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Location: Formerly Pleasanton Ca, now in Marietta Ga
10,347 posts, read 8,563,021 times
Reputation: 16689
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It's funny how you say a landlord is uncaring by raising the rent suddenly by too much when it is all done legally. You also seem to forget the landlord was uncaring for all those years he charged under market rent.
For some reason you think landlords are sure all evil.
There's often a reason why some people are long tine landlords and that's because they run it like a business, not a charity. It's clear you don't have any idea or experience as one. The landlord doesn't want to go out of business by not having a renter so they will not raise rents maliciously where they will have no income.
It's a two way street, the renter like a consumer can vote with his wallet and not pay the new rent rate and move elsewhere. The other poster already gave you an example of this when he told you he changed insurance companies after getting a big increase from them when you asked how he would feel if he got a big increase. Why do you keep bringing it up? Asked and answered.
You have no idea what it is to be a landlord nor the costs. Most people think landlords just pocket the money. You act as if that 200 a month will go straight into a landlords beer money fund. I'm a landlord and have been one for over 30 years. Yesterday a neighbors tree fell on one of my rentals. That's costing several thousands to take care of. For all you know the ops landlord could have been operating at a loss all those years he undercharged for rent when he could have charged more and broke even.
Last edited by Marka; 09-03-2018 at 03:14 AM..
Reason: removed quote
It's funny how you say a landlord is uncaring by raising the rent suddenly by too much when it is all done legally. You also seem to forget the landlord was uncaring for all those years he charged under market rent.
For some reason you think landlords are sure all evil.
There's often a reason why some people are long tine landlords and that's because they run it like a business, not a charity. It's clear you don't have any idea or experience as one. The landlord doesn't want to go out of business by not having a renter so they will not raise rents maliciously where they will have no income.
It's a two way street, the renter like a consumer can vote with his wallet and not pay the new rent rate and move elsewhere. The other poster already gave you an example of this when he told you he changed insurance companies after getting a big increase from them when you asked how he would feel if he got a big increase. Why do you keep bringing it up? Asked and answered.
You have no idea what it is to be a landlord nor the costs. Most people think landlords just pocket the money. You act as if that 200 a month will go straight into a landlords beer money fund. I'm a landlord and have been one for over 30 years. Yesterday a neighbors tree fell on one of my rentals. That's costing several thousands to take care of. For all you know the ops landlord could have been operating at a loss all those years he undercharged for rent when he could have charged more and broke even.
Yes, it's all done legally but that doesn't make it ethical. I have no problem with landlords charging whatever they can get when they are renting an empty apartment, but a young woman I know who has custody of her 14 year old sister just had a rent increase of $350 a month. She has no idea how she will pay $1650 rent for a crappy 2 bedroom apartment next month. She doesn't have the money to move and it wouldn't do her much good because there are very few rentals available within commuting distance of her job and the ones that exist are $1600 +. What does she do, quit her job and hit the road and drive around the US looking for a cheaper place to live and hoping she can find a job? Her sister has to go to school so she can't be a transient for very long.
I know the area, property taxes haven't gone up, and tenants pay their own utilities, the only apartments being painted and getting new flooring are those that are becoming vacant. I don't see why the landlord couldn't have raised her rent 10% rather than 26%. Her wages haven't gone up at all, so where is this money supposed to come from? If I owned that apartment complex I don't think I would sleep well at night increasing rents like that and creating a crisis for tenants.
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,347 posts, read 8,563,021 times
Reputation: 16689
Quote:
Originally Posted by 2sleepy
Yes, it's all done legally but that doesn't make it ethical. I have no problem with landlords charging whatever they can get when they are renting an empty apartment, but a young woman I know who has custody of her 14 year old sister just had a rent increase of $350 a month. She has no idea how she will pay $1650 rent for a crappy 2 bedroom apartment next month. She doesn't have the money to move and it wouldn't do her much good because there are very few rentals available within commuting distance of her job and the ones that exist are $1600 +. What does she do, quit her job and hit the road and drive around the US looking for a cheaper place to live and hoping she can find a job? Her sister has to go to school so she can't be a transient for very long.
