Renting was always such a bargain compared with buying here, especially since lifestyle changes would obviously mean that I'd want to upgrade and upgrading is better if renting than if you buy and have all the hassle and costs. I was always clipping those coupons, saving a little every month on living expenses. And those savings would be good for the ultimate time when it's time to buy. I just got... [more]
Renting was always such a bargain compared with buying here, especially since lifestyle changes would obviously mean that I'd want to upgrade and upgrading is better if renting than if you buy and have all the hassle and costs.
I was always clipping those coupons, saving a little every month on living expenses. And those savings would be good for the ultimate time when it's time to buy.
I just got my rental renewal and 15% up from last year and over 20% up from 2 years ago. No more savings with renting. I've taken a quick glance at other good buildings in the area and they are all similarly up. And after a few mistakes early on like renting from the landlady, or an absent owner, or a building that left something to be desired in terms of neighbors or maintenance, there's no clear cheap bargains out there anymore.
Buying is still too expensive unless I want to settle in for 5 years and stretch for a good place today.
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Response by Tomnevers
almost 14 years ago
Posts: 97
Member since: Mar 2012
don't lose any sleep about buying. No need to own real estate as an asset. NYC prices are poised to fall.
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Response by ba294
almost 14 years ago
Posts: 636
Member since: Nov 2007
consider yourself lucky. My tenants got 36% raise this year.
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Response by JButton
almost 14 years ago
Posts: 447
Member since: Sep 2011
ba294 - what were the increases in years prior? Seems like you underpriced by a large margin in the past?
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Response by ba294
almost 14 years ago
Posts: 636
Member since: Nov 2007
Yes, I did underprice it last year by approximately 9%, thus greater increase this year.
Historically, highest rental ever. I hope it keeps up that way.
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Response by NYCMatt
almost 14 years ago
Posts: 7523
Member since: May 2009
No one ever said either renting or buying would be a bargain in NYC.
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Response by miwarnock
almost 14 years ago
Posts: 6
Member since: Apr 2012
ba294, what kind of units do you own?
NYCMatt, Amen. It ways always expensive though, now again getting more expensive like after I moved here in 2002 it was pretty much up every year above inflation except a few years 2009, 2010, 2011.
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Response by hoodia
almost 14 years ago
Posts: 154
Member since: Jun 2009
Amen
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Response by ss400k
almost 14 years ago
Posts: 405
Member since: Nov 2008
wayne, nj?
but I hear NJ Transit and EZ Pass tolls > rent raises?
don't lose any sleep about buying. No need to own real estate as an asset. NYC prices are poised to fall.
consider yourself lucky. My tenants got 36% raise this year.
ba294 - what were the increases in years prior? Seems like you underpriced by a large margin in the past?
Yes, I did underprice it last year by approximately 9%, thus greater increase this year.
Historically, highest rental ever. I hope it keeps up that way.
No one ever said either renting or buying would be a bargain in NYC.
ba294, what kind of units do you own?
NYCMatt, Amen. It ways always expensive though, now again getting more expensive like after I moved here in 2002 it was pretty much up every year above inflation except a few years 2009, 2010, 2011.
Amen
wayne, nj?
but I hear NJ Transit and EZ Pass tolls > rent raises?
hoodia
1 day ago
ignore this person
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Amen
shut the fuck up
What are people doing to save?