These ridiculous rent prices!

fancicoffee13

fancicoffee13

Senior Member
Location
Texas
We have been renting for years, but this is ridiculous! We started out paying about $850 and it hardly went up through the 3 years I've been here. A few months ago, it went up to $916, and our contract is about up, so I stopped by to see what it was going to be. We were told it would go up to $985. No, it is now $1126! Amazing! Well, I was really nice, and said that was a surprise and thanked her for her time. Boy! And we don't qualify for the cheaper ones because if you make so much, sorry Charlie. So, SOL! Oh my! But, I know, if we have to move to another town, so be it.
 

fancicoffee13 said:
We have been renting for years, but this is ridiculous! We started out paying about $850 and it hardly went up through the 3 years I've been here. A few months ago, it went up to $916, and our contract is about up, so I stopped by to see what it was going to be. We were told it would go up to $985. No, it is now $1126! Amazing! Well, I was really nice, and said that was a surprise and thanked her for her time. Boy! And we don't qualify for the cheaper ones because if you make so much, sorry Charlie. So, SOL! Oh my! But, I know, if we have to move to another town, so be it.
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Yes, it makes me mad, but I can't waste too much time being mad. Just got to get busy looking!
 
Am I wrong? I spend about 3 months keeping an eye out on other apartment and rent house prices to see what is going on. Well, all the small rent houses are unavailable and the only ones we can go to, we might have to wait for one to come open. My husband says he doesn't worry about it, just will check on it 30 days before the contract is up. This past year proves you need to look around earlier because not only has the rent gone up, they want you to give notice not 30 days ahead of time but 60 days! I am going to keep my eyes and ears open!
 

Not only ridiculous, but scary! I moved to an isolated "dying town," just to afford rent. Other people must be getting the same idea. My building was practically empty, but is filling up fast.

We have rent controls in this province, but there are ways of getting around it. The landlord can raise the rent to recoup capital expenditures or extra expenses, amortized over a number of years.

@fancicoffee13 These days I'm more like you; I feel it's my responsibility to plan in advance. Sometimes things work out well for the happy-go-lucky people. I wouldn't tag along for the ride though. He might be basing his decision on the way things used to be. The situation is desperate now.
 
NorthernLight said:
Not only ridiculous, but scary! I moved to an isolated "dying town," just to afford rent. Other people must be getting the same idea. My building was practically empty, but is filling up fast.

We have rent controls in this province, but there are ways of getting around it. The landlord can claim capital expenditures or extra expenses, amortized over a number of years.

@fancicoffee13 These days I'm more like you; I feel it's my responsibility to plan in advance. Sometimes things work out well for the happy-go-lucky people. I wouldn't tag along for the ride though. He might be basing his decision on the way things used to be. The situation is desperate now.
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You hit the nail on the head! I won't change my ways, I will stay on top of things, because things are changing too fast. I am happy for you.
 
I don't know how people are going to afford rent going up so much with everything else going up too. I am thankful to have my rent subsidized. My son's rent went up from $550. to $575. and I was so glad it didn't go up any more than that. He had been there for 4 years with no increase at all. His is not subsidized because I don't think he could handle all the rules.
 
fancicoffee13 said:
We have been renting for years, but this is ridiculous! We started out paying about $850 and it hardly went up through the 3 years I've been here. A few months ago, it went up to $916, and our contract is about up, so I stopped by to see what it was going to be. We were told it would go up to $985. No, it is now $1126! Amazing! Well, I was really nice, and said that was a surprise and thanked her for her time. Boy! And we don't qualify for the cheaper ones because if you make so much, sorry Charlie. So, SOL! Oh my! But, I know, if we have to move to another town, so be it.
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Is it at all possible for you to buy a piece of property and put, maybe a quick pre-fab house on it?
I know those "boxables" go for as low as $10,000 for only $275. a month if you finance.
There are many companies. You have to set up gas, water, electricity but then it's your own. No more raise in rent.

Thank God I paid up front for my home! It's small but clean, open, bright and secluded. It's a happy little place just right for me.
Might not be much but it's PAID OFF! Sometimes you don't own the house. The house owns YOU!
Anyway, just a thought. Sure hope you find something!
 
Rent prices are truly awful and getting worse all the time. Around here, a studio apartment in a merely halfway-decent area is about $900-$1,000; 1-bedrooms are about $1,200-$2,000; and you don't even want to know how much houses rent for, sigh.
 
Do you live in the city ?... Rents are just atrocious in the cities.. in London you can pay well over Ā£1,000 per month for a bedisit..or studio flat... for a small 2 or 3 bed one bath house the average is around Ā£1500 to Ā£2,000 per month...and that's in the poorer parts of the city..doube or treble that for the more upmarket areas

Even here in the semi rural small market town area just a few miles outside of the Metropolis we have London prices for homes.. extortionate.. My daughter had to move an hour and a half north of here to even stand a chance of affording her small home... and even then a 2 bed one bath little Bungalow, with a small yard ( not even a proper garden) cost her Ā£250,000 ..and that's without a garage or even a drive. She had to pay to have a drive installed.... the same small property here in this town where she was born and raised would have cost 3/4 of a Ā£million...
 
