Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I value good renters but in the Phx metro rents have jumped quite a bit over the past two years. An $1800 a month home is now $2400 or $2500. An extra $7000 grand helps cover the cost of renovations.
I won't lose a good renters over a couple of hundred dollars but $600-$700... they've got to go. It's no use asking them for more money because I know they can't afford it. So, I give them a 90 days notice to vacate which I can do in AZ.
The Phx metro is one of the fastest growing metros in the country. I have no problem finding good renters and I usually market my property $100 under market rate so I can attract a lot of interest.
This is the rental situation in most of the country right now, especially across the sunbelt. It has become desperate for a lot of folks. For example, my neighbour is almost 80 now. He has lived in his rental for almost 30 years, but the property is being sold, and the rent is going to increase even more after it is updated and relisted. He had trouble paying the rent the last couple of years at least, and now with the losso of his part time job, there is no way he can continue to pay the rent even if it remained the same. I have been trying to help him find just a room and bath in a shared house. If utilities are included, he could go as high as $650 per month, but there is nothing to be found for $650 per month. He has tried to apply to subsidised senior housing, but the apartments all have a 6+ month wait list. I am in much the same boat as my neighbour except I have a larger rent budget. Even so, I have not been able to find anything either. We are both looking at homelessness by the end of Summer--no exaggeration. It is really scary.
My oldest and dearest friend works in the legal profession in real estate law. After attending a half day seminar yesterday on the continuing and ever expanding homeless problem in her her city and state, she wrote this to me earlier today:
"The whole afternoon of the bar association seminar yesterday was devoted to everything you have been saying. Even the experts here do not have answers—the Access speaker announced that this city alone IMMEDIATELY needs over 4,000 rentals & statewide, over 71,000 JUST to keep people off the streets. The Access speaker said there are people who have perfectly good housing choice vouchers in this city alone who are on the street because landlords won’t accept the vouchers and are hiking rents 2-3 times what people were paying last year."
My friend is in court every single day on these cases. She has a staggering docket of 95 to as as many as 115 eviction cases every day that are summarily processed. She said that at least 95% of the cases are there because of huge rent increases that tenants literally cannot meet. The tenants falsely believe they save themselves from homelessness if they go to court, but this is incorrect. My friend says every morning on the way to the courthouse, the street is lined on both sides for more than a block with tenants who are being evicted because they cannot meet the rent increases. She said she has not seen anything like this before other than in photos from the Great Depression.
Last edited by PhinneyWalker; 06-23-2022 at 08:33 AM..
Well, if you are losing money on this rental property, why not sell it?
Quote:
Originally Posted by john3232
Are you planning to live in the property at some point in the future? Do you feel it has room for additional appreciation?
If no, why do you keep it?
I'll be moving back into the property for at least 4 years starting later this year. I only moved out due to a military PCS move in late 2019.
I kept it due to the appreciation value that I'm seeing on it (and hope to continue seeing) and because I live well under my means here on the mainland today, so I'm as well off financially as I was when I lived in Hawaii in many ways, even considering the out of pocket expenses that I pay.
The property was never intended to be used as a long term rental property in my case.
I greatly prefer home ownership to renting due to the added freedom that I have with my living arrangement.
My oldest and dearest friend works in the legal profession in real estate law. After attending a half day seminar yesterday on the continuing and ever expanding homeless problem in her her city and state, she wrote this to me earlier today:
"The whole afternoon of the bar association seminar yesterday was devoted to everything you have been saying. Even the experts here do not have answers—the Access speaker announced that this city alone IMMEDIATELY needs over 4,000 rentals & statewide, over 71,000 JUST to keep people off the streets. The Access speaker said there are people who have perfectly good housing choice vouchers in this city alone who are on the street because landlords won’t accept the vouchers and are hiking rents 2-3 times what people were paying last year."
My friend is in court every single day on these cases. She has a staggering docket of 95 to as as many as 115 eviction cases every day that are summarily processed. She said that at least 95% of the cases are there because of huge rent increases that tenants literally cannot meet. The tenants falsely believe they save themselves from homelessness if they go to court, but this is incorrect. My friend says every morning on the way to the courthouse, the street is lined on both sides for more than a block with tenants who are being evicted because they cannot meet the rent increases. She said she has not seen anything like this before other than in photos from the Great Depression.
Speaking as a landlord with six rentals operating costs have gone up and I need market rate to maintain the homes and show a profit.
Roughly 25% of the people moving the the Phx metro in recent years have been from Southern Cal. which has helped drive up rents. Phx was also the second fastest growing city in 2021. I suspect this will continue.
If the government wants to help pay rent for people so be it. However, I don't want them dictating what I can or can't charge or restrict evictions. I've been renting homes for over 20 years and for every greedy/evil landlord there are numerous crappy/dishonest renters who will break their lease agreement the first chance they get.
Speaking as a landlord with six rentals operating costs have gone up and I need market rate to maintain the homes and show a profit.
Roughly 25% of the people moving the the Phx metro in recent years have been from Southern Cal. which has helped drive up rents. Phx was also the second fastest growing city in 2021. I suspect this will continue.
If the government wants to help pay rent for people so be it. However, I don't want them dictating what I can or can't charge or restrict evictions. I've been renting homes for over 20 years and for every greedy/evil landlord there are numerous crappy/dishonest renters who will break their lease agreement the first chance they get.
I basically agree with everything you say here, and I am a good renter. This sort of situation reminds me of the old adage that a few bad apples spoil it for everyone. I have seen this to be a truism all my life in many different circumstances, not just with housing.
........ They seem more concerned about their contractors than they do their tenants. Why is that?
Because a good contractor is difficult to find. Someone who shows up on time, every time, and does good work is a rare treasure. If I have a vacancy, I will get up to 200 tenants applying tor rent. There will be a good tenant in there somewhere and I can find him with a couple of days of screening.
If I need a roof repaired, there are maybe only two contractors in the area that I would trust to do the job and they are both busy, booked up all summer, and if I have an emergency repair, they will have to leave a regularly scheduled job to take the time to do my repair. It is a very special favor to me.
I cherish my good tenants. I take very good care of them. I have held down the rent increases because I don't want them to leave, but mess around with my contractor, make his job more difficult, don't be available then he can schedule the work, give him a hard time, and you are receiving your notice to vacate, because I can replace you a heck of a lot easier than I can replace him.
Last edited by oregonwoodsmoke; 06-23-2022 at 12:22 PM..
Because a good contractor is difficult to find. Someone who shows up on time, every time, and does good work is a rare treasure. If I have a vacancy, I will get up to 200 tenants applying tor rent. There will be a good tenant in there somewhere and I can find him with a couple of days of screening.
If I need a roof repaired, there are maybe only two contractors in the area that I would trust to do the job and they are both busy, booked up all summer, and if I have an emergency repair, they will have to leave a regularly scheduled job to take the time to do my repair. It is a very special favor to me.
I cherish my good tenants. I take very good care of them. I have held down the rent increases because I don't want them to leave, but mess around with my contractor, make his job more difficult, don't be available then he can schedule the work, give him a hard time, and you are receiving your notice to vacate, because I can replace you a heck of a lot easier than I can replace him.
Thank you for sharing this.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
