| Author | Message | ||
     Boney95 |
I just got my rent jacked up $50. I'll have been at this property going 3 years in April. This is the first rent increase. Other than her adding an additional $25 when she figured out that I use the washer "too often", which I thought was a bunch of BS. So what are your thoughts on property owners and rent increases? Is this the norm? I'm already starting to look for another apt, $675 for a small 1 BR, in my location, its not worth the money. Its going to be a pain in the ass to find a place with a garage that will take a dog though. | ||
| Skntpig |
If you can't find a comparable place for the same money or less than it seems like the rent is appropriate. If it's not worth the money then move to a nicer place and save some cash! PM me if you have any more questions. | ||
| Tq_freak |
Ill play devils advocate. My wife and I rent her old house out in FL since they market took a dump and we couldn't sell it. Our tenant is on her second year and we needed to recoup some money so we upped her rent $50 between leases. Don't take this as we are making money on the deal cause we are not, we are lucky to have the rent cover the mortgage but are out of pocket taxes and insurance every month. I would say with the way property taxes as well as insurance and everything else is going up, 50 bucks after 3 years is a bargain I would say. | ||
| Tq_freak |
Skntpig - Just looked at your profile, do you want to sell my house?  | ||
| Ratbuell |
Boney - depending on water charges (do you pay for water/sewer, or is it part of the rent?), I'd say the $25 is legit. City water can be pricey, especially if there's lots of it being used. Ditto if there's a lot of sewage - and the stuff coming out the bottom of the washer counts as much as the stuff coming out of the commode. On the rent increase...you kinda spelled it out with your last line. Garage, pet-friendly...narrow market. Not many rentals have both. $675 for a "small one bedroom" might be a lot. But...a "small one bedroom that allows pets and has a garage"? If the market will bear it...it's not out of line. Ask yourself "what will the next guy pay" for your garage and the ability to have a pet? And before you come up with that number, do your research - see how many others are out there that have both. Fewer units, unfortunately, means higher $. Kim and I do own property that we rent. Expenses *are* going up steadily, despite the crappy job market. It sucks...but as we all know, life is rarely fair. If it took her three years...count your blessings. | ||
| Pkforbes87 |
How's the housing market in your area? I'm living in a 3 bed 2 bath w/ 2 car garage for under $750/month. A little more expensive than renting, but I like the idea that my monthly living expenses actually build equity. | ||
| Aptbldr |
Agreeing the rent increase is an opening to negotiate with landlord for other concessions... reduce laundry tax?, lock-in new price for two years?, better garage door?, what do you want (besides lower rent)? | ||
| Prowler |
Depending on your financial situation and job security, you might want to look at buying a duplex or a house (with a room mate to pick up a lot of the costs). I did this a while back and it works out well in the long run as equity builds fast in an up market. Houses in Milwaukee are selling at fairly reasonable prices right now. Otherwise, seems like the price you're paying for a one bedroom with garage (this is huge) and pet is not too bad in this area. | ||
| Grancuda |
I have a good tenant whose been in mine for 3 years and I wouldn't want to raise the rent because I don't want to have to find another good tenant, they are hard to come by. | ||
| Fung |
I'd say your good. i charge $625 no garage, no pets. 1 bedroom. I'm with Grancuda. A good tenant is worth keeping, even if you could charge more. | ||
| Nik |
All these rent prices are making me incredibly jealous. | ||
| Kyrocket |
It's hard to compare with so many of us living in such diverse areas. Heck that's more than my mortgage payment on a three bedroom, bath and a half brick ranch home with a one car attached garage. For that price you could rent a house in (my)town. Don't cut off your nose to spite your face though. Like the others said, it is rare to find garages and pets allowed now days. If it were me I'd do some research just to see what's out there and available. | ||
| Fahren |
We rent out a small rancher, and the rent just covers the mortgage and taxes. We only raise the rent if the taxes go up, just to keep pace. Not a good long-term strategy. I'd rather not be a landlord, but houses aren't exactly flying off the shelves at top prices right about now. | ||
| Boney95 |
That's the thing, I am an excellent tenant. That's why I told her that I was going to start looking for another apt, to try and scare her. It hasn't worked so far. This lady is a straight up b!tch though. Nobody in the neighborhood likes her, she's hard-headed. On a side note, I get half of the garage for shoveling and mowing the grass, not a huge deal. I also get free internet. I'm going to have to see what's out there. This might be a blessing in disguise, she's a real b!tch. She also lives in the lower half of the house. And as for buying, I'm not sure if Milwaukee is going to be home long term. | ||
| Pkforbes87 |
If you're ok with living in Milwaukee as long as three years, don't rule out buying. Not sure if it's running through all of 2010 or only half the year, but the first time homebuyer tax credit is a pretty good reason to buy right now. One requirement is that the home must be your primary residence for three years after purchase. This is the second version of the homebuyer tax credit being offered. The first was a $7500 interest free loan, to be paid back $500 per tax return for the next 15 years. The current $8000 version is non-taxable, and you don't pay it back as long as the three year rule is followed. | ||
| Ccryder |
My Step-Son pays $1,100/ month for a small 1 bedroom but it does have a parking space behind a locked gate. He is in West LA so there is a real difference. $50/ month after 3 years is not uncommon. A garage with an apartment is pretty unusual so count yourself LUCKY! It all depends on the market in your area. Comparables is the only way to determine, and then only if it's available when you need it. | ||
| Indy_bueller |
Seriously, look at buying a house. I bought about two years ago and I believe it's one of the smartest things I ever did. Then rent out one of your bedrooms to someone. | ||
| Teeps |
Park Anza Townhouses 1 Bed $1425 23817 Anza Ave Torrance, CA 90505 Spacious single and two-story floor plans Conveniently close to parks, schools and beaches Upgraded and remodeled units Professional on-site management and maintenance} Convenient garages - parking Large private patios On-site laundry facilities Gas stoves and heating Cable ready Located in a Torrance school district |
