[quote=flu][quote=poorgradstudent][quote=flu]Looks like the going price for a 1/1 condo in MM is around $1300/month now for something < 600 sqft west of Camino Ruiz.
Interesting.. My tenants are month to month for some time... Meh.. I'm too lazy to raise rents...[/quote]
Well just change the word lazy to "nice" and pat yourself on the back.
Of course there is a cost to you to find new tenants and a risk if the property is vacant for a while or you end up with bad tenants.[/quote]
Truthfully, and extra $50-100/month is not worth the time of getting my tenants pissed off and argue over something regularly and having them nit picking at every little thing...
I do send them a notice that what the current rent prices are, with a gentle reminder about don't give me crap over small frivolous things, and I won't give you crap about how I haven't raised rent...
Bay area rents, on the other hand, I had no choice...Because we were talking about and $600/month difference between what I was charging and what I should have been charging, and it was still a few hundred/month lower than the average rent prices... At first the tenant complained, but then I indicated that my price even after the adjustment is about Section 8 rent prices, and they aren't even close to being Section 8....Didn't hear another complaint thereafter.[/quote]
What are section 8 values for the Bay area and San diego? I googled but could not see numbers. I did notice that SF no longer takes applications, while San diego has a 8-10 year wait. Presumably the section 8 value is a good proxy for rent costs in a area.
It would be a nightmare for rents to rise by $600/month - that would destroy a lot of budget. Especially if lower cost rentals are not available in your area. it leaves you stuck.
I am mystified how anyone can want to rent long term.
