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For once, I'm not posting to ask for advice. This is old hat now for us now; it's more for the record because I am surprised to see that others who I assume have found themselves in this predicament are still reading the old posts re: rental problems. If they even mildly helped, even though it was mostly me looking for guidance and b****ing, that's good.
Been renting this place for two years now (actually that plus four and a half months - LL's agent has only gotten around to extending the lease.) In July, without a word, our rent invoice showed a $25 increase to $1,475. Puzzling, but I figured they realize the place isn't in great shape, so alright.
They sent an appraiser around at the end of the lease. I figured, here we go again, they're selling, no matter what they say. Hearing nothing again for a while, I called since I was considering spending a considerable amount of money to make the backyard semi-usable. Told no problem, don't worry. Then silence, despite my occasional calls to ask "Where's our lease?"
This week I got a call from the agent - the rent's going up an additional $175 - $200 total - because "rents have skyrocketed in the last few months".
About this place - we originally went to see it and passed because of the half-a$$, half-done renovation job that it obviously was. Because we ran out of time, we called back a week later and signed. The backyard is dirt. Because of this, it there is any wind at all, we can't open the windows. Every room is missing at least one screen, the energy bill would be insane if we used both zones (they removed the plastic partitions between to improve the look of the place), they used flat paint over epoxy so there's paint peeling everywhere, masking tape left around doorknobs, sliding closet doors that fall off track and are almost impossible to open, no transition pieces between the rugs and tile, single pane windows, some of which don't open due to old, rotting hardware, bathroom vanity drawers stuck open to due crooked installation, cheapest blinds installed, two of which have broken...there's more. Icing on the cake - there's a messed up step out of the garage into the house that I tripped on and broke my arm.
Why would anyone rent a place like this? As I said, we were under great pressure and it was the only place we could find that worked for us.
I was so unglued at the time (I had been taking care of my mother for seven years and now she was dying, I needed two knee replacements, had cataracts, blah, blah) I probably told the LL's agent too much. I made it plain, not smart, that at the end of the two year lease it would be likely that we would want to renew. So now they're sticking it to us.
I regret not buying in 2011-2012, even if we could have competed with professional investors. Our family situation has been chaotic (my daughter is mildly autistic, just enough to mess up her life, plus I couldn't think, caring for my mother full-time, she's since passed away.) I was sure prices wouldn't reach the ridiculous heights of 2006, but it looks like that's going to happen. You guys were right.
We could, but I do not want to buy now (maybe never) so I guess we'll deal with this every year or two, unless we leave the city altogether. And oh, if we decide not to pay the $1,650, the agent said he was calling to give me an extra two weeks heads up (six weeks notice). That means the LL would want us out between Christmas and New Year's.
For once, I'm not posting to ask for advice. This is old hat now for us now; it's more for the record because I am surprised to see that others who I assume have found themselves in this predicament are still reading the old posts re: rental problems. If they even mildly helped, even though it was mostly me looking for guidance and b****ing, that's good.
Been renting this place for two years now (actually that plus four and a half months - LL's agent has only gotten around to extending the lease.) In July, without a word, our rent invoice showed a $25 increase to $1,475. Puzzling, but I figured they realize the place isn't in great shape, so alright.
They sent an appraiser around at the end of the lease. I figured, here we go again, they're selling, no matter what they say. Hearing nothing again for a while, I called since I was considering spending a considerable amount of money to make the backyard semi-usable. Told no problem, don't worry. Then silence, despite my occasional calls to ask "Where's our lease?"
This week I got a call from the agent - the rent's going up an additional $175 - $200 total - because "rents have skyrocketed in the last few months".
About this place - we originally went to see it and passed because of the half-a$$, half-done renovation job that it obviously was. Because we ran out of time, we called back a week later and signed. The backyard is dirt. Because of this, it there is any wind at all, we can't open the windows. Every room is missing at least one screen, the energy bill would be insane if we used both zones (they removed the plastic partitions between to improve the look of the place), they used flat paint over epoxy so there's paint peeling everywhere, masking tape left around doorknobs, sliding closet doors that fall off track and are almost impossible to open, no transition pieces between the rugs and tile, single pane windows, some of which don't open due to old, rotting hardware, bathroom vanity drawers stuck open to due crooked installation, cheapest blinds installed, two of which have broken...there's more. Icing on the cake - there's a messed up step out of the garage into the house that I tripped on and broke my arm.
Why would anyone rent a place like this? As I said, we were under great pressure and it was the only place we could find that worked for us.
