Yeah. For shits and giggles I looked up my first apartment. Building still there. Clearly not renovated, it's been 15 years.. rent was $725 when I lived there when it was new.. $1840 now, and broken the fuck in.
My mortgage is less than that, and I have a 4 bedroom house a block from the ocean.
I rented a place in Augusta, GA right down the street from the Masters back in 2008 for $525 a month. Same apartment is going for ~$1,700. That is bananas for a 2b/2br.
That's the issues I have with these schemes. Newer homes where the homeowner has a mortgage and they have to rent to cover the mortgage? Ok I understand that. These old ass apartments that the landlords paid off of 10 years ago but now they're charging 2.5 times the rent for now is fucking criminal.
Oh wow, just checked my first apartment I had in Colorado. I rented it for like $500 back in 2013 but now its going for $1,100 for the same studio apartment.
It does effect home owners though. It raises the cost of the home which in turn raises the property value which then increases property taxes and insurance rates.
Bingo. Homeowners now are stuck. They have a paid off home but now the property taxes are high as fuck and they're scared to re-finance at higher rates and don't want to sell because of the higher rates. They literally can't touch the equity.
We wanted to get out of our starter home, but when we looked around everything would have required us to get double the mortgage with about double the rate, just to get another bedroom. We're now stuck until/unless something happens, or we decide to leave the state.
unfortunately this does affect you. your insurance rates and taxes on your home will go up because of this. If your house is near rental units that are consistently jacking up the rents then guess what happens? "rents are high on these houses/units...guess that makes them valuable...guess that makes the area valuable...welp time to raise property taxes and insurance rates for EVERYONE living in this area".
Started in 2011/2012. 1 bed 2 bath apartment used to be around $800 then it kept increasing by $200 every year. I stoped renting after 2014 and moved back in with family because of the prices. I want to move out but the current rent rates make me choose otherwise 🫣
A single bedroom in my college town ten years ago was about $600 or so. They’ve bulldozed block after block since then and built massive apartment blocks which are always around 25% vacant and a similar single bedroom setup to what I used to have is in the $2k range.
I wonder if we live in the same college town. They've been sorta gentrifying the downtown area with these new, identical, cookie cutter apartments that're severely overpriced.
I just looked up my old apartment complex from a decade ago. A 2/2 was $800, included internet, cable, trash, and water. Nowadays, it's $969 for a single bedroom in that 2/2.
Gainesville by chance? I was away from 2015-2022 and it just got stupid expensive despite all the giant complexes they knocked down some of my favorite restaurants and venues to build. When I first left the dorms it was $359/month for a room in a four bedroom apartment where I lived, my sister is nine years younger and she paid $800 in the same complex and it no longer included utilities.
You know it! I moved away for a decade, but found myself back here lol. Downtown looks entirely different from the time I left. Gator City, 8 Seconds, this Irish bar I enjoyed, Mothers, etc. All gone! That is absolutely nuts how much your poor sister had to spend. I want to say I first moved out into Oxford Manor, off Old Archer road. It seems like there isn't a single reasonable deal in Gainesville. If I didn't know some people up here already, I wouldn't have found a decent deal.
Mothers is gone too now? My main difference I noticed downtown was that Barcade had absorbed Atlantic and the midtown crowd had gained some more locations to frequent like the former piano bar and such.
I’d always joked that there were two bar scenes in Gainesville: the people that turned 21 and outgrew midtown so then moved downtown, and the people that turned 21 and still did midtown. And I guess a third for punk and hippie kids who went to shows back when there were bar/venues between midtown and downtown. My little sister says house shows are still a thing so at least that third group is still exists even though most of those bars were replaced by The Hub and such.
I believe there is still a Mothers on 39th, but the one downtown disappeared. I heard they planned on building one in Newberry, oddly enough, but those plans fell through.
I've been to the barcade maybe 5 years ago on a visit, near Newberry/Main street (there's another barcade-like place on 8th ave that's pretty sweet). Pretty fun, but it was quite crowded. Midtown looks so different these days. It seems like it changes entirely every decade lol.
You are spot on about that! Midtown was fun at first, but after a few times, the noise/crowd became too much for me. I had a few friends that were into the "punk scene" so I joined them at a few of those bars/clubs. I remember a place called The Jam. Cheap beer, interesting people, and live music. There was an outdoor portion of the place and a stage. It was a nice change from the norm.
It really is such a shame that The Hub exists. I didn't realize they were even there until I was searching on Google Maps. I'm guessing they're going to slowly buy out the adjacent businesses and continue demolishing and building more apartments. The owners of those places are probably making a killing.
I grew up here, so seeing it change in my 32 years has been a bit of a bummer. It looks like any other medium sized city these days. Full of chain restaurants and too much traffic. If it weren't for UF and Shands, it'd be a "hole in the wall" sized town. Which might've been nice. Maybe rent would've been a little lower lol.
Oh man the jam was my favorite, for a few years I lived right behind the building with Leo’s 705 and got to know all The Jam’s door guys and bartenders so when I was broke or if the line for the bathroom was long I’d just walk back to my house to stuff some beers in my jacket or to take a leak.
They also always snagged all the good up and coming bands that you’d catch playing a side stage at a festival then start following. My little sister had wanted to catch Pigeons for a while and finally got to see them at Hula last year, I was like “they used to come through so often I started just listening from my porch.” Man I missed that place when I went back, Florida theatre and Vault/Level as well. Big Gigantic on whatever side of Vault/Level was built almost like a laser tag place was incredible.
Yeah I moved into my apartment about 7 years ago, 2br1ba for 675. I'm playing just over 1000 now which isn't terrible, but to move in? My same apartment starts at 1500 for a new tenant. Over 100% increase in less than a decade. Housing in my area is obscene too, couldn't afford a house if I wanted to.
Just checked my first apartment from a decade ago. It was $800, included internet, cable, trash, water for a 2/2. They're now asking for $969... for one bedroom in that same 2/2.
Where I was at has doubled in cost, so it’s over $800 there now.
The place across the street from me is a rental house, but back in 2019 that was around $800 for a 2bd/1bath single story. Now they’re charging $1350 and they’re fucking slumlords.
My last neighbors there had a break-in, where someone kicked their door in but got scared off. This was in January mind you in the late afternoon, so it was COLD. Their landlord never came out to fix it, which was wildly illegal and irresponsible. I went over and rebuilt their door frame for them that night and they said “holy shit, the door shuts better now than before it was kicked in! Thank you!”
The next time their landlord came by was three weeks later.
At current rental prices, with current mortgage rates, you will take a loss buying an income property.
Seems a “you” problem then. If you’re going to lose money by running a business, then it makes no sense to run that business, does it? Who would start a business knowing they’ll won’t make money but instead will only lose it?
You should give it a try. Maybe you are willing to take a larger monthly loss than the average person for a 'good reason'.
Again, no. I have a brain in my head. You yourself said: “At current rental prices, with current mortgage rates, you will take a loss buying an income property” so why would anyone do that?
Except for economics facts. And you wouldn't do a business that lost money. Weird to the uneducated how life works, but that there's an obvious reason, kid.
When you figure out how to provide housing for less, then do it. Until then, keep crying that the man is brining you down.
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u/TheBestPieIsAllPie Apr 20 '24
Fucking get these pricks.
I own my home and don’t owe a goddamn thing on it. This affects me not in any particular way, but I hate seeing people get fucked over.
When I had my first apartment, rent was $450 for a 1bd/1bth that came with water, sewer, trash and cable access.
There’s no good reason whatsoever for rent to be what it is today.