He didn't fill me in with all the details - but he named e-bay and craigslist for eroding his customer base and he mentioned that his landlord basically told him his rent was either going to go up or the land would be sold.
That's the sad truth about everything around here these days. You want to talk about a modern day gold rush. I hear it all the time about exponentially jacking rents up or landlords selling out and renters have to go. There was an article about a landlord kicking his renters out so he can bump his rent by $1000 a month and said that the "free lunch" was over? I'm guessing they still paid his mortgage and utility bills. Unfortunately for the tenants they are retired nurses. Greed is a pretty ugly human trait.
This is why there needs to be regulation on the rental industry. Because the rich dont rent, they mortgage.
Our society is ass backwards. 1 bedroom rental rates are $600-$1200 a month (some situations the closet under the stairs is worth $500!)
But where I live, i've known folks with mortgage payments around $400/500. Sure they pay taxes and have to do all the ownership stuff.
But at least they wont get evicted, fined, and essentially rendered homeless if they fix a leaky sink, replace a stove element or upgrade a shower head :/
Rental agreements are contracts I wouldnt wipe my arse with.
This is getting a bit off topic but I really don't understand your point. I own three houses and rent three units out. All of my tenants would say I am pretty damn fair and a good landlord. I fix things immediately that need fixing. I don't gouge, I don't jack the rent up every year. This is my retirement plan to live off the rent checks because let's face it, SS is pretty much beer money for the month now and will be really cheap beer money by the time I retire in another 8 - 10 years.
I don't have the right to that? Are you jealous because I was able to buy three houses in the city that I grew up in? I didn't have any help or a trust fund. I just did by putting my self at risk, a risk that has so far been rewarding.
Trust me it's not my family that caused the problems of sky high living here, it's the extra million people that have moved here in the past 20 years or so. I miss the old Seattle where everything wasn't about money and greed but that's all the Seattle is today. I miss Dewey's shop and British Bob's in the basement. both forced out due to sky high rents.
Duanob, you would be right to get personally offended by my statement.
And you are right. Private landlords really arent the trouble makers driving the rental market skywards.
So I was unfair to not differentiate between the massive reality corps and the privateers.
Massive housing corportations do piss me off. Some time ago, my lady and I were ready to move. We scoped out this cool place off the beaten path. It was a 7 or 8 building complex with one bedrooms we could afford.
Well, office was closed the first time we were there. No big deal. We had the brochure, called midweek to set up a tour and application meeting.
I #$%* you knot, tbis is where the entite situation went sideway and I lost my fookin head at some poor novice leasing agent.
By that next weekend, my gal and I are sitting in the office waiting to sign up.
When the lady mook comes out with the "updated" rental pricing list. The unit we had circled as our choice, well, we were priced right the #$%* out of it.
This $750 unit went to $990 over the #$%*in night. I #$%* you not. I was #$%*in pissed.
I asked the woman what changed? Did they put in heated tile and granit countertops or what? Her response "no, the units are the same as they have always been, but we are under new ownership."
I told that woman the new ownership could shove this price jacking up their arse. I nearly ripped the doors off the hinges on the way out.
That is one of the most bull#$%* thing I've ever known a business to do.
Longwinded reply duanob, sorry if I offended you.
Trust funds had nothing to do with it.
Annnd, I reckon I would need $1.4m buckaroos to buy 3 rental income properties in this day and age. Triple or quadruple that number to buy multi unit complex properties.
But I assure you, If I had the deed to a newly acquired apartment complex, I sure as #$%* would not increase rents without doing some fookin trendy reno first.
