Question for seniors that have sold their homes and now rent.

L

Lon

Well-known Member
Location
Central California
I know it varies by location & amenities, but what is the monthly rental cost for decent accomodations for both a single and for a married coupled?
$500 month, $1.500 month etc. ??
 

They list rentals on the realtor.com site, and probably some other sites also.

The last time we rented was in 1976, so I am not up to date.
 
Without specifying those amenities and locations, it's impossible to say. A luxury 1600 sq. ft. three-bedroom apartment in Orlando and a 300 sq. ft. studio in Manhattan might cost exactly the same. The cost of two identical apartments in two locations might vary by $2000.
 

I am interested in knowing what some of you seniors are actually paying, not what is available , or is that too private a question.
I pay $1,225 for example.
 
I live in a well maintained 1940's 2 bedroom, 1 bath, apartment that includes heat and an underground parking garage, I pay $700.00/month. A similar modern apartment in my area would run $1,100.00 to $1,200.00 per month and most likely would be an open floor plan in an old warehouse or office building that has been renovated. In this area it would actually be cheaper for me to buy a small mid century, 6 room, ranch or cape than it is to rent but I don't want all of the additional work and responsibility that goes along with owning a house.
 
we rent in queens and a 2 bedroom 2 bath apartment is 2k . we have a good deal since my wife was here 35 years . we have a pool and tennis courts . new tenants pay about 2400 for our unit .

we rarely rent the same thing we would buy so it is rarely an apples to apples comparison in costs .

while a 2 bedroom apartment cost us 2k a month a house in our area starts at 650k and goes to 7 digits .
 
Lon said:
I am interested in knowing what some of you seniors are actually paying, not what is available , or is that too private a question.
I pay $1,225 for example.
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It's a good question, especially with a little info about where and what that includes. I'm real interested since I currently own and am considering what my options are and cost being a big concern.
 
we can save 6k a year by buying a 2 bedroom 2 bath co-op similar to our apartment . but ,and a big but , the money we then tie up in the apartment will no longer earn 12k a year . so in the end once opportunity cost is counted our cash flow will actually be 6k less than we have renting .

very important to consider things like this in the equation . instead of costing 6k less just comparing carrying costs it actually will reduce cash flow by an additional 6k
 
OK, I just looked on Zillow for the "zestimate" on what we could rent our house for. We pay about $600 per month for the mortgage and Zillow says the rent would be in the neighborhood of $1150. I'm not real sure about that, knowing the neighborhood, but who knows?

Of course, in the past few years we've had to have a new HVAC system, a new roof and had to have the chimney complete rebuilt from the ground up (it was actually pulling away from the house.....yikes!), all of which would have been the landlord's responsibility if we rented.
 
in manhattan a studio is over 3k in decent areas . we still have two co-ops left in manhatten with rent stabilized tenants . they pay about 2400.00 , they should be about 5k a month .
 
Our house burned down a couple of years ago and we moved into a 3-bedroom townhome in Elkins, WV. Our rental cost is $995 per month. My niece moved into her own place here in town and the rent for her 1-bedroom very small poorly maintained apartment is $450. Rents seem to be going up since I was young and single.
 
My sister pays $550 for a very small 1 BR apartment. It's the best she can do for a safe apartment in a fairly decent area. The rent goes up every year. It won't be many more years until she is priced right out of that place.
 
Lon said:
Here is where I live for $1,225 monthly 2 bed 2 bath/ washer dryer patio deck www.westwoodbluffs.com.
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Looks like a good deal to me. I'll probably consider something like that one day. At what age did you give up home ownership and move to a +55 complex? I'm 62 and have a patio home on the golf course so I want to stay here as long as I can play golf and handle most things on my own.
 
Bullie76 said:
Looks like a good deal to me. I'll probably consider something like that one day. At what age did you give up home ownership and move to a +55 complex? I'm 62 and have a patio home on the golf course so I want to stay here as long as I can play golf and handle most things on my own.
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I sold a home that I owned in New Zealand and a golf course home in California when I turned 78.
 
SFH rental, Dublin CA (Greater East Bay, San Francisco Bay Area), 1970-ish, well maintained but modest 1300 sq. ft. 2bd 2b, 2 car garage: $2800/mo

Note: not ours, but our best friends' data.

Zillow believes our 2bd 2ba home in Oakland, CA is worth about $3K as a rental. I'd probably discount that by at least $250-300, maybe up to $500/mo. The garden is extremely large and renters don't want that kind of upkeep.
 
HipGnosis said:
How does rent change between single and married? Unless you both need your own bedroom and/or bathroom, I don't see any difference.
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A couple pay more than a single where water is part of the rent. Two use more water.

$1,100 a month for 800 sq. ft. 1 BR, in a gated any age community with all amenities (pool, exercise room, tennis court), nicely landscaped, paved walking paths, valet trash pick-up, outside grill, plenty of parking. My ground-floor unit has standard stove and frig as well as washer-dryer, built-in microwave, disposal quiet neighbors, lovely view.

In my lifetime I've owned houses - large and small - and condos. When I was younger, apartment living would have been unthinkable but at 84, I enjoy not having to worry about upkeep and maintenance. No roof to leak, no grass to cut, no real estate tax bill.
 

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