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Cost of Apartments

BigWillieCock

Active Member
Gold Member
Sep 14, 2007
1,436
1,010
113
So we are trying to get my mother in law to move closer. She’s getting to that age.

A 2 bedroom apartment anywhere in our vicinity is $2,000 per month. That in and of itself is insane. That’s more than the mortgage on 4 different homes I’ve owned through the years.

So they have a 1/3 rule that rent can’t exceed 1/3 of income. Meaning you have to earn $72,000 per year to qualify for an apartment locally.

now just 4 years ago I rented an apartment in the same place for $900 while in between home purchases. Another difference is there is a $175 application fee, a $300 administration fee, and a$400 per feet plus first and last months rent.

So just to move in it’s $4,875.

On another thread there are lots of opinions about wages. Ever think this might be the problem? Housing is out of control. Where is the venom for this?

We attack companies for not paying enough but not the companies getting filthy rich through gouging people?

Also how is it possible there are enough people to pay these incredible rents?

The dirty little secret is there aren’t. The complex we visited today is 20% unoccupied but no deals. Why? Publicly traded company, largest in this country. Think the stock price has anything to do with future rent projections?

To me this is such sham accounting that also exacerbates society that maybe we can find agreement? Optimistic I know.

Disclaimer- not anti capitalist. Just against two sets of rules that leave us all bickering with each other.
 

uscg1984

Well-Known Member
Mar 9, 2006
6,077
7,318
113
SW Montana
I keep reading about eviction moratoriums during covid. Gotta make the money somewhere - maybe they are making off of the new tenants that are proving they have jobs and income?

I dont know where you are, but maybe take a look at the existing home sales in your market. There are a lot of areas of the country right now that have practically no inventory as every home is being g snapped up the second it hits the market. You can be sure rent is going up in those areas as well.
 
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BigWillieCock

Active Member
Gold Member
Sep 14, 2007
1,436
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I keep reading about eviction moratoriums during covid. Gotta make the money somewhere - maybe they are making off of the new tenants that are proving they have jobs and income?

I dont know where you are, but maybe take a look at the existing home sales in your market. There are a lot of areas of the country right now that have practically no inventory as every home is being g snapped up the second it hits the market. You can be sure rent is going up in those areas as well.
You are exactly right. My home has doubled in value in the last year. I literally get phone calls and mailers to sell. It’s absurd.

When and if the moratoriums expire my home will be fine (God only made so much dirt where we are) but the surrounding area?

Then again there are a hundred articles on why this isn’t a housing bubble in the south. It’s a mass exodus from the north.

Who knows. I just know this doesn’t seem sustainable.
 
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alphazeta

Member
Dec 6, 2019
49
42
18
So we are trying to get my mother in law to move closer. She’s getting to that age.

A 2 bedroom apartment anywhere in our vicinity is $2,000 per month. That in and of itself is insane. That’s more than the mortgage on 4 different homes I’ve owned through the years.

So they have a 1/3 rule that rent can’t exceed 1/3 of income. Meaning you have to earn $72,000 per year to qualify for an apartment locally.

now just 4 years ago I rented an apartment in the same place for $900 while in between home purchases. Another difference is there is a $175 application fee, a $300 administration fee, and a$400 per feet plus first and last months rent.

So just to move in it’s $4,875.

On another thread there are lots of opinions about wages. Ever think this might be the problem? Housing is out of control. Where is the venom for this?

We attack companies for not paying enough but not the companies getting filthy rich through gouging people?

Also how is it possible there are enough people to pay these incredible rents?

The dirty little secret is there aren’t. The complex we visited today is 20% unoccupied but no deals. Why? Publicly traded company, largest in this country. Think the stock price has anything to do with future rent projections?

To me this is such sham accounting that also exacerbates society that maybe we can find agreement? Optimistic I know.

Disclaimer- not anti capitalist. Just against two sets of rules that leave us all bickering with each other.
This is a case in which local government should get involved. Assess a VERY EXPENSIVE "vacancy tax" on vacant apartments or rental homes that are not under an existing 12-month lease. Make it so painful that landlords will do almost anything to get the units occupied. Voila, affordable housing.
 

