It’s a Good Time to Be a Renter
Average apartment rents in the United States fell 3% in 2009 and vacancy rates hit a 30-year low of 8%, according to data released today by real estate research firm Reis Inc. Several large landlords have sweetened the deal for renters, reports Reuters, offering lower rents and special deals.
While regional markets vary, these figures imply an advantage for renters and apartment hunters nationwide over last year, when average rents declined only 0.4% and the vacancy rate rose to 6.6%.
Do think now is a good time to be a renter?
Related Articles:
- How to Negotiate Rent With a New Landlord
- How Much Money Do You Need to Rent an Apartment?
- What You Must Pay Before You Sign a Lease
- What You Must Pay When You Sign Your Lease
- What You Must Pay During Your Lease Term
It’s a Good Time to Be a Renter originally appeared on About.com Apartment Living / Rental on Thursday, January 7th, 2010 at 18:20:42.
Permalink | Comment | Email this
More: continued here
‘Virtual Doormen’ Becoming Reality at Apartment Buildings
Many renters prefer living in a building with a doorman, and for good reason. Doormen offer extra security and convenience, from screening visitors to accepting packages. But having a doorman is an amenity that not every apartment dweller can afford.
Enter the “virtual doorman.”
Virtual doormen are already reality at over 100 apartment buildings in New York City, according to a recent report from WCBSTV.com. Although virtual doormen may be located thousands of miles away, they can unlock doors and let visitors enter buildings. If a virtual doorman spots trouble over the video monitor, he or she can notify the police. Tenants can also communicate with a virtual doorman by e-mail, such as to touch base about an expected guest or package.
All this reportedly comes at a price estimated at roughly 80% less than the cost of a real doorman.
If you live in an apartment building with a doorman, would you be happy to switch to a virtual doorman to save in rent? Though perhaps not ideal, would having a virtual doorman be preferable to having no doorman at all?
Related Articles:
- Follow Intercom Security Tips
- Don’t Let Your Answering Machine Advertise the Fact You Live Alone
- How to Find the Right Apartment for You
- How Much Money Do You Need to Rent an Apartment?
‘Virtual Doormen’ Becoming Reality at Apartment Buildings originally appeared on About.com Apartment Living / Rental on Saturday, October 24th, 2009 at 12:07:29.
Permalink | Comment | Email this
More: continued here
Madonna’s Neighbor Wants Coop Board to Evict Her
If your downstairs neighbor blasts music, you probably don’t appreciate the intrusion, even if it happens to be music that you normally enjoy (when you listen to it on your own terms).
But what if your downstairs neighbor was a famous pop star, and the music you heard (not to mention some stomping) was the actual star rehearsing live? Would that make any difference? Would the possible appeal offset the nuisance?
It’s clear that the woman who owns the New York City coop just upstairs from the Material Girl would say no.
After reportedly putting up with rehearsal noise from Madonna’s apartment for several months, the neighbor is suing the coop board in the hopes of getting Madonna evicted, according to the Associated Press.
Have you had to put up with loud music from a neighbor’s apartment? How have you handled the situation? Would it make any difference if a problematic neighbor was a celebrity, especially one whom you admired?
Madonna’s Neighbor Wants Coop Board to Evict Her originally appeared on About.com Apartment Living / Rental on Tuesday, October 20th, 2009 at 18:25:49.
Permalink | Comment | Email this
More: continued here
Spend Less This Year to Heat Your Apartment
If the thought of spending lots of money to heat your apartment this winter makes you shiver, don’t despair. There are some simple, inexpensive products out there that were designed to help you save a bundle on your heating bill.
These low-cost items fit any budget and could pay for themselves several times over, given the savings.
Here are some options to consider.
Spend Less This Year to Heat Your Apartment originally appeared on About.com Apartment Living / Rental on Thursday, October 22nd, 2009 at 19:48:05.
Permalink | Comment | Email this
More: continued here
Higher Vacancy Rates Bring Benefits to Renters
Over 70% of property owners are experiencing higher vacancy rates, according to a recent Rent.com survey of property owners representing 3,900 communities and 987,450 rental units.
This comes as good news to renters, because it has prompted many of these owners to offer breaks to make apartment expenses more affordable, with the goal of attracting and retaining good tenants.
The survey found that, among these owners:
- 69% are reducing their rents;
- 65% are providing free rent for at least one month;
- 35% are reducing the amount of required deposits;
- 16% are offering complimentary apartment upgrades;
- 14% are showing tenants leniency for breaking leases early;
- 10% are offering reduced-rate storage or parking;
- 6% are relaxing their pet policies; and
- many are promoting move-in specials, lease renewal programs, and tenant referral programs.
Have you benefited by the economic downturn and higher vacancy rates? If you’ve tried to negotiate with landlords, have you found them to be more flexible than you might normally expect?