I know the area, property taxes haven't gone up, and tenants pay their own utilities, the only apartments being painted and getting new flooring are those that are becoming vacant. I don't see why the landlord couldn't have raised her rent 10% rather than 26%. Her wages haven't gone up at all, so where is this money supposed to come from? If I owned that apartment complex I don't think I would sleep well at night increasing rents like that and creating a crisis for tenants.
Since you admit you don't know why the landlord couldn't raise rent 10 instead of 26 percent, you must also admit you do not know the financials of the complex. Most people have never owned rental property so have no idea what the numbers are. Maybe the owner knows in the next few years he will have big expenses like painting or a roof and is raising money now to pay for it when it happens.
If you don't think you can sleep at night increasing rents, think how well you will sleep knowing you have a $25k roof to,pay for in the next 2 years and no money to do it with because you didn't collect enough money to pay for it.
Btw the best time to paint and do carpet is when the units are vacant, not when they are occupied. Imagine demanding tenants to move all their furniture out for a time while you replace carpet and paint their apartment. That's a huge disruption and burden to the tenant.
Since you admit you don't know why the landlord couldn't raise rent 10 instead of 26 percent, you must also admit you do not know the financials of the complex. Most people have never owned rental property so have no idea what the numbers are. Maybe the owner knows in the next few years he will have big expenses like painting or a roof and is raising money now to pay for it when it happens.
If you don't think you can sleep at night increasing rents, think how well you will sleep knowing you have a $25k roof to,pay for in the next 2 years and no money to do it with because you didn't collect enough money to pay for it.
Btw the best time to paint and do carpet is when the units are vacant, not when they are occupied. Imagine demanding tenants to move all their furniture out for a time while you replace carpet and paint their apartment. That's a huge disruption and burden to the tenant.
This is a bunch of horse-hockey....
This might ring true for small time landlords but not for large managed LLCs.
When I moved into my apartment complex in 2012 my rent was $1185 which was kind of a stretch for me but still doable. I live in a 1 bedroom townhouse in the older section of the complex so the kitchen and bathroom are dated but the apartment itself is very spacious. My rent has been raised consistently every year since to the point that my renewal rate for June 2018 ballooned to $1290/month. Meanwhile, during the past 6 years the developer has purchased land across the street and built a staggering number of high end units that are currently going for $1,350-$2,125/mo PLUS the developer has similar high end units in other towns in the area. As I'm sure happens with many other tenants, I hadn't gotten COL raises for a few years which would have helped to keep up with the inflation. Since I was planning to retire I knew I'd be priced out of my apartment so in April I gave notice for my June renewal that I'd be retiring and moving by October 1. So they raised the rent $15 ("market-value") PLUS tacked on $100/month for the privilege of going month-to-month (they claim the current market rate for my apartment is $1320--which would be justified IF it had stainless steel appliances, new cabinetry and granite counter tops). I had to extend the date to November so what did they do? Tacked on another $15 so now I'll be paying $1420! It's sad because I really do love living here and have no complaints other than the outrageous rent.
Yeah--it's legal--but it sure the hell ain't ethical. There is a critical shortage of AFFORDABLE housing especially in high COL states like CT--and yet so called luxury apartments continue to be built. It's just a shame that you have to choose between ponying up for a decent apartment AND saving for retirement while landlords and management companies and making money hand over fist.
I just laughed at the household survival budget for a single person as stated in the article--there is no place you can find an apartment in CT that isn't a drug infested crackhouse for $803/month!
For what I'm paying here I could live ON the beach in FL. Unfortunately, FL real estate is also getting pretty pricey and I'm having a real tough time finding something decent for under $1000 that isn't a shoe box. I console myself with the fact that I could possibly afford to pay a little extra as by living in FL my $$ wouldn't be siphoned off to pay taxes.
