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Old 11-19-2015, 10:13 PM
 
Location: Tennessee
29,347 posts, read 22,186,797 times
Reputation: 36344

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Quote:
Originally Posted by Crazee Cat Lady View Post
I know that bad things happen to good people and all that, but you know if you put yourself in the place of the person renting to you, if I were a homeowner renting out property of mine, I would be hesitant to rent out to someone who has prior evictions or really bad credit - I mean that is how they make their income, and if you are at a high risk of not paying your rent (I know you wouldn't want to work for an employer that had a history of not paying his employees - and from what I have heard from people who rent out, once the tenant doesn't pay rent... it can take you up to two/three months to have them evicted and start renting out again....that is really a big chunk of money out of your income.)
Nothing specific to Louisville, but landlords are earning more than a fair profit in this day and age. Many young folks either don't have the credit or sufficient capital for a down payment, so landlords are getting exorbitant rents for properties that may be merely average.

The environment today clearly favors the landlord, not the tenant.
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Old 11-21-2015, 03:21 PM
eok
 
6,684 posts, read 3,526,057 times
Reputation: 8486
Quote:
Originally Posted by Serious Conversation View Post
The environment today clearly favors the landlord, not the tenant.
Tenants tend to hate landlords, because landlords have to be strict about on-time rent payments and other issues. And because of that hatred for landlords, tenants, when they move out, often do it in a very irresponsible and malicious manner. They do it so often that it becomes a big factor in the landlord business. When an angry tenant moves out and damages the place, and doesn't even give any notice of moving out, does that favor landlords or tenants? Landlords should start demanding 3 months security deposit. Then they wouldn't have to charge so much rent. But if they did that, it would be hard to get new tenants, because tenants tend to not have much savings, and find it hard to pay 3 months security deposit all at once, in addition to the first month's rent. So the landlord is forced to gamble on every tenant. The higher rents help compensate the landlords for the risks they're forced to take.

That's one of the main reasons why people don't like to be landlords, which is one of the main reasons why there is a shortage of rentals. And then the URLTA adds more disincentive for people to be landlords. It favors the tenant too much, and gives the landlord too much hassle.

If you really believe the environment favors landlords, you should become one, and find out for yourself.
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Old 11-21-2015, 07:07 PM
 
Location: Traveling
5,840 posts, read 4,281,657 times
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I guess I'm unusual because I never had a landlord that didn't try to keep me. I usually stayed in a place for a long time though & moved due to job changes. If you take an apartment that is not that desirable & stay there for a year, paying rent faithfully on the 1st of the month, you can rebuild your credibility. Or, since you have a small child, ask social services for help. Whatever you do, you are going to have to build up your credit before someone trusts you.

Good luck.
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Old 11-21-2015, 10:45 PM
 
Location: Tennessee
29,347 posts, read 22,186,797 times
Reputation: 36344
Quote:
Originally Posted by eok View Post
Tenants tend to hate landlords, because landlords have to be strict about on-time rent payments and other issues. And because of that hatred for landlords, tenants, when they move out, often do it in a very irresponsible and malicious manner. They do it so often that it becomes a big factor in the landlord business. When an angry tenant moves out and damages the place, and doesn't even give any notice of moving out, does that favor landlords or tenants? Landlords should start demanding 3 months security deposit. Then they wouldn't have to charge so much rent. But if they did that, it would be hard to get new tenants, because tenants tend to not have much savings, and find it hard to pay 3 months security deposit all at once, in addition to the first month's rent. So the landlord is forced to gamble on every tenant. The higher rents help compensate the landlords for the risks they're forced to take.

That's one of the main reasons why people don't like to be landlords, which is one of the main reasons why there is a shortage of rentals. And then the URLTA adds more disincentive for people to be landlords. It favors the tenant too much, and gives the landlord too much hassle.

If you really believe the environment favors landlords, you should become one, and find out for yourself.
The reason many people rent is because they don't have the capital or credit for a downpayment. Also, jobs tend to be transient. I live in Indianapolis, and Indiana has an unemployment rate of 4.4%, but I don't feel secure in my job and I don't feel like I could easily make what I do in the city quickly, so I'm renting in case I need to move outside the state.

I don't think most tenants are angry or abusive, unless you are renting low-end rentals where that might be more common. I live in a low cost apartment complex relative to the expensive neighborhood, and there have been no police calls, security issues, or dumb **** I can tell in my two years here. In those two years, the most the maintenance crew has done is change refrigerant in an AC and clear a garbage disposal a few times.

I am simply paying for convenience, not quality. My PITI on this unit would probably be only 60%-70% of my rent. The landlord is basically making profit on all that now.
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Old 11-23-2015, 09:12 PM
 
11 posts, read 11,118 times
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Yeah, many tenants here underestimate the risk a landlord takes. Rent in Louisville is LOW. Especially when you rent from a small time landlord, the rent will barely cover the expenses and wear&tear. Usually it doesn't. Mostly, rent's sufficiently high as a way to offset some of the inevitable erosion of inflation on a home's value. The shape of the investment is not the promise of all that juicy rent money (ie. cashing the dividend); it is the belief that the asset roughly keeps its value over time (ie. going long on the stock). The rent is merely a hedge.

So tenants, you think your rent is bad? You'll be sorely disappointed by what you'll spend on housing when you own your own home.

That said...

Some of the landlords here are waaaayyyy unrealistic. Three months security deposit is insane, especially in Louisville. Not only does a landlord need to take a chance on a tenant, a tenant also takes a chance on their landlord. A three month deposit is a sign of bad faith, full stop. Sure, you may lower the rent so that it will all even out, but it is an insulting way to start a relationship. You're basically telling your tenant: "try me mother****er, make one scratch on my floor, I dare you!". A deposit needs to be sufficiently high, sure. But it needs to be palatable to a tenant as well.

Large rental agencies can play the numbers games, rely on the stochastic nature of reality for the numbers to come up black at the end of the month. Small time landlords do not have that luxury.

But yes, renters, I can assure you, in Louisville, you are NOT being gauged by rents here. Far from it.
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Old 11-23-2015, 09:31 PM
 
2 posts, read 29,684 times
Reputation: 17
Wow, blast from the past. Anyways to give an update on this. I did find a landlord that overlooked the eviction and we signed a 6 month lease. I lived there from April 2011 to April 2015. To make a long story short, I improved my credit score and bought a house. The rental wasn't in the greatest neighborhood. It was right off of Taylor Blvd. My car was broken into many times, so was the house...I gave my landlord six week notice and I never got my security deposit back. Despite him telling me to my face that I was a great Tennant and took care of the place. I even upgraded his patio, but it is whatever... I'm thankful that I was able to purchase my first home in a great neighborhood and I have an in ground pool.

I wanted to update this just to give hope to others that have been in my situation that things can improve. Just don't give up...
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