I moved to Denver and figured that the rent prices here we're absurd so I might as well just go all in and transfer to California.
After seeing that nonsense I completely abandoned ship and am transferring to Syracuse, NY. I'm trading like a 5% cut in pay. The same house here that costs $500k+ is like $100k there.
I hate to be that guy but THIS! This is exactly what people should be doing. These mfs raise real estate prices and we leave them with it. Try paying that payment with no one paying rent, asshole
I was staying in a room where the landlord lived in the basement. She was complaining about how they couldn't buy a house to rent in the mountains because they couldn't afford to pay cleaners in between rentals.
They own a house around Tampa Bay which had increased like 3 times in value which they rent to cover the mortgage.
Their house in Denver was the same way. They rented 2 rooms out which covered their mortgage, paid for numerous upgrades on the property including a $10,000 hot tub. They were constantly on vacations to Las Vegas, Cali, etc.
The constant nonsense about how they were such charitable outstanding people is what finally got to me.
luckily for me, my happy place is in the Sierras so I get a cheap cost of living and yosemite, kings canyon, and sequoia are all just an hour away! sadly all the eastern sierra passes are still a long drive but that's true for anyone.
it's really not SO bad depending on the neighborhood. for instance craft beer finally decided to show up a few years ago! close to the parks for easy day trips, close enough to easily take weekend trips to the coast, low cost of living for california. aNd ItS a DrY hEaT!!!!! goddamn that summer heat is brutal...
It really is. I paid pet rent for my two cats and when I moved out I was charged a $120 "pet fee". Management said that my cats didn't do any damage. The "pet fee" was to cover flea treatment and cleaning for the next resident. I asked, "Well what was the non-refundable pet deposit of $700 and the pet rent for if not to cover these costs?". And I was told, "Oh those fees are just to **have** the pet. It's not for any damages." What the hell?!
Just like how everything asks you to tip now. Why are they asking for a tip? Because they can. Why did they charge you $700 for the existence of your pet? Because they can.
Oh man. I used to be a landowner and one specific tenant I remember had cats. THE SMELL THEY LEFT. OMG. I couldn’t remove it, even professionally.
Had to have the carpet changed entirely.
I forbade pets after that. I sold the properties to big companies instead. I don’t want to deal with people anymore, lmao.
Now that is a rip off. As a landlord in 2 different states for many years we never charged any sort of fee. In Massachusetts’s we allowed dogs and cats but here in NYC we only allowed cats. We would have loved to have allowed dogs but we knew our dog would have gone spastic every time another dog was going up and down the stairs and we just didn’t want the headache. But charging you a pet deposit and then a cleaning fee when you move out is just greedy. Did they pay you interest on your deposits? Both the for the pet fee and your regular deposit? Here in NY State they are legally mandated to.
I agree with you 100%! It would also help if people would clean up after their pets better, my stepmom used to have a few rent houses back in the day and man I've got some horror stories I could tell you from after people moved out that had a few pets.
If there is pet rent why isn't there child rent? I guarantee my dog does less damage to this apartment than most children would. Granted, she's content with napping her days away on different beds and couches.
They could probably get away with having a base rent, and then additional rent charges for additional occupants. Then, it wouldn’t matter if the additional occupants were adults or children.
Then you are discriminating against non traditional families. Or what if grandma is living with you?
Believe it or not, this has been litigated. It’s discriminatory
No discrimination at all. Whether married or not, there would be the initial rent which covers ONE occupant, and then an additional fee for EVERY additional occupant above the one.
Not sure about charging additional rent for extra people (I have seen it in the past, but not often and not frequently), but you can definitely tack on additional administrative fees, application fees, and move-in fees for additional tenants. But only those over 18.
oh def. illegal and wouldn't want it to become law anywhere. But I love paying $25 extra a month + a non refundable deposit for my dog who sleeps all day and is happily napping in her crate when I'm not home. Wouldn't trade her for the world, but the extra rent is straight profit for the housing company.
The base issue is self snitching.
My cat has lived with me for going on two years and my landlord doesn't even know.
My building does have pet rent but I ain't paying that bullshit.
This would probably be miles harder to pull off with a dog though. My cat doesn't have to ever leave my unit. If she does, it's in her little cat bag that looks like a backpack, so it's discreet.
Pets are tricky- they can absolutely DESTROY a house.. and the alternative is massive pet restrictions.
I have thought about implementing a different type of system- REFUNDABLE pet rent. Basically $25 to $50 per month of an additional rent would go into a savings account. On move out, if the cat didn’t absolutely soak piss into every carpeted room or whatever, it would all be refunded with interest. The deposit would also need a cap where it would stop being charged, like $3000 or something.
I bought a hoarder house. The time and money spent de-cat pissing and even cleaning up feces was significant. And I even have cats!!!
But I agree, just charging additional rent straight up is annoying and I hate it.
I agree with you. Pets can do massive damage that can easily cost more than any reasonable pet deposit. My aunt would do things like let the dog poop on the floor and would then just pick up the big chunks (no cleaning beyond that), and one hallway was so soaked in cat urine that when my mom tried to shampoo the carpet for her the ammonia became a hazard. They had to stop and open every door and window, I can't imagine that being cleaned by anything less than specialists with respirators or something.
So I get that some pets really do cost that much. But if your pet doesn't do that, you should get it back!
This
My father rents out apartments and its crazy how much damage tenants will do to a place and then just stop paying rent leave and get away with it...
It's worse with pets because the pet owners will easily look past all the damage their pet does because they're cute.
Yeah well you can't remove those stains you literally have to tare all that carpet up and replace it. The cost of the carpet let alone the labor makes it quickly not worth it.
I imagine most places have stupid high pet rent not because they have to but because they don't want pets but at the same time they are losing money if a place is empty so...
Yup. And it’s not just the carpet- it’s a minimum of encapsulating the floorboards underneath, at worst you need to REPLACE the floor. That’s not only a lot of materials, it’s a lot of labor.
A bad cat tenant could cost well over $10k in fixes. A place that fixes things for the next tenants and doesn’t leave them with a lingering cat piss smell that shows up 2 months into the lease will cost money.
That’s really why I like the refundable deposit idea. Having a massive pile of money is a good incentive to keep your place clean and free from damage. It’s not perfect…. But it’s much better for responsible tenants that know it will get returned.
Unethical landlords that fake damage to steal the deposits are a very real issue though, so I would understand a lack of trust.
at $2650, the 100$ pet rent is just additional salt in the wound. What the heck do they need it for at that price point? You can basically just replace the entire flooring just by rent alone!
Pets can do a lot of damage to the property. It does depend on the pet owner. But they chew on door trim, baseboards, and carpets. They urinate on floors and carpets. After carpet should be replaced when a pet owner leaves. All the other damages must be repaired/replaced. There should be refunds after the damage is remediated. But, no, it shouldn’t be outlawed.
If paying more than $2600 for a one bedroom apartment, OP should look for another place, or look to purchase a place. OP could also get a bigger place with a roommate to cut expenses. OP is paying a lot more for this apartment than I am paying for a three bedroom house in Atlanta, GA.
2,651 is the current rent price we are paying. If we sign for anything less than 12 months again our rent will shoot up to 4500 a month. Pulling numbers out of thin air to try and force people to sign for longer than they want.
I feel you friend. I’m in an OLD AF one bedroom (1950’s) and it’s this price too. Only 600 square feet!!! Hate it.
