Just Curious (by Sorta Blonde [CA]) Nov 20, 2020 5:11 PM|
Just Curious (by Sorta Blonde [CA]) Nov 20, 2020 5:13 PM
Just Curious (by JB [OR]) Nov 20, 2020 5:28 PM
Just Curious (by Deanna [TX]) Nov 20, 2020 5:29 PM
Just Curious (by Ray-N-Pa [PA]) Nov 20, 2020 5:37 PM
Just Curious (by Homer [TX]) Nov 20, 2020 6:43 PM
Just Curious (by Robert J [CA]) Nov 20, 2020 6:55 PM
Just Curious (by Pat [VA]) Nov 20, 2020 7:58 PM
Just Curious (by Sorta Blonde [CA]) Nov 20, 2020 8:21 PM
Just Curious (by razorback_tim [AR]) Nov 20, 2020 9:06 PM
Just Curious (by Sorta Blonde [CA]) Nov 20, 2020 9:52 PM
Just Curious (by melinda [MD]) Nov 21, 2020 2:35 PM
Just Curious (by Hoosier [IN]) Nov 22, 2020 1:07 PM
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Just Curious (by Sorta Blonde [CA]) Posted on: Nov 20, 2020 5:11 PM
I've seen rental prices in my area Skyrocket in the past year. My 2800 sq foot houses are in a large suburb of San Diego, one to 2 miles from San Diego Bay, middle class neighborhood, loads of apartments, but also loads of single family houses.
For a 2 bedroom, 1 bath, 750-1200 sq ft, modest home, the base rental prices are running $2000-2300, and sometimes more depending on if it's closer to downtown (quaint little village setting).
I rented out my 2 bedroom, no frills, vacancy in September for $1900.which has tile floors in kitchen and bath, wall to wall carpet all other rooms, mini-blinds, curtains, side by side fridge, gas stove, washer, fenced yard, assigned off street parking for 3 vehicles, a storage shed, and a nice breezy patio. I pay water and trash. Most of the other listings do not include any amenities. I felt bad charging so much but I priced it to be just under similar listings. No one quibbled about the price and the ones who rented it, told me it was the best price they found for the nicest quiet area and off street parking.
I am amazed that people are willing to pay more than it would cost for a mortgage on a modest house.
I'm just wondering what the average 2 bed, 1 bath is renting for in your area???
Just Curious (by Sorta Blonde [CA]) Posted on: Nov 20, 2020 5:13 PM
Darn, should have proofread better. That's TWO 800 sq foot houses. Not 2800. Geez! --72.199.xx.xxx
Just Curious (by JB [OR]) Posted on: Nov 20, 2020 5:28 PM
Hey SB, we're getting about $1400-1700 for 2-1 SF houses here. --73.25.xx.xxx
Just Curious (by Deanna [TX]) Posted on: Nov 20, 2020 5:29 PM
The last three 2/1's in my town that I rented were for $460, $565, and $555. In Jan 2018, they were at $450, $480 and $510. So the increase has been pretty organic, but steady. The one that didn't change much was the smallest, but also had a longer-term tenant. The others experienced a bit more turnover.
In the town down the road from me, a small 2/1 comparable to the cheapest $460 one is currently on the market for $755. It's a more expensive town in general-- both in the price of rents and the cost of entry to buy. --137.118.xx.xxx
Just Curious (by Ray-N-Pa [PA]) Posted on: Nov 20, 2020 5:37 PM
I sold two multifamily places out in east county (ElCajon/LaMesa) and traded them for a 41 unit place....it was a near even trade price wise. The rental income in Western Pa however was about 2.5 times that of California.
Effective cash flow was about triple.
