We're slowly raising rents to market. Long story. It is what it is. It's not like my taxes and repair costs are going down.
Yep - the increases in FL (Palm Beach County) are becoming consistent.
For years, everyone’s house was way under-appraised. Now they’re catching up.
Everything is going up so why not rent
What a stupid train of thought? That’s the tenants responsibility. Does your rent go up if you get a raise?
It’s called lock-in. There is a cost involved with moving.
So the obvious outcome would be that tenants would have to have five times income in order for the landlord to let them in so that they can absorb future increases
This is a stupid liberal hit piece. Grocery stores haven’t checked with me about raising their prices either.
The TikToker prefers to bring his “papers” to every interaction with the landlord?
Makes sense to me honestly. If 3x income is the standard why wouldn’t it be re-evaluated when the contract was renewed? I would just assume that would be normal.
Well, they initially run a credit check to make sure they will actually be paid the rent. And then, once established that a deadbeat won’t be occupying his property, raising the rent in the future depends on only one law, the law of supply demand, not his credit score.
“Pay the rent or out you go.”
— Every landlord everywhere throughout history
First, Last, Security and a Broker fee for a $2,500 rental is $10,000.
And income requirements . . .
Whoever pays that is an idiot.
Most wouldn’t have it anyway.
And if you think $2,500 is a bunch for a rental, you really need to get out more.
OTOH
That’s a 5% down payment on a $200,000 special FHA loan-
Saw this too
“landlords do not care if you can afford the rent or not. They don’t care.””
Correct, that you can “afford” it or not doesn’t matter.
Cuz rich people can stiff folks on bills just like poor people can.
The concern is, will you consistently PAY the rent on time.
A track history of paying on-time for several years will always outweigh a big salary.
So, does this guy want the landlords to evict anyone who can’t afford the higher rent? Somehow I doubt it.
“these landlords do not care if you can afford the rent or not”
No, they care if you will pay the rent or not. Whether you can afford the rent is just one indication if you will pay.
Probably this TikToker is referring to drastic rent increases, not just periodic increments at the time of lease renewal.
I live in a rent-controlled building, which is why I am ambivalent about rent increase. It is getting harder for working- or middle-class people, especially married and/or with children, to remain in a city where rents are geared toward professional single people.
It’s easy to say, “Go move to another city.” But many of us have jobs or communities within a certain area. And it’s the butcher, the baker, the candlestick maker who are more likely to be civic-minded than a hipster techie, student, or intern.
To be sure, a landlord has to raise the rent periodically to meet inflation/cost of living & maintenance. The problem is the one gets greedy & decides to jack up the rent to market value, suddenly evicting those on lower salaries who paid faithfully in the past but can’t afford rents that are suddenly jacked up hundreds, even thousands, of dollars.
All the construction in the city west of me is multi level apartments and townhomes. ALL rentals. Not sure who owns them but I’m sure it is some mega corporation like Blackrock. Which is taking full advantage of Obama’s HUD demands. All I am seeing in the suburbs are apartments now. “You’ll own nothing and like it. Or not, We don’t care.”
My property taxes went up on my residence and rental this year. I have passed it on to my tenant...yet.
We're slowly raising rents to market. Long story. It is what it is. It's not like my taxes and repair costs are going down.