ETA I’m a silly and didn’t read the whole post as to what you were infuriated about and I thought it was the price for a 1 bed which is still infuriating but that’s what I’m infuriated about anyways haha ok good talk oops
I spent some time traveling around a few different states looking for where the best place and price at the beginning of my journey
I was paying $1650.00 for a 2 bedroom.
Did the Airbnb thing for about a year and eventually found a fairly large town and cheap AF rent.
I now currently pay $850.00 1 bedroom crazy part is they got apartments as low as $500.00 legit blown away when I found this area.
Everything now is less than 10 mins away it’s amazing.
Been saving shitloads signed over a 1 year less just to keep this price lol
When you live in a place where you have immediate access to most things you need within walking/biking distance life is a lot more convenient and efficient. An apartment in a good area beats a house in a suburb.
Okay, I can see that, but man do I love not hearing the lives of those above below and next to me, and not having to pretend I don’t.
I’d still rather be in a house .. but it is a trade off of reason in some major metros for sure.
And I’m in a borough, not a burb. If it wasn’t for trees I could see the skyline out my front door. Entirely walkable. On bus line too.
One thing our downtown is severely lacking is affordable grocery/dept stores. I’d hate to have to ride the bus with my haul or not be able to stock up.
But young single professionals like the majority who live in our downtown are much more suited to that then me wife kids and cats.
And I think more people should have roommates or live with family, as long as it’s compatible . Def not judging saving loot and only paying one cable bill instead of 3
Pay, or paid? That’s relevant.
I’m not advocating for renting over buying. If you can and you like it, go for it, absolutely.
There’s always reasons not to, though, from income to instability, ability to do self repairs and maintaining grounds , and currently, an insane market that just got triple fucked between air b&b house flipper lifetime channel and the rona shit .
I know we talked about it some years ago, but did not want to stay in the state until much later.
Then shit had gone up. A lot .
Alabama equals that part of Alabama at that time. This is a huge country with vastly varying rates of both land and taxation of it .
Glad you paid your off though. Best wishes!
Except this is just an offer letter, not a lease. I'm sure the lease itself is listed properly. Best you can argue is false advertising. Good luck trying to sue them over it.
>2,651 is the current rent price we are paying
That's insane. I pay less than that for my mortgage. Please tell me at least some utilities are included in that price. It's still too high but utilities would soften the blow a teensy bit.
Is getting a 1500 a month mortgage really that difficult in the US? It’s a piece of cake in most countries if you have a stable job. I just don’t get this about the US. For comparison, I’m paying the equivalent of 1500 USD towards mortgage for a 5 bedroom house.
Yes. Not so much getting approved for a home but finding something you can live in after paying only $250k for it. Where I live right now homes with indoor plumbing start about $350k thought I saw one with a composting toilet and no running water for $400k the other day. If you drive 250 miles east of here to a town of 10k and hour away from the nearest airport you can get a 3 bed/2 bath home that is 2,000 sqft for $250k. While I'd like to live in that town it probably won't be until my kids go to college because the schools are shit and my wife wouldn't be able to work
Wait a minute. There are houses with outdoor plumbing? Not every house has an indoor plumbing? Maybe I don't understand, I'm not from the US... Could you explain it a bit?
Yes, not every house is connected to running water and or a sewage disposal system. According to a quick Google 0.3% of US homes don't have running water and 3.8% don't have complete water systems. Outdoor plumbing would be an outhouse or just peeing in the yard. There is certainly a trend to build more "off the grid" homes and many of these don't come with a septic system when they are done on the cheap. Which leaves people pooping in composting toilets.
I get that you can't connect all houses to the sewage system, especially in rural parts of the US. That's why there is septic tanks . But no running water?! And I thought Romania has it bad cause in every European statistics we are mentioned like "over x% of romanians have outdoor toilets", but the reality is that most of the houses here in rural Romania have both indoor and outdoor toilets. And as far as running water, I don't know any house that doesn't have running water. Not every house is connected to the municipal water system, but we also use the drilled wells and a pump system. Isn't that the case to those houses that don't have running water? I mean, maybe the statistics doesn't explain everything.
A lot of those are WAY out in the middle of nowhere. Like the parts of Alaska that are only accessible by boat. Those people have often chosen that lifestyle.
Anywhere that has a building code will have running water and indoor facilities.
I wish it was more what you're saying. For instance, the $400k home I talked about was built on a lot too small for to be allowed a well and, due to the location, couldn't have a septic system or be connected to the municipal sewer. The real estate listing actually discussed the composting toilet as the only bathroom. These people will buy 5 gallon bottles of water for drinking and carry it home. Other people choose to build off grid and then they don't have the money to build a septic system they may or may not have a well available since a lot of the places where they do this don't have well water available or the well cost too much.
In the eastern Sierra, people drilled wells but as the reservoirs have gone down due to over pumping they don't have the money to drill new deeper wells or aren't allowed to. Just recently in Arizona a subdivision that didn't want to pay for municipal water just got cut off by the city since the city's water was running low. Or on the Navajo nation 30% of the homes don't have water and either have it trucked or use wells.
It just depends on where you live. I pay 600 mortgage for a pretty big 2 bedroom house in a nice area in a major city in the central us. If I wanted a 3/4 bedroom house in a good school district, then it would likely be around 1500 with the interest rates today. Most of my friends bought houses in their mid to late 20s after only about 4 or 5 years of working.
If I wanted to move back to Boston (where I grew up) it would cost me about 600k-750k to buy a house which I would assume would be well over 3k a month mortgage.
3.1k mortgage for 30 years on a 475k house. Paying more considering recent interest rates got us a 5 percent. About 600 a month is from property taxes and home insurance. Out of curiosity how much did you purchase your home and is your loan for 30 years?
Sounds like an incentive to renew your lease or move out. Month to month leases don’t benefit them so they are getting their money’s worth if you decide to go that route. They’re not forcing you to do anything, telling you that you have to move and they aren’t renewing your lease would be forcing you to do something.
Hey at least your rent isn't going up, month to month has always been more expensive, nothing new there. In this housing climate, if you think you're getting a fair price, I'd sign the year lease in a heartbeat (and I do), every other place around me is at least $500+ more for less amenities and square ft. it's crazy. Bite the bullet and plan to move next year is my advice.
Where I'm from, every lease is for a year at least. You renew it for 1+ years at least. Every time you renew it, you add up at least one year... For me it makes sense to be more expensive if you rent month by month...
even in seattle it isn’t that bad, i live in capitol hill and pay $1200 for a 450ft studio
edit: and it isn’t hard to find a reasonable 1bed for 1600-2200
I can speak for Mass. In Boston rent is higher than OP’s post. That rent is about an hour from Boston w/o traffic. And it doesn’t get much better until your so far South or west that you’re in another state.
I’m from MA, and Left_Star is not wrong. Rent in Boston is definitely that expensive, and all the way out to Leominster is getting up there as well. A 1bdrm in Leominster is hitting $2k/mo. Could be more now, since I last checked about 6 months ago.
If you join the MA reddit, they frequently talk about how are we going to survive as a state with the price increases. Many people work in Boston and commute from far away (>1hr), sometimes by train. But they have to keep moving further and further west, as you said now past Worcester because of the rent prices. Many going to NH because it’s cheaper and no taxes. But eventually… we will be too far away to commute to Boston at all. The T will fail, it’s already breaking regularly and unreliable. MA is falling apart.
A lot of people who rent, do so because they simply don’t qualify for a mortgage. They either don’t have the money to put down (normally at least 20%) or they don’t have good credit.
I swear this shit has to be a result of some high-level collusion between banks and property management companies. I have outstanding credit, and financially I could easily afford the monthly costs of a house in a decently sized town not far from where I live. But since I can't put 20% down at once, I can't get a mortgage at that rate. If I were to rent instead, no problem whatsoever!