I was so unglued at the time (I had been taking care of my mother for seven years and now she was dying, I needed two knee replacements, had cataracts, blah, blah) I probably told the LL's agent too much. I made it plain, not smart, that at the end of the two year lease it would be likely that we would want to renew. So now they're sticking it to us.
I regret not buying in 2011-2012, even if we could have competed with professional investors. Our family situation has been chaotic (my daughter is mildly autistic, just enough to mess up her life, plus I couldn't think, caring for my mother full-time, she's since passed away.) I was sure prices wouldn't reach the ridiculous heights of 2006, but it looks like that's going to happen. You guys were right.
We could, but I do not want to buy now (maybe never) so I guess we'll deal with this every year or two, unless we leave the city altogether. And oh, if we decide not to pay the $1,650, the agent said he was calling to give me an extra two weeks heads up (six weeks notice). That means the LL would want us out between Christmas and New Year's.
Best wishes to my fellow renters.
Rent increases are going to be pretty strong for a number of years if my crystal ball is any good. Vegas renters have been lucky for awhile seeing only 2-4% increases while most major cities in the West have seen 10-15% for 3 years straight that appears to have finally ended. I think Vegas will start to catch up as the people buying houses and condos over the last year or two have actually been using them and not looking to rent them.
Have landlords had any significant increases in their across the board expenses (not repairs / equipment particular to their properties) in the past few years, taxes, whatever? Is rental demand that strong in comparison to supply? Possible exception - we needed a ranch for wheelchair access and a bedroom on the ground floor - they were scarce. The place had been empty for at least three months at a higher rent when signed on.
Naturally, I suspect greed but I'd love to be proven wrong. Maybe I wouldn't feel so angry (which I am trying not to dwell on.) We've always paid the rent on time and never called for a repair that we couldn't fix ourselves. Besides being handy and used to that because of being a former home owner in NY (35 mi north of NYC), there is a vaguely worded stipulation in the lease that all repairs below $50 are our responsibility, and nothing about how you'd determine the cost in advance. In other rentals we did that anyway rather than wait around for repair guys to arrive.
I'm genuinely curious.
Last edited by Tarara Boomdea; 11-21-2017 at 04:18 PM..
Reason: Left out "repairs" in title
Not sure if this will help, but I will give you a perspective from a landlord's point of view. First off, some costs have gone up. The property taxes have gone up (although not much) my homeowners warranty up about $200, my landlord insurance up about $125 as some examples. On the other hand I wouldn't ever consider raising my rent to an existing tenant that I wanted to keep. It's hard to find good tenants who take care of the place and pay on time. It's also expensive if you list via MLS and/or use a prop mgr to find a tenant who may or may not find the ideal tenant. Some prop mgrs just find the first person with a check in their hand and tell the landlord that the tenant "passed" the property mgr's background and credit check.
Is there a chance that they are trying to get you to move without saying as much?
Personally, if you are stuck paying the $1675 you might take a look around and see if you might be able to do better at that price since you have 6 weeks or so. Are you certain that the actual owner is aware of what the property mgr is doing? I wonder if there is a possibility the Prop mgr is just pocketing the rent increase and not telling the owner.
Sometimes I really don't get the logic of some landlords. You have a tenant paying $1475 a month consistently and on time for over two years. If the home sits empty for three months after you leave, like it did before you got there, the landlord would be out his house payment, utilities, as well as the risk of a home being empty ie: Burglary, water pipe breaking. And of course the Prop mgr fee maybe $150 a month 9%?
Let's just say the landlord's house payment is $1,000 add 3 months total utilities of $400 plus $450 prop mgr fees that's $3,850 while vacant. After the 3 month vacancy the landlord raised the rent to the next tenant $200 more to $1675 it would take 17 months (1yr 7mo) to recoup the 3 month loss of rent and other costs for when it was vacant. ($200 x 19.25 months $3850) During those 19 months, the landlord wouldn't be making one dime more than if he had rented it to you continuously for the $1475. Of course if he rented it sooner to a new tenant that figure could be smaller but why take the risk? Additionally if there are many things wrong with the home those items would need to be fixed in order to get the higher rent.
Thanks for the info. I was a landlord. I'm on the same page as you. Why risk months of unoccupancy in the worst renting/selling season? Even then you can be straight with the tenant and work something out. It would cost less than being empty. He'd also have to find tenants that are as pressured as we were to overlook the obvious flaws at any price.
Is there a chance that they are trying to get you to move without saying as much?
I still think that's it. There's more to the story. Twice during the phone call, he said, "You sound like you are not happy there." Twice I replied, "Do you want us out of here? Just say it." "No, no." Sure.
