patrick.net

Just wondering....You don't mean to suggest that that map down there represents "Dowtown LA" do you???? It's surely not.

I'm not sure if the information you are getting is reported from renters, but merely various landlords asking prices.

shanajor says

Just wondering....You don't mean to suggest that that map down there represents "Dowtown LA" do you???? It's surely not.

I entered zip code 90017 which is downtown. The map auto-created I guess

zzyzzx says

I'm not sure if the information you are getting is reported from renters, but merely various landlords asking prices.

If the homeowner isn't insulted by your offer...you didn't bid low enough!!!

Well that's what I want to find out. Or if maybe landlords are providing false information to surveys in an effort to make it appear as though rents are increasing.

Using about 100,000 Craigslist asking rents in LA over the last year from the Patrick.net Data Service ( http://patrick.net/housing/worth.html ) I can also see a rise in rents:

I'm pretty sure that information is not particularly biased. Though what I should really do is also compare it to the length of time the landlord repeatedly advertised the same place, because that would show he's not getting his asking rent right away.

Using about 100,000 Craigslist asking rents in LA over the last year from the Patrick.net Data Service ( http://patrick.net/housing/worth.html ) I can also see a rise in rents:

You just verified my theory that it's the asking price and not the actual rent.

Yes, those are just asking prices.

I don't think landlords are actually required to report rental rates anywhere. They just have to report their total income.

ATM withdrawal from YOUR account? That sounds like income tax evasion on behalf of the landlord.

Definitely sounds like income tax evasion. Landlord doesn't want written records of the rent checks.

What he may have forgotten is that ATM's take a picture of you each time you use them. That could be used in court.

I worked with a Russian guy once who told me he outsourced some of his own work to programmers in Russia. When I asked how he paid them, he said he would open a savings account here and mail them an ATM card, so they could withdraw the cash in Russia.

Rental income only needs to be reported if the income is being documented and reported by another party. Properties, especially single family residences can be claimed as sitting vacant and the owners will still be able to depreciate the property.

lb51 says

Rental income only needs to be reported if the income is being documented and reported by another party.

That is called tax evasion. All incomes must be reported.

So basically landlords are the moral equals of realtors?

LOL, I just looked up ads on craigslist. The building now has a plethora of ads with promotions that are almost the exact same as when I moved into the building.

The building managers have not gotten back to me yet on my counter offer for my lease renewal. Me thinks a rent reduction is now in order.

Good lord talk about incompetent people.

And by the way....F#$% the damn realtors on internet real estate sites that keep touting the currently "rising" rents. Liars, every last one.

Rent information are mostly based on monthly surveys. These surveys are probably geared toward the bigger apartment managers and most likely compare renewal rates. The surveys are significant enough for an acceptable margin or error.

If you really need to know what is happening in rent, just read the transcipts of an apartment REIT like EquityOne, Avalon Bay and a dozen other apartment REITS. The CEO, COO on the conference call all provide pretty good detail about renewal rates, new rates, and vacancy rates and these publish reports are all SEC documents audited by external auditors. Better, they go on to project what is going to happen prospectively with pretty good accuracy (athough under safe harbor rules on projections). With that said, most of these conference calls revealed a 5-10% YOY renewal increase based on actual results and projecting higher rent on 2012.

If you follow these things, the strongest rent increase are in regions like Northern CA and Virginia. The LA rental market is not as strong. While your market may be different, I'm sure someone looking for a rental in San Jose will find the experience a lot differently.

I finally found it:

http://www.ladowntownnews.com/news/study-says-no-increase-in-apartment-rates/article_8a807348-e2f7-5382-9702-dba798d30be1.html

Landlords don't report "concessions". LOL. My current "concessions" amount to 25% of my rent amount.

Same as lying IMO.

dodgerfanjohn says

Landlords don't report "concessions". LOL. My current "concessions" amount to 25% of my rent amount.

Yes, that's always been the case. I have a friend whose landlord wanted to raise rent upon renewal in West LA. The friend moved because other buildings were offering a lower base rental rate and in addition were giving 2 months free to boot. So sure, the first landlord can report a higher rate, but I doubt he would get it for the full 12 months if he even gets it.

theLandlord says

Rent information are mostly based on monthly surveys. These surveys are probably geared toward the bigger apartment managers and most likely compare renewal rates.

Sure, but that doesn't tell you as well what smaller companies and individual landlords are doing. Bigger apartment managers are also more likely to get corporate rentals because it's more likely that a company puts their employees in an Archstone building than some random ethnic landlord's place.

I worked with a Russian guy once who told me he outsourced some of his own work to programmers in Russia. When I asked how he paid them, he said he would open a savings account here and mail them an ATM card, so they could withdraw the cash in Russia.

That's more of a money laundering than tax evasion. He probably got some black cash from Russia, and legalized it as his own income paying taxes on it.

Used to be a common practice in the 90th.

dodgerfanjohn says

So basically landlords are the moral equals of realtors?

Most are. It's not old America anymore, that's for sure.