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Old 05-25-2014, 03:17 PM
 
Location: O.C.
2,821 posts, read 3,539,565 times
Reputation: 2102

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Been looking at various websites the past month as I will be moving soon and apartment rentals in OC are at an all time high. The average is $1,741 with most in nicer areas in nicer cities well above that. Seems the average 2 bedroom apartment around 1,000 sqft. in the Irvine/Newport Beach area are well over $2k. By contrast, you can get a larger 2 bedroom house around 1500 sqft. in these areas for the same price. Why are people paying such high prices to live in apartments where you have to deal with people on top of you, bad parking situations, car break ins and theft, a community pool filled with strangers etc....doesnt make sense.
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Old 05-25-2014, 04:46 PM
 
Location: Rust'n in Tustin
3,272 posts, read 3,936,009 times
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As a landlord, I can tell you most of my tenants couldn't qualify for a car loan, let alone a home loan. Most of them are living paycheck to paycheck with no savings (down payment) what so ever.
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Old 05-25-2014, 05:07 PM
 
1,479 posts, read 1,310,456 times
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Some people may not be ready to buy a home for numerous reasons. My son has lived in quite a few apartments because one he just started living on his own and wasn't sure where he wanted to settle down. He wanted to be free to move when he wanted to. My daughter and her husband rented for the first 4 years of their marriage due to being in school and are now home owners.

It is not always a herd mentality or bad credit. My son has moved several times due to career changes and now that he is married and has settled down to one area they had just put in a offer on a home. Not everyone can afford a home as soon has they leave home.
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Old 05-25-2014, 05:11 PM
 
Location: O.C.
2,821 posts, read 3,539,565 times
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Not talking about owning a home, I am talking about renting a home.
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Old 05-25-2014, 05:14 PM
 
Location: O.C.
2,821 posts, read 3,539,565 times
Reputation: 2102
Quote:
Originally Posted by ysr_racer View Post
As a landlord, I can tell you most of my tenants couldn't qualify for a car loan, let alone a home loan. Most of them are living paycheck to paycheck with no savings (down payment) what so ever.
You don't make them prove they make three times they're rent? No way I would ever rent to someone living paycheck to paycheck. Thats one missed paycheck away from being homeless. God forbid they lose their job. Always astounds me how many people don't have their finances in order, especially living in one of the most expensive areas in the country.
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Old 05-25-2014, 06:03 PM
 
1,479 posts, read 1,310,456 times
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Quote:
Originally Posted by mbell75 View Post
Not talking about owning a home, I am talking about renting a home.

Sorry I reread your post.
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Old 05-25-2014, 06:26 PM
 
Location: Location: Location
6,727 posts, read 9,956,563 times
Reputation: 20483
I don't know about California, but the reason people rent apartments is usually because:

There is a maintenance person who will cut the grass, shovel the snow, (not in CA) fix the dishwasher, clean the hallways, keep the furnace/AC running, etc. When you rent a house, those duties fall to the tenant.
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Old 05-25-2014, 06:43 PM
 
Location: Santa Monica
36,853 posts, read 17,373,891 times
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Quote:
Originally Posted by theatergypsy View Post
I don't know about California, but the reason people rent apartments is usually because:

There is a maintenance person who will cut the grass, shovel the snow, (not in CA) fix the dishwasher, clean the hallways, keep the furnace/AC running, etc. When you rent a house, those duties fall to the tenant.
We have a winner.

Renting a home usually means you pay all utils (as opposed to just electric) as well.

The only thing worse than owning your own money pit and doing all the work is renting a money pit and doing all the work.
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Old 05-25-2014, 08:02 PM
 
Location: Riverside Ca
22,146 posts, read 33,552,235 times
Reputation: 35437
Quote:
Originally Posted by mbell75 View Post
Been looking at various websites the past month as I will be moving soon and apartment rentals in OC are at an all time high. The average is $1,741 with most in nicer areas in nicer cities well above that. Seems the average 2 bedroom apartment around 1,000 sqft. in the Irvine/Newport Beach area are well over $2k. By contrast, you can get a larger 2 bedroom house around 1500 sqft. in these areas for the same price. Why are people paying such high prices to live in apartments where you have to deal with people on top of you, bad parking situations, car break ins and theft, a community pool filled with strangers etc....doesnt make sense.


Because a home is not for everyone. Either owning or renting. Some don't care to work on projects, mechanic work or give a crap about a garage or yard. And not everyone needs 17-2300 sq ft of living space and/or don't have the time for a big house and the upkeep it requires. And in some cases a apartment makes more sense financially.
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Old 05-25-2014, 09:15 PM
 
Location: Rust'n in Tustin
3,272 posts, read 3,936,009 times
Reputation: 7069
Quote:
Originally Posted by mbell75 View Post
You don't make them prove they make three times they're rent? No way I would ever rent to someone living paycheck to paycheck. Thats one missed paycheck away from being homeless. God forbid they lose their job. Always astounds me how many people don't have their finances in order, especially living in one of the most expensive areas in the country.
Making three times the rent, and having any of it saved are two different things. If I held out for tenants with 20 grand in the bank and a credit score of 750+, I'd have a bunch of empty units.
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