USC2USC

Active Member
Aug 6, 2001
1,746
2,624
113
You are exactly right. My home has doubled in value in the last year. I literally get phone calls and mailers to sell. It’s absurd.

When and if the moratoriums expire my home will be fine (God only made so much dirt where we are) but the surrounding area?

Then again there are a hundred articles on why this isn’t a housing bubble in the south. It’s a mass exodus from the north.

Who knows. I just know this doesn’t seem sustainable.

Can you share some of these articles?
 
Jan 28, 2021
939
1,526
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Wait until all those pent up foreclosures and evictions are allowed to hit the market.

Or will Biden borrow trillions more to pay off mortgages and rent, possibly sometime around the midterms of next year?
 

USC2USC

Active Member
Aug 6, 2001
1,746
2,624
113
Wait until all those pent up foreclosures and evictions are allowed to hit the market.

Or will Biden borrow trillions more to pay off mortgages and rent, possibly sometime around the midterms of next year?
There you go again counting on a Democratic President to clean up an economic mess from a failed GOP administration. Lucky for the US, they are pretty good at it. See Bill Clinton and Barack Obama.
 
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BobbyBReloaded1975

Well-Known Member
Oct 26, 2019
2,924
4,719
113
So we are trying to get my mother in law to move closer. She’s getting to that age.

A 2 bedroom apartment anywhere in our vicinity is $2,000 per month. That in and of itself is insane. That’s more than the mortgage on 4 different homes I’ve owned through the years.

So they have a 1/3 rule that rent can’t exceed 1/3 of income. Meaning you have to earn $72,000 per year to qualify for an apartment locally.

now just 4 years ago I rented an apartment in the same place for $900 while in between home purchases. Another difference is there is a $175 application fee, a $300 administration fee, and a$400 per feet plus first and last months rent.

So just to move in it’s $4,875.

On another thread there are lots of opinions about wages. Ever think this might be the problem? Housing is out of control. Where is the venom for this?

We attack companies for not paying enough but not the companies getting filthy rich through gouging people?

Also how is it possible there are enough people to pay these incredible rents?

The dirty little secret is there aren’t. The complex we visited today is 20% unoccupied but no deals. Why? Publicly traded company, largest in this country. Think the stock price has anything to do with future rent projections?

To me this is such sham accounting that also exacerbates society that maybe we can find agreement? Optimistic I know.

Disclaimer- not anti capitalist. Just against two sets of rules that leave us all bickering with each other.

Brother it’s INSANE . Me and my wife purchased our home when they were doing the first time homeowner credit . We paid roughly $125k for our home 10 years ago . The house across the street from me sold for 275k last month . My neighbor just sold his for 225k . My place is bigger and totally remodeled . It is INSANE !!! My mortgage is under 1000 a month and my buddy’s are paying 1800 to 2200 a month for a two bed room APARTMENT..... it’s absolutely mind blowing . We thought about selling and upgrading since our place appraised for almost double but we love our location and can’t find anything under half a million close to where and what we have . It’s wild .
 

Bubbaglide

Active Member
Sep 1, 2006
2,469
1,933
113
On the road again
There you go again counting on a Democratic President to clean up an economic mess from a failed GOP administration. Lucky for the US, they are pretty good at it. See Bill Clinton and Barack Obama.
You really have no clue. lowest unemployment in history under the previous administration. Booming economy. BTW. Jimmy carter says hello. Remember him? 18% interest for mortgages.
 

coolcock2001

Well-Known Member
Oct 29, 2003
7,335
5,624
113
Where are you located? Apartments in Columbia are a heck of a lot cheaper than that
 

usc1855

Member
Gold Member
Aug 30, 2002
665
71
28
So we are trying to get my mother in law to move closer. She’s getting to that age.

A 2 bedroom apartment anywhere in our vicinity is $2,000 per month. That in and of itself is insane. That’s more than the mortgage on 4 different homes I’ve owned through the years.

So they have a 1/3 rule that rent can’t exceed 1/3 of income. Meaning you have to earn $72,000 per year to qualify for an apartment locally.

now just 4 years ago I rented an apartment in the same place for $900 while in between home purchases. Another difference is there is a $175 application fee, a $300 administration fee, and a$400 per feet plus first and last months rent.

So just to move in it’s $4,875.

