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Friday, September 02, 2022
Rental Property Market Growing Due To Film And TV Productions
www.forbes.com: With high-end TV production spend at a record high throughout the world, the film and TV industry is interestingly becoming an important sector for landlords.
6 comments:
Virginia Tipps
said...
I don't think anyone is ignorant of the astronomical rent prices these days, but I had never really considered what effect tv production would have in that industry. I also wasn't aware that the UK offers any sort of tax breaks to the industry. Now that productions have started to ramp up again after delays, I wonder if the rental market will be able to keep up with demand. The housing crisis across all other sectors has been heavily affected by the pandemic with supply issues, lack of laborers and the inflation side of things, so I'm sure film and tv isn't immune to feeling that sting. With folks in the industry not needing to rent short term as much the past few years I would assume those spots would have been taken over and now the demand will be higher with less accommodations. It'll be interesting to watch what companies like JC Property do with the market they've been handed.
I clicked on this article because during the pandemic I really started to understand that there is more locations to the theatre and TV world than New York and California. I think that it is fasincating that all of these cities and countries are growing because of film and tv productions. In the article they talked about the delaying on projects costing the industry. With that comes raised rent. I found it really intresting that the raise in rent comes back to the fact of not having enough people building houses. I feel like this shows that as a whole community people have to enjoy what they do or no one will work. Even with the rent costs going up people are still finding a way to work in this field. That really shows the power of the art community and how even if things get hard people are still inspired to make art.
I initially thought this article would point more to renting locations for film and TV sets to shoot at, not necessarily housing for the production teams and actors. But it does make sense that picking up a set to a new place prompts the need for places to stay for the extensive list of names included on the show credits at the end of movies. I do find it problematic that massive companies such as Amazon just pick up and move their main offices to city with lower rates and hefty tax breaks. But I suppose that is an inevitable byproduct of a competitive market and a capitalist society. It just feels particularly harmful when we’re also thinking about a massive housing crisis (worldwide at this point?), where local individuals don’t even have the ability to have a singular home. Or even having to move to a new part of town. It would be cool if these moving companies who are enjoying the local prices and taxes payed a, hear me out, additional tax since they aren’t technically locals.
I never really though about how the tv and film industry might affect the housing market. And now that the cost of living has gone up, and, according to the article, those working in the tv and film industry might be considered more reliable tenants with their long term leases. I wonder how that is going to affect the cost and availability of housing. It definitely won’t help an overinflated rental market. In the UK it seems that they are trying to address the housing crisis by creating more multi-family housing. I also wasn’t aware that the UK offered tax cuts and credits to the film industry. With the moving of the Ring of Power to filming to the UK, I wonder how many other productions will relocate. Making the housing crisis worse, and harder for those not in tv and film to afford a to rent remotely close to where they work.
It's interesting as someone from the Los Angeles area to think about the overreaching affect of film and tv in the rental market. Because film and tv has historically been located in Southern California, it was simply obvious that the people who work in the industry live in the area. The idea of aspiring models and actors cramming into small apartments is a real thing. But thinking about it now, it seems obvious that as productions settle into other areas of the country and beyond, that they would have an impact on local rental markets.
I don't fault studios moving locations to take advantage of tax breaks or more cost-effective markets. Why wouldn't they? What truly irks me is that we've allowed housing, a fundamental human right, to become a business venture. I do wonder, though, how the market is affected after the productions close doors and move on. Los Angeles and New York will probably always have astronomical rental prices, but what about the small town outside of Atlanta that housed that WB show for 11 years? Does the market recover or suffer once the production moves out? Interesting subject to do a deeper dive on.
I know we have been saying that the Covid Pandemic messed up the entertainment business and it totally did but something I have found interesting as the industry has been coming back it just the vast amount of content that has been coming back all at once. It has been great but at the same time, slightly overwhelming after the previous drought. Now, after reading this article I see that the “comeback” is overwhelming in other ways as well. The homebuilding and rental situation was bad enough on its own but I didn’t realize the additional struggle with regards to the film industry. I also did not know that the UK was having the same problems as the US, but that makes sense, as they have less land than we do. I wonder how much living is taken into consideration when huge films move to “cheaper” locations. Apparently not enough according to this article. Not sure what we are going to do about it but I hope that significant plans start coming forward.
