Jil wrote:
buyinghouse wrote:The problem is that rents never decreased. For instance, in our rentals they were increasing them every year, but never decreased no matter what the economy was at the time.
So, I think we have a misconception of increasing rents as if they were increased just yesterday. The reason people like me saw the need to own is because not only rent equaled to owning, but the fact that landlords won't stop biting the renters with their justified or not increases.
Same as sheriff, once we see an exodus of people leaving the BA for any circumstances, rents and prices will go down hill. Will that happen? I don't know, I don't have a crystal ball. If I had it, I would be renting a home in Las Vegas and hitting every single lottery up there and everywhere!
I had seen in 2001-2003. I was in 2BD 1BH sunnyvale. Before 2000, rents were increased from $1250 to $1800. Once economy collapsed due to dot.com boom, it came back from $1800 to $1300, Lot of apartments were vacant as around 500000 people left the bay area. I was also laid off as IT company closed the door after 35 years of operations! I was lucky to get a job in a week! Then bought our home after regaining strength after the lay off! However, the same apartments are charging $2300/$2400 now.
Ironically, why do a "landlord_newbie" asking this question? He/she should ask the other way, right?
Jil, to receive that decrease, you need to move out and find a cheaper one. That's why I tried to explain. Landlords will never, ever go to their tenants and tell them "here you go, a discount on your rent". They will do it when they see most of their tenants leaving to better or cheaper places.
On the other hand, the OP? Maybe he is like Mr. scrooge, counting his profit and thinking it won't stop ever?
buyinghouse wrote:
Jil wrote:
buyinghouse wrote:The problem is that rents never decreased. For instance, in our rentals they were increasing them every year, but never decreased no matter what the economy was at the time.
So, I think we have a misconception of increasing rents as if they were increased just yesterday. The reason people like me saw the need to own is because not only rent equaled to owning, but the fact that landlords won't stop biting the renters with their justified or not increases.
Same as sheriff, once we see an exodus of people leaving the BA for any circumstances, rents and prices will go down hill. Will that happen? I don't know, I don't have a crystal ball. If I had it, I would be renting a home in Las Vegas and hitting every single lottery up there and everywhere!
I had seen in 2001-2003. I was in 2BD 1BH sunnyvale. Before 2000, rents were increased from $1250 to $1800. Once economy collapsed due to dot.com boom, it came back from $1800 to $1300, Lot of apartments were vacant as around 500000 people left the bay area. I was also laid off as IT company closed the door after 35 years of operations! I was lucky to get a job in a week! Then bought our home after regaining strength after the lay off! However, the same apartments are charging $2300/$2400 now.
Ironically, why do a "landlord_newbie" asking this question? He/she should ask the other way, right?
Jil, to receive that decrease, you need to move out and find a cheaper one. That's why I tried to explain. Landlords will never, ever go to their tenants and tell them "here you go, a discount on your rent". They will do it when they see most of their tenants leaving to better or cheaper places.
On the other hand, the OP? Maybe he is like Mr. scrooge, counting his profit and thinking it won't stop ever?
Landlords will never, ever go to their tenants and tell them "here you go, a discount on your rent" ==>I agree this point, no doubt!
It just needs a representation and the market condition. In my case, during that time, we went and told the apartment manager if there is no reduction we will move out soon. Within two days he put a notice of rent reduction. Owner or Managers do not automatically reduce, but upon requests they will reduce when they know market is dropped.
