Have apartment owners lost their fucking minds? What are you all paying for rent in your area?

[graywarrior]

Craigslist is filled with dreamers. Like I'd pay $1500 for a studio plus utilities and no parking.

[havocmom]

1. Apt rent in Tucson going up

almost as fast as unemployment in that area. Thinking some property owners are in for a BIG dose of reality. They won't make money on empty buildings.

[KittyWampus]

14. oddly, as people lose their homes due to foreclosure the rental market gets stronger

[davsand]

50. If the landlord does a credit check a foreclosure might be a problem.

Depending on the landlord you may not be able to rent a place with a foreclosure on your credit record. The logic goes something like this: "If they didn't pay the bank for their own house they are probably not gonna regularly pay rent for mine."

I'm not saying it is right, but it is something to consider...



Laura

[Liberal_in_LA]

89. You can always rent, no matter your financial background, they would demand $5000 deposit

[davsand]

93. With a high enough deposit, sure, anyone can rent. Can MOST muster that kind of cash?

Personally, I doubt it.

-----

I think there are a more than few landlords who are gonna end up having to rethink specific policies in the face of this current housing market, and credit checks may be one example.

If you want the truth, I think that my local market is WAY over built for rental units, and some of these local guys are running higher than 30% vacancy rates. You don't do that for too long before you either adjust your rental standards, change your management, decrease your rents, or else go broke.

We are living in strange times and I wonder if maybe that Chinese curse was more truth than anyone realized.


Laura

[Liberal_in_LA]

101. Nope. Most can't come up w/ $5000 deposit. n/t

[EvolveOrConvolve]

99. I'm a landlord

and I currently rent to a family that was foreclosed on for medical reasons. We were the only ones to even consider them, though, and there are a lot of property owners who won't rent to someone with a foreclosure on their record. But this family has been the best group of tenants we've ever had - they keep it clean and tidy and pay the rent on time.

[davsand]

103. Good on you! You'd be a rarity in a lot of places!!!

I live in a midwestern college town, and our rental market is a mixed bag. We have a few landlords like you--that actually look at what the type of debt was--and we have an awful lot that simply refuse to even talk to anyone that has a credit score under (insert arbitrary number here.)

I do understand how some of these guys got to this point--one bad tenant can cost WAY more than any profit you'll ever make on that property. I also understand when they tell me that they are simply trying to weed out the "most likely" problem people by checking rental references. That all makes complete sense to me.

How you operate, EvolveOrConvolve, however, makes even more sense to me. If it is an involuntary debt like medical expense (and who ever CHOOSES to get sick?) it makes a lot of sense to me that maybe that is one you need to take on a case by case basis.

Bless you for being who you are. I fear there are not enough common sense folks out there right now.


Laura

[Liberal_in_LA]

87. foreclosed have higher income than typical renters... as former homeowners move into rental market

rents are rising.

[GoesTo11]

2. A few months of that rent will buy you a house in some parts

[liberalmuse]

3. My rent is cheap compared to others.

I didn't get a renovated apartment (in other words, one with stain slapped on the fireplace and cupboards that my knick knacks would stick to). I'm paying $915 for 640 Sq ft. I'm still house hunting, so I didn't want to get rid of my stuff. Tack on $25 more for storage. Then they charge $52 a month for water. I paid 1/4th that for water, garbage and streetlights when I was living in a house.

[graywarrior]

4. Renters are treated like low lifes

If I had a job I'd buy a house.

[liberalmuse]

12. Yes they are.

But to be honest, it is probably better to rent than own right now until the economy stabilizes. We've had two company layoffs in the past few months. I almost bought a house last year, but opted to wait. My lease is up in a few more months so I'm going to start looking again.

I hope you are able to find work soon! At least unemployment has been extended under 787 for up to a year. That makes me feel better for all the DUers who have posted re: losing their jobs recently, though it's not easy to live all that well on unemployment.