Last edited by Daisy Grey; 09-02-2018 at 12:34 PM..
Since you admit you don't know why the landlord couldn't raise rent 10 instead of 26 percent, you must also admit you do not know the financials of the complex. Most people have never owned rental property so have no idea what the numbers are. Maybe the owner knows in the next few years he will have big expenses like painting or a roof and is raising money now to pay for it when it happens.
If you don't think you can sleep at night increasing rents, think how well you will sleep knowing you have a $25k roof to,pay for in the next 2 years and no money to do it with because you didn't collect enough money to pay for it.
Btw the best time to paint and do carpet is when the units are vacant, not when they are occupied. Imagine demanding tenants to move all their furniture out for a time while you replace carpet and paint their apartment. That's a huge disruption and burden to the tenant.
The buildings are 40 years old they have been paid off for decades, so miss me with all of that. A new roof is not something that is discovered overnight necessitating a huge rent increase, anyone with half a brain who owns rental property has a reserve fund account with a schedule of the life expectancy of major items such as roofing or parking lot paving, they don't just wake up and say "OMG we need a new roof in 2 years!!! we have to hurry up and raise the rent"
This might ring true for small time landlords but not for large managed LLCs.
When I moved into my apartment complex in 2012 my rent was $1185 which was kind of a stretch for me but still doable. I live in a 1 bedroom townhouse in the older section of the complex so the kitchen and bathroom are dated but the apartment itself is very spacious. My rent has been raised consistently every year since to the point that my renewal rate for June 2018 ballooned to $1290/month. Meanwhile, during the past 6 years the developer has purchased land across the street and built a staggering number of high end units that are currently going for $1,350-$2,125/mo PLUS the developer has similar high end units in other towns in the area. As I'm sure happens with many other tenants, I hadn't gotten COL raises for a few years which would have helped to keep up with the inflation. Since I was planning to retire I knew I'd be priced out of my apartment so in April I gave notice for my June renewal that I'd be retiring and moving by October 1. So they raised the rent $15 ("market-value") PLUS tacked on $100/month for the privilege of going month-to-month (they claim the current market rate for my apartment is $1320--which would be justified IF it had stainless steel appliances, new cabinetry and granite counter tops). I had to extend the date to November so what did they do? Tacked on another $15 so now I'll be paying $1420! It's sad because I really do love living here and have no complaints other than the outrageous rent.
Yeah--it's legal--but it sure the hell ain't ethical. There is a critical shortage of AFFORDABLE housing especially in high COL states like CT--and yet so called luxury apartments continue to be built. It's just a shame that you have to choose between ponying up for a decent apartment AND saving for retirement while landlords and management companies and making money hand over fist.
I just laughed at the household survival budget for a single person as stated in the article--there is no place you can find an apartment in CT that isn't a drug infested crackhouse for $803/month!
For what I'm paying here I could live ON the beach in FL. Unfortunately, FL real estate is also getting pretty pricey and I'm having a real tough time finding something decent for under $1000 that isn't a shoe box. I console myself with the fact that I could possibly afford to pay a little extra as by living in FL my $$ wouldn't be siphoned off to pay taxes.
I agree as well that it's legal, but no ethical. It's funny how landlords can raise the rents but carpets don't get changed, painting isn't done, or nothing is done to improve anything, other than the roof. Yet since the lack of their budgeting and them wanting more money, they think it's ethical to increase rent without any improvement. Good post here!
Quote:
Originally Posted by 2sleepy
Yes, it's all done legally but that doesn't make it ethical. I have no problem with landlords charging whatever they can get when they are renting an empty apartment, but a young woman I know who has custody of her 14 year old sister just had a rent increase of $350 a month. She has no idea how she will pay $1650 rent for a crappy 2 bedroom apartment next month. She doesn't have the money to move and it wouldn't do her much good because there are very few rentals available within commuting distance of her job and the ones that exist are $1600 +. What does she do, quit her job and hit the road and drive around the US looking for a cheaper place to live and hoping she can find a job? Her sister has to go to school so she can't be a transient for very long.
