My Rent Will Increase By 10% September First.

Nosy Bee-54 said:
The main culprits are investors who are turning single family homes into rentals. This couple who lived on the next street from me, they sold last week. They said the investing company made an offer they couldn't refuse. So that basically prevented another couple from buying a single family home. The house is being cosmetically repaired and will be on the rental market any day now. My information is that these investors rent to as many people based on the number of bedrooms (i.e. 4 bedrooms, 4 different leases). The investors are making lots of $$$ hand over fist. Local or state gov't needs to step in and stop this avarice.
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I couldn't agree more and posters on this forum have alerted me to this crisis as well as talk radio. They will make cosmetic changes as cheap as possible. And ask the max rent they can get. It needs to stop and the powers that be care nothing as I've mentioned.
 

Teacher Terry said:
Remy, we all make mistakes and some cost us more than others. I find what’s happened with corporations buying homes and rents getting expensive really hurting hard working people, seniors, etc. Locally we are seeing individual bedrooms being rented to different people so the owners are getting much more rent. Our homeless population is increasing and I find the whole situation incredibly sad.
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Yes it's true. Where will it end I wonder? It's sad, scary and even dangerous.
 
My son told me a couple of days ago that my honorary son (HS), his BFF had a rent increase of $800 a month!!! That's eight hundred dollars!! I asked my son..is that even legal and he said he asked the same question. My HS lives in Tampa. About a year and a half ago he and his fiancee moved from a nice one bedroom apartment that was paid for by her employer (she was a travel nurse) and they also maintained an apartment in Orlando where he worked PT on the weekend. The new building in which they have 2 bedrooms is gorgeous. When I visited they were in the one bedroom. I was so looking forward to visiting again and having my own room. :sneaky: He's in mortgage lending and though he does well sometimes, he does not have a steady income. She quit her nursing job just before COVID (thank God because her hours were brutal anyway and her health fragile). She went into real estate briefly but just became a flight attendant in the last few months. I don't know if they can handle that kind of increase; they might decide to move back to a one bedroom.
@Pecos
 

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Unfortunately, EVERYTHING we all purchase has gone up by 10%, somethings alot more. As the value of our money gets devalued, we will all continue to pay more in the number of dollars it costs to purchase goods or services.

I know the cost of living in my house which I own free and clear has risen by at least 10% due to increases in property taxes, utilities, insurance, repairs and maintenance, etc.

I'm not sure it is always fair to blame the owners of rental properties for raising rents. Just like any other business, they have a decision to make - raise the price or lose everything and go out of business.

THe current environment in which we find ourselves is a very scary and real threat to all of our collective well beings.
 
Bonnie said:
Only 10% rent increase? ... around here, rent is going up at least 15% on renewing leases, and for many it will be more.

Along with property owners facing higher costs/taxes themselves, there is also a shortage of apartments with the influx of people coming to the area.
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Bonnie, check out my post #53! @HarryHawk
@Teacher Terry ..yes insane is a good word for it. Another is obscene!
 
HarryHawk said:
Unfortunately, EVERYTHING we all purchase has gone up by 10%, somethings alot more. As the value of our money gets devalued, we will all continue to pay more in the number of dollars it costs to purchase goods or services.

I know the cost of living in my house which I own free and clear has risen by at least 10% due to increases in property taxes, utilities, insurance, repairs and maintenance, etc.

I'm not sure it is always fair to blame the owners of rental properties for raising rents. Just like any other business, they have a decision to make - raise the price or lose everything and go out of business.

THe current environment in which we find ourselves is a very scary and real threat to all of our collective well beings.
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Harry, while I agree with you that landlords most likely find it necessary to raise rents to keep up with escalating costs, I do think $800 a month (see my post #53) is excessive. But of course, I have no way of knowing how the expenses for the community grew. My Honorary son doesn't live in a private home, it's an apartment complex.

