Profile picture for !crazy guy!

Rents are skyrocketing in many areas: Pretty soon it won't make sense to rent at all

  • April 24 2008 - US
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Answers (21)

Profile picture for Waiting4Ever

my rent went up $20 / month

pay $240 more per year

or lose 40K this year

tough choice

 

anyways

 

good luck

  • April 24 2008
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Profile picture for silent_observer

or buy an reo or foreclosure and gain equity?

  • April 24 2008
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Profile picture for !crazy guy!

good for you waiting. Like the doomers here I am admitedly making generalizing claims. There are some areas where it is better to rent I wont deny that. I'm just making a point that rents are not immune to the whole mortage crisis and in some cases are worse off.

  • April 24 2008
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Profile picture for nstarr

"according to the [Liar], [in some city somewhere] rents are climbing in a double-digit clapper"

 

People learn to not trust these bozo... I'm sure it's true, somewhere, rent is up.

  • April 24 2008
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Profile picture for !crazy guy!

a fact is a fact. There's no way to fudge stats such as these. Rents are way high if you ask me. I cant believe what it cost to buy or rent in so cal

  • April 24 2008
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Profile picture for Waiting4Ever

yes, i agree

affordable housing is good for everyone

rent or buy

 

 

  • April 24 2008
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Profile picture for silent_observer

renting is cheaper for almost the last 5+ years and it will be for a while till the RE market crashes. if you are renting and if the rent goes up really high you can either move or scale down so not such a big deal. crazy - it is just a seasonal trend you are seeing now because of school, colleges etc., so don't read between the lines too much. just wait for winter and rents might go down a lot lot.

  • April 24 2008
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Profile picture for digiphaze

Renting has only gotten more expensive as a result of the housing bubble causing apartment landlords to convert to condos at an insane pace.  Thus lowering the renting inventory.  That trend will eventually reverse itselve as condos lose ALL their value and go back to renting.  But Rent is a trailing indicator here.

 

Flagstaff had nearly 70% of its apartment complexes convert to condos.  Now, most of those places that converted are sitting almost completly empty and people are having a hard time finding a place to rent.  It was a really dumb idea to convert all your rental inventory to condos in a college town.

  • April 24 2008
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Profile picture for LongIslandBubble

Here's another one by Stephanie Armour "Rate of home foreclosures expected to increase"

 

The nation's already alarming pace of home foreclosures is poised to accelerate through the rest of the year, according to RealtyTrac, which reported Tuesday that foreclosure filings jumped 57% in March from March 2007

 

"We could argue this is the worst housing downturn ever," says Mark Zandi, chief economist at Moody's Economy.com. "Negative equity and unemployment are the driving factors. Things are getting worse, not better."

 

Some homeowners who might have planned to refinance into lower-rate loans are finding they can't because falling prices mean they owe more on their mortgages than their homes are worth.

  • April 24 2008
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Profile picture for space_acer

according to the National Association of Realtors....

OH YEA   THE NAR  !!!!  

 

Yea!  Like they have crediability...

 

OH THATS FUNNY!!!  YOU SO CRAZY!!!!

  • April 24 2008
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Profile picture for nstarr

Sooooo...who wants to sign up and get stuck?  Once you buy, how likely will you be able to sell it back at the price you bought it?  How likely will you get to refi?  Once you buy, you are potentially put into this situation.  With data supporting no increase in value...I tend to side with not buying yet.

  • April 24 2008
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Profile picture for SoCalBubbleHead

There was an article in the SF Gate last week that said rents in the Bay Rea are up double digits.  I posted it here. 

  • April 24 2008
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Profile picture for Mercurius

Doesn't matter if rents are up if they are still approximately half the monthly cost of buying with a 30 year mortgage. Not to mention anything you buy right now will lose value like crazy in the next few years.

 

 

  • April 24 2008
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"There was an article in the SF Gate last week that said rents in the Bay Rea are up double digits.  I posted it here."

 

Hmm pay an extra few thousand a year in rent or buy a house now in the SF Bay area (in the areas where rents are actually rising) and lose HUNDREDS OF THOUSANDS OF DOLLARS...

 

Let me think...

 

*taps chin*

  • April 24 2008
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Profile picture for nattiwatti

My rent has not gone up in four years.

  • April 24 2008
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Profile picture for digiphaze

I'm paying 1275/mo to rent a 3bd/2.5bath Townhome.  The people next to us are trying to sell their town home for 345K.  The townhomes sold in 1998 for 140K.  Now the owner told us to move out because he wants to sell the place.  Zillow shows that he purched the place in 06 for 260K.  Since people are being stupid and listing places for 100K over the 06 PEAK prices.. He's probably going to do the same.

 

The rents going up thing is only a temporary change due to the insanity of sellers at the moment.  Plus if you want to talk averages.  Average rent is probably being artificially pushed up thanks to all the overpriced homes people can't sell, so they list their home as a rental with a stupidly high rent to pay their stupidly high mortgage.

  • April 24 2008
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Profile picture for chuckdog24

I love our $1,150 Townhouse in the country more & more everyday!

Last month our diswasher started getting noisy & with a simple note to that effect we had a new one two weeks later!

 

PS: Our rent has been stable (inflation adjusted) for years. Is there a chart that defines housing's inflation adjusted relationship? If such a hypothetical index existed, what's the direction of that index these days? 

  • April 24 2008
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Profile picture for mephiston5

My rent went DOWN this year.  I live in CFL, close to UCF.  I was paying 830/month last year, and will pay 735/month this year if I stay.

 

Since my complex is about 1/2 students at UCF, demand has gone down due to budget cuts ending some summer school classes.

  • April 24 2008
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I am glad my other home is rented, and I won't be raising the rent any time soon. TOO many vacancies on the market right now, a bird in the hand is worth a hand in the bush, or however that saying is supposed to go...

  • April 24 2008
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My rent went DOWN this year. I live in CFL, close to UCF. I was paying 830/month last year, and will pay 735/month this year if I stay.

 

Central Florida is experiencing wonderful rental rates right now.  Too many homes that aren't selling are renting (Florida has always been a transient state, and people move to and from here more than average for the US), so from what I can see, apartments have lots of competition.  Not only are apartment AND house rental rates dropping, but many condo complexes that were in the early stages of being constructed during the boom, have switched to being apartments because the owners knew they wouldn't sell.....so, there will be even MORE cost competitive prices coming up.  Hmmmmm, I think that next, I may just rent an apartment for $1000 per month that had been planned to be a $475k condo....

  • April 24 2008
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Profile picture for Waiting4Ever

a bird in the hand

is worth two in the bush

  • April 24 2008
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