48,387 eviction cases we recorded was still only 63.4% of historical average.

Exactly why rent is higher and will be much higher.

 

[usctrojancpa]

Theoretically, if you're not getting any raises and the cost of necessities like utilities, groceries, and gas are all going up, your rent should go down. If the nation is in a recession and people start tightening their belts on spending, you'd think that landlords might take pity and charge a little less to offset that change.

While that'd be great in theory, that's not the capitalist way. Home prices fluctuate. But rent prices? Your landlord is experiencing the same squeeze, and they're probably going to respond to that by jacking up your rent.

The eviction moratorium led to a shortage of rental supply because all the deadbeats got free shelter for 17 months.  That artificial supply shortage led to outsized rent increases for those responsible renters that desperately needed to find housing during the pandemic.  Rental price indexes are calculated using newly signed leases, so the pandemic effects overstate the actual increase in rents for all renters. 

It will take time to undo this artificial supply imbalance.  The CDC moratorium ended in September and it will take time for landlords and the system as a whole to catch up on eviction filings.  Even now, filings are only at 60% of normal.
https://evictionlab.org/updates/research/eviction-filing-trends-after-cdc-moratorium/

Still, evictions remained well below historical average after the moratorium was lifted. At their highest level, in the second month after the moratorium ended (September 27 through October 26), the 48,387 eviction cases we recorded was still only 63.4% of historical average.

So why are rents still going up?  I rented 2 properties recently where I got $100 and $200 over asking rent (got 8-10 applications in 3-4 days)?  You can read all the articles you want and look at all the fancy charts you want but I live it every day in weeds so I know what the market is doing.

 

[AccidentalAnalytics]

I agree with you MM: Q1 last rents compared to now is like HPI.  I found a nice luxury rental in La Habra for a buddy last year for $2900.  He just told me they raised the lease renewal to $3,500.  Apparently, it?s a new build and exempt from CA rental caps.  This low inventory impacts even renters.

 

[usctrojancpa]

I agree with you MM: Q1 last rents compared to now is like HPI.  I found a nice luxury rental in La Habra for a buddy last year for $2900.  He just told me they raised the lease renewal to $3,500.  Apparently, it?s a new build and exempt from CA rental caps.  This low inventory impacts even renters.

Since LL loves numbers, I'll throw out some numbers for him.  Pre-covid the number of active rental listings in Irvine would range from about 450-550.  As of 9:35pm on March 1st, 2022, there are 188 active rental listings in price so yes the rental market is on fire just like the resale market due to strong demand.

 

[Cares]

I'll add to this from my personal experience.

My rental in Chino got 140 applicants. I pre-screened and invited about 40 with high credit and incomes to view the home. About 10 offered full year + above asking. Selected a multiyear lease with rent increases built in. Prepaid 1 year and $300 above asking.

I am currently renting another rental of mine. A larger SFR listed at $4,800. Got 15 applicants in 1 weekend and selected a renter above asking.

 

[usctrojancpa]

I'll add to this from my personal experience.

My rental in Chino got 140 applicants. I pre-screened and invited about 40 with high credit and incomes to view the home. About 10 offered full year + above asking. Selected a multiyear lease with rent increases built in. Prepaid 1 year and $300 above asking.

I am currently renting another rental of mine. A larger SFR listed at $4,800. Got 15 applicants in 1 weekend and selected a renter above asking.

A 140 applicants over what period of time?  That's nuts.  I normally cut things off once we 10+ applicants but my rental listing prices are not low.  Here are my 2 examples to give people some perspective of how rents have jumped.

1. Irvine 3bd detached condo that I got a tenant for $3,400/mo back in mid 2020 got leased for $4,500/mo in Feb 2022

2. Baker Ranch 3bd detached condo that I got a tenant for $3,500/mo back in Jan 2021 got leased for $4,400/mo in Feb 2022

 

[Cares]

2-3 week period during the summer through Zillow. It was a situation where the previous tenant didn't take care of the property so I listed it before they left thinking I could rent it quickly but then realized I needed some more work. So I left the ad up and the applicants just kept coming. I raised the asking price twice but the apps still kept coming. It was crazy.