I know the area, property taxes haven't gone up, and tenants pay their own utilities, the only apartments being painted and getting new flooring are those that are becoming vacant. I don't see why the landlord couldn't have raised her rent 10% rather than 26%. Her wages haven't gone up at all, so where is this money supposed to come from? If I owned that apartment complex I don't think I would sleep well at night increasing rents like that and creating a crisis for tenants.
So true. I have no idea how landlords can sleep at night when they do this. I think if I was that far behind an didn't realize I wasn't charging enough, I would sell the property. To me it's bad management and budgeting on the landlords part to do this. It's like telling a kid or family member at home that it's okay to live there one minute after they have been and within a blink of an eye you say he or she needs to leave without any explanation. Even though this family member was good.
What is really gets down to is that these landlords what more money. We all want more money and want to make the most in our work. However, it's not ethical is any way what these landlords are doing saying it's totally fine to raise rents SEVERAL hundred dollars per month for the next lease. Especially with a short notice. Getting a letter one month before the lease is up saying the monthly rent will be going up 250 dollars? I don't know how those landlords can sleep at night to be honest. It's lack of budgeting and thinking things out in the long range.
Comparing moving to changing insurance companies?? These two changes have nothing in common whatsoever and are completely different.
1. Changing insurance carrier- Looking online, scheduling a time where the agent approves the property, signing a paper. Done.
2. Moving to another apartment/rental property. Having to investigate to make sure the neighborhood is good, having to schedule many different property viewing times (hopefully while not during work times), having high anxiety not knowing where or if you get the place approved that you want, thinking about moving costs, taking off work, packing, detailing the apartment, changing address, moving all WIFI, possibly having to drive further to work, not knowing if kids will be able to take the bus to the same school, meeting the landlord and doing check out to see if any deposit money gets back to the tenant. No big deal huh? This is what happens when a landlord gives a 30 day notice with a drastic increase.
So to those who were comparing moving to changing insurance, there is nothing in common.
What is all boils down to and what others have said, it's not ethical in anyway for a landlord to increase rent that much. People have jobs, responsibilities and budgeting. When a landlord gives a notice a month before the lease is up saying that rent is going up SEVERAL hundred dollars, that is quite a pity. Also, I've seen and heard that no improvement is being done and landlords are just wanting the extra cash.
There needs to be more laws in states saying how much rent can be increased in a short time. At least fuel stations have these laws. The fuel station couldn't just "raise gas to 5 dollars per gallon" because they get the most volume or traffic.
And some of the landlords here saying "well if my insurance goes up I'll get another agent/company". That takes about 1-3 hours a most to do with someone coming to visit the property to get a new insurance quote approved. Moving to another apartment is a whole different ball game. You have to show times to go look at new places, you have to see if it's a good neighborhood, you have to take time off work to move, and you have to pay to move. Anyone comparing moving to a new rental place compared to getting new insurance has no logical. Those two adjustments are night and day and aren't in any way alike.
And I have to say there are landlords who don't operate this way. My son lives in the SF Bay Area where one bedroom apartments start at $1700. He has rented a one bedroom duplex for the past 3 years, when he moved in his rent was $1000, it's now $1150, it went up $50 a month each year. He told his landlord how grateful he was that he wasn't raising the rent more than that and the landlord said, it's worth it in the long run to have tenants like you who are quiet and take care of my property.
Since you admit you don't know why the landlord couldn't raise rent 10 instead of 26 percent, you must also admit you do not know the financials of the complex. Most people have never owned rental property so have no idea what the numbers are. Maybe the owner knows in the next few years he will have big expenses like painting or a roof and is raising money now to pay for it when it happens.
If you don't think you can sleep at night increasing rents, think how well you will sleep knowing you have a $25k roof to,pay for in the next 2 years and no money to do it with because you didn't collect enough money to pay for it.