The prices appreciate significantly in SoCal before they come crashing down. So if you ride the wave upward you are doing great on on the west coast. But you have to be able to ride real estate storms out
Just Curious (by Homer [TX]) Posted on: Nov 20, 2020 6:43 PM
In the burbs of Ft Worth, in a class C, maybe B - hood, I am getting $1400 - $1500, 3-2-2, 1250 ish sq ft. Incredible what has happen to the rent prices --107.77.xxx.xx
Just Curious (by Robert J [CA]) Posted on: Nov 20, 2020 6:55 PM
Los Angeles is a big city and neighborhoods vary on safety, convenience and location. A 2 +1 in a "C" area ranges around $1250 to $1500. In a "B" area its around $1450 to $ 1900. And in a "A" area its around $2200 to $4500. It also depends on how nice the unit is. --47.155.xx.xxx
Just Curious (by Pat [VA]) Posted on: Nov 20, 2020 7:58 PM
We just had a turnover (house) on one we were only getting 550.00. I went up to 600.00 and could have gotten more. I am getting 500. for a 2 bdrm 1 bath mobile. We are also getting 550. for one house, and 625.00 for another, 650.00 for still another. Depends on the location, etc. I am middle ground, some places are less than mine, still others higher. We have a 3/2 home that is getting ready to turnover, end of December & we are getting 750.00. Nicest house, not sure if I'll be able to increase due to time of year. Rentals are scarce here. Very scarce! --71.219.xx.xxx
Just Curious (by Sorta Blonde [CA]) Posted on: Nov 20, 2020 8:21 PM
It's interesting to see how different things are across the nation. I'm sure the cost of living has a lot to do with rents that can be charged. I barely make it each month, but then I'm paying for 'The California Dream'. Everything costs a lot here. Spent my first 10 years on Long Island and it's fun to see how the price of my childhood home compares to what I am paying for my 3 little houses.
I remember paying $90 a month for my first place in Brawley, CA where I started my teaching career in 1969. It jumped to $150 in 9 years plus one hubby. Then moving to San Diego, it doubled to $300 a month for my current 2/1 Craftsman style 1944 vintage rental. Who knew I'd own my cute little house after 20 years of renting. Plus the other 2 houses on the same lot. I'm an 'Accidental Landlord'. Love it most of the time.
I'd move to TX based on the cost of living, but I'd miss the Pacific Ocean. Always lived on one coast or another.
My ultimate dream is a 3 story, Queen Anne Victorian, but I'd never be able to afford one around here. Maybe I'll win the lottery, or maybe someone will send me one for Christmas. I wonder if Amazon delivers houses? --72.199.xx.xxx
Just Curious (by razorback_tim [AR]) Posted on: Nov 20, 2020 9:06 PM
I would argue that you really can't make this comparison without also comparing property values. I've got one 2 bedroom here rented for $1,000. It's right at 1,000 sq ft and market value is $125-135K.
What's the market value of the home you are renting for $1900? --70.178.x.xx
Just Curious (by Sorta Blonde [CA]) Posted on: Nov 20, 2020 9:52 PM
Razorback, the market value of one of the 3 houses on my property is about $350k. The entire property (2/3 acre) with 2 rentals and my house comes in around $800k I actually had an offer for that (guaranteed all mine) but I didn't intend to have to move in this market where a comparable home for me would cost about $600k. I'm just happy getting my mortgage covered and making a little profit. The realty sites keep describing my property as a 7 bedroom, 3 bath house. I keep trying to correct it to 2, 2/1 (not a duplex) and a 3/1 but they never seem to get it right. Who has a 7 bedroom home anyway unless you are in a high class area? We are not anywhere near high class.
To sell off any part of the parcel, I'd have to petition the city for a split and then guarantee an easement for the single one-way driveway, split and install 2 more water lines, reroute sewer access for the 2 rentals, electric split etc. A very big undertaking. Very comfy here anyway except when things go wrong.
Just Curious (by melinda [MD]) Posted on: Nov 21, 2020 2:35 PM
Southern Maryland= 1 hour to DC--Not much for rent around here. Lowest rental inventory I have seen in a long time.
3/1.5 townhouse in c neighborhood $1300. It is rented before I even officially place it on the market. Word of mouth is getting places rented. Real rental shortage. --24.233.xxx.xx
Just Curious (by Hoosier [IN]) Posted on: Nov 22, 2020 1:07 PM
I'd say an average 2 BR 1 Bath here would rent for $750-$900. I have two such properties and they are both in that range. --99.92.xxx.xxx
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