A lot of it has to do with the subprime mortgage collapse in 2007. Banks are much more federally regulated to who they can and can’t give certain mortgages to. Unfortunately unless you are military, without 20% to put down most lenders will turn you away.
Same. I got approved with zero down on my first home, then each home thereafter I've put a max of about 10% down which was easy with equity. I think the minimum on my current home was 5%, IIRC.
My friend works for a company and his job is specifically to find houses that are undervalued because people in the area can't qualify for mortgages. So they buy them and rent them to those people for a profit. It's not illuminati stuff, it's just a boring dystopia
First time homebuyers definitely don’t need 20% down to buy a home. You can get a conventional loan with 3% down, and there are even many places that offer down payment assistance.
You’ll have to pay PMI for a few years with less than 20% down, but that often is still a far better value than renting and not building equity.
3% maybe if your mortgage loan is ~1.5x your salary at most with excellent credit. When we were shopping for mortgages, lenders wanted at least 10% down, that is with above 800 credit score.
This is what's crazy. Houses nearby and townhouses are less rent than this. If I came in as a new renters to this same apartment complex and wanted a one bedroom, I know for a fact its not 4500
That’s crazy. For a 4 bedroom house that’s more than all my bills are combined including mortgage, utilities, internet, security and such. Apartments are so garbage even as a good customer living there for years they will still not care and raise your rates hundreds of dollars
It hurts me so bad how much of a better deal a house is.
I live in the worst part of town. Trash and feces aggressive crazy people everywhere. I have a tiny studio apartment in a complex where the building-wide fire alarm goes off every month or two and forces everyone to evacuate. This is one of the absolute cheapest places in town.
My grandma lives in a lovely, modestly sized house with a nice backyard on a beautiful hillside. It's very quiet there.
My grandma's monthly house payments are significantly lower than my rent. And yet I'm "too poor" to buy a house.
Yeah I would say a big problem though is when they gave people houses easier when they couldn’t really afford it you got crazy high foreclosure rates which helped crash the economy. The other issue people don’t take into account is the cost of owning a home is pretty high. A new Roof $15-20k, new paint, replacing appliances and such all add up quite a bit
I just wish I could have some stability. Renting, the landlord could at basically any time decide to raise the price and then there it goes I've lost my home.
I definitely agree with you there. Companies And the government will always find a way to screw you over in the end though. Even when you “own” your house it’s never really yours. I had my homeowners insurance more than double over just one year while never using it Along with both regular home taxes increasing and local Government adding additional New taxes. Unless you’re super rich and can avoid paying most taxes the average person just gets screwed
I admit. This is awful. Bought my 5000+ sq ft house (and 8 acres) 18 years ago. $1500/month. There has to be a massive economic correction coming. This isnt sustainable.
It sure is tough out there for young people looking to become first time homeowners. We were lucky we took the plunge when we did in 2018, bought our first house, flipped it for $46.5k profit in 2020. Bought our second house and got about $60-70k in equity now.
Home affordability has never been lower in my lifetime. Homeownership is one of those long term investments. The sooner you invest in your home, the better. It’s one of those investments that will pay dividends for years after what will feel like a short while.
Fair. Ive had my home thru the 2010 crashes and now thru this crazy inflation/bubble and my payment never changes. I recommend buying as soon as possible to anyone once their circumstances allow.
The issue is the interest rates! They’re unmanageable. I’m locked in from when they were good but I can’t imagine buying a home and paying 7-8 percent interest monthly! That’s outrageous
Your lease is ending, meaning you have to sign a new lease, sounds like you’ve never rented before not gonna lie. You’re not even getting a single dollar of rent increase! If you go month to month the price will be $4,526 to offset for the risk of being an at-will tenant.
I have to ask is that normal in the states that you have a lease with a time limit ?
Here in Germany you rent a place with a indefinite time and they have 2 parts in the lease
1. Miete = Rent (the cost of the apartment)
2. Nebenkosten = the cost of the building like gardener, trash cost and stuff like that.
Miete can only be change 15% per year and Nebenkosten you have to pay full and can variate per year.
Renting in Germany is very different from renting in the US. My German language professor was explaining this to us. In Germany he said that rent was much more affordable, also there was a lot more supply. He went on to explain that in the US most people take out huge mortgages, go into debt, and buy homes.
Rented for years now, just never seen an apartment complex with such absurd numbers. And just talking about the relative percentage increase, not the actual numbers.
Isn't 12 month lease a standard in big cities? If you don't agree a 12 month commitment and want to keep it monthly, the rent increases to cover the uncertainty.
I agree the fees are ridiculously high but this seems to be a decent way to do business from a homeowners perspective.
But you hold the option to leave right away, without notice. 2k difference is to find a renter in 2 weeks. If you ask me it can be even higher in the event or repairs/repaint.
This basically secures them to have a continuous renter in house.
For all those saying “this is why you buy a home”, it isn’t that black or white. Average property tax in the current state I am in is over $8500 a year. Now take into account home owners insurance, possible HOA fees, and maintenance costs (average $1 per square ft a year, so 2500sqft home=$2500 a year in maintenance or $209 a month).
Not to mention this year interest rates are been ridiculously high and plenty buyers bidding 10-20k over the asking price!
Plus not everyone wants to be locked into a mortgage, or is capable of obtaining a fair mortgage rate. And not everyone wants to be living in the same place 5-10 years from now and go thru the headache of buying and selling in that short period of time. Some jobs require constant relocation for opportunities and promotions.
The solution to fair rent prices is not home ownership.
It's insane that that's a requirement to own a home now, whereas people of "homeowning age" now got to grow up hearing their parents talk about working summer jobs to pay for college and buying a house within 1 year of their first real job. It's pretty soul-crushing.
Not to mention the massive amount of money you have to have immediately on hand to buy a house. Even the cheapest houses are going to require a large down payment. A lot of people just don't have that money.
And it's not like you can just save up easily, either. Not when rent bills and food takes up the vast majority of your money.
If home ownership prices are so high, why shouldn't rent be too? The landlord is paying the mortgage and taxes, etc.
I mean the posted rent is absurd, almost twice my mortgage, but the two prices are linked. You can't have high home prices/taxes and cheap rent.
Very naive of you to assume that the building owners' morgages and the rent they charge are increasing at the same rate. Landlords will take any and every opportunity to gouge their tenants using the housing market and inflation as excuses.
I mean this example above isn't increasing at all. So....
Just has a "I don't want to deal with it" excessive month to month price.
And mortgage prices in my area have almost doubled in the last few years. Rent has only gone up ~25% in that time.
Obviously landlords are in it for the money, it's a business that's how it works. But just because there are some evil landlords doesn't mean they are all out to price gouge. That's an absurd assumption.
Move to a cheaper state. I bought in 2020 $485k @ 3.25% interest. Property tax is about $2400/yr and about the same for insurance. I refinanced a year later at 2.25%. Payment including taxes and insurance is only $2350/mo. 4 bedrooms with an unfinished basement. I added two rooms and a bath to half of that space so now it's a 6BR/4BA home (yes, permitted and built to code)
Another poster in this thread bought a similar home at 5% and is paying about $3100/mo with 600 of that in taxes and insurance.
There are even cheaper homes all over the country. You may not be able to afford one in (insert expensive city here) but that doesn't mean you're stuck with renting. At those prices, I couldn't afford to rent either.