 

[Liar Loan]

Theoretically, if you're not getting any raises and the cost of necessities like utilities, groceries, and gas are all going up, your rent should go down. If the nation is in a recession and people start tightening their belts on spending, you'd think that landlords might take pity and charge a little less to offset that change.

While that'd be great in theory, that's not the capitalist way. Home prices fluctuate. But rent prices? Your landlord is experiencing the same squeeze, and they're probably going to respond to that by jacking up your rent.

The eviction moratorium led to a shortage of rental supply because all the deadbeats got free shelter for 17 months.  That artificial supply shortage led to outsized rent increases for those responsible renters that desperately needed to find housing during the pandemic.  Rental price indexes are calculated using newly signed leases, so the pandemic effects overstate the actual increase in rents for all renters. 

It will take time to undo this artificial supply imbalance.  The CDC moratorium ended in September and it will take time for landlords and the system as a whole to catch up on eviction filings.  Even now, filings are only at 60% of normal.
https://evictionlab.org/updates/research/eviction-filing-trends-after-cdc-moratorium/

Still, evictions remained well below historical average after the moratorium was lifted. At their highest level, in the second month after the moratorium ended (September 27 through October 26), the 48,387 eviction cases we recorded was still only 63.4% of historical average.

So why are rents still going up?  I rented 2 properties recently where I got $100 and $200 over asking rent (got 8-10 applications in 3-4 days)?  You can read all the articles you want and look at all the fancy charts you want but I live it every day in weeds so I know what the market is doing.

Rents are going up because supply is artificially limited for the reasons I explained above and others, and easy money creates lots of demand

    Artificial supply shortage:

-eviction moratorium is still being felt with evictions at only 60% of normal
-new construction delays (we have the most apartments being built in 50 years!!)

    Artificial demand:

-real rates are negative which makes everybody feel rich when they are receiving substantial raises
-an inflationary mindset has taken hold and renters are bidding up prices out of fear that prices will go even higher in the future

 

[usctrojancpa]

Theoretically, if you're not getting any raises and the cost of necessities like utilities, groceries, and gas are all going up, your rent should go down. If the nation is in a recession and people start tightening their belts on spending, you'd think that landlords might take pity and charge a little less to offset that change.

While that'd be great in theory, that's not the capitalist way. Home prices fluctuate. But rent prices? Your landlord is experiencing the same squeeze, and they're probably going to respond to that by jacking up your rent.

The eviction moratorium led to a shortage of rental supply because all the deadbeats got free shelter for 17 months.  That artificial supply shortage led to outsized rent increases for those responsible renters that desperately needed to find housing during the pandemic.  Rental price indexes are calculated using newly signed leases, so the pandemic effects overstate the actual increase in rents for all renters. 

It will take time to undo this artificial supply imbalance.  The CDC moratorium ended in September and it will take time for landlords and the system as a whole to catch up on eviction filings.  Even now, filings are only at 60% of normal.
https://evictionlab.org/updates/research/eviction-filing-trends-after-cdc-moratorium/

Still, evictions remained well below historical average after the moratorium was lifted. At their highest level, in the second month after the moratorium ended (September 27 through October 26), the 48,387 eviction cases we recorded was still only 63.4% of historical average.

So why are rents still going up?  I rented 2 properties recently where I got $100 and $200 over asking rent (got 8-10 applications in 3-4 days)?  You can read all the articles you want and look at all the fancy charts you want but I live it every day in weeds so I know what the market is doing.

Rents are going up because supply is artificially limited for the reasons I explained above and others, and easy money creates lots of demand

    Artificial supply shortage:

-eviction moratorium is still being felt with evictions at only 60% of normal
-new construction delays (we have the most apartments being built in 50 years!!)

    Artificial demand:

-real rates are negative which makes everybody feel rich when they are receiving substantial raises
-an inflationary mindset has taken hold and renters are bidding up prices out of fear that prices will go even higher in the future

Just like in the resale market, it's not a supply problem it's a demand problem in the rental market as well.  I've only known one person who had to evict a tenant in their rental of the dozens and dozens of landlord clients that I have in Orange County.  Again, you are painting a broad brush with generalizations while I'm telling you what I see here in Irvine and the surrounding cities. I'd be willing to wager you a good bit of money that there will be a lot more evictions in Riverside County than in Orange County. If things start slowing down, I'll be one of the first ones to see it.

