I figure with all the new condos and lofts sprouting up like mushrooms, bought by speculators and flippers, that now can't sell, that some of them would be coming up for rent.
Ah, the good life, living in a depreciating $800,000 loft, for $1000 a month rent.
May 15, 2006
Bubblesitters - finding some nice sweet rentals out there?
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17 comments:
I have one! My husband and I have been renting (just signed another 1 yr lease) a 2/2 house behind the Lakeridge Golf Course here in SW Reno for 1100 mo.
I did ask the owner if he had an (might sound bold to some) adjustable mortgage, he told us he refinanced into a low fixed rate some time ago. If he would have said no, I dont think we would have moved in. We hope to stay here until we buy a house in a few years after the market implodes.
Incidentally, we sold our house in Alameda and moved here to Reno in Oct. 04' - we had multiple offers and got 25,000 over the asking price. looking back, boy, those were the days!
Keith, where in the Hell are you coming up with these figures? I need to know because every whore landlord in Scottsdale is gouging the renters!!
Please let us know. Also, the condo conversitions units have gone up at least 250-$275/month for the exact same unit.
Yeah. I agree with anon above. Here in Miami those million dollar 1-2 BR condo's aren't going for anything less than 3K/month.
Ahh Contrare' (Did I spell that right?) I am moving into a 2/2 in Aventura for 1500.
New building on a golf course with ALL the perks.
I found it to be far from the ONLY good deal out there.
South Scottsdale rent in 2004/5 vs. today:
3/2 house, updated w/ pool $1200 in early 2005, now $1500-1700
1/1 apartment in decent complex, $550/month in 2004. today they want $900-1000.
Rents have risen dramatically here and surprisingly there are few rentals available at the moment.
That's Aventura. The 1M condos in the Downtown Miami/Brickell area are another story.
los angeles area the rents are extremely higher then just 2 years ago and very hard to find a home worth renting.
Phoenix vacancies are way down due to the high housing prices. Many people are renting now driving the prices up. I have a friend with large apartment complexes here and he's totally full in all his buildings and he has raised all his rents!
of course your condo conversion rent went up... from hell hole to hell hole with a new set of paint and some landscaping, right?
if your landlord is raising your rent, move. there's seriously tens of thousands of vacant homes now in phoenix, with desperate owners looking to stem their cash flow losses
I see LLs asking obnoxious prices...and NOT GETTING IT.
Those places on Brickell (Downtown Miami) are sitting vacant for several months.
If you can get around the RE agents and find an owner you will see how fast they are willing to fade on price.
"My neighbor told me not to rent it for less than 2500! But he doesn't have to carry the mortgage. How does 1750 sound?"
A friend's dad once told me "never pay retail". He was talking about haggling for stuff in stores. In this case, dont' settle for the asking price. You have an advantage. I'm renting a place for 1000/ month that probably costs 2000 or more to carry the mortgage in Philly.
Yeah there is a last wave of high rental prices out there. I think it is landlords taking advantage of the people prices out of homes as well as all the buyers who are now renting to wait. The thing is though it should be on the way down soon. There will be so many investment properties for rent soon that that demand will flip(if it already hasent). Rent prices will start to fall then.
Rents should fall. We rent a two bedroom in an area where most houses are 400k, and up. We pay 825 a month, including trash, water, and landscaping. We think it's a great deal. We won't consider buying until it makes sense to us. There are going to be a lot of vacant houses in the future. We will probably rent a three bedroom house, when this happens. We'll just wait it out, with money in the bank.
We pay $1000 for a house, only because the landlord rocks!! Other homes go for around $2000-3000. I went to a rent vs. buy calculator and put in the numbers, with everything modest it'll save me $132,000 in the next 5 years renting! With a house price of $390,000, which is average for my town.
Of course looking at all the for sale signs any some of them have been up for over a year!
I'mmmmmm lovin' it!!
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