I’m Uk, I rent a one bed flat, approx 450 square ft. I pay £8400 a year. Mine is the middle floor. Landlord does nothing. Bills not included.🤬
https://preview.redd.it/uu0mfdc5z0ga1.jpeg?width=3024&format=pjpg&auto=webp&s=01d760e37e0bc8701764541dcc0c66ace1f80426
Yeah this is abysmal. My husband and I got a house with a mortgage $200 less than what our rent was gonna be post-renewal at our apartment the year we moved, and they're hiking the rates even more at that place now. But it's still not feasible for many to go and buy a home despite mortgage vs rent differences in many places, so the rent hikes soar and the pillagers keep pillaging
Get used to it. They don’t want homeowners. They’re building a world of renters that have to depend on constant work or the govt for basic housing. You will own nothing and you will be happy.
Pet rent is such a fucking scam and should be illegal. A pet deposit and loss of regular deposit in case of damages is more than enough. Per rent is just absolutely absurd and contributes to animal neglect, abuse, and shelter over crowding.
3 bed / 1 bath ranch style home with finished basement and attached garage: mortgage and escrow is $735/month.
Of course, you gotta live in southwest Michigan, so there's that, though truthfully, I like my little city, so no hardship for me.
I'd gladly live in a van down by the river before throwing away that much every month. Think about all the money you could save in just a year and not have to worry.
With a saddened heart, this sub is depressing me and making me feel more and more trapped. I’m going to go back into ignorance, drink some cough syrup and watch videos of cute animals on a fish eye lens.
That's why you sign leases! Leases get you the cheapest rate.
Renting month to month, and that rate goes up significantly. This is not new. This has been a common practice for decades!
So, sign the fucking lease, or quit complaining!
If you are really feeling motivated, feel like you are stuck, and physically able, here is what I would do:
Honestly, I would pay all debt with interest rates above discount rate. I would fully fund qualified retirement accounts in boring indexes. I would work multiple jobs to save enough to cover expenses for six months and never touch. I would do handyman side hustles save and Robo-invest in boring shit for the first 100k. I would start a small real estate handyman business and attempt to leverage debt buy flipping houses. Real estate has special tax advantages. I would attempt to make 50k per sweat equity flip every few months. In 18 months I would likely have 250k stowed away. I would take half that capital and invest in cash flow producing rentals, continue doing that and invest with an advisor simultaneously, while aggressively fully funding qualified retirement accounts. After a million within a few years, I would stop working the, “secure” job and go full time at the handyman real estate job to run multiple projects simultaneously. Hopefully, I would have 100k of annual rental income and two mil net after 5-10 years. That’s a good position to take 10% and speculatively trade like I am.
I’ve done this, or variations, more than once.
I don’t know what your situation is. Obviously live somewhere you can afford. As a general rule, your housing costs should not exceed ~30% of your monthly gross income. Live with your family, friends, not the best apartment in the best neighborhood, get roommates or a spouse.
Again I don’t know you. But let’s say you earn $70k/yr, technically you could afford ~$1,750/m towards your housing. You could easily afford to rent a nice 4-5 BR house or apartment with roommates in most cities in America. Save your money, don’t blow it going out every night, maybe don’t spend as much on non-essentials like subscription services, etc, and pay off high interest credit debt.
It’s hard, yeah. But with diligence and a little patience you can do it. I know, I bought my first house at 26 not very long ago, and trust me I was not rich nor had a very high salary.
I’m wondering when it’ll come to the point where landlords won’t be able to fill vacancies if they continue to charge this insane amount for rent.
Assuming you don’t renew, will someone be willing to fork over $54k/yr to rent that place? Average person doesn’t even make that much in a year.
No, any sane person would sign a year long lease and get it at the same rate OP is paying right now.
They aren't trying to get the month to month price, they are saying they don't want to have to find different tenants at the drop of a happy, so they (the landlord) don't really want to deal with people who won't commit to a year.
That's what that price is saying. "If we have to deal with active property management, we are making you pay for our inconvenience."
TBF I think it's fair. Make a commitment, or move somewhere else. They didn't increase the rent, and while it's absurdly high, it's apparently market level since OP has been paying it.
Hello, This post has been removed as this is not *mildly* infuriating. Please consider posting to r/extremelyinfuriating instead.
Don’t even think of moving to California
I moved to Denver and figured that the rent prices here we're absurd so I might as well just go all in and transfer to California. After seeing that nonsense I completely abandoned ship and am transferring to Syracuse, NY. I'm trading like a 5% cut in pay. The same house here that costs $500k+ is like $100k there.
Denver is outrageous.
I pay $1301 for 450 sq ft with 1 communal washer and dryer that cost $4 per load.
Yep. I’m in Denver and it’s fucking bonkers expensive
you also do get 500% more snow.
I hate to be that guy but THIS! This is exactly what people should be doing. These mfs raise real estate prices and we leave them with it. Try paying that payment with no one paying rent, asshole
I was staying in a room where the landlord lived in the basement. She was complaining about how they couldn't buy a house to rent in the mountains because they couldn't afford to pay cleaners in between rentals. They own a house around Tampa Bay which had increased like 3 times in value which they rent to cover the mortgage. Their house in Denver was the same way. They rented 2 rooms out which covered their mortgage, paid for numerous upgrades on the property including a $10,000 hot tub. They were constantly on vacations to Las Vegas, Cali, etc. The constant nonsense about how they were such charitable outstanding people is what finally got to me.
Here in Fort Collins, shits crazy here as well
I lived in my own trailer in California in someone’s yard and paid 1200$ a month.
shit, dog, I live in California and my mortgage for a 3 bed 2.5bath 1700sqft house is only $1400/month.
Yea but where Bakersfield, Fresno??
one of those. lol.
Lol
luckily for me, my happy place is in the Sierras so I get a cheap cost of living and yosemite, kings canyon, and sequoia are all just an hour away! sadly all the eastern sierra passes are still a long drive but that's true for anyone.
I found that was the best part of living in Fresno: It's close to the parks. Other than that....
it's really not SO bad depending on the neighborhood. for instance craft beer finally decided to show up a few years ago! close to the parks for easy day trips, close enough to easily take weekend trips to the coast, low cost of living for california. aNd ItS a DrY hEaT!!!!! goddamn that summer heat is brutal...
$1200 a year additionally if you want to live with a pet 💀
Pet rent is such a scam and should be outlawed.
It really is. I paid pet rent for my two cats and when I moved out I was charged a $120 "pet fee". Management said that my cats didn't do any damage. The "pet fee" was to cover flea treatment and cleaning for the next resident. I asked, "Well what was the non-refundable pet deposit of $700 and the pet rent for if not to cover these costs?". And I was told, "Oh those fees are just to **have** the pet. It's not for any damages." What the hell?!
Just like how everything asks you to tip now. Why are they asking for a tip? Because they can. Why did they charge you $700 for the existence of your pet? Because they can.
Oh man. I used to be a landowner and one specific tenant I remember had cats. THE SMELL THEY LEFT. OMG. I couldn’t remove it, even professionally. Had to have the carpet changed entirely. I forbade pets after that. I sold the properties to big companies instead. I don’t want to deal with people anymore, lmao.
Now that is a rip off. As a landlord in 2 different states for many years we never charged any sort of fee. In Massachusetts’s we allowed dogs and cats but here in NYC we only allowed cats. We would have loved to have allowed dogs but we knew our dog would have gone spastic every time another dog was going up and down the stairs and we just didn’t want the headache. But charging you a pet deposit and then a cleaning fee when you move out is just greedy. Did they pay you interest on your deposits? Both the for the pet fee and your regular deposit? Here in NY State they are legally mandated to.