 

[Liar Loan]

Theoretically, if you're not getting any raises and the cost of necessities like utilities, groceries, and gas are all going up, your rent should go down. If the nation is in a recession and people start tightening their belts on spending, you'd think that landlords might take pity and charge a little less to offset that change.

While that'd be great in theory, that's not the capitalist way. Home prices fluctuate. But rent prices? Your landlord is experiencing the same squeeze, and they're probably going to respond to that by jacking up your rent.

The eviction moratorium led to a shortage of rental supply because all the deadbeats got free shelter for 17 months.  That artificial supply shortage led to outsized rent increases for those responsible renters that desperately needed to find housing during the pandemic.  Rental price indexes are calculated using newly signed leases, so the pandemic effects overstate the actual increase in rents for all renters. 

It will take time to undo this artificial supply imbalance.  The CDC moratorium ended in September and it will take time for landlords and the system as a whole to catch up on eviction filings.  Even now, filings are only at 60% of normal.
https://evictionlab.org/updates/research/eviction-filing-trends-after-cdc-moratorium/

Still, evictions remained well below historical average after the moratorium was lifted. At their highest level, in the second month after the moratorium ended (September 27 through October 26), the 48,387 eviction cases we recorded was still only 63.4% of historical average.

So why are rents still going up?  I rented 2 properties recently where I got $100 and $200 over asking rent (got 8-10 applications in 3-4 days)?  You can read all the articles you want and look at all the fancy charts you want but I live it every day in weeds so I know what the market is doing.

Rents are going up because supply is artificially limited for the reasons I explained above and others, and easy money creates lots of demand

    Artificial supply shortage:

-eviction moratorium is still being felt with evictions at only 60% of normal
-new construction delays (we have the most apartments being built in 50 years!!)

    Artificial demand:

-real rates are negative which makes everybody feel rich when they are receiving substantial raises
-an inflationary mindset has taken hold and renters are bidding up prices out of fear that prices will go even higher in the future

Just like in the resale market, it's not a supply problem it's a demand problem in the rental market as well.  I've only known one person who had to evict a tenant in their rental of the dozens and dozens of landlord clients that I have in Orange County.  Again, you are painting a broad brush with generalizations while I'm telling you what I see here in Irvine and the surrounding cities. I'd be willing to wager you a good bit of money that there will be a lot more evictions in Riverside County than in Orange County. If things start slowing down, I'll be one of the first ones to see it.

I posted the national price-to-rent chart specifically to refute another poster.  I'm not saying rents haven't risen, they just haven't kept up with home values this cycle and eventually that ratio will revert to the mean.  Either rents need to go up at a much faster rate, which is hard to imagine, or home prices will decline.

Realtors always look at what's in front of them while ignoring the bigger picture.  This is why so many were caught flat-footed in 2006 and swaths of them eventually went out of business while losing their homes.

 

[irvinebullhousing]

Theoretically, if you're not getting any raises and the cost of necessities like utilities, groceries, and gas are all going up, your rent should go down. If the nation is in a recession and people start tightening their belts on spending, you'd think that landlords might take pity and charge a little less to offset that change.

While that'd be great in theory, that's not the capitalist way. Home prices fluctuate. But rent prices? Your landlord is experiencing the same squeeze, and they're probably going to respond to that by jacking up your rent.

The eviction moratorium led to a shortage of rental supply because all the deadbeats got free shelter for 17 months.  That artificial supply shortage led to outsized rent increases for those responsible renters that desperately needed to find housing during the pandemic.  Rental price indexes are calculated using newly signed leases, so the pandemic effects overstate the actual increase in rents for all renters. 

