Rents keep climbing
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Rents keep climbing (by S i d [MO]) Apr 30, 2021 9:26 AM
       Rents keep climbing (by Frank [NJ]) Apr 30, 2021 9:49 AM
       Rents keep climbing (by 6x6 [TN]) Apr 30, 2021 12:07 PM
       Rents keep climbing (by T [IN]) Apr 30, 2021 12:30 PM
       Rents keep climbing (by Gene [OH]) Apr 30, 2021 12:57 PM
       Rents keep climbing (by Jason [VA]) Apr 30, 2021 12:59 PM
       Rents keep climbing (by Bill [KY]) Apr 30, 2021 1:04 PM
       Rents keep climbing (by Me [CA]) Apr 30, 2021 1:32 PM
       Rents keep climbing (by Richard [MI]) Apr 30, 2021 2:43 PM
       Rents keep climbing (by Frank [NJ]) Apr 30, 2021 3:44 PM
       Rents keep climbing (by BRAD 20,000 [IN]) Apr 30, 2021 4:38 PM
       Rents keep climbing (by BRAD 20,000 [IN]) Apr 30, 2021 4:50 PM
       Rents keep climbing (by MikeA [TX]) Apr 30, 2021 6:05 PM
       Rents keep climbing (by Roy [AL]) Apr 30, 2021 7:14 PM
       Rents keep climbing (by Robin [WI]) Apr 30, 2021 8:09 PM
       Rents keep climbing (by Robert J [CA]) Apr 30, 2021 8:59 PM
       Rents keep climbing (by Ken [NY]) Apr 30, 2021 10:41 PM
       Rents keep climbing (by Johnny B. [MA]) Apr 30, 2021 10:52 PM
       Rents keep climbing (by 6x6 [TN]) Apr 30, 2021 10:54 PM
       Rents keep climbing (by Johnny B. [MA]) Apr 30, 2021 11:01 PM
       Rents keep climbing (by Jim in O C [CA]) Apr 30, 2021 11:09 PM
       Rents keep climbing (by 6x6 [TN]) Apr 30, 2021 11:16 PM
       Rents keep climbing (by Phil [OR]) May 1, 2021 11:51 AM
       Rents keep climbing (by GKARL [PA]) May 1, 2021 12:47 PM
       Rents keep climbing (by Radar [IN]) May 1, 2021 8:22 PM
       Rents keep climbing (by cjl [NY]) May 2, 2021 1:48 PM

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Rents keep climbing (by S i d [MO]) Posted on: Apr 30, 2021 9:26 AM
Message:

I just saw, for the first time via one of my automated Trulia/Zillow searched, a 1 bed room duplex in a "Class C" hood like mine hit $600/month, tenant pays all utilities. Granted, it is fixed up a little nicer than mine on the inside, but not much. Even though I'm steadily increasing rents annually and doing big bumps at turnover, it still feels like I'm below market. Mine similar units are at $475. When I bought them, they were at $300.

Next time I get a vacancy I'm going to $550, rather than spend $5000 on a kitchen remodel. The rents are HOT here!

How do your markets look? Any "cooling off" yet? How much are you increasing at each turn/annually at renewal?

--107.216.xxx.xxx




Rents keep climbing (by Frank [NJ]) Posted on: Apr 30, 2021 9:49 AM
Message:

Prior tothe full shut down we raised a 100.00 bump. Right now I see rents at 27 to 2900...up nearly 500 per month...and more.

Sales are up as reported here almost daily. Fortunately our areas is still appreciating. A solid comp in a busy road spot closed at 450 where 2 years esrlier a bit more than 300 was the value.

--174.206.xxx.xxx




Rents keep climbing (by 6x6 [TN]) Posted on: Apr 30, 2021 12:07 PM
Message:

Rents have gone way up here as well.

I am currently trying to fill mine now.

I was getting $950/m and just went to $980/m when my tenants bought a house.

I am now trying to get $1250/m in a C class neighborhood that is going down hill.