Oh, I forgot: since I've been living here my apartment has flooded (all the ground floor apartments flooded due to a broken pipe). I had dehumidifiers and fans running for weeks. Then the management refused to shovel the parking lot, so most of us were stuck in the lot for two weeks during the big snow storm. I had to bus it to work. They didn't clear off the carports either, and the carport collapsed on my car on Christmas causing $2,500 in damage. I had to pay $500 out of pocket and my insurance is still fighting with their insurance to get the money back. I'll be glad to get out of this place.

[graywarrior]

19. I feel your pain

Everyone is hurting...even apartment owners

[Lady Effingbroke]

5. $600 for 700 sq. ft. including full-size w/d.

[MrScorpio]

6. I pay $800 + utilities for a 1br, 2 story townhouse

Parking, yep.

I'm cool with it

[Uben]

7. Yes, I have lost my mind!

Two bedroom apartment, two pools, hot tub, lake on property for recreation, covered parking, security gates and cameras, on site laudramat.......all for $550 a month!

[graywarrior]

8. You own it? You rent it? You rent it out? What?

[La Lioness Priyanka]

11. you live in the middle of nowhere????

that was the question that came to my mind

[graywarrior]

15. Right now I do

Gotta move close to where I want to attend school. I'm in a black hole right now.

[Uben]

16. I own it, 158 units in Dallas

I have three partners in the venture. We are currently enjoying 100% occupancy with a waiting list!

[graywarrior]

18. Wow, that's great!

I'd move to Texas if I weren't such a New England junkie.

[Fluffdaddy]

13. WOW!!!.........Where do you live the 3rd world?

[DeepBlueC]

24. where do you live?

there has got to be a catch

[Fluffdaddy]

9. Economics 101..............Whatever the market will bear

Buy don't rent

[devilgrrl]

91. Yes buy! Most people can afford 250k+ housing!

:eyes:

[Fluffdaddy]

92. Then buy cheaper

[La Lioness Priyanka]

10. $1100 for a largish one bedroom

[KamaAina]

58. How did you pull THAT off?

(she's in NYC where such an apartment is as rare as a repuke with a clue!)

[La Lioness Priyanka]

62. its a walk up in brooklyn. lisa moved in just before the neighbourhood was gentrified

[msongs]

17. maybe the rents reflect the property owners' expenses...

mortgage, property tax, insurance, marketing, maintenance, labor, legal costs to get rid of deadbeats and pay for vandalism.

I rent out a house at a below average for the neighborhood. it does not create a profit but it does cover expenses.

we do a thorough check on prospective residents. Only once have we had to get rid of a group of residents who were not an asset to the neighborhood.

Msongs

[TexasObserver]

20. it's supply and demand

A landlord will not usually keep their price higher than the market will pay, because it means having vacancies, and that means not covering the debt and expenses associated with owning the property.

If someone is asking for $1500 for rent on a place, it probably means they have gotten that much before or expect to get that much now. In a declining economy, their expectations may be high, and they may have to reduce their asking price.

[Marr]

21. $1500 for a studio is extremely steep. Is it Manhattan or something?

I'm in Los Angeles and the highest price I've ever seen on a studio was about $1200. It was in a very nice beachfront neighborhood in Long Beach.

Or maybe it's in a prominent building? I've seen small spaces rented at exorbitant prices in some of our old landmark buildings.

[graywarrior]

32. Marblehead MA

The Beacon Hill of the north shore (or so they think)

[devilgrrl]

90. Yeah, it's pretty expensive there...

you could find that in LA but I doubt it in SF, NYC, Boston...

[madrchsod]

22. if i rented my 1450sq ft house i could get around 800

condo`s that size are going for over a thousand and regular apartments that size around 800. there`s cheaper rents but the neighbors are questionable...

my mortgage payment is around 365 per month

[Red State Rebel]

23. $650 1 BR Shotgun House - beautifully redone - St. Louis

I love it - it includes washer/dryer and has a jacuzzi bathtub. Was completely gutted and remodeled very nicely. It's small but perfect for me. I live on The Hill - nice Italian community :) I can walk to the best restaurants, bakeries and markets in the city!

[ComtesseDeSpair]

25. $875 for a 2 bedroom apt in Chicago (Irving Park)

My last apartment was about the same size in a more "trendy" neighborhood (Andersonville) and I paid $1400 for a 2 bedroom.

