mmrmnhrm Posted December 20, 2008 Report Share Posted December 20, 2008 Anybody here work with/for an apartment management company? Looking for insight on how rates will likely react to the general economic crappiness going on out there over the next 6-12 months. Quote Link to comment Share on other sites More sharing options...
BloodRed Posted December 20, 2008 Report Share Posted December 20, 2008 As the housing market sucks and more people loose there homes, apartment rates will go up because of the increase in demand. You always see your best apartment rates and specials when the housing market is doing well and people are buying more houses. Basic supply and demand. Quote Link to comment Share on other sites More sharing options...
Nitrousbird Posted December 20, 2008 Report Share Posted December 20, 2008 Rent or buy a house, don't live in an apartment. Quote Link to comment Share on other sites More sharing options...
evan9381 Posted December 20, 2008 Report Share Posted December 20, 2008 im hoping i can get a decent settlement from a car accident by the time my lease is up in may, so i can put down a good chunk for a house. my rent is pretty reasonable (under 600 for a 1,000 sq/ft 2 bed 2 full bath and a balcony) but id like to buy instead of rent for another year. Quote Link to comment Share on other sites More sharing options...
KillJoy Posted December 20, 2008 Report Share Posted December 20, 2008 At this time in the Economy, BUY BUY BUY....if you can. :thumbup: KillJoy Quote Link to comment Share on other sites More sharing options...
evan9381 Posted December 20, 2008 Report Share Posted December 20, 2008 i need 6 months to get cash for downpayment and try to get my credit score up a little more... i dont think its going to change that much in the time frame. i did see 30 yr fixed rates at 5.25% at huntington yesterday. sounds great Quote Link to comment Share on other sites More sharing options...
TurboRust Posted December 20, 2008 Report Share Posted December 20, 2008 (this is Derek's wife) I work for a real estate market research company and we survey apartments across the country on a daily basis. There is actually a high vacancy rate among your typical apartment complexes and many of them are offering reduced rents right now. This is because of the amount of job loss, people cannot afford the market rents. The only complexes we are seeing low vacancy in is income restricted apartments where your income cannot exceed a restricted amount in order to qualify. Our company is actually struggling right now because the basis of our work is apartment research and the demand is just not there right now for people to need our services. Quote Link to comment Share on other sites More sharing options...
KillJoy Posted December 20, 2008 Report Share Posted December 20, 2008 (this is Derek's wife) Get your own login? KillJoy Quote Link to comment Share on other sites More sharing options...
TurboRust Posted December 20, 2008 Report Share Posted December 20, 2008 Get your own login? KillJoy See, I have one, and it worked fine until the rule where you have to greet a million people before you can post, then it stopped working. (WTF Anthony?) And we only have one computer, so instead of logging out, I just post under Derek's name, even though he hates it. Quote Link to comment Share on other sites More sharing options...
KillJoy Posted December 20, 2008 Report Share Posted December 20, 2008 See, I have one, and it worked fine until the rule where you have to greet a million people before you can post, then it stopped working. (WTF Anthony?) And we only have one computer, so instead of logging out, I just post under Derek's name, even though he hates it. What is the name of that account? KillJoy Quote Link to comment Share on other sites More sharing options...
mmrmnhrm Posted December 24, 2008 Author Report Share Posted December 24, 2008 +1 for Derek's wife. Very useful info there, thanks! Quote Link to comment Share on other sites More sharing options...
Dr. Pomade Posted December 24, 2008 Report Share Posted December 24, 2008 Rent or buy a house, don't live in an apartment. What's the difference between renting a house and renting an apartment? Renting is renting. Or, are you meaning there are advantages to renting a house (e.g., more space, more privacy, more distance from neighbors) that make it more appealing than renting an apartment? Quote Link to comment Share on other sites More sharing options...
kenny Posted December 24, 2008 Report Share Posted December 24, 2008 What's the difference between renting a house and renting an apartment? Renting is renting. Or, are you meaning there are advantages to renting a house (e.g., more space, more privacy, more distance from neighbors) that make it more appealing than renting an apartment? Garage. Quote Link to comment Share on other sites More sharing options...
