Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
More wrong if I tried? I don't know you, where you live or anything about you really. It sure sounds like that's what you were explaining which I assume you got my point. Lets not dwell on the location or "loft" description (which is very common in NYC). Everywhere else around the country a majority of studios have actual kitchens and closets though, that I am not wrong about.
Have you lived in one? As a single person it really is no different. I will say it affects your ability to host parties or have a live in mate but otherwise, it's no different. I would wake up from my bed, go shower and get ready, then lounge on the couch with my coffee just the same as anyone else in a 1 bed. I had everything a 1 bed has just no wall between my couch and bed.
I have never lived anywhere near NYC. You realize other areas of the country have studio apartments, right? Studio apartments aren't glamorous in many areas of the country even in NYC. I never mentioned anything about a loft. You brought that up.
Yes, I have lived in a studio apartment. Wouldn't do that ever again. Every studio apartment doesn't have room for a bed so you end up with a Murphy bed or daybed....nothing to separate a living room area. No thanks.
I am the one who brought up loft as I have seen those in NYC who lived in a loft and rode a bicycle .
But thats the way it was created,from a warehouse or office space,no closet.
The disadvantage is you have to find a way to hang your clothes and set up a kitchen area.
I have also seen studios with large kitchen , closet big enough to put a full size bed in it,some have pullman kitchen in the living room,some have powder room for a small bed.
I also know people in foreign land who rents the lower bunk bed,some share a room with a roommate.
My parents when they first married ,lived in a room 9 x 11 feet behind the kitchen,my sister was born there.
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,348 posts, read 8,567,170 times
Reputation: 16689
Quote:
Originally Posted by Take a History Class
It's a market, like any other, and you can only go as high as the market will bear.
I have a single property with two units. I spent 18 months of my own labor and $30k to significantly renovate it. It's in an increasingly desirable area and that allowed me to raise the rent by 57% when I got it back on the market, and significantly increase the quality of my tenants (from decent to spectacular). The internet made it super easy to get comparables in the area so I knew what the local market was doing.
I did raise the rent on my tenants in July due to the high inflation we're experiencing, but because they're great tenants and I value them and want to keep them, I only raised their rent 2.27%.
If I was a landlord with many properties in an area that had been subject to Covid rent moratoriums, I'd certainly be trying to recoup my money and hedge against future government "largess" meted out on my back. Call it a government meddling surcharge. I am fortunate to not live in such an area.
Some would tell you that your 18 months and 30k spent of your own money doesn’t entitle you to be a scumbag and to get a job. Plus you should subsidize others who are not willing to work harder to get ahead or survive.
Obviously the only thing all these rent increases will lead to is a wage-price spiral. The landlords who think they're making bank now will soon be paying higher prices for everything else because the area businesses will have to raise their wages so people can pay the rent, etc., etc.,
Obviously the only thing all these rent increases will lead to is a wage-price spiral. The landlords who think they're making bank now will soon be paying higher prices for everything else because the area businesses will have to raise their wages so people can pay the rent, etc., etc.,
Private businesses don't have to raise their wages over the cost of rent. What law is that from?
If that was the case, I'm going to rent a mansion and demand my employer raise my wages too.
Quote:
Wages in the U.S. have stagnated since the early 1970s. Between 1979 and 2020, workers' wages grew by 17.5% while productivity grew over three times as fast at 61.8%.
Obviously the only thing all these rent increases will lead to is a wage-price spiral. The landlords who think they're making bank now will soon be paying higher prices for everything else because the area businesses will have to raise their wages so people can pay the rent, etc., etc.,
No. We're raising wages because we're competing with other businesses for employees and we don't want our existing employees to quit and work somewhere else.
Yeah and that's what's happenining, because in an increasing number of markets there IS no working class affordable housing.
Try finding labor west of the Rockies. It used to be only places like Jackson Hole had this problem, now it's whole regions.
I have $19 an hour jobs that have been sitting without applicants for MONTHS. It's to the point where I've been telling my employer we will have a crisis of operational sustainability within 2 years if these keeps up. We are losing more people to retirement and attrition than we can recruit, and the candidates tell us straight up it's because they don't have a hope of getting into housing without 15-25% more in salary at least. We have maxxed out the salary scale already.
Sounds like you had plenty of experience as a renter, but not a landlord. If you have had decades of bad landlord experience, then you must be renting at the bottom of pool meaning the worse places is often not so good areas.
I am the opposite of you. A long time landlord. I have always maintained my places and been very fast to respond to tenants. I provide a clean functional safe place to live in exchange for market rent. If I’m too expensive the market will tell me.That’s how you run a rental business.
It clear you don’t understand the business. In some cases even a variable rate mortgage can make sense. You have to run your numbers with and end goal in mind.
Do you even understand risk and reward? A rental is an investment that comes with risk. When expenses are more than covered and there is a profit that is the reward for taking the risk of investing in a rental. As a lifetime renter you probably have a 9 to 5 job so business ventures are not in your realm.
I’m a solo landlord and I’m pretty comfortable living off my rentals.
Define fortune
The rentals have allowed me to own a 5000 sq ft home, own a Lexus, Ferrari, and mclaren all paid for. I also get to travel. For me putting in minimal time and living comfortably without a job is a fortune.
Btw I do rent out my basement and the tenant pays under market rent and still covers 75% of my mortgage.
If I charge him market rent he would cover 100% of it.
Pics of the Ferrari and McLaren, preferably in front of said 5000sf house where you are also renting out the basement?
Some would tell you that your 18 months and 30k spent of your own money doesn’t entitle you to be a scumbag and to get a job. Plus you should subsidize others who are not willing to work harder to get ahead or survive.
I don’t think anyone would call him a scumbag for raising rent 2.27%. It’s the people who have raised rent 30% 40%, that are the problem. And that’s a fairly recent thing.
I don’t even think individual mom and pop landlords are the problem at all, I think it is investors that are doing this. Not just with apartments, a big thing for investors right now is mobile home parks and trailer parks. They buy them and raise the land use fee from 300 a month to 1100 a month. I even saw a seminar about this, where the person teaching it said if the person can’t afford the increase, they will most likely abandon their home because they can’t afford to have it moved, and then the investor gets to keep that and rent it to someone else.
The very significant increase in foreign and corporate investment in our real estate is IMO one of the driving factors of massive price increases.
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,348 posts, read 8,567,170 times
Reputation: 16689
Quote:
Originally Posted by ocnjgirl
I don’t think anyone would call him a scumbag for raising rent 2.27%. It’s the people who have raised rent 30% 40%, that are the problem. And that’s a fairly recent thing.
I don’t even think individual mom and pop landlords are the problem at all, I think it is investors that are doing this. Not just with apartments, a big thing for investors right now is mobile home parks and trailer parks. They buy them and raise the land use fee from 300 a month to 1100 a month. I even saw a seminar about this, where the person teaching it said if the person can’t afford the increase, they will most likely abandon their home because they can’t afford to have it moved, and then the investor gets to keep that and rent it to someone else.
The very significant increase in foreign and corporate investment in our real estate is IMO one of the driving factors of massive price increases.
Did you actually read his post? He said he raised rents 57%, then 2.75%.
My scumbag response was to the other poster that was calling landlords scumbags and that they should get jobs.
Mom and pop landlords are investors too.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