[dysfunctional press]

102. we sold our north park two-flat last year (spaulding/foster)...

we rented the upstairs one-bedroom for $750- including heat, cooking gas, and satellite tv with ALL the premium channels included, and free laundry in the basement. the apartment had front and back decks, a dishwasher and a garbage disposal. we never had any trouble finding tenants- and they usually stayed awhile.

[A-Long-Little-Doggie]

26. Where are you looking?

Sounds like Boston rents to me. There are a lot cheaper places outside of Boston, depending on how far you want to travel to school. I am loving living in Lowell, the train is just down the street, and rents are way cheaper than Boston.

[graywarrior]

33. Swampscott/Lynn/Marblehead

Gloucester has the most reasonabl but it is so far out.

[grasswire]

40. and it's full of Moonies

...and you can't get a decent cuppa coffee there.

[Fla Dem]

64. Look here Wakefield Ma. Nice middle class town. Link for reasonable rentals.

This is a swell community, where I grew up. Great 4th of July celebration, quaint downtown. Close to Rte 93, Rte 1, and 128/95. Not sure where you'll be going to school, but also has B&M train service to Boston. About 10 miles NE of Boston, commuting was a bit of a nightmare when I lived there, but that was before the big dig. About a 20 ride to the Marblehead/Swampscott area which was and probably still is upper middleclass to rich. If you're going to Salem State, it's an easy commute from the Wakefield, Stoneham area. Good luck in your search.



http://www.rent.com/rentals/massachusetts/boston-and-vicinity/wakefield/results/

[graywarrior]

79. I always thought Lynnfield was the escape ground for normal Lynners

LOL

[Kat45]

85. The only thing Lynn and Lynnfield have in common is 4 letters.

Lynnfield is a very affluent community. The people living there probably would not even pass through Lynn.

Are you planning to move to MA? What's up? I must have missed something.

[graywarrior]

97. Oh man, could I tell you stories about current Lynnfield residents who used to live in Lynn

[Marrah_G]

70. Might have a 1 bedroom situation available in Peabody for around 900

Everything included, parking, pool, etc.

[graywarrior]

78. Oouu, where in Peabody?

PM me....please?

[gblady]

27. I have the best....

rent deal...$875 for a 2 bedroom manufactured home, WD, on an acre...
east side of house all windows overlooking Puget Sound...eagles perch near by...
right next door to a State Park...quiet, peaceful, great landlords, who said rent will stay as is!
I feel blessed!

average rent here is about 1500.

[Vinca]

28. If we had to find a rental in southern NH, it would be about $1,200

plus utilities. Our mortgage payment is in the $400 range, so we're very lucky we have a house.

[graywarrior]

34. Dover is unbelievably expensive

Portsmouth is even worse

[grasswire]

43. I saw a great listing the other day...

....for the bottom floor of a Victorian near Wolfeboro. Wow. It was beautiful. $800. Of course there's no work in the area.

[BlooInBloo]

29. $750 for a 650 sq ft 1 bedroom near downtown. I think I'm pretty lucky.

[redstateblues]

30. I rent out my old 1300 sf 3BR/2BA house in Nashville for $850.

[arcadian]

31. We are renting out our house in Hawaii for $800

We dropped it from $1000. 2 bedroom, 1 bath, lanai, one acre of land. We aren't looking to make any money, just enough to cover the mortgage. It's empty now if anybody is looking.

[KamaAina]

59. I'm assuming that's on a Neighbor Island?

most likely Big Island or Kaua'i, as one acre of land on O'ahu or Maui would be a mini-estate.

In that case, no can do -- but my agency is statewide and has many, many consumers looking for housing...

[arcadian]

71. Big Island

There are still affordable areas on the Big Island. Ka'u and Puna. The house is in Ka'u.

[kestrel91316]

35. I consider myself fortunate to only pay $1275 for a 800sf 1-BR

in Los Angeles. I'm in the Valley. It's lots worse over the hill and in any newer place (mine is almost 40 yrs old). And I also have to pay utilities, and the unit comes with only one parking space (good thing I live alone).