Related Articles:
- How to Negotiate Rent With a New Landlord
- How to Break a Lease
- Check Apartment Lease Before Buying a Pet
- How Much Money Do You Need to Rent an Apartment?
Higher Vacancy Rates Bring Benefits to Renters originally appeared on About.com Apartment Living / Rental on Friday, October 16th, 2009 at 12:55:01.
Permalink | Comment | Email this
More: continued here
Should Former Tenant’s Tweet Make Her Liable for Libel?
“You should just come anyway. Who said sleeping in a moldy apartment was bad for you? Horizon realty thinks it’s okay.”
This is the short statement, or “tweet,” that Amanda Bonnen, a former tenant of a Chicago apartment building, casually posted on May 12 to her Twitter account. Twitter accounts are free and users don’t pay to post their thoughts, but this particular tweet now carries the threat of a hefty, unprecedented price tag.
The building’s management company, Horizon Realty Group, has filed a civil complaint against Ms. Bonnen for over $50,000 in damages, claiming she slandered Horizon by posting what it claims amounts to a statement that is false and unfairly hurts the company’s reputation. (You can read the complaint here, courtesy of the Chicago Sun-Times.)
Although Ms. Bonnen’s Twitter account (now deactivated) was public, she had only 20 followers, and it’s clear that the tweet at issue was posted as a reply to another user.
Do you think Horizon has a valid case against its former tenant? If so, given the probably very small number of people who read the tweet before the lawsuit’s publicity, is $50,000 an accurate reflection of the reputational harm that the company allegedly suffered?
Related Articles:
More: continued here
When Hate Hits Home
A tenant at an apartment building in Rochester, Minnesota returned home Tuesday evening to find a swastika painted on her mailbox. She also discovered epithets in the laundry room aimed at her particular race (which was unidentified in news reports).
Although the authorities succeeded in removed the swastika promptly, the message of hate still lingers, affecting not only the intended target but others who call the building home. Indeed, some tenants described the act to the local ABC affiliate as a “direct assault” on the peace and quiet of the whole complex.
Has your apartment building ever been vandalized with messages of hate? If it has and you weren’t the direct victim, how did it make you feel? What, if anything, are you and other tenants doing to help prevent such acts from occurring at your building?
More: continued here
When Landlords Need a Letter of Employment
If you’re currently looking for a rental or you plan to go apartment hunting soon, expect that a landlord might ask you for a letter of employment.
A letter of employment is a short document that gives a landlord third-party verification that you work for the employer you claim on your rental application. It also provides some basic information about your work situation, such as your salary.
Here’s what to do the next time a landlord asks you for a letter of employment.
(© Photodisc / Getty Images)
More: continued here
Feeling Lucky Lately?
Are you paying too much for your apartment, did your landlord recently increase your monthly rent payments, or are you simply trying to save money? Whatever your situation, you probably wouldn’t mind a break in your rent. Fortunately, two new contests are offering just that for some lucky renters:
“Free Apartment Rent for a Year” (Apartment Guide and Penske Truck Rental)
Apartment renters with a Twitter account may be just two quick steps away from an attractive $15,000 grand prize, aimed at helping cover a year’s rent. The grand prize winner will also receive a credit of up to $1,000 for a Penske truck rental to help with a move. Four iPod touch (8GB) runner-up prizes will also be awarded.
The contest runs through August 31, 2009, and multiple entries are acceptable. Visit the official contest site for rules and additional information.
“NYC Apartment Contest” (Daffy’s)
How would you like to rent an apartment in one of New York City’s most desired neighborhoods at 90% off the normal asking rent? One lucky winner will do just that. The prize is a furnished, luxury apartment in the West Village. The deal is that you sign a lease for 10 months at $7,000 per month — but you pay only $700 to the landlord, with Daffy’s forking over the remaining $6,300. Additional prizes will be awarded to five finalists. To enter, visit a Daffy’s store to create a 30-second video explaining why you should win. You don’t need to live in New York City, but you must be a legal resident of New York, New Jersey, Connecticut, or Pennsylvania.
The contest runs through August 14, 2009. Visit the official contest site for rules and more information, including how and where to submit your video.
(© Photodisc / Getty Images)
More: continued here
Airbed Creates Nightmare for Unsuspecting Tenant
Don’t use a tire repair solvent to plug a hole in an airbed, then attempt to inflate it the next day with an electric air pump. That’s the lesson a tenant in a Duesseldorf, Germany apartment building learned this week after a spark from the pump caused his mattress to explode, according to a report from Reuters.
The tenant and a toddler suffered burns from the blast, which also inflicted serious damage on the apartment’s walls, windows, and furniture.
If you use an airbed in your apartment or inflate one when a guest visits, avoid problems by following your airbed’s instructions for its proper use and care.
More: continued here