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Rental Apartment - Rising Cost

Discussion in 'Money Matters' started by Vedhavalli, Jan 13, 2019.

  1. Vedhavalli

    Vedhavalli Platinum IL'ite

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    We shifted to a good school district with high rental apartment few months back.
    Now at this time, the leasing office reduced apt rent like 150-200$. I found from their website. I'm loosing my peace
    200$ is a big amount for me. 12 months x200= 2400$
    Now I can't go ask because of the lease we signed. I don't know what to do.
    Now I feel I didn't take calculated risk or any risk, fearing for good school admission. I got this apt. Feeling low
     
    Sunshine04 and gknew like this.
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  2. kalainat

    kalainat Bronze IL'ite

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    Hi
    I m in the same boat too. I moved in to new apartment 2 months back. Now they have reduced rent by $150.
    Winter has started and it's a lean season for rental market. So they reduce rent. These situations are beyond our control. And we can't do much about it. Relax and don't check the website for price again.
     
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  3. gknew

    gknew Gold IL'ite

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    Hi,
    I am in the same situation too. I moved to an apartment few months back. The rent is reduced now. But my Leasing agent told me that the rent will decrease in the winter season. i.e around Dec- Feb. He told me to move during that time if I need a lower rent. But we signed the lease and can't change the rent now.
    So, just relax. We can't control all these things. When you move next time, do check the rent for all the seasons and make a decision. Leasing agents will help you in that.
     
    Vedhavalli likes this.
  4. sumalynux

    sumalynux IL Hall of Fame

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    I stay in NJ.

    It's true that in winter very less people move and rental office is offering 6 weeks rent free, 2 months rent free on selected apartment.

    I signed up for only 6 months lease so my rent is 100$ more than other peer tenants.

    I understand how it feels. Can't help. Beyond our hands. Relax.
     
    Vedhavalli likes this.
  5. Rihana

    Rihana IL Hall of Fame

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    When I am feeling low for something like this, thinking of a bigger loss that I am not incurring helps. Be happy you don't own the apartment. This is $200 per month you feel bad about. Home owners live with the realities like the property value gone down $200 K. They pay a monthly mortgage $500-$1000 more than their neighbor pays for a similar house. And, there is no "lease is up in few months" end in sight.
     
    Last edited: Jan 14, 2019
  6. Sunshine04

    Sunshine04 Platinum IL'ite

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    Really, Does house value go down??
     
  7. MalStrom

    MalStrom IL Hall of Fame

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    Property prices can absolutely go down, as 2008 illustrated. People lost hundreds of thousands of dollars in many cases.
     
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  8. Rihana

    Rihana IL Hall of Fame

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    Yes, property prices can go down. Though usually over the long run, such as 10 plus years, they tend to appreciate.

    What is more common is this - a person buys a house for say $720K. A few months later, a similar house in the area sells for $690K for any reason- like market has cooled down a bit, it is past start of school year, so demand is less, seller is in a hurry to sell etc. That leads to much heartache and argument between husband and wife of the $720K house about did they hurry in buying at $720K. : )

    Then, after a few weeks, a similar house sells for $760K. The husband and wife ($720K house wala's) feel better about their cost, and welcome the new neighbor ($760K guy ) with cookies. : )
     
  9. Sunshine04

    Sunshine04 Platinum IL'ite

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  10. Sinant

    Sinant Silver IL'ite

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    I wish there was a ‘LOL’ button beside like button :tearsofjoy:
     
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