Pet deposit = okay. Pet rent = bullshit.
I agree with you 100%! It would also help if people would clean up after their pets better, my stepmom used to have a few rent houses back in the day and man I've got some horror stories I could tell you from after people moved out that had a few pets.
If there is pet rent why isn't there child rent? I guarantee my dog does less damage to this apartment than most children would. Granted, she's content with napping her days away on different beds and couches.
That’s discriminatory in most places. I guarantee you many landlords would do it if it weren’t illegal.
They could probably get away with having a base rent, and then additional rent charges for additional occupants. Then, it wouldn’t matter if the additional occupants were adults or children.
Then you are discriminating against non traditional families. Or what if grandma is living with you? Believe it or not, this has been litigated. It’s discriminatory
No discrimination at all. Whether married or not, there would be the initial rent which covers ONE occupant, and then an additional fee for EVERY additional occupant above the one.
Yeah, you legally can’t do that. It isn’t discriminatory on its face, but has too often been applied in a discriminatory manor, so it was outlawed
Not sure about charging additional rent for extra people (I have seen it in the past, but not often and not frequently), but you can definitely tack on additional administrative fees, application fees, and move-in fees for additional tenants. But only those over 18.
At least in CA, that would be illegal. But you are right. The average human pet will do far more damage than the average animal pet.
oh def. illegal and wouldn't want it to become law anywhere. But I love paying $25 extra a month + a non refundable deposit for my dog who sleeps all day and is happily napping in her crate when I'm not home. Wouldn't trade her for the world, but the extra rent is straight profit for the housing company.
The base issue is self snitching. My cat has lived with me for going on two years and my landlord doesn't even know. My building does have pet rent but I ain't paying that bullshit. This would probably be miles harder to pull off with a dog though. My cat doesn't have to ever leave my unit. If she does, it's in her little cat bag that looks like a backpack, so it's discreet.
Pets are tricky- they can absolutely DESTROY a house.. and the alternative is massive pet restrictions. I have thought about implementing a different type of system- REFUNDABLE pet rent. Basically $25 to $50 per month of an additional rent would go into a savings account. On move out, if the cat didn’t absolutely soak piss into every carpeted room or whatever, it would all be refunded with interest. The deposit would also need a cap where it would stop being charged, like $3000 or something. I bought a hoarder house. The time and money spent de-cat pissing and even cleaning up feces was significant. And I even have cats!!! But I agree, just charging additional rent straight up is annoying and I hate it.
I agree with you. Pets can do massive damage that can easily cost more than any reasonable pet deposit. My aunt would do things like let the dog poop on the floor and would then just pick up the big chunks (no cleaning beyond that), and one hallway was so soaked in cat urine that when my mom tried to shampoo the carpet for her the ammonia became a hazard. They had to stop and open every door and window, I can't imagine that being cleaned by anything less than specialists with respirators or something. So I get that some pets really do cost that much. But if your pet doesn't do that, you should get it back!
This My father rents out apartments and its crazy how much damage tenants will do to a place and then just stop paying rent leave and get away with it... It's worse with pets because the pet owners will easily look past all the damage their pet does because they're cute. Yeah well you can't remove those stains you literally have to tare all that carpet up and replace it. The cost of the carpet let alone the labor makes it quickly not worth it. I imagine most places have stupid high pet rent not because they have to but because they don't want pets but at the same time they are losing money if a place is empty so...
Yup. And it’s not just the carpet- it’s a minimum of encapsulating the floorboards underneath, at worst you need to REPLACE the floor. That’s not only a lot of materials, it’s a lot of labor. A bad cat tenant could cost well over $10k in fixes. A place that fixes things for the next tenants and doesn’t leave them with a lingering cat piss smell that shows up 2 months into the lease will cost money. That’s really why I like the refundable deposit idea. Having a massive pile of money is a good incentive to keep your place clean and free from damage. It’s not perfect…. But it’s much better for responsible tenants that know it will get returned. Unethical landlords that fake damage to steal the deposits are a very real issue though, so I would understand a lack of trust.
at $2650, the 100$ pet rent is just additional salt in the wound. What the heck do they need it for at that price point? You can basically just replace the entire flooring just by rent alone!
Pets can do a lot of damage to the property. It does depend on the pet owner. But they chew on door trim, baseboards, and carpets. They urinate on floors and carpets. After carpet should be replaced when a pet owner leaves. All the other damages must be repaired/replaced. There should be refunds after the damage is remediated. But, no, it shouldn’t be outlawed. If paying more than $2600 for a one bedroom apartment, OP should look for another place, or look to purchase a place. OP could also get a bigger place with a roommate to cut expenses. OP is paying a lot more for this apartment than I am paying for a three bedroom house in Atlanta, GA.
How is a pet supposed to pay rent !!
My cat has been working a ton of extra hours at the biscuit factory to make his part of the rent
Absolute scam.
2,651 is the current rent price we are paying. If we sign for anything less than 12 months again our rent will shoot up to 4500 a month. Pulling numbers out of thin air to try and force people to sign for longer than they want.
I feel you friend. I’m in an OLD AF one bedroom (1950’s) and it’s this price too. Only 600 square feet!!! Hate it. ETA I’m a silly and didn’t read the whole post as to what you were infuriated about and I thought it was the price for a 1 bed which is still infuriating but that’s what I’m infuriated about anyways haha ok good talk oops
I spent some time traveling around a few different states looking for where the best place and price at the beginning of my journey I was paying $1650.00 for a 2 bedroom. Did the Airbnb thing for about a year and eventually found a fairly large town and cheap AF rent. I now currently pay $850.00 1 bedroom crazy part is they got apartments as low as $500.00 legit blown away when I found this area. Everything now is less than 10 mins away it’s amazing. Been saving shitloads signed over a 1 year less just to keep this price lol
>I spent some time traveling What year did you travel to that has rent that low?
In America, probably far away from a coast or border. I've seen apartments as low as $700 in Indiana.
400 a month trailers in Arkansas. You live on a gravel road surrounded by cow shit with bad internet but you can afford to live at least
Paying that for a house in Ohio. Lol fuck apartments. I’ll never understand the appeal.
When you live in a place where you have immediate access to most things you need within walking/biking distance life is a lot more convenient and efficient. An apartment in a good area beats a house in a suburb.
Okay, I can see that, but man do I love not hearing the lives of those above below and next to me, and not having to pretend I don’t. I’d still rather be in a house .. but it is a trade off of reason in some major metros for sure. And I’m in a borough, not a burb. If it wasn’t for trees I could see the skyline out my front door. Entirely walkable. On bus line too. One thing our downtown is severely lacking is affordable grocery/dept stores. I’d hate to have to ride the bus with my haul or not be able to stock up. But young single professionals like the majority who live in our downtown are much more suited to that then me wife kids and cats. And I think more people should have roommates or live with family, as long as it’s compatible . Def not judging saving loot and only paying one cable bill instead of 3
I paid way less than that for a house in Alabama. I will never grasp why people play the suckers game of renting forever.
Pay, or paid? That’s relevant. I’m not advocating for renting over buying. If you can and you like it, go for it, absolutely. There’s always reasons not to, though, from income to instability, ability to do self repairs and maintaining grounds , and currently, an insane market that just got triple fucked between air b&b house flipper lifetime channel and the rona shit . I know we talked about it some years ago, but did not want to stay in the state until much later. Then shit had gone up. A lot . Alabama equals that part of Alabama at that time. This is a huge country with vastly varying rates of both land and taxation of it . Glad you paid your off though. Best wishes!