[Tektonik]

42. Where in the Valley, that's not a bad price.

Sound like you live in Tarzana or nearby.

[kestrel91316]

49. Yep. Tarzana.

[Tektonik]

51. I know my San Fernando Valley!

:D

I was back up in Chatsworth this weekend, and it was FREEZING! :scared:

[kestrel91316]

66. It's been down in the 30s a lot at night, both for a couple weeks in Dec and

now again in Feb. Jan, OTOH, was hot.

[Tektonik]

68. I'm in San Diego now, so I complain if it's ever over 80 or under 60

[Tektonik]

36. My roommates and I pay 1850 for a 2 bdr apt here in San Diego (UTC)

I also want to live in a more expensive place (by the beach) next year :crazy:

[Pied Piper]

37. I'm in Boston

I live in a self-governed co-op high rise, near the Longwood Medical area. 1 bedroom on the 24th floor, corner unit with balcony, $636, heat and hot water included. I don't think I'll ever move again.

[stray cat]

38. Out in NY a one bedroom 700 sq foot apartment for $1500 is a bargain

but I don't have 20% down for a downpayment on a similar size condo (300,000)

[chatnoir]

39. $1500 for a 1 bdrm + utilities, Bay Area

Not even a dishwasher and paper thin walls. We joke its the cardboard building.

[w8liftinglady]

41. I pay 715 for 2 bedroom/2 bath in a nice older complex

one of the only benefits to living in rural Texas.

[grasswire]

44. $1775 for 2200 sq ft

....in an older neighborhood of Portland. I consider that extremely high, but it has the space we want for a multi-generational family.

BUT -- it has been foreclosed.

The owner hasn't paid the mortgage since September, and the bank is selling the house out from under us.

Woe, woe, woe and misery.

[fishnfla]

45. folks are losing their homes and renting

[boomerbust]

46. $300 a month

For a studio garage apt. Eastern Wi.

[Agent William]

47. $800 for two bdrs including utiliites

These asswholes make a living off of screwing college kids. Most college students use financial aid to pay rent, and the aid comes the middle of the month. They told us it was ok to pay in the middle of the month... middle of January we get an eviction notice and $400 in fines. WTF? how could they do that? Its not even that good of an apartment, there's fully detached houses for $1000 a month two blocks north. We have no washer/dryer and the oven and dishwasher is terrible. In addition the electric bill is $80 a month, I don't know if it's normal but it seams a little unfair.

[The_Commonist]

48. $1500 for a studio plus utilities and no parking...

Is about average around here.
Williamsburg Brooklyn.
I'm a rental agent...

[SoCalDem]

52. Since building has come to a standstill in most places,

what's there now, is pretty much IT..and as more people lose homes, they become renters, so more people chasing a static number of rentals, means that rates go up....and for the ones who bought the rentals, a chance to make more money..

[rainbow4321]

53. In the DFW area it all depends on location

Looking thru our local Craigs List, I see a 2 bedroom for $2147..that's uptown Dallas near a lightrail station. Others that are either in the suburb or in far north Dallas are running 1 bedroom/$500-$600.
If there are any advertised with 2 to 3 bedroom for less than a $1,000, I'd really have to question if the complex is in a neighborhood that is a place you wanna be after dark.

http://dallas.craigslist.org/apa/

That's one of the reasons I have kept my house since getting divorced in the late 90's..anything I would have gotten for me and my 2 kids at the time would have run as much as my mortgage. Least with my house I get extra money back when I do my taxes and it's a long term investment.
I still have about 15 years left on my mortgage payments.

That's not to say that once my last one is out of the house I won't want to downsize but it would have to have some sort of yard so I can let my dogs out instead of having to walk then 2-3 times a day.

[dana_b]

54. Current place: 1 bdr, no utilities, 1 pkg place = $1450

place next month: 2dr, 2 ba, 2 pkg places icludes garbage and cable: $1750. I live in the Bay Area.

[chatnoir]

72. Another Chicagoan transplanted here to the Land of High Rent?

And you get so little for under 2K.