We will see what happens. --73.120.xx.xxx




Rents keep climbing (by T [IN]) Posted on: Apr 30, 2021 12:30 PM
Message:

Red hot!! No vacancy to be found unless they are junkers... I raised rents 2 months ago on my bottom 1/3. Probably will be doing it again this fall. Today vs last fall, up 15% for same unit

My advice... no long term contracts unless you can increase rent with a short notice. I believe we will see this inflation like raises in rent for the next 2 yrs. --174.208.xxx.xxx




Rents keep climbing (by Gene [OH]) Posted on: Apr 30, 2021 12:57 PM
Message:

Rents here have went up at least 25% for most B class single family homes. In fact I just listed 2 houses and mine are the only ones in my town and in the school district that I could find on Zumper and Zillow. --149.19.xx.xx




Rents keep climbing (by Jason [VA]) Posted on: Apr 30, 2021 12:59 PM
Message:

Last year at this time I was renting a 3/2 for $1400/mo. I just filled it for $1575/mo. --73.177.xxx.xx




Rents keep climbing (by Bill [KY]) Posted on: Apr 30, 2021 1:04 PM
Message:

Renewing a tenant for another year for $100/mo increase on a 3/1 sfh. $1100 now $1200.

I also received prop tax assessments that are 50% higher than last year. Tax increases have repercussions. --50.96.xxx.xxx




Rents keep climbing (by Me [CA]) Posted on: Apr 30, 2021 1:32 PM
Message:

One bedrooms in my area have jumped to the $1500-$1800 range. --47.149.xxx.xxx




Rents keep climbing (by Richard [MI]) Posted on: Apr 30, 2021 2:43 PM
Message:

I'm in northern lower Michigan. Rents here have been going up steadily.There are very,very few rentals available. First of the week, I saw a 1970's 2 bedroom single wide mobile offered at $1250 a month. I don't know if they got that much but there is absolutely nothing under $650, even for a one bedroom place. Old mom and pop motels rent at 250 a week per room. One was bought recently and changed to weekly/monthly "workers quarters" and is completely full. In the "higher priced" area of Traverse City (the largest, hippest city in the area, prices are at least twice these amounts.

Prices of places for sale are also at record highs with a very small inventory.

I remember the saying "sell when everyone is buying" so that alone, along with what the govt is doing has me selling it all. IF things get back to some level of normal that I can take, and after prices correct, which may or may not happen, I'll consider buying again. If not, I'll find something or somewhere else to invest in. --24.180.xx.xx




Rents keep climbing (by Frank [NJ]) Posted on: Apr 30, 2021 3:44 PM
Message:

Oh....and there is one like ours that is currently available for Summer rental. 3 months @ 3K, or just under --74.105.xxx.xxx




Rents keep climbing (by BRAD 20,000 [IN]) Posted on: Apr 30, 2021 4:38 PM
Message:

Our tax assessor says Indiana property values have gone up 21% over the last 2 years.

Our rents have gone up more than that.

My automatic 2.9% increase is keeping us up to date, with large increases at turnover.

A home we used to rent for $950 a few years ago is now at $1400.

BRAD

--73.102.xxx.xxx




Rents keep climbing (by BRAD 20,000 [IN]) Posted on: Apr 30, 2021 4:50 PM
Message:

Along the same lines,

our property taxes are rising with the rents

AND

the local water/sewer increases

AND

the new school referendum "Teacher Tax" hits

AND

2x4s = $7.42, roof decking = $42 (roofing season)

AND

$12-15/hour laborers now command $20-25/hour.

The rent increases are necessary, gobbled up by expenses.

BRAD --73.102.xxx.xxx




Rents keep climbing (by MikeA [TX]) Posted on: Apr 30, 2021 6:05 PM
Message:

Have done 2 turnovers in the last 3 weeks. Both got a hearty 30% increase. Makes turnovers a little more fun than they used to be. --64.130.xx.xx




Rents keep climbing (by Roy [AL]) Posted on: Apr 30, 2021 7:14 PM
Message:

I know the market is hot and probably on fire in some areas,..but the real question should be,...when will the RE bubble burst? I was in Lowes today and 3/4 B/C plywood was over $75.00/sheet. This can't last forever. --68.63.xxx.xxx




Rents keep climbing (by Robin [WI]) Posted on: Apr 30, 2021 8:09 PM
Message:

Man, I shoulda asked for more in the most recent round of rent increases. Oh well, there's always next year... --104.230.xxx.xx




Rents keep climbing (by Robert J [CA]) Posted on: Apr 30, 2021 8:59 PM
Message:

Rents hit a high mark at the beginning of the year and now have come done just a bit. Why? Because people like myself will not compromise with a applicants credit, income, savings and debt load. I'd rather find a person who's thrifty and wants a deal, with over a 780 FICO, 3-4x the rent as income with no debt load and thousands in the bank. --47.155.xx.xxx




Rents keep climbing (by Ken [NY]) Posted on: Apr 30, 2021 10:41 PM
Message:

