Have things quieted down on the renter-bashing front?
Is it just me, or has the press/RE cheerleading industry/RE shill blog scene let up recently on the "Renters are such morons, pouring money down the drain" anthem?
This summer I signed a lease on a new place, after negotiating down the monthly rent with the owner. Acquaintances & family asked, when I gave out the new address, "so did you buy?", and my answer of "definitely not" frequently got a nod of agreement and a general comment that it seems prudent to sign a relatively cheap lease and wait for the market to find some kind of equilibrium. The general sentiment is that appreciation has stalled, interest rates have affected demand, and "why not wait?".
Have the currents changed? Is the emotional wind behind the "buy now or be Priced Out Forever" sails gone?
Maybe my observations of the public mood are illusory. I should just wait another week for the Times to print another "condo boom leaves short-sighted renters behind" article.
This summer I signed a lease on a new place, after negotiating down the monthly rent with the owner. Acquaintances & family asked, when I gave out the new address, "so did you buy?", and my answer of "definitely not" frequently got a nod of agreement and a general comment that it seems prudent to sign a relatively cheap lease and wait for the market to find some kind of equilibrium. The general sentiment is that appreciation has stalled, interest rates have affected demand, and "why not wait?".
Have the currents changed? Is the emotional wind behind the "buy now or be Priced Out Forever" sails gone?
Maybe my observations of the public mood are illusory. I should just wait another week for the Times to print another "condo boom leaves short-sighted renters behind" article.
Comments
And I think Meshuggy got foreclosed on.
More 'buy now or be priced out forever' bullshit from the soon to be unemployed folks at RCG.
She mentions the 1990 bubble, where she was 'priced out' and waited 5 years before purchasing a house. Is she saying that it's possible to NOT be priced out forever, but that sometimes markets experience price growth that is too rapid to be sustainable?
Anyone have pricing data for say, 1989-1995 in Seattle? I'd like to see what the SFH prices were doing in the early-mid '90s
Just curious, what's P-O-F?
here's what Google had to suggest...
- Plenty o' fish
- Professional Opticians of Florida
- Premature ovarian failure
pretty sure it's none of those
Potentially Ominous Fantasy?
My current adventure in finding new diggs due to an imminent conversion has me thinking the landords know the rents won't hold. Leases are the norm vs. month to month. Has anyone seen the Rental Housing Association of Puget Sound's template lease? :shock:
It's akin to boarding house rules, and some of the clauses are plain unenforceable. Required Liability insurance on your vehicles? Personal liability for landlord property insurance increases? Poof of payment of utilities that the landlord is NOT responsible for? Boarding house rules on noise and visitors? The risk of deposit loss, and paying for the landlords cost of doing business is extremely high. No month-to-month reversions at the end of the lease, redefinition of "normal wear and tear," I could go on...
I have not been able to negotiate anything so far. I do understand they have to consider the extremes, but this goes beyond risk management. We seem to have a lot of rental property owners who are outsmarting themselves out of the best tenants they could have, possibly because they think the demand at present will cause people to sign anything to get a place, especially in-city.
I for one, resent being treated like a deadbeat or problem renter by default when there is absolulely no reason, history, or evidence to do so. I pass the screening checks, far exceed the "criteria" set, so what do they care about that other stuff, as long as they get the rent on time and I don't cause any problems? This is enough to drive me into a condo in a year or two...but I know better than to base a huge financial decison on that alone
Thanks for letting me vent my rant...
You got it, explorer
Sorry to hear about your experience with landlords. Yes, they know the rent increase isn't for real, which is why they are so eager to lock in 12 months at a sweetheart rate.
On the other hand, even in this tighter market, I was able to negotiate down 2 landlords between 3 and 5% monthly, when I was shopping for an apartment earlier this summer. Yes, they're trying to see if the 'big rent increases' meme will stick, but a professional landlord knows that in this business, a tenant with a solid income, or 2 tenants who are in a long term relationship, are worth snagging. Credit checks more important than ever, a lot of people these days are up to their eyeballs in debt.
The other thing I've noticed is the unprofessional rental agencies who are trying to turn application fee/credit check fee into a profit center. Who are they kidding?