patrick.net

What a waste of money for a crappy little apartment. Your friend should move.

thats pretty insane but anyone whos living in a place like that can probably afford it.

or is your friend going to move?

Landlord must be in deep financial shit else why such a dramatic hike?

i was going to post something about this. I heard something recently about large apartment buyers looking
at areas where theres a big delta in cost to rent vs. buy.
presumeably with the idea that they can increase rents.

Ill try to find the exact quote if I remember where I saw it.

They'll simply end up with no tenants.

Houses in the area can be rented for less than that. Unless every landlord raises their rent in lockstep, they'll simply have a vacant building. Not a big deal.

If someone actually pays the rent, well, enjoy. They should at least ask for a reach around.

I heard about these luxury apartments. During the deep recession, the rent actually goes up.
Crazy.

ptiemann says

small apartment. I was shocked to hear that, until I had the chance to see Archstone

My experience comes from LA Archstone properties, particularly Studio City.

And I disagree.

Noisy, tons of foot traffic, criminal activity, etc. Bad really. The crazy thing is, there are nearby comparable properties that are not on that large a scale that are less expensive.

I'm actually not sure how so many difficient people get into the Archstone buildings, but I'm assuming its that small business owners are able to lease for their mistresses and so forth through the business or LLC and therefore its easy to hide everything.

Anyway, the key to defeating large rent increases for me is to live lightly(ie don't possess tons of unneccessary crap), and have a group of friends who help you move(and vice versa). I can literally pack my entire place in about 8 hours, and move within a two week time frame that takes about 5 hours with 4 people. Costs me zero each time, or under $100 if I want to rent a uhaul truck.

FWIW, I've only had to move twice in 10 years and neither was related to a rental increase.

I live in an San Jose apartment and renewed my lease a few months back. Somehow I just squeaked by with a 100 dollar increase to about 2000 dollars a month for a 12 month lease. At almost the exact time new leases for the same apartment type had a going rate of 2500 dollars.

It is freaking insane to increase rents by 25% over a 2 month period. My guess is people who are loosing houses need somewhere to live and this might be causing a shortage in apartments. I'm covered for about a year more until this becomes a problem but for others they are going to get screwed.

Man these apts are really pricey. Aside from hardwood floors and granite countertops, what else does it offer? That area is also in a very busy area. I heard parking is a nightmare.

jvolstad says

Man these apts are really pricey. Aside from hardwood floors and granite countertops, what else does it offer? That area is also in a very busy area. I heard parking is a nightmare.

Again, I think its factors that most of us would never consider. A normal person making a normal income would realistically not consider these places. Someone temporarily in an area, or someone that wanted to rent an apartment and never have anyone question who comes and goes, would love Archstone places.

Friend of mine just move out last year up to the city (sf). They had it with the living in a beehive feeling and his stuff in his parking garage kept getting vandalized. But yeah their rent went up and down and up wildely while they lived there while my house decressed a little during that time.

Seems like they're not alone. AvalonBay Communities is another with rising rents.

http://www.calculatedriskblog.com/2011/04/multifamily-rents-rising-record-low.html

... Rents are increasing - around 7% year-over-year for leases expiring in June....
...strong job growth in our key high tech markets such as San Jose...

You've got to be joking. I just looked over the website. Archstone is not upscale at all when compared to exurban/suburban new(er) luxury apartment developments near Minneapolis. My building has its own STAFFED BEAUTY SALON and MARBLE and FOUNTAINS all over the place - INSIDE the building mostly. Heck, the WINDOW SILLS in my place are polished granite. Music rooms in these new apartment buildings have grand pianos in them too. Tons of chandeliers and spiral staircases to boot, plus those really cool crown molding ceilings, no having to go outside to take out the trash (has a chute in the kitchen, etc.)

The price I pay is a small fraction of the rates quoted for that San Mateo property. Prices for one-bedroom luxury units (usually about 800 square feet or so to start) are like $650 or so per month. Garage is extra. The weather better be REALLY, REALLY nice for that much of a difference - the city certainly isn't. I've been to San Francisco and wasn't impressed at all - it's filthy and full of homeless bums, smelled like urine too.

NOT MY PLACE, but very similar in an outstate community - rents starting at 730 (only because you also get concierge):

http://www.grandview-estates2.com/amenities.php

Notice the apartments above have a REAL movie theatre, not just some room with a "big-screen TV" in it like Archstone - what a joke!

Took a tour of this place once while going to college - tons of beautiful fountains everywhere and crazy extras like stained glass windows, 4-star hotel community rooms, etc.

Rents are still about 700 or so for spacious 1 BD with cathedral ceilings.

http://www.forrent.com/apartment-community-profile/999907640.php

I definitely empathize with ya'll californians. I have a simple piece of advice to ya'll - get the hell outta your hyper expensive state and go to another state where it is a lot cheaper to live - TX, NC, OH, MI, FL just to name a few!!

http://www.archstoneapartments.com/Search_Results.htm?state=TX&market=50

http://www.archstoneapartments.com/Search_Results.htm?state=FL&market=61

we have cheap housing here in CA too you just cant expect to live in San Mateo

http://www.archstoneapartments.com/Search_Results.htm?state=CA&market=52

Expensive upscale apartments, and the security deposit is a mere $199?

1 bed $3000
2 bed $4000
3 bed $4500

This is really American TRUE dream. CA is getting close.
1 bed is still only $500 in many cities. They make us look bad.

The tenants at the Archstone apartments in San Francisco are very transient - the Fox Plaza on Market. I had a friend who lived there for three months after he turned his condo over to the bank. People were moving in and out like crazy.

SF ace says

MPF research has San Jose at 7.8% percent rent hike for the 12 month ending 3/31/2011. the next 12 month may be even worse.

Well we (should) all know where this is going (imdb)...

Dr. Egon Spengler: Forty years of darkness! Earthquakes, volcanoes...
Winston Zeddemore: The dead rising from the grave!
Dr. Peter Venkman: Human sacrifice, dogs and cats living together... mass hysteria!

SF ace says

MPF research has San Jose at 7.8% percent rent hike for the 12 month ending 3/31/2011. the next 12 month may be even worse.
http://finance.yahoo.com/news/RealPage-MPF-Research-pz-1920867385.html?x=0&.v=1
make everyday count

Will it be too much if I ask and you honestly answer to my question, did you hike 7.8% rent on your investment properties?

SF ace says

MPF research has San Jose at 7.8% percent rent hike for the 12 month ending 3/31/2011. the next 12 month may be even worse.

Out of curiosity, who runs the company that produces this data?

I am in a good part of Orange county and I still have to see 0.0001% hike in my rent in last 18 months. Boots on the ground report says otherwise.

all you need to do is stay away from these giant apartment complexes and rent a house or from a private condo owner. Smaller owners typically will keep rent steady because they value good reliable renters and maintain a good relationship. Big faceless corporations just want to squeeze every penny from their renters.