I object to his comparison of a rental in bad shape to others in better condition than this place (admittedly presumedly) yet priced the same.
Even the "Notice of Change of Terms to Rental Agreement" form we received doesn't seem right. I've never seen something like that before. Why not a new lease as I've gotten from other LL's?
Are you certain that the actual owner is aware of what the property mgr is doing? I wonder if there is a possibility the Prop mgr is just pocketing the rent increase and not telling the owner.
Hadn't even considered him wanting a cut. Mmmm. He doesn't seem sleazy. Distracted, but quite nice, actually.
He said something dopey to me when we were negotiating renting the place. When I proposed a lower figure, I said the place had been empty for a few months. He said, "What has that got to do with it?" Well...everything.
I guess at the simplest it adds up to him (or her, the LL) putting a gun to our heads because they can.
I hate to be so gauche as to bump my own post, but I had anticipated a greater response from the landlords that dominate this forum. My mistake. Maybe they're off on Tuesdays.
We got out of land lording in 2007, Thank God. The last commercial property almost did me in.
There are a whole lot of less dramatic, easier, less risky ways to make money.
I will say there are tons of apartments being built. I heard (NPR perhaps) All vacant land along 215 west side from Sahara (how far north, can't remember) will be apartments. I think some of these will turn into condos, eventually. With the lack of houses. Although maybe that is the long term goal anyway.
Food for thought - from an honest agent. His opinion. My bookkeepers SonInLaw, who has no reason at all to screw over his MIL. 2 story, she is getting older but at 74, NO high blood pressure, in fact no drugs at all.
She was looking to sell in 2012, move to take care of her terminally ill daughter. Told her no, house worth little less than she owed on it. Built in 2003. She refinances and gets payment with everything down to around $500.00 per month. Yes she can get nothing to rent or buy as nice as she has it now. Had 30% down in 2003.
Very little crime in her area, east side, everyone watches out for each other. Her house was empty for over 2 1/2 years, no break in etc. But she had neighbors watching for her. Very few rentals.
2016 he re-evaluates and home price way up. Tells her to stay, wait till Raiders get here, and other projects across town being complete, big bump upward in value with team and support moving here. Her house would be in the 'support' job price range. One honest agents opinion only.
But food for thought if you want to be here long term. I know some from snow or bad weather area who last 2 years said, we can't take it anymore. And are looking here.
So buying now might be a good idea.
Greed? This town is full of it. Crooks, liars, con-men. Been exposed to all. Still a great place to live if you know when to say no or ignore. If they aren't successful, they move on.
Took quick look at rentals of single families for 2100SF +-200SF. That is the rough size of the homes leasing in the 1650 price range now. Those homes began the year at around $1475. Reached $1610 in June July and have since dropped back to around $1520. Huge sample...4400 leases. So pretty good data
So the LL may not be far off. And I would expect the prices will roll up to the $1650 plus level in the spring.
Thanks for the info. I was a landlord. I'm on the same page as you. Why risk months of unoccupancy in the worst renting/selling season? Even then you can be straight with the tenant and work something out. It would cost less than being empty. He'd also have to find tenants that are as pressured as we were to overlook the obvious flaws at any price.
Is there a chance that they are trying to get you to move without saying as much?
I still think that's it. There's more to the story. Twice during the phone call, he said, "You sound like you are not happy there." Twice I replied, "Do you want us out of here? Just say it." "No, no." Sure.
I object to his comparison of a rental in bad shape to others in better condition than this place (admittedly presumedly) yet priced the same.
Even the "Notice of Change of Terms to Rental Agreement" form we received doesn't seem right. I've never seen something like that before. Why not a new lease as I've gotten from other LL's?
Are you certain that the actual owner is aware of what the property mgr is doing? I wonder if there is a possibility the Prop mgr is just pocketing the rent increase and not telling the owner.
Hadn't even considered him wanting a cut. Mmmm. He doesn't seem sleazy. Distracted, but quite nice, actually.
He said something dopey to me when we were negotiating renting the place. When I proposed a lower figure, I said the place had been empty for a few months. He said, "What has that got to do with it?" Well...everything.
I guess at the simplest it adds up to him (or her, the LL) putting a gun to our heads because they can.
lvnyc
there won't be month's of unoccupancy if the home is in a good area....a LL can paint and fix up in a day...house would be rented in less than a week
it all depends what you classify as bad shape..
if you were getting 2100sf for 1250 you had a bargain and should have thought to renew the lease earlier.
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