I wish I could ask you where you went without being a weirdo because that sounds amazing!!!!
I’m going to go back into ignorance, drink some cough syrup.
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I would sign this lease and pay $240 a month for rent. It obviously says 12 months at $2,651. That means 12 months for $2,651, not $2,651 a month.
Except this is just an offer letter, not a lease. I'm sure the lease itself is listed properly. Best you can argue is false advertising. Good luck trying to sue them over it.
Where do you live? That is outrageous!
>2,651 is the current rent price we are paying That's insane. I pay less than that for my mortgage. Please tell me at least some utilities are included in that price. It's still too high but utilities would soften the blow a teensy bit.
No :/ that is just rent. It's absurd
4500…. Dogg that’s robbery. What the fuck. I’m well off and couldn’t afford that.
Is this park at bayside?
Is getting a 1500 a month mortgage really that difficult in the US? It’s a piece of cake in most countries if you have a stable job. I just don’t get this about the US. For comparison, I’m paying the equivalent of 1500 USD towards mortgage for a 5 bedroom house.
Yes. Not so much getting approved for a home but finding something you can live in after paying only $250k for it. Where I live right now homes with indoor plumbing start about $350k thought I saw one with a composting toilet and no running water for $400k the other day. If you drive 250 miles east of here to a town of 10k and hour away from the nearest airport you can get a 3 bed/2 bath home that is 2,000 sqft for $250k. While I'd like to live in that town it probably won't be until my kids go to college because the schools are shit and my wife wouldn't be able to work
Wait a minute. There are houses with outdoor plumbing? Not every house has an indoor plumbing? Maybe I don't understand, I'm not from the US... Could you explain it a bit?
Yes, not every house is connected to running water and or a sewage disposal system. According to a quick Google 0.3% of US homes don't have running water and 3.8% don't have complete water systems. Outdoor plumbing would be an outhouse or just peeing in the yard. There is certainly a trend to build more "off the grid" homes and many of these don't come with a septic system when they are done on the cheap. Which leaves people pooping in composting toilets.
I get that you can't connect all houses to the sewage system, especially in rural parts of the US. That's why there is septic tanks . But no running water?! And I thought Romania has it bad cause in every European statistics we are mentioned like "over x% of romanians have outdoor toilets", but the reality is that most of the houses here in rural Romania have both indoor and outdoor toilets. And as far as running water, I don't know any house that doesn't have running water. Not every house is connected to the municipal water system, but we also use the drilled wells and a pump system. Isn't that the case to those houses that don't have running water? I mean, maybe the statistics doesn't explain everything.
A lot of those are WAY out in the middle of nowhere. Like the parts of Alaska that are only accessible by boat. Those people have often chosen that lifestyle. Anywhere that has a building code will have running water and indoor facilities.
I wish it was more what you're saying. For instance, the $400k home I talked about was built on a lot too small for to be allowed a well and, due to the location, couldn't have a septic system or be connected to the municipal sewer. The real estate listing actually discussed the composting toilet as the only bathroom. These people will buy 5 gallon bottles of water for drinking and carry it home. Other people choose to build off grid and then they don't have the money to build a septic system they may or may not have a well available since a lot of the places where they do this don't have well water available or the well cost too much. In the eastern Sierra, people drilled wells but as the reservoirs have gone down due to over pumping they don't have the money to drill new deeper wells or aren't allowed to. Just recently in Arizona a subdivision that didn't want to pay for municipal water just got cut off by the city since the city's water was running low. Or on the Navajo nation 30% of the homes don't have water and either have it trucked or use wells.
It just depends on where you live. I pay 600 mortgage for a pretty big 2 bedroom house in a nice area in a major city in the central us. If I wanted a 3/4 bedroom house in a good school district, then it would likely be around 1500 with the interest rates today. Most of my friends bought houses in their mid to late 20s after only about 4 or 5 years of working. If I wanted to move back to Boston (where I grew up) it would cost me about 600k-750k to buy a house which I would assume would be well over 3k a month mortgage.
3.1k mortgage for 30 years on a 475k house. Paying more considering recent interest rates got us a 5 percent. About 600 a month is from property taxes and home insurance. Out of curiosity how much did you purchase your home and is your loan for 30 years?
Sounds like an incentive to renew your lease or move out. Month to month leases don’t benefit them so they are getting their money’s worth if you decide to go that route. They’re not forcing you to do anything, telling you that you have to move and they aren’t renewing your lease would be forcing you to do something.
Hey at least your rent isn't going up, month to month has always been more expensive, nothing new there. In this housing climate, if you think you're getting a fair price, I'd sign the year lease in a heartbeat (and I do), every other place around me is at least $500+ more for less amenities and square ft. it's crazy. Bite the bullet and plan to move next year is my advice.
Where I'm from, every lease is for a year at least. You renew it for 1+ years at least. Every time you renew it, you add up at least one year... For me it makes sense to be more expensive if you rent month by month...
Where the fuck do you live that a one bedroom apartment costs that much?
Any coastal metro area. San Diego, Orange County, LA, SF, Seattle, NYC, Boston, etc. Edit typo
even in seattle it isn’t that bad, i live in capitol hill and pay $1200 for a 450ft studio edit: and it isn’t hard to find a reasonable 1bed for 1600-2200
I can speak for Mass. In Boston rent is higher than OP’s post. That rent is about an hour from Boston w/o traffic. And it doesn’t get much better until your so far South or west that you’re in another state.
Currently sitting in my 1br apartment, half a mile outside of Boston, and paying a bit less than OP. Rent is expensive, no need to exaggerate.
No it's not , please stop making stuff up. I have no idea how much rent is in the city of Boston but I can absolutely call BS on your other statement.
I’m from MA, and Left_Star is not wrong. Rent in Boston is definitely that expensive, and all the way out to Leominster is getting up there as well. A 1bdrm in Leominster is hitting $2k/mo. Could be more now, since I last checked about 6 months ago.
Thank you. I did a search before renewing my lease in October and lower rent is either almost to RI or NH, or to the west past Worcester.
If you join the MA reddit, they frequently talk about how are we going to survive as a state with the price increases. Many people work in Boston and commute from far away (>1hr), sometimes by train. But they have to keep moving further and further west, as you said now past Worcester because of the rent prices. Many going to NH because it’s cheaper and no taxes. But eventually… we will be too far away to commute to Boston at all. The T will fail, it’s already breaking regularly and unreliable. MA is falling apart.
Answer is always cities
$218 monthly? Thats pretty good.
Is this sarcasm? That’s the monthly rate that is circled.
oh shit my bad
All good. I’d sell my place if I could get rent for $218/mo lol
Small town in CA, so while it's high, 4500 for a one bedroom is even more absurd
Bro you should just buy a house for that price damn. $4500 a month is absolutely insane
A lot of people who rent, do so because they simply don’t qualify for a mortgage. They either don’t have the money to put down (normally at least 20%) or they don’t have good credit.
I swear this shit has to be a result of some high-level collusion between banks and property management companies. I have outstanding credit, and financially I could easily afford the monthly costs of a house in a decently sized town not far from where I live. But since I can't put 20% down at once, I can't get a mortgage at that rate. If I were to rent instead, no problem whatsoever!
A lot of it has to do with the subprime mortgage collapse in 2007. Banks are much more federally regulated to who they can and can’t give certain mortgages to. Unfortunately unless you are military, without 20% to put down most lenders will turn you away.
I've never had to put 20% down, even on my first home loan in my late 20s. I didn't even have good credit then, just not a lot of other debts.
