curious george
Member
How can I find the market rate for the area we live at? by looking at the various websites, I see what was the asking price/rate, but that does not mean that this was the agreed upon rate, isn't that right?
zubs said:The problem here is my rental went from $2100 back in 2010 to.....What zillow is saying..$2800 now.
It's not $100 difference, it's $700. So in 7 years it's gone up $100/year.
Check your current rental house regarding how much you can rent it for at current market prices. If your renter has been in that house for more than 5 years, you are probably losing $500/month if you haven't raised rents.
zubs said:As a private landlord it is difficult to raise people's rents every year, especially when it jumps like it has in the past few years. So you're looking at a mortgage that is the same with all the regular costs, and the ability to raise rents. It's quite the power trip.
My renter told me he knows the rents for the area is very high, and he didn't want me to subsidize his living situation anymore. He is going to leave so I can increase my rent.
zubs said:As a private landlord it is difficult to raise people's rents every year, especially when it jumps like it has in the past few years. So you're looking at a mortgage that is the same with all the regular costs, and the ability to raise rents. It's quite the power trip.
My renter told me he knows the rents for the area is very high, and he didn't want me to subsidize his living situation anymore. He is going to leave so I can increase my rent.
USCTrojanCPA said:zubs said:As a private landlord it is difficult to raise people's rents every year, especially when it jumps like it has in the past few years. So you're looking at a mortgage that is the same with all the regular costs, and the ability to raise rents. It's quite the power trip.
My renter told me he knows the rents for the area is very high, and he didn't want me to subsidize his living situation anymore. He is going to leave so I can increase my rent.
Sounds like you have a great tenant...hold on to them.
Compressed-Village said:My rentals for the past several years, each year when tenants renew a lease term I've always increase the rent rate by 3 to 4 percents. This year with the strong job market and tight inventory I am contemplating raising the rate about 10 percents. What would you do if you are a leasing your rental(s)? There are a lot of great applicants out there with good paying jobs that wanted to rents in Irvine.
USCTrojanCPA said:zubs said:As a private landlord it is difficult to raise people's rents every year, especially when it jumps like it has in the past few years. So you're looking at a mortgage that is the same with all the regular costs, and the ability to raise rents. It's quite the power trip.
My renter told me he knows the rents for the area is very high, and he didn't want me to subsidize his living situation anymore. He is going to leave so I can increase my rent.
Sounds like you have a great tenant...hold on to them.
zubs said:If you were to monetize "great tenant" how much would it be?
$100/month
$200/month
$300/month
Where's the line drawn?
For me I'd say around $250 to $350 per month.
I'm not a landlord, so I'm a bit ignorant.zubs said:If you were to monetize "great tenant" how much would it be?
$100/month
$200/month
$300/month
Where's the line drawn?
For me I'd say around $250 to $350 per month.
zubs said:an update...for my case above. I finally rented my house out for $2700. So hopefully the new renters are good.
So my rent went from $2200 to $2700 in one move out at the end of JUN.
$500 more a month. The hell is going on with this economy? I feel like a bandit taking that much in rent.
But there were 6 offers.... fuck burning man.
While my new renters were moving in, another couple came to look at the house and were shoo'd away by the new renters.
Makes sense.nosuchreality said:zubs said:an update...for my case above. I finally rented my house out for $2700. So hopefully the new renters are good.
So my rent went from $2200 to $2700 in one move out at the end of JUN.
$500 more a month. The hell is going on with this economy? I feel like a bandit taking that much in rent.
But there were 6 offers.... fuck burning man.
While my new renters were moving in, another couple came to look at the house and were shoo'd away by the new renters.
Are you renting a 2/2?
Seriously, 3 bedroom apartments are $3000 (okay, $2955), an actual townhouse or detached 3bd, a little more.
Rental demand in Irvine and immediate vicinity is very strong, such that if you own a place, financially it may be better to move, landlord and rent than sell and buy. Essentially using the new renters to supplement your rent while paying for your old place.