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Old 09-26-2011, 03:48 PM
 
184 posts, read 292,443 times
Reputation: 58

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Looks like renters should beware as competition for units gets tight.

Rents up 8.5% last year:

City Rents Rise 8.5%; Section 8 At Risk | New Haven Independent

New Haven named the "best city for landlords" and "worst city for renters" in the country:

The Best And Worst Cities For Renters - Forbes
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Old 09-26-2011, 04:21 PM
 
Location: Coastal Connecticut
21,769 posts, read 28,102,272 times
Reputation: 6711
This is good. The city needs gentrification. I realize that's not a particularly PC thing to say.
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Old 09-26-2011, 04:54 PM
 
Location: Near the Coast SWCT
83,528 posts, read 75,355,132 times
Reputation: 16626
There was a saying I forgot how it goes.. When rental prices are lower than the mortgage amount dont buy homes. There was a point in 2007 when a property mortgage lets say was $2000 and the most rent you can ask for it was $1300. Not a good buyers market.(inflated)

Finally rents are leveling out with home prices... It could mean demand for homes make a comeback....lol...who am I kidding... So much better to rent now a days... or have someone rent from you and you rent elsewhere.
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Old 09-26-2011, 05:42 PM
 
680 posts, read 1,576,385 times
Reputation: 180
Quote:
Originally Posted by Cambium View Post
There was a saying I forgot how it goes.. When rental prices are lower than the mortgage amount dont buy homes. There was a point in 2007 when a property mortgage lets say was $2000 and the most rent you can ask for it was $1300. Not a good buyers market.(inflated)

Finally rents are leveling out with home prices... It could mean demand for homes make a comeback....lol...who am I kidding... So much better to rent now a days... or have someone rent from you and you rent elsewhere.
Have someone rent from you and you rent somewhere? -> how does that work? To an unsophisticated guy untrained in the property game it sounds like a bizarre concept.
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Old 09-26-2011, 09:25 PM
 
1,329 posts, read 2,631,091 times
Reputation: 959
Default Not really.

Quote:
Originally Posted by Stylo View Post
This is good. The city needs gentrification. I realize that's not a particularly PC thing to say.
I understand what you're getting at, but I have a strong hunch the rental units that are bringing up the average are not in the low-rent areas.
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Old 09-26-2011, 11:10 PM
 
Location: Coastal Connecticut
21,769 posts, read 28,102,272 times
Reputation: 6711
Quote:
Originally Posted by nico7 View Post
I understand what you're getting at, but I have a strong hunch the rental units that are bringing up the average are not in the low-rent areas.
That's true, but the process is slow. Eventually, cheaper areas become higher in demand because of premium rents in other areas. That's why parts of Harlem, west Brooklyn, etc. are gentrified and so much more livable and safe now. People were forced out of Manhattan because they couldn't afford it. NH is no NYC, but smaller scale examples do happen.
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Old 09-27-2011, 06:01 PM
 
2,601 posts, read 3,399,065 times
Reputation: 2395
Yeah having to pay more rent is just great
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Old 09-28-2011, 05:40 AM
 
Location: Near the Coast SWCT
83,528 posts, read 75,355,132 times
Reputation: 16626
Quote:
Originally Posted by Konig1985 View Post
Have someone rent from you and you rent somewhere? -> how does that work? To an unsophisticated guy untrained in the property game it sounds like a bizarre concept.
LOL!! Sorry I wasnt clear. Meaning, if you own a home, rent it out (as long as you have surpluss at the end) and then you yourself go rent somewhere cheaper. It's better then staying put and just paying the mortgage and taxes every month. At least now you have extra income from the rental and that can be applied to your new place rent. So essentially you're living for cheap rent somewhere meanwhile the mortgage is still being paid down on the property you own.

Or Maybe I need more coffee. LOL
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Old 09-28-2011, 07:42 AM
 
Location: Connecticut
34,946 posts, read 56,970,098 times
Reputation: 11229
Rents are going up all over the state because of supply and demand. People are not buying as quickly as they did in the past but need to live somewhere so they rent. There are only so many decent rentals in the state so when the demand exceeds the supply, rents go up. At some point people will realize that renting makes less sense then owning and will start buying again so rents will stablize. Jay
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Old 09-30-2011, 11:08 PM
 
680 posts, read 1,576,385 times
Reputation: 180
Quote:
Originally Posted by JayCT View Post
Rents are going up all over the state because of supply and demand. People are not buying as quickly as they did in the past but need to live somewhere so they rent. There are only so many decent rentals in the state so when the demand exceeds the supply, rents go up. At some point people will realize that renting makes less sense then owning and will start buying again so rents will stablize. Jay
Frankly, if you look at some of the lower FFC there are some very cheap rentals for the kind of quality u get. Net yields for landlord at these wealthy towns are just around 3%.
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