Community Chat

[LilacTree]

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@Kindaglitzy wrote:
Some apt complexes in my neck of the woods also require a $100,000 liability insurance policy. If the renter has their own policy they must show proof otherwise that's another $100 a month added on to monthly rent to cover a policy. Things have changed since my days of renting.

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@Kindaglitzy

I have renter's insurance and they always want an updated copy of that.

[DiAnne]

It is supply and demand.  Apartments are very expensive in areas where people want to live.  

[151949]

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@CrazyDaisy wrote:

Actually less than 3% increase.  Not unrealistic depending on the housing market.  Good luck with the move.

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I agree - I have never known anyone who rents that doesn't get a 3% to 5% increase every year.

Our HOA board just voted that we should have a 5% raise in our fees every year for the next 10 years so our contingency gets built up. No one objected.These are things that are to be expected.

[SilleeMee]

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@DiAnne wrote:

It is supply and demand.  Apartments are very expensive in areas where people want to live.  

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Or there's too many people wanting to rent where there is limited rentals. This is what's happening in my city. "NO VACANCY" signs are everywhere here. People are being forced to live in places they don't want to and this is a real problem.

[LilacTree]

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@Spurt wrote:

This is the reason I decided to buy a condo....a lot of my friends and co-workers rent and their rent keeps going up.....in our part of the U.S. they say it's a Landlords market and with it getting harder to obtain mortgages the landlords can basically charge what they want and sadly get away with it (unless there is some kind of rent control in force)......What's funny too, as the rent goes up in apartments, in the newer ones the square footage decreases as does storage but they charge a lot more.....or if you want storage, some will offer additional on site small storage units at an additional cost of course (another $45 to $50 a month)......It's really become a racket and a big money maker for llandlords ....

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@Spurt

I owned a beautiful brand new three story condo ten years ago, and I loved it so much.  I had to sell when RA hit because of the stairs.  It was before the crash and I made money on it (six figures).  I had lived there six years. 

I then bought a rancher in a 55+ community, which I put a lot of money into and then the market crashed, so I lost all I had gained.  Haven't owned since then and never will again.

[Spurt]

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@LilacTree wrote:

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@Krimpette wrote:

Wow!  Not sure where you live, but that sounds like a horrific amount of rent, even before the increase.  I'm guessing it must be a large apartment.  Or maybe I've just been away from the rental scene for too long!  Good luck with your decision.  

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@Krimpette

I live in NJ and it's not a large apartment.  Just two bedrooms and two baths.  It's very nice though, but it's expensive to live anywhere on the east coast.

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@LilacTree

What gripes my friends is the apartment will add in another $25 for city charges---sewer, trash & recycling, water (the complex only pays for water to water the grass etc), and then even if you pay the pet deposit there's an extra $15 a month pet cleanup fee (and my friend's cat doesnt even step foot outside---she was going to make the office change the litter box since they charged her---LOL)....it's a racket!!! 

And when you move to a place where the rent is cheaper you wonder if the neighborhood is a good safe and quiet neighborhood too.....that's important too.....tenants are between a rock and a hard place...

[ccassaday]

It's crazy what some parts of this country cost. Our house Payment on a 2500 square foot ranch on a full basement that we are building won't even cost that. We are looking at it costing somewhere between 350k and 400k.  I live in a very low cost of living state in IN. 

[Spurt]

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@LilacTree wrote:

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@Spurt wrote:

This is the reason I decided to buy a condo....a lot of my friends and co-workers rent and their rent keeps going up.....in our part of the U.S. they say it's a Landlords market and with it getting harder to obtain mortgages the landlords can basically charge what they want and sadly get away with it (unless there is some kind of rent control in force)......What's funny too, as the rent goes up in apartments, in the newer ones the square footage decreases as does storage but they charge a lot more.....or if you want storage, some will offer additional on site small storage units at an additional cost of course (another $45 to $50 a month)......It's really become a racket and a big money maker for llandlords ....

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@Spurt

I owned a beautiful brand new three story condo ten years ago, and I loved it so much.  I had to sell when RA hit because of the stairs.  It was before the crash and I made money on it (six figures).  I had lived there six years. 

I then bought a rancher in a 55+ community, which I put a lot of money into and then the market crashed, so I lost all I had gained.  Haven't owned since then and never will again.

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@LilacTree

The financial market and mortgage rates and employers downsizing and people losing jobs or salaries that don't keep pace with rising costs sure make it hard for us folks whether renting or owning ......And if you own you worry about repairs and maintenance and taxes (taxes are incorporated and figured into rents, but at least if you own you can dispute property tax increases...at least in our town you can)

[SilleeMee]

The once popular American dream of owning a home is not so much any more for many reasons. I really don't know what dreams people have these days. Seems we're being squeezed out of having them like we use to.

[Moonchilde]

WOW!

I had written that I thought my apt would have gone up $200/mo after I left. I was wrong. I just googled and the apt below mine, completely identical to mine, is renting for *$600* more than I was paying per month.

The apts were very old and were completely renovated inside (new floors, appliances, cabinets) on my move-out, so they have to pay for that somehow. In addition new mandatory earthquake retrofits are to be shared $$ by landlord and tenant.