I consider myself blessed as the owner of a co-op unit purchased 51 years ago. Our carrying charges (aka HOA fees) seldom get raised, but when they do it's only by $50. Earlier this year a $50 a month assessment was added to our charges. Really, my neighbor-friend, her husband (who's the board's VP) and I think it should have been $100 based upon the co-ops needs. Right now while the average rental costs for two bedrooms in northern N.J. start at around $1,768 (according to recent stats I saw), we're still only paying $644 a month and that includes our taxes. The mortgage was paid off in 2012.

As expected, my honorary son and his fiancee decided to move back into a one bedroom and start saving to buy a home, maybe in a couple of years. @Teacher Terry
 
HarryHawk said:
Unfortunately, EVERYTHING we all purchase has gone up by 10%, somethings alot more. As the value of our money gets devalued, we will all continue to pay more in the number of dollars it costs to purchase goods or services.

I know the cost of living in my house which I own free and clear has risen by at least 10% due to increases in property taxes, utilities, insurance, repairs and maintenance, etc.

I'm not sure it is always fair to blame the owners of rental properties for raising rents. Just like any other business, they have a decision to make - raise the price or lose everything and go out of business.

THe current environment in which we find ourselves is a very scary and real threat to all of our collective well beings.
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I have tried. I bought a house but I sold it. I didn't feel safe there. The truth is, I could have paid it off myself by now, but I'm renting.

I will not feel sorry for property rental owners. Look at the post by OneEyedDiva, this is greed and I understand Florida is at the forefront of this. And it's wrong. Yet allowed.

I spoke to my neighbor today who lives behind me. He's so quiet, I don't know he's there. He doesn't do a lease (I thought he did) and he said everyone's rent was increased "because they can." The complex was bought by a Russian company and they are buying more complexes. His brother is in real estate on some level and I guess got information. What's going on isn't expenses for the owner needs, it's max greed!
 
Remy said:
I have tried. I bought a house but I sold it. I didn't feel safe there. The truth is, I could have paid it off myself by now, but I'm renting.

I will not feel sorry for property rental owners. Look at the post by OneEyedDiva, this is greed and I understand Florida is at the forefront of this. And it's wrong. Yet allowed.

I spoke to my neighbor today who lives behind me. He's so quiet, I don't know he's there. He doesn't do a lease (I thought he did) and he said everyone's rent was increased "because they can." The complex was bought by a Russian company and they are buying more complexes. His brother is in real estate on some level and I guess got information. What's going on isn't expenses for the owner needs, it's max greed!
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I can't post the article here because only subscribers can read it but here are excerpts from an article in The Bergen Record (N.J) about how home buyers and renters are being priced out of the market due to LLC's buying up properties and jacking up their prices.

"New Jersey’s real estate market has been whipped and warped by a proliferation of corporate investors that have snapped up tens of thousands of homes, turning the state into a giant Monopoly game of the haves and the have-nots.

Fortified by new federal and state tax breaks and billions in investor capital, limited liability companies, or LLCs, have locked out many first-time homebuyers who can’t compete with their all-cash offers.

LLCs have forced tenants to fix sometimes crumbling homes at great cost, in some cases leading to health problems. And they have pushed out tenants who can’t keep up with skyrocketing rent."

An analysis by the Asbury Park Press of state sales and tax records has found the number of LLCs owning single- to four-family homes soared from 12,000 in 2012 to more than 72,000 last year.

The lengthy article goes on to say:
"As people moved to New Jersey during the pandemic, the median home price in the state soared from $302,000 in 2016 to $460,000 in June 2022, or 52%, according to the New Jersey Association of Realtors."

Renters are scarcely better off.
Average rent in New Jersey climbed to $2,414 a month in 2021 from $1,770 in 2020, according to Rent.com, a website for landlords to list their properties. That's virtually the equivalent of a monthly mortgage payment on a $400,000 home, with a 10% down payment and 5% interest rate on a 30-year loan.

For some New Jersey residents, the influx of LLCs left them with a frantic search for an affordable place to live."
 