It will take time to undo this artificial supply imbalance.  The CDC moratorium ended in September and it will take time for landlords and the system as a whole to catch up on eviction filings.  Even now, filings are only at 60% of normal.
https://evictionlab.org/updates/research/eviction-filing-trends-after-cdc-moratorium/

Still, evictions remained well below historical average after the moratorium was lifted. At their highest level, in the second month after the moratorium ended (September 27 through October 26), the 48,387 eviction cases we recorded was still only 63.4% of historical average.

So why are rents still going up?  I rented 2 properties recently where I got $100 and $200 over asking rent (got 8-10 applications in 3-4 days)?  You can read all the articles you want and look at all the fancy charts you want but I live it every day in weeds so I know what the market is doing.

Rents are going up because supply is artificially limited for the reasons I explained above and others, and easy money creates lots of demand

    Artificial supply shortage:

-eviction moratorium is still being felt with evictions at only 60% of normal
-new construction delays (we have the most apartments being built in 50 years!!)

    Artificial demand:

-real rates are negative which makes everybody feel rich when they are receiving substantial raises
-an inflationary mindset has taken hold and renters are bidding up prices out of fear that prices will go even higher in the future

Just like in the resale market, it's not a supply problem it's a demand problem in the rental market as well.  I've only known one person who had to evict a tenant in their rental of the dozens and dozens of landlord clients that I have in Orange County.  Again, you are painting a broad brush with generalizations while I'm telling you what I see here in Irvine and the surrounding cities. I'd be willing to wager you a good bit of money that there will be a lot more evictions in Riverside County than in Orange County. If things start slowing down, I'll be one of the first ones to see it.

Can I piggy-back some money on this if LL dare to take it? Haha, I know you don?t need the money USC, but it?s for the fun of it.

 

[usctrojancpa]

Theoretically, if you're not getting any raises and the cost of necessities like utilities, groceries, and gas are all going up, your rent should go down. If the nation is in a recession and people start tightening their belts on spending, you'd think that landlords might take pity and charge a little less to offset that change.

While that'd be great in theory, that's not the capitalist way. Home prices fluctuate. But rent prices? Your landlord is experiencing the same squeeze, and they're probably going to respond to that by jacking up your rent.

The eviction moratorium led to a shortage of rental supply because all the deadbeats got free shelter for 17 months.  That artificial supply shortage led to outsized rent increases for those responsible renters that desperately needed to find housing during the pandemic.  Rental price indexes are calculated using newly signed leases, so the pandemic effects overstate the actual increase in rents for all renters. 

It will take time to undo this artificial supply imbalance.  The CDC moratorium ended in September and it will take time for landlords and the system as a whole to catch up on eviction filings.  Even now, filings are only at 60% of normal.
https://evictionlab.org/updates/research/eviction-filing-trends-after-cdc-moratorium/

Still, evictions remained well below historical average after the moratorium was lifted. At their highest level, in the second month after the moratorium ended (September 27 through October 26), the 48,387 eviction cases we recorded was still only 63.4% of historical average.

So why are rents still going up?  I rented 2 properties recently where I got $100 and $200 over asking rent (got 8-10 applications in 3-4 days)?  You can read all the articles you want and look at all the fancy charts you want but I live it every day in weeds so I know what the market is doing.

Rents are going up because supply is artificially limited for the reasons I explained above and others, and easy money creates lots of demand

    Artificial supply shortage:

-eviction moratorium is still being felt with evictions at only 60% of normal
-new construction delays (we have the most apartments being built in 50 years!!)

    Artificial demand:

-real rates are negative which makes everybody feel rich when they are receiving substantial raises
-an inflationary mindset has taken hold and renters are bidding up prices out of fear that prices will go even higher in the future

Just like in the resale market, it's not a supply problem it's a demand problem in the rental market as well.  I've only known one person who had to evict a tenant in their rental of the dozens and dozens of landlord clients that I have in Orange County.  Again, you are painting a broad brush with generalizations while I'm telling you what I see here in Irvine and the surrounding cities. I'd be willing to wager you a good bit of money that there will be a lot more evictions in Riverside County than in Orange County. If things start slowing down, I'll be one of the first ones to see it.

Can I piggy-back some money on this if LL dare to take it? Haha, I know you don?t need the money USC, but it?s for the fun of it.

