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Old 05-19-2009, 10:02 AM
 
7 posts, read 10,187 times
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One of the larger complexes I visited explained that they aggressively lower prices until they hit 95% occupancy. Once they hit that two weeks, the prices reverted back up. That's why there were great deals that went away.
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Old 05-19-2009, 02:54 PM
 
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In general, rents go up this time of year. I still see some rents below market here and there. Look harder and you will find below market rents.
The most volatile rent changes occur in the $2000 to $3000 per month rentals.
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Old 05-19-2009, 06:47 PM
 
Location: Living on the Coast in Oxnard CA
10,202 posts, read 13,333,260 times
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Quote:
Originally Posted by pasadenabob View Post
One of the larger complexes I visited explained that they aggressively lower prices until they hit 95% occupancy. Once they hit that two weeks, the prices reverted back up. That's why there were great deals that went away.
Imagine that, supply and demand. Lets see, if i have the majority of my building rented and I have a few units left I can charge what ever I want, that is so cool. Then again when people start moving out I would need to adjust the rent to bring back renters. I love how this system works. LOL.
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Old 05-19-2009, 10:14 PM
 
13,782 posts, read 25,160,968 times
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Originally Posted by SOON2BNSURPRISE View Post
Imagine that, supply and demand. Lets see, if i have the majority of my building rented and I have a few units left I can charge what ever I want, that is so cool. Then again when people start moving out I would need to adjust the rent to bring back renters. I love how this system works. LOL.
Kind of like buying airline tickets... maybe we need Priceline for Apartments
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Old 05-20-2009, 03:24 AM
 
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With all the housing foreclosures, those people gotta live somewhere and that may be driving up the demand for rentals, which, in turn, increases rents.

With all the liar loans and other dubious mortgage mechanisms during the bubble years, it took folks who would normally be renters and turned them into homeowners, which made apartment landlords more dependent on low income folks (illegals, sections eights, etc) as a customer base, leading to lower amounts they could ask for. But now their customer base has been expanded, even during an economic downturn, and landlords can ask for higher rents now.
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Old 05-20-2009, 03:50 AM
 
5,468 posts, read 7,847,140 times
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Landlords are hoping to snag people who are moving now that it's summer and school is out. They need to make up for all the months where they weren't able to collect rent.

There are a gazillion apartments for rent near me. More than there were six months ago.
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Old 05-20-2009, 09:34 AM
 
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Originally Posted by UB50 View Post
Landlords are hoping to snag people who are moving now that it's summer and school is out. They need to make up for all the months where they weren't able to collect rent.

There are a gazillion apartments for rent near me. More than there were six months ago.
In my 9-unit building there are two vacancies, one of which has been available for at least three months. However, the owner refuses to lower his rents (which are, IMHO, too high for the neighborhood) and is holding out for what he refers "the right kind of person."

Also, I counted a half-dozen apartments available within a block of my school (which is in a VERY nice area), but I don't know what the rent is for those.
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Old 05-20-2009, 09:36 AM
 
11,151 posts, read 9,337,278 times
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Originally Posted by Ultrarunner View Post
I thought most of LA was covered under rent control?
I don't know the specifics, but rent control only covers certain building constructed prior to, I believe, 1976. There are other criteria also -- maybe someone else can provide the details?
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Old 05-20-2009, 09:50 AM
 
Location: LB/OC for now...
5,112 posts, read 11,788,409 times
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Originally Posted by squeezeboxgal View Post
I don't know the specifics, but rent control only covers certain building constructed prior to, I believe, 1976. There are other criteria also -- maybe someone else can provide the details?
Well, for one, the city of Los Angeles and (perhaps?) Santa Monica are the only cities I know of in the greater LA area with rent control. That leaves around 100+ cities without it

edit: and to clarify, i was under the impression that rent control resets when the apt comes up for rent under new tenants, so vacant units arent technically affected by rent control. perhaps im wrong though, ive never had a rent controlled apt(and honestly dont approve of the idea)

Last edited by bhcompy; 05-20-2009 at 10:49 AM..
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Old 05-21-2009, 06:07 PM
 
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Get this...my girlfriend was living in Culver City, the apt building was sold and her rent was raised $500 a month. She was already paying $1200 a month. Anyway the building is being
converted into luxury apt.
Other areas buildings are being torn down and condos are going up. Low affordable apt. are quickly disappearing.
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