Are we paying too much for rent? (Miami, Tampa: apartment, neighborhoods)

[Tampa No Look]

Originally Posted by Tampa Tarbaby

It's good you weren't trying to be funny... you would have failed miserably.
This way, you were just boring.

Wasn't exactly expecting collective laughter with that post. I'll try harder on my next attempt at humor.

[Tampa Tarbaby]

Try not being a tool, that's all I ask.

[Pragmaticus]

Not too bad for the area, if you ask me. But for $1500, you could probably get a single family home with less square footage, if you want to.

Here is how you should check.......similar house in the area sales around 150K - 170K. At 0% down, that's how you are renting and 4% plus interest rate + insurance + taxes, you will get to about $1000 to $1100.

Now the owner has to account for maintenance of the place and payment when it is not rented, probably management fee, if they are doing so. So, the owner is making about $400 to $500 by renting to you and doing the maintenance for you.

But you can clearly see that you can buy similar place cheaper than what you are renting it now.

[DUNNDFRNT]

Originally Posted by Tampa No Look

Wasn't exactly expecting collective laughter with that post. I'll try harder on my next attempt at humor.

This is interesting, I thought you guys were the same person.

[Success3]

Did not expect this many responses...awesome. Forgot to mention there is also a pond for fishing. Also, includes washer/dryer, refrig, etc. Which we currently do not have at this time. We don't mind paying what we are paying for now as it seems safe and in a great location. I believe our neighbors could be paying as high as $1800.

I believe many responses may not be taking into account income because someone making $50,000 may not feel the same about rent as the guy making $100k. What do you think?

[gulfer]

I looked at rental prices in Westchase and you are not over paying. You're paying more than you would in other locations around Tampa, but not for that area.

You can go in any major city in America (maybe too general of a comment .. but will stick with it) and find higher priced areas because of location. Most don't back up to wilderness or water, they are higher because of numerous factors. But the bottom line is things will rent or sell depending on demand. If nobody wanted to live in Westchase, you would be paying much less.

A friend of mine relocated down here for work. In Westchase, off Linebaugh, there are numerous townhomes that rent for over 2K to 3K per month. The company put them up in that.

Was a great commute to work for them, was in an area with a school system they liked, etc...

Location for price determination is also different for each person. Wesley Chapel may be far from downtown Tampa, but if you work at the new Hospital just North of the Wiregrass Mall, having a 5 minute drive to work can be a very good thing.

[Tampa No Look]

Rent is temprary and owning is permnent

[tinytrump]

Originally Posted by Tampa No Look

No townhouse should be that expensive in Hillsborough County. What is it? Overlooking the bay/river?

If not, you're gettting hosed.

"Rent amounts" have some kind of configuration, I saw it some where awhile back and once it hits a figure depending on sq.ft. and demand, it goes that way across the board and investors/complexes n realtors love it, even though MOST people feel they are definitely over-paying as salaries are still LOW in this area. My kids $1000 for a box in Miami, but they have covered parking, security, concierge, pool and a night club on the roof in the DORAL area - so It's worth it, here a box in Tampa for $800 is in a run down complex, trashy with broken emenities/pools etc. that is what you get for the price.
So for the area seem reasonable for a NEW clean place,,, however, weren't some new towns/apts in that area, that had some kind of chinese drywall issues?

[PhotoProIP]

Hey, for $1500 in NYC you "may" get 200 square feet, and a bathroom that won't accommodate anyone over 90lbs in it! LOLOL so I still think you came up on top here.

"Owning" is not permanent...unless you plan on never selling your house, or being buried in your back yard. LOL I've seen homes with mini cemeteries in DC recently. Reston to be exact, so I guess on some level it can be "permanent"!

[The Villages Guy]

Originally Posted by PhotoProIP

Actually $1500 is cheap. In parts of Lutz and LOL, Odessa etc rents are up to $3000/mo. $1900 for a very small 3 bedroom, without a tub in the master. Ridiculous. I get the "demand" thing, but the reason there is this "demand" is because people are unaware of the areas so they rent, or not aware it would be cheaper for them to buy. People got scared by the "you won't be able to sell" statement, and are stuck inflating rents. Technically "rent" should never be more expensive than mortgage...if it was then why rent? and loose more than $20k per year?

Thx for the info on the pricing around here. I had no idea. I always look at things as an owner, because that is what we prefer. At those prices, I wonder how anyone can get ahead....let alone tread water.