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Old 05-20-2011, 07:18 AM
 
Location: nyc
156 posts, read 282,844 times
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The rent prices are really going up...It is getting crazy these days. I wonder why. I thought the south was for cheap rent, not anymore.
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Old 05-20-2011, 07:34 AM
 
Location: High Cotton
6,131 posts, read 6,440,063 times
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Quote:
Originally Posted by wishing1 View Post
The rent prices are really going up...It is getting crazy these days. I wonder why. I thought the south was for cheap rent, not anymore.
Demand, cost of ownership (e.g. repairs, insurance, taxes, maintenance, services, etc.). Also, as inflation increases it affects the owners of rental properties, who will naturally increase their rent prices to offset the inflation increase.

I don't know what your comparison is, but I suspect the price is competitive with 'like' properties in the area. If not, move...
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Old 05-20-2011, 07:42 AM
 
Location: Chapel Hill, NC
870 posts, read 1,967,551 times
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Quote:
Originally Posted by wishing1 View Post
The rent prices are really going up...It is getting crazy these days. I wonder why. I thought the south was for cheap rent, not anymore.
It's going up a lot of places, it's still reasonable and you can always negotiate if you've been a good tenant. Greensboro was in an article that had a high proportion of renters so that also affects things.

it's not just limited to NC either, many of my friends in NYC have gotten shockingly high increases this year and some will have to switch apartments.
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Old 05-20-2011, 07:49 AM
 
Location: The Triad (NC)
28,487 posts, read 62,101,894 times
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In general... rent rates are what the market demand will support.
The specific expenses the LL may have are almost immaterial to that.

Competition, demand, convenience, condition... all sorts of other things matter far more.
But whether a rent is high for YOU... is completely about affordability relative to YOUR income.
---

If a "typical" couple living in a given area are both working full-time at $15/hour...
then their net monthly take home ($15 x2 x2080 x 70%... /12months) should be $ 3640.

Depending on what other monthly payments this couple has to make...
the rent portion of their budget still shouldn't exceed 33% of their net take home earnings.
Personally, I wouldn't want to ever go above 25% of net take home.
---

From the example above... $3640 x 25% = $910 for monthly rent (plus utilities)
Applying the affordability limit of 33% to that $3640 means $1212 for rent is the MAXIMUM

There are even more conservative calculators that include the utility bills in those percentages.
At $200 a month for gas/electric/etc... that means our couple should be able to afford $710 for rent...
but still shouldn't go above $1012 per month.
---

Plug in your own numbers and see where YOU fit into the calculation.
Most landlord's will have done similarly.

Last edited by MrRational; 05-20-2011 at 08:54 AM..
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Old 05-20-2011, 02:18 PM
 
Location: nyc
156 posts, read 282,844 times
Reputation: 51
I just never thought I would see the day when rents would be over a grand in NC. When I first came here it seemed like 500 was the norm...
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Old 05-20-2011, 02:21 PM
 
Location: Rhody
546 posts, read 1,121,999 times
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The many foreclosures and poor economy have created demand in the rental market, as people give up their homes to become renters, or homes are vacant and off the market while foreclosures process.
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