[dana_b]

73. nope. born and raised here BUT

my mom loved the Cubs, my best friend lives in Chicago and is a Cubs diehard and a couple of other friends of mine love the Cubbies. It kind of rubbed off on me. Plus I do love Chicago.

Yes, under $2000 it is pretty bare bones. We're moving from the Peninsula to Pleasant Hill and you get a little more in the East Bay for your $$. We thought about moving but my family is here, job and most of my life.

[chatnoir]

76. Oops, sorry!

Cubs fans I've seldom encountered outside of native Chicagoans, hence the assumption!

Yeah, the East Bay gets you more bang for your buck, that's for sure. Too bad Mr CN works 5 mins away in Daly City and an East Bay commute would be, well, challenging.

I guess cost of living is not so shocking having always lived here then? Coming from Chicago it was (and still is) a huge adjustment. Your best friend prob did a double take looking at rents there.

[dana_b]

83. right - no adjustment for me

my friend has always lived in either Chicago or Indiana so she thinks the prices here are insane. We became friends on a message board, of all things! :7

[chatnoir]

84. Good luck on the move

Sounds like you found a good deal. Hope the commute is ok.

And yep, your friend is correct -- the prices ARE a horror story but she must love being able to visit you. ;)

[Blue_In_AK]

55. I'm a landlady,

and I charge my tenant $900 a month for a three-bedroom, bath and a half (about 900 square feet), with fireplace and carport, W/D and dishwasher. I also pay the utilities, so my net is considerably less. It's what I've always charged -- I haven't raised the rent in years.

I know I could probably get more, but my tenants have always been friends or family (now it's the mother of one of my daughter's best friends) so I like cutting them a deal.

If our energy costs keep going up, though, I may have to bite the bullet and raise the rent -- our natural gas went up about 25% last month, so my gas bill alone for this duplex was almost $400. Yikes!

[sixmile]

56. My buddy is paying $3700 for a 3/2 in Manhattan Beach, CA

And has been a renter for the past fifteen years! What a yutz, huh?

[Liberal_in_LA]

88. OMG...he could own TWO homes in the SFV

[truebrit71]

95. Yeah, cuz Van Nuys is so much nicer than Manhattan Beach right?

;-)

[Liberal_in_LA]

100. exactly!

:P

[cherish44]

57. I'm lucky that I was able to buy a house outright after my divorce

Yes it's paid for 100%! It's small but it's fine for my daughter and I. I may "upgrade" someday but to be honest, we're quite happy where we are and not having to worry about making rent or a mortgage payment is blissful right now

[Sisaruus]

60. $1100

$1100 for a third-floor walk-up studio, no parking, in Cambridge, MA.
I only use it on weekdays; I have a house in CT where I retreat on weekends.

[KamaAina]

61. $850, 360 sq. ft. studio, utilities included

best deal in town at that, unless I wanted to go live in the Crystal Meth District. If only it weren't a no-pets sinkhole! :grr:

[4lbs]

63. The apartment prices depend on where you live of course.

Here in San Diego, studio apartments are around $1100 to $1400 (no utilities) depending on location within in the County.

As the foreclosures have increased, more people have been moving into apartments, increasing the demand, and thus the monthly rent.

[NashVegas]

65. Well, It's Really Funny, Gray

My current apartment is in a very unhip, "old but modest money" part of town and I pay about 60% of what a smaller place would cost in the hip part of town.

Been here three years now, and I found it by checking the NEWSPAPER because of the ridiculous rents Craig's List lamelords were trying for.

When I was looking, you could find two-three days worth of avails postings on a 100-entry page. Today, you go a page and a half before you get to yesterday's postings.

It's a renters' market, they just don't want to accept it. Most are investors - people who bought second homes to flip, or bought condos when they were going up, and got stuck holding the bag when the bubble popped.

[tammywammy]

67. My last apartment was $520/month

I bought a house during the summer of 2007. That apartment was a 3rd floor unit, $520/month, plus water (which was always jacked $50+ each month, I pay less in my house), electricity (upwards to $200/month in the summer, but now never over $120).

It was 712 square feet, 1 bedroom with a sunroom instead of a balcony. Covered parking and security/cameras on all gates.