Kaila said:
I agree with you and with @NorthernLight
that it is important for you to look early and often, to try to find possible alternatives. I would do that, even though he isn't. šŸ’Œ
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I looked and found someone who rents houses at an affordable rate! Now, I feel more at ease. And in the same city. Wait till I tell him! I love renting a house, a backyard for the dogs, plenty of room in the home. Way more affordable than the apartments!
 
And now for the other side of the coin....We own a 2 story house in Toronto. Over a period of 4 years, my Wife's younger son MIke renovated , starting with the basement which became a modern one bedroom apartment, with it's own entrance. Next he renovated the second floor, creating a 2 bedroom modern apartment. Then he renovated the ground floor, which is where we live. So we have 2 sets of tenants, who pay us rent. The basement rents for $1400 a month, and the second floor rents for $1800 a month, for a combined income of $3200 a month. This covers all of our monthly costs including insurance, utility bills, property taxes ( $3500 a year ) and waste management costs. The tenants are required to carry "tenant insurance " that covers their furniture and personal property. The MAXIMUM annual rental increase allowed in the Province of Ontario this year is TWO POINT ONE PERCENT. WE knew this before we even thought about turning our house into an "income property ". When it comes time for us to sell our house and move to a condo, the house will sell for around a million dollars as an investment property. Having 3 self contained units in the house, will bring around $50,000 a year in rental income for a new owner, when we sell it. Jimb.
 
fancicoffee13 said:
I looked and found someone who rents houses at an affordable rate! Now, I feel more at ease. And in the same city. Wait till I tell him! I love renting a house, a backyard for the dogs, plenty of room in the home. Way more affordable than the apartments!
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What a relief for you.. that's great news!! I wish I could move.. I love moving to a new area and finding out what it has to offer..
 
jimintoronto said:
MAXIMUM annual rental increase allowed in the Province of Ontario this year is TWO POINT ONE PERCENT. WE knew this before we even thought about turning our house into an "income property ". When it comes time for us to sell our house and move to a condo, the house will sell for around a million dollars as an investment property. Having 3 self contained units in the house, will bring around $50,000 a year in rental income for a new owner, when we sell it. Jimb.
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According to my landlord and what I read the maximum increase for Ontario is 2.5 percent ?
 
Mizmo said:
According to my landlord and what I read the maximum increase for Ontario is 2.5 percent ?
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We don't bother applying the increase because our tenants are personal friends of our son Mike, and they are all "starving artists " who work in the TV and film industry here in Toronto. Note that I put quotes around starving, as a joke. JimB.
 
jimintoronto said:
We don't bother applying the increase because our tenants are personal friends of our son Mike, and they are all "starving artists " who work in the TV and film industry here in Toronto. Note that I put quotes around starving, as a joke. JimB.
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They are lucky to have you as landlord(y):)
 
Mizmo said:
They are lucky to have you as landlord(y):)
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Thanks. Ever heard of the Lake Of Bays Brewery? I inherited a 100 acre plot of land from my Grandfather in 1988 near Havelock. Untouched virgin forest that he bought in 1933 that was never built on. The land has a great spring water source. The Brewery pays us a VERY substantial amount of money every year for the right to draw some of the best spring water in Ontario every week. That is why we don't need to raise the rent for our tenants. Part of the deal is a monthly delivery of assorted Lake of Bays beer products, which we share with our family and our tenants. We incorporated an Ontario Corporation that the brewery pays our annual fees into, and we have a financial management company that invests our money. That is what allowed us to buy our house for all cash, so no mortgage. Thanks Grand Dad. JimB.
 
jimintoronto said:
Thanks. Ever heard of the Lake Of Bays Brewery? I inherited a 100 acre plot of land from my Grandfather in 1988 near Havelock. Untouched virgin forest that he bought in 1933 that was never built on. The land has a great spring water source. The Brewery pays us a VERY substantial amount of money every year for the right to draw some of the best spring water in Ontario every week. That is why we don't need to raise the rent for our tenants. Part of the deal is a monthly delivery of assorted Lake of Bays beer products, which we share with our family and our tenants. We incorporated an Ontario Corporation that the brewery pays our annual fees into, and we have a financial management company that invests our money. That is what allowed us to buy our house for all cash, so no mortgage. Thanks Grand Dad. JimB.
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Oooh JimB..do you need a Granny...when can I move in ..free beer too!
..I could learn to like beeršŸ˜‹
again..lucky tenants, hope they appreciate.
 
Where I live is a relatively low rent area. You can rent a modest 2 /3 bedroom detached house for Ā£600-800 pm. Of course if you go into the city, I can be twice that. Much the same applies to buying. In rural areas, small villages etc, you can buy a good 3 bed property for Ā£200k - less if you buy an old property that needs to be renovated. Once you get near to the city, prices shoot up.
 

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