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Teacher Terry said:
800/month rent increase is insane. I feel so sorry for the couple.
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As expected my honorary son found another apartment in a brand new building. It's a one bedroom with a den about 10 minutes from where they were living and 10 minutes from the ocean. The cool part is that his youngest daughter is moving to Tampa and will only be minutes away from where he'll be living. And they'll be saving $700 over what they would have paid if they stayed where they are. But that also means they'll be paying $100 more for a one bedroom than they are for a two bedroom.
 
This is why this country is leaning more and more toward Communism. The CEO's and Lawyers running everything with our politicians in their back pockets are ruining it all. But, they will be the one's to lose in the long run. Just ask the Russians.
 
OneEyedDiva said:
As expected my honorary son found another apartment in a brand new building. It's a one bedroom with a den about 10 minutes from where they were living and 10 minutes from the ocean. The cool part is that his youngest daughter is moving to Tampa and will only be minutes away from where he'll be living. And they'll be saving $700 over what they would have paid if they stayed where they are. But that also means they'll be paying $100 more for a one bedroom than they are for a two bedroom.
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My sister lives in Florida, and the rent there has increased tremendously from years ago, and her married sons are now living either with her and her husband, or with their in-laws. They can't afford the high rent.
 
Terrible, for many people. I researched rental prices and availability across Canada. In most places (even "nothing" towns), a bachelor or 1-bedroom apartment costs 60%-100% of my income.

In cities like Toronto and Vancouver, rents are even higher. In many places across the country, there are no vacancies, and waiting lists are long.

I ended up moving to an isolated boom town that went bust. There are lots of vacant apartments, and rents are low. Living here is not ideal, and sometimes people advise me to leave. But I really can't move anywhere else in this country. Not if I want to eat.

Moving to a "depressed area" is something to consider.
 
Remy said:
I've wondered what I did in a past life for this. Not sure I fully believe in reincarnation. I know people have suffered much more than myself. Lived short lives. Been hungry, without water, tortured. And I've wondered if my mother finally had to realize how she treated her children after she died. Who knows.

I was born in the U.S., I can't complain about that really. Yet my life has been far from easy. My own mind drives me nuts sometimes and that's its own form of torture.
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Sometimes it's not easy to live on this Earth. Hope things get better for you.
 
Thank you @Gaer that's very kind of you. One upside to not being in that house, it in was a mandatory evacuation 1 or 2 years ago (I can't keep track of all these fires) The area didn't burn but I'd have been freaking out.
 
Remy said:
Thank you @Gaer that's very kind of you. One upside to not being in that house, it in was a mandatory evacuation 1 or 2 years ago (I can't keep track of all these fires) The area didn't burn but I'd have been freaking out.
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Yes, I get many fires here as well. One came so close to my home. It burned 47,000 acres.
Most people around here can't afford Homeowner's insurance either.
I could see the flames from my yard. I know, it's scary.
 

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I am in a home much larger than my needs. I only use five rooms, my bed and bath, kitchen, den and laundry, The grandson gets the front living room for TV and video games. He has a bedroom and play room. If my son and DIL stay over they have a master en suite.

The homes in my area are selling for top dollar. The truth is that it is much cheaper for me to stay and just pay the taxes and insurance, I am mortgage free. I looked at buying a smaller home but they were also high. At least I know my home has been well maintained. I looked at apartments rents that are just stupid high, not even the newer nicer ones. I looked at the apartments my husband and I were in about 35 years ago when we bought our first house. I loved the layout and space of the floor plan. Of course, now the area is not as nice. It is still higher than my monthly expenses in a large home.

So here I am and will be until I am gone or until I have to be placed in care.
 
I seriously thought about placing my paid-off home on the market this past summer, but while watching the prices on Zillow.com and Realtor.com, I would have to go into debt to buy another home and I wasn't having that! The homes I had seem to be interested in were being bought by investors, outbidding everyone. I've decided to just sit on what I have; at least it's paid for. I would be afraid to rent in this day because rent increases are unbelievable to the point many people become homeless.
 

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