Huge Rent increase

[gold_dredger_phd]

I received a notice from my landlord about renewing my 2006 lease in 2007. The new rate for this rental of a two bedroom/two bathroom 1000 square foot apartment is $1945 per month and $175 for an extra garage.

This represents a 25% increase over last year’s rent. Has anyone else had this huge price increase on their lease renewal? What’s the reason behind this? We would stay if it was maybe 10-12%, but 25% in one year is just too much.

I’m thinking of leaving the state. What properties in other complexes are likely to be available to $1500 per month for a two bedroom. We live in San Diego.

[Doofrat]

Don’t rent an apartment, rent a house from an owner.

http://sandiego.craigslist.org/apa/

You can get a nice place for that price.

[sdcellar]

You could live in a house or condo for that kind of money ($2100, that is). It wouldn’t be the newest place (although it could be for a condo), but it would still be clean and in a decent neighborhood

Being a house renter myself, I don’t have any great advice on apartment complexes other than there’s a lot of different options for apartments outside of what I would consider a full blown complex. Have you checked craigslist?

Also, any specific areas you’re interested in? I’m sure you could get a lot more focused advice.

[powayseller]

For that price, I am renting a 2100 sq ft townhouse in Poway. The temporary imbalance in supply/demand in causing rents to increase. Eventually, rents will come back down. In my charts from past cycles, I can see that rents varied as a percentage of income over past housing cyles. Soon enough, as more people leave San Diego and as the recession causes unemployment to rise, rents will fall.

[JES]

As if people are not getting pinched enough by still high housing prices, the escape valve of renting is now disappearing!

[lindismith]

Gold_Dredger – what part of town are you in?

[an]

For $2100, you can rent a 1600 sq-ft condo/townhouse in Sorrento Valley. That’s my rent. I started the least last May. The landlord asked for $2300 and we negotiated it down. Also, I just saw an exact same floor plan for rent right now for $2045, so rent hasn’t really gone up. I’ve seen other asking around $2200 as well. So asking price is all over the place, but you can always negotiate. However, $2100 for a 2bd-2ba apartment is way too much. A 2bd-2ba apartment in Mira Mesa is around $1400-1500 month.

[kev374]

that is very excessive. I pay $1320/mo. for my 680sqft 1bd here in Lake Forest, CA (near Irvine) and this is on the higher side. My rent went up this year by $100/mo. (8% increase) from $1220/mo. The normal rent increase is around 5% or so, 7-10% is expected in this market, 25% is absolutely outrageous!

Your landlord is an extremely greedy scumbag, take caution even if you move out he may rip you off in other ways.

[Anonymous]

I suggest that you tell landlord just what you are reading here that you can rent something than present apt. for less, and why does he/she can get this amount?

Also, from my point of view (as a landlord) it is always hard to rent a place during the holiday season. I bet you can find deals right now if you look and and inquire at craigslist and local property management companies that have “available now” postings.

[gold_dredger_phd]

I’m in Carmel Valley near I-5. The neighborhood is Torrey Hills and the landlord said that even though house prices were falling in the area, the mortgages were still between $5-8K per month. People in that area of Torrey Hills have been asking some outrageous prices for houses and not getting it. The house I co-owned in 2002 only went up in value by 30% by the time I sold my share.

I used to own in this area and have seen houses that were on sale for $700K in 2002 on sale in 2006 for 1.45 million. Neither of these properties sold where the buyer tried to get close to twice his purchase price.

The apartment owner, it’s a big complex, probably saw what other places were getting for rent and decided to increase their asking price. Maybe they are trying to clear out the complex of middle class people so that only professional couples with two incomes live there. They may be trying to get rid of families as well, knowing that one income may be all they have.

We will likely have a recession in 2007 or it should be obvious by that time, so they may have to lower their rents in 2008-2009. We might be looking at houses by that time.

[svferris]

Hey gold_dredger_phd…I’m in Torrey Highlands, off 56 and Camino Del Sur. I rent in the Bellardo complex, which is just behind the Albertsons shopping center.

I’m renting an 1800 sq. ft., 3BR+den townhome here from the owner for $2,000/mo. I’ll admit that I think I’m a bit below the average as I heard the place next to me rented for $2,500. Still, I think you can find a decent place around here for about $2,200 or so. I’ve seen quite a few For Rent signs. You should walk the area and write down some phone numbers. You should also do the same in your area, or nearby neighborhoods. I bet you could find houses for rent for what you’re paying.

[Author]

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