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How come some landlords are increasing rent but others are not after a lease expires? Is it that those landlords who refuse to increase rent are rich or plain sympathetic to this great recession? NB my classmate's fiancee just plainly hasn't renewed any of her tenants lease for over a year now. She knows people are lossing their jobs!
For the tenants who renewed their lease since it's not advisable to occupy an apartment without a lease. Must these tenants pay the full rent or pay what and when they can afford ? A pharmacist with 4 years experience was just laid off- went from $120,000/year to $0 because of this recession. It's really sad.
A young couple with 2 babies; 1.25 years apart just losed their job. Yes, they both loosed their jobs with different employers each. Guess what; they now live in a van and pan handle because they couldn't afford the rent increase from their saving. Dam!! they don't even have a job; the job market is "jam" or scares with most/all low paying blue collar jobs filled!!
Last edited by npumcrisz; 01-29-2010 at 11:04 PM..
Reason: Addition
How come some landlords are increasing rent but others are not after a lease expires? Is it that those landlords who refuse to increase rent are rich or plain sympathetic to this great recession? NB my classmate's fiancee just plainly hasn't renewed any of her tenants lease for over a year now. She knows people are lossing their jobs!
For the tenants who renewed their lease since it's not advisable to occupy an apartment without a lease. Must these tenants pay the full rent or pay what and when they can afford ? A pharmacist with 4 years experience was just laid off- went from $120,000/year to $0 because of this recession. It's really sad.
A young couple with 2 babies; 1.25 years apart just losed their job. Yes, they both loosed their jobs with different employers each. Guess what; they now live in a van and pan handle because they couldn't afford the rent increase from their saving. Dam!! they don't even have a job; the job market is "jam" or scares with most/all low paying blue collar jobs filled!!
My tax bill on one of my multi's has increased over $1000.
My water bills have increased.
My gas bills have increased.
This is all in the last 9 months.
Sometimes, I need to pass along those costs to my tenants.
This is a business. Truthfully, it's no different than having food prices increase because the price of gas does.
Now, as to the two parents with two babies living in their van and panhandling .... I haven't always lived the life of a "rich" landlord. There have been many MANY times - especially when our kids were little - that we scraped together silver to buy bread & milk.
My husband - for most of his life - has worked THREE jobs. Three. I have always been able to create businesses out of seemingly nothing that create cashflow. We're not the Rockefellers, but we do alright. I don't care how bad the economy is, there is ALWAYS opportunity to make money and support yourself.
It's an easy crutch right now to blame the recession. If there's truly no jobs where you are to support your familly - you go to where the jobs are.
In rent controlled areas, the landlord may not have a choice. If he doesn't raise it the maximum allowed, he may never be able to capture that years increase. In other words, even if a landlord wanted to keep the rent the same and once the economy turned raise it back to market rates, the rent control areas generally do not allow that. Another unintended consequence of rent control.
How come some landlords are increasing rent but others are not after a lease expires?My cost to operate that unit has increased and if I can pass it on to my tenant I will Is it that those landlords who refuse to increase rent are rich or plain sympathetic to this great recession?No they are landlord that will go out of business NB my classmate's fiancee just plainly hasn't renewed any of her tenants lease for over a year now. She knows people are lossing their jobs!No she knows that if you let them drop to a month to month lease you can just give a 30 day notice and save on eviction cost
For the tenants who renewed their lease since it's not advisable to occupy an apartment without a lease. Must these tenants pay the full rent or pay what and when they can afford ? Sorry you drop to a month to month you still need to pay the full amount or get out A pharmacist with 4 years experience was just laid off- went from $120,000/year to $0 because of this recession. It's really sad.
A young couple with 2 babies; 1.25 years apart just losed their job. Yes, they both loosed their jobs with different employers each. Guess what; they now live in a van and pan handle because they couldn't afford the rent increase from their saving. Dam!! they don't even have a job; the job market is "jam" or scares with most/all low paying blue collar jobs filled!! Never passed a fast food place that was not looking for help
I've never commanded $120k a year. That must be amazing. Yet I know how much I was able to save on significantly less money. So it seems to me that someone making $120,000 a year for four years could have saved enough to get through a year or two of hard times. If he could no longer pay rent to me I'm pretty sure I'd have no problem having him move his $2,500 big screen TV out. Perhaps he can go live in his leased BMW for a while.
npumcrisz, there seems to be a problem with your poll. There's no option to blame the government and Wall Street bankers.
Although I feel bad for the people in your examples, the landlords get to set the rent on their own properties. If the rent is too high then no one will rent there. If it's too low then there will be ridiculous waiting lists and constant inquiries. If the landlord is a corporation and the rent is too low then the shareholders may start litigating. If someone doesn't like the price of rent then they need to move out and go somewhere else. Vote with your wallet.
There's no point in passing judgment in any of these situations anymore. We've created quite a mess, here in the US, and the sad thing is many people who do and many who don't will find the next few years to be quite difficult until the excesses are finally purged and/or dealt with and we can get back to being what made us so great in the first place, and not a place for leverage and credit induced growth/spending (from the consumer to the corporations to the government).
There's no point in passing judgment in any of these situations anymore. We've created quite a mess, here in the US, and the sad thing is many people who do and many who don't will find the next few years to be quite difficult until the excesses are finally purged and/or dealt with and we can get back to being what made us so great inthe first place, and not a place for leverage and credit induced growth/spending (from the consumer to the corporations to the government).
A country that was built on the collective backs of immigrants who were willing to work harder and longer for less that those who came before them?
We no longer need to rely on immigrants when we can and do send millions of jobs offshore.
Not too many are willing to pay the premium necessary for U.S. produced/serviced anything.
We scream for government to solve our problems and then we scream some more when we have to pay for it.
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There have been many MANY times - especially when our kids were little - that we scraped together silver to buy bread & milk.