Btw the best time to paint and do carpet is when the units are vacant, not when they are occupied. Imagine demanding tenants to move all their furniture out for a time while you replace carpet and paint their apartment. That's a huge disruption and burden to the tenant.
Nice try but.... If you have insurance you wouldn't be paying 25 grand for a new roof. A deductible covers the rest of the costs. Maybe you don't have insurance though.
Being smart isn't a requirement to be in business... only being lawful.
I have a tenant that is moving... bought a home and getting settled.
The rent for the 3 bedroom SF Bay Area single family home has remained unchanged from $1500 since 2011.
The tenant said her sister and brother in law would like to rent... I said the owner would be doing painting and floor and expect the new rent to be at least $2,000
This did not go over well... which I guess is human nature.
I look at it different... count your blessings your rent never went up and a tenancy without issue...
The home would sell easily for 600k... as-is... no way for the home to remain a rental at $1500...
Already seeing a lot of small Mom and Pops getting out of the business... why be a Housing Provider when you can get the similar return with the money in the bank?
Nice try but.... If you have insurance you wouldn't be paying 25 grand for a new roof. A deductible covers the rest of the costs. Maybe you don't have insurance though.
Wow you are really clueless. Insurance won’t pay for a new roof because it needs to be replaced from age. They will cancel your policy if you dint replace it. They will pay in case of a claim from damage like a fire, tree, storm or human damage.
You can sit here and say anything you want about LLs and rentals but truthfully you have never walked in a LLs shoes and you have no idea how to do it. But like i asked...why don’t you put up your money go buy some rentals then be the benevolent LL who has low rents. You’ll be selling within a year.
Quote:
Originally Posted by Educator1982
I agree as well that it's legal, but no ethical. It's funny how landlords can raise the rents but carpets don't get changed, painting isn't done, or nothing is done to improve anything, other than the roof. Yet since the lack of their budgeting and them wanting more money, they think it's ethical to increase rent without any improvement. Good post here!
So true. I have no idea how landlords can sleep at night when they do this. I think if I was that far behind an didn't realize I wasn't charging enough, I would sell the property. To me it's bad management and budgeting on the landlords part to do this. It's like telling a kid or family member at home that it's okay to live there one minute after they have been and within a blink of an eye you say he or she needs to leave without any explanation. Even though this family member was good.
What is really gets down to is that these landlords what more money. We all want more money and want to make the most in our work. However, it's not ethical is any way what these landlords are doing saying it's totally fine to raise rents SEVERAL hundred dollars per month for the next lease. Especially with a short notice. Getting a letter one month before the lease is up saying the monthly rent will be going up 250 dollars? I don't know how those landlords can sleep at night to be honest. It's lack of budgeting and thinking things out in the long range.
Comparing moving to changing insurance companies?? These two changes have nothing in common whatsoever and are completely different.
1. Changing insurance carrier- Looking online, scheduling a time where the agent approves the property, signing a paper. Done.
2. Moving to another apartment/rental property.Having to investigate to make sure the neighborhood is good, having to schedule many different property viewing times (hopefully while not during work times), having high anxiety not knowing where or if you get the place approved that you want, thinking about moving costs, taking off work, packing, detailing the apartment, changing address, moving all WIFI, possibly having to drive further to work, not knowing if kids will be able to take the bus to the same school, meeting the landlord and doing check out to see if any deposit money gets back to the tenant. No big deal huh? This is what happens when a landlord gives a 30 day notice with a drastic increase.
So to those who were comparing moving to changing insurance, there is nothing in common.
So it’s ok for you to want more money from your work but not for a landlord for his work. So you wanting more money for your work is ethical? But a LL wanting money for his investment isn’t.
And that’s your choice for your investment.
Your research for a rental isn’t the LLs problem. Nor should it be. Searching for a rental is no different than searching for a car, insurance, shopping online etc. I can’t see how your search for a rental or moving is my problem as a LL. Basically you’re saying that it’s a huge inconvenience to move so the LL is what...somehow at fault? That’s something for YOU to take in account when a LL gives you a rent increase.
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