On another thread there are lots of opinions about wages. Ever think this might be the problem? Housing is out of control. Where is the venom for this?

We attack companies for not paying enough but not the companies getting filthy rich through gouging people?

Also how is it possible there are enough people to pay these incredible rents?

The dirty little secret is there aren’t. The complex we visited today is 20% unoccupied but no deals. Why? Publicly traded company, largest in this country. Think the stock price has anything to do with future rent projections?

To me this is such sham accounting that also exacerbates society that maybe we can find agreement? Optimistic I know.

Disclaimer- not anti capitalist. Just against two sets of rules that leave us all bickering with each other.
Where, approximately, is this? You are just not looking in the right places or her standards are too high.

A mysterious "administration fee" is a scam and so is paying $175 just for an application. An application fee should be free or about $50. If they are willing to screw people over on day 0, just imagine what will happen later.

That said, $2,000/month is "only" $66.67 per day, like living at a Motel 6. So it's $33.33 per day per bedroom. Your mother in law is only 1 person, right?

Anyway, there is hope. I have always lived in a "hot housing market(TM)". What that really means is that rich people with no limits drive up prices at the top, and then realtors and other grifters and vultures get big commissions and local governments get more taxes. It is totally contrived for that exact reason. But...the rest of the market is not correlated with the top end. If you are willing to put in some work through networking with friends, inquiring locally even with Craigslist or just walking around and looking at what's available, you can nearly always find a reasonable value. Don't waste your time on the scammers and GamecockCentral haha.
 

AngloCock

Active Member
Gold Member
Mar 23, 2009
1,768
2,673
113
In Summerville, 5 years ago, we rented a 1700 square foot home for a year.$1960 per month. Houses were renting by the hour. If you found one, you’d better be ready to put a deposit down. Can’t imagine the frenzy now, 5 years later, with all the snow birds flying south for good.
 

USC2USC

Active Member
Aug 6, 2001
1,746
2,624
113
You really have no clue. lowest unemployment in history under the previous administration. Booming economy. BTW. Jimmy carter says hello. Remember him? 18% interest for mortgages.

I am sure you wouldn't let some facts and data get in the way of your Fox-fueled alter universe.




Even the former guy agrees:
Donald was absolutely right when he told Wolf Blitzer in 2004: “I’ve been around for a long time and it just seems that the economy does better under the Democrats than the Republicans.”

 
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usc1855

Member
Gold Member
Aug 30, 2002
665
71
28
Brother it’s INSANE . Me and my wife purchased our home when they were doing the first time homeowner credit . We paid roughly $125k for our home 10 years ago . The house across the street from me sold for 275k last month . My neighbor just sold his for 225k . My place is bigger and totally remodeled . It is INSANE !!! My mortgage is under 1000 a month and my buddy’s are paying 1800 to 2200 a month for a two bed room APARTMENT..... it’s absolutely mind blowing . We thought about selling and upgrading since our place appraised for almost double but we love our location and can’t find anything under half a million close to where and what we have . It’s wild .
You bought at the bottom of the housing recession.
 

BigWillieCock

Active Member
Gold Member
Sep 14, 2007
1,436
1,010
113
Probably shouldn't post it if you dont believe it. I have seen lots of data that says this is not true.
The point is to say once again they are saying it isn’t a bubble. I will grant them the root cause is a little different, but still not sustainable.
 

Balwiles

Member
Nov 20, 2020
218
144
43
Corporations have been buying up residential real estate at an alarming rate w/ all of the extra capital that's been infused into the economy (and/or with cash from private securities sales purchased directly by the Treasury.)

They are either flipping or using as a hedge asset on their balance sheet. They have a pretty good idea of what could be on the horizon.
 

scbirdhunter

Member
Mar 29, 2020
474
710
93
You really have no clue. lowest unemployment in history under the previous administration. Booming economy. BTW. Jimmy carter says hello. Remember him? 18% interest for mortgages.
Nope, another one of the tens of thousands of lies trump told. He had very good unemployment numbers, they were not the lowest in history. Heard him say that multiple times, not true, sort of like Mexico paying for our wall. A normal person might just brag on what the actual number were since they were good, not trump, he never passed up an opportunity to embellish or to be more accurate, to lie.
 
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