Dr. Pomade Posted December 24, 2008 Report Share Posted December 24, 2008 Garage. That too. Just wondering if that's what Joe meant to imply or if I'm missing something. Quote Link to comment Share on other sites More sharing options...
kenny Posted December 25, 2008 Report Share Posted December 25, 2008 Probably that apartment living sucks, that's what I got out of it, anyway. Quote Link to comment Share on other sites More sharing options...
mmrmnhrm Posted December 25, 2008 Author Report Share Posted December 25, 2008 Really depends on the apartment, what your short/medium term plans are, and what the housing market is like. I'm always hearing the "Renting is stupid, you're throwing money away!" line, but they fail to take into account the fact that as a renter, you don't pay for common repairs (leaky faucets, blocked drains, roof/siding, etc), you don't pay property tax, and often don't pay water/trash/sewer. Landscaping is generally taken care of, as is snow clearing. The New York Times has a pretty nice calculator w/ graphic to see where you'd break even. Suffice to say, with the housing market as it is, my "break-even" point is nearly 20 years out. By then, I expect to be screening my kids' dates, possibly halfway around the world. Quote Link to comment Share on other sites More sharing options...
zeitgeist57 Posted December 25, 2008 Report Share Posted December 25, 2008 My wife and I lived in Naples, FL for three years (2005-2008) and rented the entire time. I could've easily bought a house, but I knew the "balloon" real estate market was just too high for me to get into. When we decided to move back to C'bus earlier this year, it was obviously the smartest decision I made (renting, not buying) as we were out of our lease...NOTHING out of pocket...in 30 days. As nice as people think FL is, the economy is absolute shit and I know people stuck in FL that cannot move because they are so upside down on their mortgage and they cannot sell their house. The "You're throwing your money away!" argument for renting vs. buying died in 2006 when the bubble burst. Unless you KNOW the home you are buying will work in your lifestyle for the next 10+ years (figuring kids, job, marital status), then keep on renting!!! Quote Link to comment Share on other sites More sharing options...
Dr. Pomade Posted December 25, 2008 Report Share Posted December 25, 2008 The "You're throwing your money away!" argument for renting vs. buying died in 2006 when the bubble burst. Unless you KNOW the home you are buying will work in your lifestyle for the next 10+ years (figuring kids, job, marital status), then keep on renting!!! I can't hit the plus sign followed by a number one any more emphatically right now. Quote Link to comment Share on other sites More sharing options...
Mensan Posted December 25, 2008 Report Share Posted December 25, 2008 Chris, if you were to buy a house where your 10-15 year mortgage payment were the same as the rent you are currently paying, You would be way ahead in just a few years. The best thing you could do is buy that same home, rent it to someone else at a higher rate than you pay for the mortgage, and once it's paid off move into it. Nothing better than using other peoples money to buy something you want. Quote Link to comment Share on other sites More sharing options...
6 Speed S4 Posted December 25, 2008 Report Share Posted December 25, 2008 rent to own a house is your best bet right now. Idk about columbus but in phoenix the housing market is crap and Im living in a 6 br, 3 full bath 4,000sq ft house with 3 roomates and we each pay only 400 a month with utilities included. I wish I could buy this house its so nice. Quote Link to comment Share on other sites More sharing options...
Dave1647545494 Posted December 25, 2008 Report Share Posted December 25, 2008 Garage. I rent an apartment and it has an attached garage..... we found an apartment appealing right now becuase we both work and have two very young kids when you don't have to mow shovel snow etc.... it leaves that time free for other family type stuff.... Quote Link to comment Share on other sites More sharing options...
Nitrousbird Posted December 29, 2008 Report Share Posted December 29, 2008 What's the difference between renting a house and renting an apartment? Renting is renting. Or, are you meaning there are advantages to renting a house (e.g., more space, more privacy, more distance from neighbors) that make it more appealing than renting an apartment? Apartments suck. I'm stuck living in my wife's condo right now (am renting my house to my old roomate and a couple of his buddies). We have a very nice condo, but a deep 1 car garage, going up 2 flights of stairs to get into the place, and having neighbors sucks. Quote Link to comment Share on other sites More sharing options...
Dr. Pomade Posted December 29, 2008 Report Share Posted December 29, 2008 Apartments suck. I'm stuck living in my wife's condo right now (am renting my house to my old roomate and a couple of his buddies). We have a very nice condo, but a deep 1 car garage, going up 2 flights of stairs to get into the place, and having neighbors sucks. Agreed, neighbors suck, or usually suck, anyways. Disagreed that apartments suck. Mine doesn't. And guess what else doesn't suck? Being able to walk away when my lease is up. Not trying to debate which is better, apartments or homes. In fact, I don't think there's even much of a debate there. Just saying apartments don't suck. Quote Link to comment Share on other sites More sharing options...
GRN96WS6 Posted December 29, 2008 Report Share Posted December 29, 2008 There are definite advantages to both and the person who is in the position to move has to do the pros and cons to both to determine which is best for them right now. I like my house but damn when crap breaks or I want to do a project sometimes I wish I still rented because if I were I'd call a landlord when something broke and I'd never think of improving a place I wasn't paying for to own. Apartments can suck but I think it depends on the neighbors ultimately, shitty neighbors hour or apartment make it a less then pleasing experience. Joe has one of the most in your face bitch of a neighbor one could have and he owns a house...haha So you can have a crappy experience in a house or a apartment. I'm lucky to have decent neighbors on the sides of me but the one whore at the end of the street whose dogs shit in my yard needs to die!! Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.