6 comments:
I don't think anyone is ignorant of the astronomical rent prices these days, but I had never really considered what effect tv production would have in that industry. I also wasn't aware that the UK offers any sort of tax breaks to the industry. Now that productions have started to ramp up again after delays, I wonder if the rental market will be able to keep up with demand. The housing crisis across all other sectors has been heavily affected by the pandemic with supply issues, lack of laborers and the inflation side of things, so I'm sure film and tv isn't immune to feeling that sting. With folks in the industry not needing to rent short term as much the past few years I would assume those spots would have been taken over and now the demand will be higher with less accommodations. It'll be interesting to watch what companies like JC Property do with the market they've been handed.
I clicked on this article because during the pandemic I really started to understand that there is more locations to the theatre and TV world than New York and California. I think that it is fasincating that all of these cities and countries are growing because of film and tv productions. In the article they talked about the delaying on projects costing the industry. With that comes raised rent. I found it really intresting that the raise in rent comes back to the fact of not having enough people building houses. I feel like this shows that as a whole community people have to enjoy what they do or no one will work. Even with the rent costs going up people are still finding a way to work in this field. That really shows the power of the art community and how even if things get hard people are still inspired to make art.
I initially thought this article would point more to renting locations for film and TV sets to shoot at, not necessarily housing for the production teams and actors. But it does make sense that picking up a set to a new place prompts the need for places to stay for the extensive list of names included on the show credits at the end of movies. I do find it problematic that massive companies such as Amazon just pick up and move their main offices to city with lower rates and hefty tax breaks. But I suppose that is an inevitable byproduct of a competitive market and a capitalist society. It just feels particularly harmful when we’re also thinking about a massive housing crisis (worldwide at this point?), where local individuals don’t even have the ability to have a singular home. Or even having to move to a new part of town. It would be cool if these moving companies who are enjoying the local prices and taxes payed a, hear me out, additional tax since they aren’t technically locals.
I never really though about how the tv and film industry might affect the housing market. And now that the cost of living has gone up, and, according to the article, those working in the tv and film industry might be considered more reliable tenants with their long term leases. I wonder how that is going to affect the cost and availability of housing. It definitely won’t help an overinflated rental market. In the UK it seems that they are trying to address the housing crisis by creating more multi-family housing. I also wasn’t aware that the UK offered tax cuts and credits to the film industry. With the moving of the Ring of Power to filming to the UK, I wonder how many other productions will relocate. Making the housing crisis worse, and harder for those not in tv and film to afford a to rent remotely close to where they work.
It's interesting as someone from the Los Angeles area to think about the overreaching affect of film and tv in the rental market. Because film and tv has historically been located in Southern California, it was simply obvious that the people who work in the industry live in the area. The idea of aspiring models and actors cramming into small apartments is a real thing. But thinking about it now, it seems obvious that as productions settle into other areas of the country and beyond, that they would have an impact on local rental markets.
I don't fault studios moving locations to take advantage of tax breaks or more cost-effective markets. Why wouldn't they? What truly irks me is that we've allowed housing, a fundamental human right, to become a business venture. I do wonder, though, how the market is affected after the productions close doors and move on. Los Angeles and New York will probably always have astronomical rental prices, but what about the small town outside of Atlanta that housed that WB show for 11 years? Does the market recover or suffer once the production moves out? Interesting subject to do a deeper dive on.
I know we have been saying that the Covid Pandemic messed up the entertainment business and it totally did but something I have found interesting as the industry has been coming back it just the vast amount of content that has been coming back all at once. It has been great but at the same time, slightly overwhelming after the previous drought. Now, after reading this article I see that the “comeback” is overwhelming in other ways as well. The homebuilding and rental situation was bad enough on its own but I didn’t realize the additional struggle with regards to the film industry. I also did not know that the UK was having the same problems as the US, but that makes sense, as they have less land than we do. I wonder how much living is taken into consideration when huge films move to “cheaper” locations. Apparently not enough according to this article. Not sure what we are going to do about it but I hope that significant plans start coming forward.
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