I'd do it for charity only though.   My charity of choice is St. Jude Children's Hospital.

 

[irvinebullhousing]

Theoretically, if you're not getting any raises and the cost of necessities like utilities, groceries, and gas are all going up, your rent should go down. If the nation is in a recession and people start tightening their belts on spending, you'd think that landlords might take pity and charge a little less to offset that change.

While that'd be great in theory, that's not the capitalist way. Home prices fluctuate. But rent prices? Your landlord is experiencing the same squeeze, and they're probably going to respond to that by jacking up your rent.

The eviction moratorium led to a shortage of rental supply because all the deadbeats got free shelter for 17 months.  That artificial supply shortage led to outsized rent increases for those responsible renters that desperately needed to find housing during the pandemic.  Rental price indexes are calculated using newly signed leases, so the pandemic effects overstate the actual increase in rents for all renters. 

It will take time to undo this artificial supply imbalance.  The CDC moratorium ended in September and it will take time for landlords and the system as a whole to catch up on eviction filings.  Even now, filings are only at 60% of normal.
https://evictionlab.org/updates/research/eviction-filing-trends-after-cdc-moratorium/

Still, evictions remained well below historical average after the moratorium was lifted. At their highest level, in the second month after the moratorium ended (September 27 through October 26), the 48,387 eviction cases we recorded was still only 63.4% of historical average.

So why are rents still going up?  I rented 2 properties recently where I got $100 and $200 over asking rent (got 8-10 applications in 3-4 days)?  You can read all the articles you want and look at all the fancy charts you want but I live it every day in weeds so I know what the market is doing.

Rents are going up because supply is artificially limited for the reasons I explained above and others, and easy money creates lots of demand

    Artificial supply shortage:

-eviction moratorium is still being felt with evictions at only 60% of normal
-new construction delays (we have the most apartments being built in 50 years!!)

    Artificial demand:

-real rates are negative which makes everybody feel rich when they are receiving substantial raises
-an inflationary mindset has taken hold and renters are bidding up prices out of fear that prices will go even higher in the future

Just like in the resale market, it's not a supply problem it's a demand problem in the rental market as well.  I've only known one person who had to evict a tenant in their rental of the dozens and dozens of landlord clients that I have in Orange County.  Again, you are painting a broad brush with generalizations while I'm telling you what I see here in Irvine and the surrounding cities. I'd be willing to wager you a good bit of money that there will be a lot more evictions in Riverside County than in Orange County. If things start slowing down, I'll be one of the first ones to see it.

Can I piggy-back some money on this if LL dare to take it? Haha, I know you don?t need the money USC, but it?s for the fun of it.

I'd do it for charity only though.   My charity of choice is St. Jude Children's Hospital.

Sounds good. I am in. All of it will go to ST. Jude.

 

[AccidentalAnalytics]

LL?s graph was directed at me: Which I accept, however, please understand that the chart presented by LL cut out the disclaimer ?that OER is lagging behind other measures of recent rent increases.?  I am not saying the chart is wrong, but the chart doesn?t take recent rent increases into its build.  That?s per the blog.

 

[Liar Loan]

Theoretically, if you're not getting any raises and the cost of necessities like utilities, groceries, and gas are all going up, your rent should go down. If the nation is in a recession and people start tightening their belts on spending, you'd think that landlords might take pity and charge a little less to offset that change.

While that'd be great in theory, that's not the capitalist way. Home prices fluctuate. But rent prices? Your landlord is experiencing the same squeeze, and they're probably going to respond to that by jacking up your rent.

The eviction moratorium led to a shortage of rental supply because all the deadbeats got free shelter for 17 months.  That artificial supply shortage led to outsized rent increases for those responsible renters that desperately needed to find housing during the pandemic.  Rental price indexes are calculated using newly signed leases, so the pandemic effects overstate the actual increase in rents for all renters. 

It will take time to undo this artificial supply imbalance.  The CDC moratorium ended in September and it will take time for landlords and the system as a whole to catch up on eviction filings.  Even now, filings are only at 60% of normal.
https://evictionlab.org/updates/research/eviction-filing-trends-after-cdc-moratorium/

Still, evictions remained well below historical average after the moratorium was lifted. At their highest level, in the second month after the moratorium ended (September 27 through October 26), the 48,387 eviction cases we recorded was still only 63.4% of historical average.

