How do you JUSTIFY raising someone's rent by $300 a month in PHOENIX?? How??? (2015, condo)

[jdljr]

Originally Posted by FirebirdCamaro1220

I know that the first apartment I rented here back in 2013 for $705/month, now goes for $1,000/month for the same unit at the same complex. Just crazy to me, as people as a whole have not seen a 43% increase in their pay in that time (I managed to double my pay personally, but had to get training and switch careers to do it, it's not the norm)

I moved out to Arizona in June 2014 and signed a one year lease on a large one bedroom, 1009 sq ft apartment in Chandler for $795/mo. To that, they added a bunch of charges totaling around $70/month (including valet trash - eyeroll/smh) It was in what I considered a nice complex. I lived alone and was working an $11/hr full time job in Mesa and still coming up a few bucks short each month, even with scrimping on everything else (one lamp and tv on in the evenings, very basic local channel cable, didn't turn heat on in winter except for two weeks when apartment was 59 degrees, and didn't use a/c in the summer as it stayed tolerable without it). Today, that same apartment goes anywhere from $1265-$2236 per the website (I guess depending on the length of contract). My wages certainly would not have increased to keep up with the rent increase. I don't know what I would have done. I ended up breaking my lease a few months early and moving back to North Carolina where I had moved from, as I love it here in the mountains, but did not love it there in the valley. Now I make $17/hr and don't have rent or a mortgage, so have a lot more financial cushion. I was born in Phoenix, but raised in Northern California and lived there for 30+ years so I was used to a high cost of living until I left in 2006. It's a shame Phoenix has gotten that way too.

[mojo101]

The company which bought the property probably pay more than what it costs the seller,and it has to pay interest for the loan .
can you get a room mate?

[Jimrob1]

I think something similar went on in Oregon, and the Governor signed in a statewide rent control. It's the first statewide in the country. Arizona might find itself having to look into doing the same or some other measures. People have to live somewhere and it has to be addressed. It's one thing to raise rent based on COL increase. It's something entirely different when the increases are not in increments, and the increases are in such high amounts people can't pay them. That's when a city or state needs to take measures to stop what is gouging.

[asufan]

Originally Posted by Jimrob1

I think something similar went on in Oregon, and the Governor signed in a statewide rent control. It's the first statewide in the country. Arizona might find itself having to look into doing the same or some other measures. People have to live somewhere and it has to be addressed. It's one thing to raise rent based on COL increase. It's something entirely different when the increases are not in increments, and the increases are in such high amounts people can't pay them. That's when a city or state needs to take measures to stop what is gouging.

It's not price gouging and it doesn't need to be addressed and statewide rent control won't happen here. Prices here going up are based on the normal increased market demand not due to extraordinary factors such as a hurricane wiping out a third of the housing stock. What's going on here is people that want to live in the pricey and revitalizing "downtown" and can't afford it any longer but think they're entitled to continue to live there despite not addressing their income issue.

[john3232]

Originally Posted by Jimrob1

I think something similar went on in Oregon, and the Governor signed in a statewide rent control. It's the first statewide in the country. Arizona might find itself having to look into doing the same or some other measures. People have to live somewhere and it has to be addressed. It's one thing to raise rent based on COL increase. It's something entirely different when the increases are not in increments, and the increases are in such high amounts people can't pay them. That's when a city or state needs to take measures to stop what is gouging.

Rent control laws could be struck down.
https://therealdeal.com/2020/10/28/s...w-challengers/

[stone26]

Originally Posted by FirebirdCamaro1220

They seem to think there's a plethora of potential tenants with money falling out of their @$&#oles

Right now, there is!

[patrick85395]

Originally Posted by MissMouse111

I am sorry I created this thread. I did some research.

THE TRUTH which appears to be becoming the norm across the nation is as follows:

There is no real limit to the amount that landlords can legally raise their rent prices. Without an official law, in theory, landlords can double, triple, and even quadruple their rental rates.

There is a limit and it's set by the market. I plan to raise the rent for a rental property that I have from $1900 to $2800. Why should I leave money on the table? I'm raising money for my Ferrari. The government has no business in what I charge.

[madison999]

Originally Posted by asufan

It's not price gouging and it doesn't need to be addressed and statewide rent control won't happen here. Prices here going up are based on the normal increased market demand not due to extraordinary factors such as a hurricane wiping out a third of the housing stock. What's going on here is people that want to live in the pricey and revitalizing "downtown" and can't afford it any longer but think they're entitled to continue to live there despite not addressing their income issue.

It's not just those people, it's happening everywhere and really has no end in sight.

Buy, suck it up, or get out. Still figuring my own plan out. There will be no rent control here, nor should there be.

[FirebirdCamaro1220]

Originally Posted by patrick85395

There is a limit and it's set by the market. I plan to raise the rent for a rental property that I have from $1900 to $2800. Why should I leave money on the table? I'm raising money for my Ferrari. The government has no business in what I charge.

I'm so sick of this saying. If you're already making a profit, no need to increase your price, especially by 44%!

[Elna Rae]

Originally Posted by FirebirdCamaro1220

I'm so sick of this saying. If you're already making a profit, no need to increase your price, especially by 44%!

It’s comments like this that expose one’s failure to recognize that we still live in a capitalistic, free enterprise society.
Have you considered moving to Venezuela?

I’m amazed at how people like you believe “whining” will change their state of misery. Try working harder/longer/smarter so you can make more money. That’s much more effective than pissing and moaning.