Big rent increase -- anything I'm missing? Lake Forest Park

[StealthRabbit]

Originally Posted by Ultrarunner

I know several property owners have put off increasing rents or are holding the line on rent pending the outcome of the School Levy vote and Initiative 747....
Initiative 747, which limited property tax increases was also overturned. All property owners I know have received huge assessment value increases... the average in Thurston County is 30% in one year. Mine went up 80%.

Rising costs are a real problem. Even with rent control, owners are generally allowed to pass through hard costs such as taxes...

I predict across the board rent increases.... Can you lock in your rent by signing a lease?

I would be wary of paying for utilities that are shared by others... it's akin to signing a blank check...

Oh yes, the news on 747 passing is terrible for property owners, and the tax and fuel increases have really burdened them (My annual taxes have gone from $800/yr to $11,000 in 10 yrs... That's $910/month) . Paying for fuel oil would be very difficult for a landowner who may have a tenant that likes home warm, fuel oil costs are 30% higher this year. It is 58F in our home this AM, I sure wish I had a landlord that covered my heating bill.

I would say you had a very good situation, and still quite fortunate to have some utilities paid. It is most common in US for tenants of homes to pay ALL utilities, and I will expect that WA landowners will need to add a Clause to pass on tax increases, (I have). My monthly taxes are now much higher than my payments have ever been.

[Kmag2OOO]

Yeah, that and don't foget greed. Another problem in a high growth area like this is there end up being far too many who invest in properties who have no experience and don't seem to understand what it takes. Lacking creativity, when things get tough, they just ask for more money. But then that's become somewhat of a social epidemic anyway. Problems? Throw money at it. Creativity and knowledge and common sense seem to be more lacking around here over the years. Just on the side, if you're paying roughly 1,800 on oil, I've paid out about that a year on electric and that's for an apartment. Electric heat is nice for it's convenience, you can use it to break an occasional chill, but it's worthless in terms of cost effectiveness. I was reading through here because I just found out this morning that my rent is now being bumped up to 1,250 for my place. There's nothing special about it. There's no features, no fireplace, no pool, no ball court, nothing included, not that I there's a busy laundryroom. 10 years ago I could've rented two apartments easy at that price, and my income has certainly not doubled in that time. Anyway, I'm moving out and leaving Seattle. You can have it, I don't want it.