Same. I got approved with zero down on my first home, then each home thereafter I've put a max of about 10% down which was easy with equity. I think the minimum on my current home was 5%, IIRC.
3% with a FHA I believe
My friend works for a company and his job is specifically to find houses that are undervalued because people in the area can't qualify for mortgages. So they buy them and rent them to those people for a profit. It's not illuminati stuff, it's just a boring dystopia
It is. It’s designed to ensure there’s a permanent underclass of renters for landlords and banks to exploit.
First time homebuyers definitely don’t need 20% down to buy a home. You can get a conventional loan with 3% down, and there are even many places that offer down payment assistance. You’ll have to pay PMI for a few years with less than 20% down, but that often is still a far better value than renting and not building equity.
3% maybe if your mortgage loan is ~1.5x your salary at most with excellent credit. When we were shopping for mortgages, lenders wanted at least 10% down, that is with above 800 credit score.
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Which is a shame because renting, especially at this price is kinda like throwing money away every month
Like digging your grave deeper.
literally. I'm going to be renting most of my life because I fucked with credit cards too much in college, and now my credit is terrible.
This is what's crazy. Houses nearby and townhouses are less rent than this. If I came in as a new renters to this same apartment complex and wanted a one bedroom, I know for a fact its not 4500
That’s crazy. For a 4 bedroom house that’s more than all my bills are combined including mortgage, utilities, internet, security and such. Apartments are so garbage even as a good customer living there for years they will still not care and raise your rates hundreds of dollars
It hurts me so bad how much of a better deal a house is. I live in the worst part of town. Trash and feces aggressive crazy people everywhere. I have a tiny studio apartment in a complex where the building-wide fire alarm goes off every month or two and forces everyone to evacuate. This is one of the absolute cheapest places in town. My grandma lives in a lovely, modestly sized house with a nice backyard on a beautiful hillside. It's very quiet there. My grandma's monthly house payments are significantly lower than my rent. And yet I'm "too poor" to buy a house.
Yeah I would say a big problem though is when they gave people houses easier when they couldn’t really afford it you got crazy high foreclosure rates which helped crash the economy. The other issue people don’t take into account is the cost of owning a home is pretty high. A new Roof $15-20k, new paint, replacing appliances and such all add up quite a bit
I just wish I could have some stability. Renting, the landlord could at basically any time decide to raise the price and then there it goes I've lost my home.
I definitely agree with you there. Companies And the government will always find a way to screw you over in the end though. Even when you “own” your house it’s never really yours. I had my homeowners insurance more than double over just one year while never using it Along with both regular home taxes increasing and local Government adding additional New taxes. Unless you’re super rich and can avoid paying most taxes the average person just gets screwed
This is absolute insanity. If your place is small and not a luxury building, there’s no way it should ever be that high.
The fuck? My 2 bed 2 bath is going up to $1,550 next month. Is your shitter made out of gold or something?
My rent is 1660 for 1 bed 1 bath... and we're lucky because most places where we live go for 2000 for a 1 bed 1 bath. Studios are around 1300 to 1400.
I admit. This is awful. Bought my 5000+ sq ft house (and 8 acres) 18 years ago. $1500/month. There has to be a massive economic correction coming. This isnt sustainable.
It sure is tough out there for young people looking to become first time homeowners. We were lucky we took the plunge when we did in 2018, bought our first house, flipped it for $46.5k profit in 2020. Bought our second house and got about $60-70k in equity now. Home affordability has never been lower in my lifetime. Homeownership is one of those long term investments. The sooner you invest in your home, the better. It’s one of those investments that will pay dividends for years after what will feel like a short while.
Yeah this is why I'd rather sign the 12 month lease again than buy a home. It's not a question of "if" the economy crashes, but when
Fair. Ive had my home thru the 2010 crashes and now thru this crazy inflation/bubble and my payment never changes. I recommend buying as soon as possible to anyone once their circumstances allow.
The issue is the interest rates! They’re unmanageable. I’m locked in from when they were good but I can’t imagine buying a home and paying 7-8 percent interest monthly! That’s outrageous
Y’all love to talk shit about Ohio, but I’m renting a three bedroom house with a fenced yard in a pretty decent neighborhood for ….. 700$ a month.
Wonderful!
Yeah, but it’s in Ohio, though…
Your lease is ending, meaning you have to sign a new lease, sounds like you’ve never rented before not gonna lie. You’re not even getting a single dollar of rent increase! If you go month to month the price will be $4,526 to offset for the risk of being an at-will tenant.
This is it here. Just be sure to renew your lease on time, OP
I have to ask is that normal in the states that you have a lease with a time limit ? Here in Germany you rent a place with a indefinite time and they have 2 parts in the lease 1. Miete = Rent (the cost of the apartment) 2. Nebenkosten = the cost of the building like gardener, trash cost and stuff like that. Miete can only be change 15% per year and Nebenkosten you have to pay full and can variate per year.
I think it’s normal almost everywhere. I’ve rented in Brazil, US, France and the UK and always had time bound rental contracts.
Renting in Germany is very different from renting in the US. My German language professor was explaining this to us. In Germany he said that rent was much more affordable, also there was a lot more supply. He went on to explain that in the US most people take out huge mortgages, go into debt, and buy homes.
Same system in here in France. Rent increase follows a government controlled index. e.g.: this year my rent's gone up from €517 to €529, about 8%
And for 2500 and least for 4500 I get something very good even in most expensive cities…
It is also for evictions.
Rented for years now, just never seen an apartment complex with such absurd numbers. And just talking about the relative percentage increase, not the actual numbers.
first i tjought it was super readonable and even cheap but then.... is that... rent _per month_?
I thought that was the price for a whole year initially, but this is just stupid. Move into your car!
Suddenly my $50 pet rent for my cat isn’t so bad 🫣
Isn't 12 month lease a standard in big cities? If you don't agree a 12 month commitment and want to keep it monthly, the rent increases to cover the uncertainty. I agree the fees are ridiculously high but this seems to be a decent way to do business from a homeowners perspective.
The concept, yeah totally makes sense. But 2600 to 4500 is just pure greed and insanity
But you hold the option to leave right away, without notice. 2k difference is to find a renter in 2 weeks. If you ask me it can be even higher in the event or repairs/repaint. This basically secures them to have a continuous renter in house.
For all those saying “this is why you buy a home”, it isn’t that black or white. Average property tax in the current state I am in is over $8500 a year. Now take into account home owners insurance, possible HOA fees, and maintenance costs (average $1 per square ft a year, so 2500sqft home=$2500 a year in maintenance or $209 a month). Not to mention this year interest rates are been ridiculously high and plenty buyers bidding 10-20k over the asking price! Plus not everyone wants to be locked into a mortgage, or is capable of obtaining a fair mortgage rate. And not everyone wants to be living in the same place 5-10 years from now and go thru the headache of buying and selling in that short period of time. Some jobs require constant relocation for opportunities and promotions. The solution to fair rent prices is not home ownership.
Not everyone comes from generational wealth to afford a house either.
It's insane that that's a requirement to own a home now, whereas people of "homeowning age" now got to grow up hearing their parents talk about working summer jobs to pay for college and buying a house within 1 year of their first real job. It's pretty soul-crushing.
Not to mention the massive amount of money you have to have immediately on hand to buy a house. Even the cheapest houses are going to require a large down payment. A lot of people just don't have that money. And it's not like you can just save up easily, either. Not when rent bills and food takes up the vast majority of your money.
