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It seems from some media outlets I have looked at, that apartment rents are going up and in some areas quite significantly. Were I live in Dallas, it's hard to find a good apartment in a safe relatively crime free area for less than $750 a month.
The Colorado front range, for those not familer with Colorado it is basically the area from Pueblo to Fort Collins along I-25, has been seeing 10% or more increases year over year for at least the last 2 years, places that were renting for $1200 a month 3 years ago are now going for $1600-1800 a month.
The Colorado front range, for those not familer with Colorado it is basically the area from Pueblo to Fort Collins along I-25, has been seeing 10% or more increases year over year for at least the last 2 years, places that were renting for $1200 a month 3 years ago are now going for $1600-1800 a month.
I'm familiar with the Denver market, and I think has some of the cheapest rent relative to housing costs I've ever seen. It certainly doesn't surprise me that rent is increasing in that area. It still seems too cheap to me. In Dallas, property generally rents for around 1% of its value each month. That can get closer to 2% if it's in the ghetto or down closer to .75% if it's in a very, very nice area, but 1% is probably standard for a nice property. In Denver, it seems like properties that sell for $250,000 rent for $1500, which is just crazy to me. I don't know how any real estate investors stay in business.
Just as a comparison, here in the Province of Ontario, the legal rent increase for rental properties will be one point six percent. That applies to all types of rental housing, regardless of the location or the age of the property. This legislation has been in effect since 1992.
here is a link to the relevant Ontario Provincial information website.
Landlords may apply for a rental increase above the set annual limit, but they have to justify the increase to the Province. Major improvements to the building, such as a new roof, or new furnace installation may result in a rent increase above the set amount. When a tenant moves out, the rent stays the same for the new tenant. This is recorded on a Province wide rent registry.
Typically, leases are for a year, and if both parties agree, the term becomes a month to month on=going agreement. 60 days notice is required from either party, to end the month to month agreement. Non payment of rent, beyond 3 days of the date for payment, is legal reason to begin eviction procedures.
It seems from some media outlets I have looked at, that apartment rents are going up and in some areas quite significantly. Were I live in Dallas, it's hard to find a good apartment in a safe relatively crime free area for less than $750 a month.
My family rented. As a kid, we moved every single year because of rent increases in the 10% range. This was in the 60's- 70's.
Texas is a booming market with a lot of people moving here and few vacancies.
Home prices in many areas are up 30% in 2 years.
Find where these people are moving from and you'll find rents that may not be increasing.
But maybe that's why they are leaving, because the price of a place to live has gotten too high.
It seems from some media outlets I have looked at, that apartment rents are going up and in some areas quite significantly. Were I live in Dallas, it's hard to find a good apartment in a safe relatively crime free area for less than $750 a month.
That's because everyone wants to live in the same areas. In the less popular ones, the rents are less. I live in a beautiful tree lined section of Cleveland Heights near every cultural and entertainment venue imaginable. I pay $775 a month for a great old 1100 sq ft apartment heat included and I can walk to a grocery store. I am on two bus lines and a mile from the city of Cleveland and the Rapid, Case Western University and University Square. I'm just about five minutes away from Shaker Lakes and can live car free.
My rent won't go up as long as I live in my present apartment. This is the first time in over thirty years I have had this happen in comparison to my previous city of Portland, OR where my rents at one time soared over $100-$200.00 at a time in various rentals when my lease renewal came due. And that was back in the 80's. Not much today has changed except it's now happening in the formerly less desirable neighborhoods.
I know winters here in Cleveland are harsh but the rest of the time it's fine. And that's fine with me. It's an acceptable trade-off. I think anyone who pays big bucks in rent just to say they live in a certain zip code is not being very wise.
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