Roy,I agree with you 100% when will it end? no idea but not yet because people who should know better tell me prices wont ever go down.This is my fourth time i have seen this but every time almost everyone says it cant go down,it will be fast and hard though. --72.231.xxx.xxx




Rents keep climbing (by Johnny B. [MA]) Posted on: Apr 30, 2021 10:52 PM
Message:

Very hot. I sent rent increase letters for $100 and $150 on two units last month. Both accepted. --73.186.xxx.xxx




Rents keep climbing (by 6x6 [TN]) Posted on: Apr 30, 2021 10:54 PM
Message:

I will add Sid, that people from all over the country are coming here. It is insane. --73.120.xx.xxx




Rents keep climbing (by Johnny B. [MA]) Posted on: Apr 30, 2021 11:01 PM
Message:

I predicted this would happen about six months ago. Rents had to go up to offset the increased risk caused by our brilliant legislators trying to “help” tenants. --73.186.xxx.xxx




Rents keep climbing (by Jim in O C [CA]) Posted on: Apr 30, 2021 11:09 PM
Message:

Could I get higher rent, yes? I have great tenants and did not miss any payments in the last year and a half. A new tenant might pay more but I like knowing I will get paid on the first or the second every month. That is worth is 2 or 3%. None of my tenants played the Covid game and did not pay their rent. Being in California flakey tenants are in abundance. I have not had an eviction in 15 years.

Here it is April 30th and 3 tenants have dropped off their rent checks. --99.23.xxx.x




Rents keep climbing (by 6x6 [TN]) Posted on: Apr 30, 2021 11:16 PM
Message:

That is great results Jim, especially in CA. --73.120.xx.xxx




Rents keep climbing (by Phil [OR]) Posted on: May 1, 2021 11:51 AM
Message:

Rent should reflect the value of the property today. If you bought the property today at what you can sell it for... how much would you have to charge to cover the PITI, maintenance and management fees? Values are skyrocketing. Let some of your tax dollars do some of your work. Google HUD fair market rent... put in your state and county.. temper that with some search of your own for what else is being advertise. --73.11.xx.xx




Rents keep climbing (by GKARL [PA]) Posted on: May 1, 2021 12:47 PM
Message:

I was just thinking about this today. The mix use four unit building I sold last year would have gone for $100,000 more had I waited. I don't think we're ready to say it's hyperinflation yet, but the combination of people sitting at home and the massive amount of monetary and fiscal stimulus put out there over the past year is behind a lot of this in my opinion. The Federal reserve can easily reverse inflation by limiting the money supply. Deflation is what they don't have any policy mechanisms to deal with. They opted for the current situation. I think this is the time to have real assets as this is not going to turn around for quite some time. When it does reverse, it will reverse at a level higher than where we are now in my opinion. --172.58.xxx.xxx




Rents keep climbing (by Radar [IN]) Posted on: May 1, 2021 8:22 PM
Message:

I am getting 550 a month for an efficiency that is 9x13 plus bath. I'm also getting 650 a month, all utilities paid, 300 square feet for $650 a month. The rental market is hot so we landlords just keep mumping the rents. I haven't had a vacancy for years as my units are attractive to single men and there is no crime out here. We live on the property and we keep it tight ship. Go figure --89.187.xxx.xxx




Rents keep climbing (by cjl [NY]) Posted on: May 2, 2021 1:48 PM
Message:

I honestly can't believe it myself. I'm filling small, one bed apartments (that include heat, electric, water) for $825. Yes, they are "nice" but wowsers.

I had a three bed flat (with living room, kitchen, dining room) that I "increased" a few months ago to $775 from $700 and I was getting quite a lot of interest (but didn't fill it - long story but I'm about to put it back on the market).

Anyway, recently and just a few moments ago I received a call from a prospective tenant inquiring about it. I told her I don't have anything available at the moment and nothing is actually being advertised - where did you see it?

She told me (which is not a site that I use but I'm sure one of the others that I do posted there) and sure enough it's there - get this ... I'm one of the LOWEST on there!

What surprises me even more is that the ones that are anywhere from $50 - $150 MORE than I am are not as nice or aren't in "as good as an area" as this one is in.

We are currently working on another apartment in that building (starting tomorrow) and I'm hoping that the garbage gets picked up by the city that is outside on the curb tomorrow night so I can get this one on the market. Now I'm thinking I may increase it to $825 or $850 and see what happens. I can always lower it but wow I can't believe this. --67.242.xx.xx



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