Renting post-BK and probably for ever after....

[killinstinct]

So I have a question, being as I'm renting again for the first time in 10 years (giving up my huge fancy house in BK...wow, 10 years of blood, sweat and tears down the drain just like that...totally worthless now). Question for all you who have a lot more expertise...

Our lease will be up for renewal in March, I assume they'll try to jack up rent (even though they can't seem to keep people here as it is...lots of vacancies). Any thoughts/advice on how to counter? It's a great place and I'd like to stay here indefinitely, but I'm also not going to tolerate constant rate hikes with no apparent justification. The economy, after all, is in the toilet.

Anything anyone has is appreciated...your experience with renewing leases, staying month to month, when do you just say screw it and move....!? (Course now credit is trashed)

[freedom7]

We have been renting for two years and the complex has yet to increase our rent in either renewal, they seem to be pretty full here and the only thing they don't do is give you the one month free that they give to new tenants, but the rent has been the same since our original 6 month lease, renewed and renewed again without increase.

If we went month to month they want another 100 bucks a month.

They shouldn't pull credit for renewals, but anywhere you look to go they will so tread lightly til you have to.

[killinstinct]

Thanks freedom. That's good news. I'm hoping they'll be anxious for us to sign another year (or even two...or more!!) lease. Most places seem to be facing occupancy issues. I appreciate your response. Any other experiences?

[backtoschool]

NYC is one of the most brutal rental markets. Here is how I survived renting for ten years there. (some of them with bad credit from my defaulted student loans).

1. I always asked for two year leases. This kept the increases to a minimum.

2. If the landlord tried to raise the rent too much, I countered.

3. If the landlord still tried to raise the rent too much, I countered again, this time including info from other comparable apartments in the area that were lower.

I was a good, quiet, clean tenant, so I never had an issue winning these battles. When I came to Michigan to rent an apt, the market here is so depressed, I was able to find a very nice place that has an individual owner. (not a property company). He didn't even do a credit check.

Landlords do NOT want to lose a stable, clean, adult renter. When it comes time to renew just negotiate for no rent increase or a small rent increase. In these times, you will win the negotiation.

[killinstinct]

Thx backtoschool. I'm in SW WA which is WAY diff than NYC. (I would hope). Nice to hear your take though. (goin to MI). We're stuck here for awhile.

[Intoodeep80]

So I have a question, being as I'm renting again for the first time in 10 years (giving up my huge fancy house in BK...wow, 10 years of blood, sweat and tears down the drain just like that...totally worthless now)

Yeah, you and everybody else! Including me!

I gave up my house that I bought in 2003. I rent a beautiful house, on the lake (my old house was in the city) for the same price I paid before. I went from 1,000 sq feet to 2,600 sq ft. Behind me I have a canal that I will keep my boat next year (saving for that right now!) and in front of my is beautiful Lake St. Clair. Its like Im living in a dream.

Im not building equity, yeah, but who is right now anyways? Its the last of my concerns right now. When my 18 month lease is up, the landlord considers selling or participating in a land contract - Im going to do a land contract until I can get a really really good rate on a mortgage and buy. Its my 5 year plan

Bottom line is - I am soooo happy to rent now - I wouldnt have been in 2003 when I bought my house but there is too much uncertainty out there right now. No taxes I have to struggle to pay, no big repairs (i do small stuff - sprinkler system, electrical, plumbing) on my own with the landlords permission. Hes a great guy and didnt even check my credit which is totally a blessing because I moved here right after I filed and my credit was a fierce hot mess.

[killinstinct]

Thank you for all of your thoughts. Like you, intoodeep, I have a much nicer place I'm living in now, with NO maintenance, no yardwork, and I'm paying less than half what my old mortgage was. It seems too good to be true! (That's what gets me worked up I think). Just a little concerned when it comes to lease renewal time.

[mamaluv]

I rent through a property management company, I've been here for 2.5 years and I was only in a lease for the first year. I have been month-to-month for the last 1.5. I had always lived in apt complexes in the past so I figured they would send me something around lease expiration time to sign a new one. I never heard anything so I called them to see what was up. They told me that once your lease is up you have to write a letter saying you want to renew and they forward it to the property owner and the owner will decide if they want to renew. She said most of the time the owner says no and you just go month2month so I decided not to even bother with it. They have only raised rent 1 time and it was only $30 so I'm happy for the time being.

I live in a triplex and I was talking to my neighbor the other day-she just moved in 3-4 months ago...we have the exact same floorplan and they are charging her $75 more a month than I pay. If they raise my rent up to what she pays I will move elsewhere.

[momisery]

We are still riding thru in our home, but dreading looking for a rental. We have looked some, but we have two dogs one is very old the other is 6, and two cats both are mature and our pets are rescue so I can't not toss them out after all they have been through. So, I have to wonder if my next stop will be a storage shed?? lol
The very first place I own I was 25, since then I have never not owned my own place and I am almost 60. A lot to lose, you bet!! I always thought I would have a home paid for etc etc.. lol yeah right. But in today market I guess I am glad to be renting. And with the job market looking bad I am even happier. At least I will go thru this only once in my lifetime even if it cost me everything. In the future furnaces, water pumps, wells, electical problems, painting etc will be on someone else at least. I am very worried about the job markets. It seems like each time we hit a recession like this we lose our incomes and we never really get it all back. We get more credit, and less income. So, I am never own again. I am tired of the up and down stuff after all these years.

[killinstinct]

Wow momisery. I'll try not to complain too much about losing my piddly 10 years worth of equity. If I were you I'd be REALLY mad!!!