So why are rents still going up?  I rented 2 properties recently where I got $100 and $200 over asking rent (got 8-10 applications in 3-4 days)?  You can read all the articles you want and look at all the fancy charts you want but I live it every day in weeds so I know what the market is doing.

Rents are going up because supply is artificially limited for the reasons I explained above and others, and easy money creates lots of demand

    Artificial supply shortage:

-eviction moratorium is still being felt with evictions at only 60% of normal
-new construction delays (we have the most apartments being built in 50 years!!)

    Artificial demand:

-real rates are negative which makes everybody feel rich when they are receiving substantial raises
-an inflationary mindset has taken hold and renters are bidding up prices out of fear that prices will go even higher in the future

Just like in the resale market, it's not a supply problem it's a demand problem in the rental market as well.  I've only known one person who had to evict a tenant in their rental of the dozens and dozens of landlord clients that I have in Orange County.  Again, you are painting a broad brush with generalizations while I'm telling you what I see here in Irvine and the surrounding cities. I'd be willing to wager you a good bit of money that there will be a lot more evictions in Riverside County than in Orange County. If things start slowing down, I'll be one of the first ones to see it.

Can I piggy-back some money on this if LL dare to take it? Haha, I know you don?t need the money USC, but it?s for the fun of it.

I'd do it for charity only though.   My charity of choice is St. Jude Children's Hospital.

Sounds good. I am in. All of it will go to ST. Jude.

Every time USC or Compressed Village start losing a debate they resort to the "I will bet you .... and donate it to charity" routine to change the subject asap.  It's quite humorous.

Nevertheless, I will match any amount you donate.  No bet needed.  Please post your giving statement(s) from St. Jude as soon as you have them.

 

[AccidentalAnalytics]

I didn?t read it as losing a debate.  I read it as a perspective of where they stand.  My only concern about your price to rent chart is that you didn?t provide the disclaimer that recent rent increases were not factored into the chart (as the author originally noted).  I am all about data, but please ensure you don?t filter for your narrative.

 

[usctrojancpa]

I didn?t read it as losing a debate.  I read it as a perspective of where they stand.  My only concern about your price to rent chart is that you didn?t provide the disclaimer that recent rent increases were not factored into the chart (as the author originally noted).  I am all about data, but please ensure you don?t filter for your narrative.

Exactly because rental rates in the past 6 months are up 10%+ from the MLS closed rental comp data that I've been seeing (this has matched the rise in home prices for the most part).  Even in the depth of the great recession Irvine homes did not trade at rental parity with 20% down.  The reason search cities trade above rental parity is driven by buyer demand which is driven by the desirability of the Irvine and I'll put it out there now....Irvine will never trade at rental parity in our lifetime.

 

[CalBears96]

I didn?t read it as losing a debate.  I read it as a perspective of where they stand.  My only concern about your price to rent chart is that you didn?t provide the disclaimer that recent rent increases were not factored into the chart (as the author originally noted).  I am all about data, but please ensure you don?t filter for your narrative.

LL's expertise is to cherry pick data points to fit his narrative.

 

[The Motor Court Company]

Not in Irvine, or even in CA. But this 3/2 vacation rental in Scottsdale AZ is asking for $13500 per month from Jan to March.
With this price you can get ocean front Airbnb rental in Socal, no?https://www.realtor.com/realestateandhomes-detail/7789-E-Journey-Ln_Scottsdale_AZ_85255_M13601-11997

 

[Cares]

Not in Irvine, or even in CA. But this 3/2 vacation rental in Scottsdale AZ is asking for $13500 per month from Jan to March.
With this price you can get ocean front Airbnb rental in Socal, no?https://www.realtor.com/realestateandhomes-detail/7789-E-Journey-Ln_Scottsdale_AZ_85255_M13601-11997

All Irvine Airbnb rentals require 31 days minimum booking now to skirt the no STR rules...basically making them an expensive furnished month to month rent option.