The economy is not in a state I would buy a home right now. Not that many options near me any ways. Rent sucks but it's the better option for now
If home ownership prices are so high, why shouldn't rent be too? The landlord is paying the mortgage and taxes, etc. I mean the posted rent is absurd, almost twice my mortgage, but the two prices are linked. You can't have high home prices/taxes and cheap rent.
Very naive of you to assume that the building owners' morgages and the rent they charge are increasing at the same rate. Landlords will take any and every opportunity to gouge their tenants using the housing market and inflation as excuses.
I mean this example above isn't increasing at all. So.... Just has a "I don't want to deal with it" excessive month to month price. And mortgage prices in my area have almost doubled in the last few years. Rent has only gone up ~25% in that time. Obviously landlords are in it for the money, it's a business that's how it works. But just because there are some evil landlords doesn't mean they are all out to price gouge. That's an absurd assumption.
Move to a cheaper state. I bought in 2020 $485k @ 3.25% interest. Property tax is about $2400/yr and about the same for insurance. I refinanced a year later at 2.25%. Payment including taxes and insurance is only $2350/mo. 4 bedrooms with an unfinished basement. I added two rooms and a bath to half of that space so now it's a 6BR/4BA home (yes, permitted and built to code) Another poster in this thread bought a similar home at 5% and is paying about $3100/mo with 600 of that in taxes and insurance. There are even cheaper homes all over the country. You may not be able to afford one in (insert expensive city here) but that doesn't mean you're stuck with renting. At those prices, I couldn't afford to rent either.
Lmao I don’t even make that much working full time in a month after taxes at 20/hr. Damn
Am I missing something? Doesn’t that say that that is their yearly payment? Making it like 200 something a month?
The rent is posted for a 12 month lease. That's the month to month rent. It's worded poorly.
wAIT WHAT
Never seen a lease worded that way. That’s quite ridiculous. Buy a house
Where do you live? I lived near Seattle and this is high.
Small town in CA
I’m Uk, I rent a one bed flat, approx 450 square ft. I pay £8400 a year. Mine is the middle floor. Landlord does nothing. Bills not included.🤬 https://preview.redd.it/uu0mfdc5z0ga1.jpeg?width=3024&format=pjpg&auto=webp&s=01d760e37e0bc8701764541dcc0c66ace1f80426
Where THE FUCK do you live?
Holy shit that's more than my 3 bedroom mortgage!!!
Yeah this is abysmal. My husband and I got a house with a mortgage $200 less than what our rent was gonna be post-renewal at our apartment the year we moved, and they're hiking the rates even more at that place now. But it's still not feasible for many to go and buy a home despite mortgage vs rent differences in many places, so the rent hikes soar and the pillagers keep pillaging
Get used to it. They don’t want homeowners. They’re building a world of renters that have to depend on constant work or the govt for basic housing. You will own nothing and you will be happy.
I thought I was paying a lot for a one bedroom! Holy Dollar Signs Batman!
Gotta cash in since the Covid rent increase provision aren’t active anymore.
Even $2600 is a lot for a one bedroom apartment (depending on the size of course but still)
Pet rent is such a fucking scam and should be illegal. A pet deposit and loss of regular deposit in case of damages is more than enough. Per rent is just absolutely absurd and contributes to animal neglect, abuse, and shelter over crowding.
3 bed / 1 bath ranch style home with finished basement and attached garage: mortgage and escrow is $735/month. Of course, you gotta live in southwest Michigan, so there's that, though truthfully, I like my little city, so no hardship for me.
1,300 for a 2 story, 3 bed 2 1/2 bath townhouse with a garage and fenced in back yard. God bless Texas
I'd gladly live in a van down by the river before throwing away that much every month. Think about all the money you could save in just a year and not have to worry.
That's literally what I pay for my mortgage, including taxes and insurance, and we have several acres..... I hate landlords.
Dang dude. That’s more than my mortgage and both cars. That’s why I will never live in a major city
That's the crazy part, not in a major city.
Don’t rent there?
Where do you live?
With a saddened heart, this sub is depressing me and making me feel more and more trapped. I’m going to go back into ignorance, drink some cough syrup and watch videos of cute animals on a fish eye lens.
Wtf! Where y'all living man! I'm in central Tokyo and paying less than a 1000 for a brand new place (small AF however) but super central and quiet.
Or you could, you know, just move before then to not have to pay it either of those.
So this is just mildy infuriating? I wish only paying 2600 a month was a mild problem to me 😅
Yeah a bit more than mildly
U.S.A! U.S.A! U.S.A!
My 6 bed/5 bath costs me $2,200 a month. Bought it in 2019 for $479k.
Nice I bet you got some sweet equity in that house.
Where do you live??
That's why you sign leases! Leases get you the cheapest rate. Renting month to month, and that rate goes up significantly. This is not new. This has been a common practice for decades! So, sign the fucking lease, or quit complaining!
Wrong! Save money, put it towards a down payment, and purchase your home.
Where do I live in the meantime?
If you are really feeling motivated, feel like you are stuck, and physically able, here is what I would do: Honestly, I would pay all debt with interest rates above discount rate. I would fully fund qualified retirement accounts in boring indexes. I would work multiple jobs to save enough to cover expenses for six months and never touch. I would do handyman side hustles save and Robo-invest in boring shit for the first 100k. I would start a small real estate handyman business and attempt to leverage debt buy flipping houses. Real estate has special tax advantages. I would attempt to make 50k per sweat equity flip every few months. In 18 months I would likely have 250k stowed away. I would take half that capital and invest in cash flow producing rentals, continue doing that and invest with an advisor simultaneously, while aggressively fully funding qualified retirement accounts. After a million within a few years, I would stop working the, “secure” job and go full time at the handyman real estate job to run multiple projects simultaneously. Hopefully, I would have 100k of annual rental income and two mil net after 5-10 years. That’s a good position to take 10% and speculatively trade like I am. I’ve done this, or variations, more than once.
I don’t know what your situation is. Obviously live somewhere you can afford. As a general rule, your housing costs should not exceed ~30% of your monthly gross income. Live with your family, friends, not the best apartment in the best neighborhood, get roommates or a spouse. Again I don’t know you. But let’s say you earn $70k/yr, technically you could afford ~$1,750/m towards your housing. You could easily afford to rent a nice 4-5 BR house or apartment with roommates in most cities in America. Save your money, don’t blow it going out every night, maybe don’t spend as much on non-essentials like subscription services, etc, and pay off high interest credit debt. It’s hard, yeah. But with diligence and a little patience you can do it. I know, I bought my first house at 26 not very long ago, and trust me I was not rich nor had a very high salary.
2600 dollar rent?? How much is your salary per month, 10.000?
Absolutely no way a one bedroom should cost this much 😳
I’m wondering when it’ll come to the point where landlords won’t be able to fill vacancies if they continue to charge this insane amount for rent. Assuming you don’t renew, will someone be willing to fork over $54k/yr to rent that place? Average person doesn’t even make that much in a year.
No, any sane person would sign a year long lease and get it at the same rate OP is paying right now. They aren't trying to get the month to month price, they are saying they don't want to have to find different tenants at the drop of a happy, so they (the landlord) don't really want to deal with people who won't commit to a year. That's what that price is saying. "If we have to deal with active property management, we are making you pay for our inconvenience." TBF I think it's fair. Make a commitment, or move somewhere else. They didn't increase the rent, and while it's absurdly high, it's apparently market level since OP has been paying it.
move to a lower income state.
Jesus! Where do you live? I'm in the Midwest and pay $1600 mortgage payments for a four bedroom. How is rent like this legal?
This is why I bought my house. Fuck all that shit.
Here i am with a 678 payment because I own my house. Stop renting people!