[Marrah_G]

69. Gray where are you looking for?

Seriously... Might have something for you on the north shore.

[crimsonblue]

74. I pay $710 for 1BR, 1 BA, W/D, garage.

[InkAddict]

75. We pay $992 plus water for an 1100 sf 2-bd 2-1/2 bth townhouse unit.

That includes $40 mo. pet fee. The unit has a 10 x 10 uncovered concrete patio w/a flower bed though not enough outdoor faucets to facilitate east plant or auto care. The patio is open to green-space court; there's a 1-car garage and drive (2 spaces), and W/D hookups w/discount rental avail. or bring your own, all electric (heat pump), with extra parking areas in some areas of the complex. There's a couple retaining ponds w/fountain and ducks/geese and a smallish unguarded cool-off outdoor pool not over 5ft deep and a coin-op laundry. Extra garages are available at times for $70 a month. It's just off a bus-route, a newly-widened drag-strip, and sidewalks were just put in last year on front-side (one can walk to fast-food, gas station, retail, and take a longer hike to at least 2 groceries. Once can also walk to city recreation park. It feels safe enough and is pet-friendly though residents not so much. For the size of the complex, management is responsive to work-orders. We feel we have found a real value!

Wish the landlord would allow more "green options" as permanent buy-in options like screen doors, ceiling fans, and tinted window film as our patio which faces west...oh well.

We downsized from a 3 bd townhouse after employment went belly off last year - Owner/mangement changed and rent went up to $1452 for 1500 ft w/2car garage w/storage area and fireplace - otherwise the same amenities so didn't give up much.

[a la izquierda]

77. $600 for a 950sq foot duplex.

With washer/dryer, fully fenced yard, a block from campus (where my office is). 10 mile commute for my husband. We could move cheaper, and probably will once I find out if I get a grant or not. $600 for a one bedroom is a little pricey for our area.

[Maru Kitteh]

80. supply and demand - unfortunately record numbers have lost their homes and are renters now

increased demand = increased price

Sigh. More things that suck about the Bush depression.

[Shakespeare]

81. $1350 for a one bedroom in Hollywood, utilities not included.

LA rents are just insane. We're seriously considering moving out of state in a year or two, just so we'll be able to afford a house (which we'll never have here in CA).

[bridgit]

82. Well yeah they are, even minus expenses for property mgt, wanting the rest of your life paid for...

for little more than opening envelops every month is part of how our econo got where it is. We pay a fraction of 1500 for a spacious 1bdrm/1bth, within a block of the capital downtown light rail dings right past our place so there's that and cept for seeing Arnold every once in a while, and parades and events (just ran Amgen through town yesterday http://www.amgentourofcalifornia.com ) it's a desirable location very close-in to all services in a gated garden setting with older, long term tenants that understand peace & privacy plus the laundry room is like half a dozen steps away so it's good

[Name removed]

86. Deleted sub-thread

Sub-thread removed by moderator. Click here to review the message board rules.

[Fire_Medic_Dave]

94. More results of the mortgage crisis.

[truebrit71]

96. $1800 for 3bdr/2bath 1400 sqft, attached garage, pool, spa, racquetball court, gym 24/7....

..rent went up $20/mo last year...I was REALLy worried that it was going to sky rocket but that wasn't the case...

Live in SW suburban Chicago (the red part unfortunately)...

[old mark]

98. I never want to rent again.

Not after the experiences I had with landlords over the years.


mark

[LanternWaste]

104. North central TX, 700 sq. ft, $600/mnth

North central TX, 700 sq. ft, $600/mnth. 1 Bedroom, dining room, w/d hookups in the storage closet on the balcony (but I use the apt. washers and use the storage closet for... well, storage).

[KillCapitalism]

105. I'm not renting anymore.

My former apartment's rent was $700 a month for a 1-bed/1-bath 750sq. ft. place with a balcony & no garage.

I just bought a 3 bed/ 2.5 bath 1,850 sq. ft. home with a basement & 2-car garage. Monthly mortgage on it is $825 not including taxes & insurance. I bought a home that met my needs for as inexpensively as I could.