Do majority of families in Lakewood rent out their basement?

amother

Blush

Wed, Dec 20 2023, 11:25 am

Chayalle wrote:

She seems to feel that by not making her aware that he wasn't putting a percent limit in the lease, he pulled the wool over her eyes. No one else she knows can do this, but he can because he didn't put it in the lease.

I agree that it's equally on her to know what she's signing and what ought to be in there, but at the same time, I do get that young people get married and move to these apartments with no clue what they are getting in to....

Thing is, that's called "a learning experience". Life is made up of them.

So she has 3 choices.

1) stay where she is, paying normal market rent, even though it's very high today. Continue to be angry and resent the landlord

2) move someplace further out, pay cheaper rent, and use this learning experience to make sure the new lease protects her

3) stay where she is, paying the high rent, but with a smile on her face, knowing that she's paying the same rent prices as everyone else in the area. And she can even be grateful that the rent started out 80% lower, so she had a little bit of time to save up before the market boom.

amother

Forsythia

Wed, Dec 20 2023, 11:30 am

From landlord side who owns an older home (who btw have not raised much):

Taxes - have increased significantly.
Repairs- older homes while we may have a lower mortgage, we now have huge repair that come after 20 years. Roof, (yes tenant lives under the roof), appliance, plumbing, air conditioning and heating systems, boiler etc.
When you leave - painting and carpet cleaning and small repairs will cost much more than anticipated when renting to you. It could run about half a year of the original rent price.
Association fee - this has increased significantly. Our association is also charging a huge amount for a one time large project. The tenants are the main beneficiaries of this project.

Should all the extra expenses be the landlords problem only?

amother

Bronze

Wed, Dec 20 2023, 12:18 pm

Chayalle wrote:

I think that the fact that rent increase isn’t limited in the contract doesn’t excuse my landlord making the choice to utilize the option he had of doubling my rent. It’s an immoral, unkind choice he made in my view. It was my first time renting and I was busy with wedding prep, I left the rent arrangements to my chassan to figure out.

amother

Starflower

Wed, Dec 20 2023, 12:21 pm

amother Bronze wrote:

So it's the landlords fault you were busy with wedding prep and your husband didn't due his due diligence?

amother

NeonPurple

Wed, Dec 20 2023, 12:28 pm

amother Bronze wrote:

I think the worst might be you feel singled out because other neighbors are still paying the cheaper rent they started with. It would be hard not to feel jealous since it seems they are so much better off. I'm sorry this is happening to you, I'm sure you didn't anticipate such an increase in cost of life. I understand the landlord's position, but I also understand why it feels so unfair to you. Only thing I can think to say is, may it be a kapparah for you. When stuff breaks in the house, I tell my kids better on the house than on any of you. That Hashem should always protect us and put the harm on the house. Maybe some version of that can help you process and accept?

amother

Bronze

Wed, Dec 20 2023, 12:29 pm

amother Starflower wrote:

So it's the landlords fault you were busy with wedding prep and your husband didn't due his due diligence?

Again. The fact that he has the ability to exercise the option of doubling our rent in two years contractually does not make it a nice or moral thing to do. It’s still disgusting.

amother

Bronze

Wed, Dec 20 2023, 12:29 pm

amother NeonPurple wrote:

Thanks I appreciate this message. I’m struggling religiously for other reasons but I know adding Hashem to the picture would make me feel a lot better about it.

amother

Bronze

Wed, Dec 20 2023, 12:32 pm

amother Starflower wrote:

More disgusting than the grocery stores doubling the price of food?

That’s disgusting too and I only buy meat and milk at the Jewish grocery stores for that reason. Everything else is bought at Walmart or Aldi.

Moving is a huge deal. It means paying moving costs. I can’t afford that. If he keeps raising the rent further so it’s above the market rate, I’ll put it on a credit card and move out just to get him out of my life.

amother

Cognac

Wed, Dec 20 2023, 12:32 pm

amother Bronze wrote:

Again. The fact that he has the ability to exercise the option of doubling our rent in two years contractually does not make it a nice or moral thing to do. It’s still disgusting.

It’s not disgusting or immoral. You’re just mad at yourself for not being careful when signing your contract.

amother

Starflower

Wed, Dec 20 2023, 12:35 pm

amother Bronze wrote:

Just gonna point out that you seem to be talking a lot about moving costs...you can do that for minimal costs. I moved twice and it barely costed anything. Dh made multiple trips with his minivan and had a friend or 2 help him. Could be it's not as expensive as you think and you can be rid of your horrible landlord for once and for all.

amother

Grape

Wed, Dec 20 2023, 12:38 pm

im a tenant..

I think that a landlord can make any decision necessary but its important to keep in mind that you are dealing with other people here..

and yes.. groceries doubled and everythings expensive - all true. but that doesnt take away the fact that your money might be causing tzaar for someone else.
you may ultimately prioritze yourself, (which is sometimes the only option) but dont think that you are perfectly ENTITLED to raise and raise rent without any consideration for another family and not have to give a din vcheshbon one day.

also to OPs point I would never ever want a tenant in my basement.. I need my space.

amother

Bronze

Wed, Dec 20 2023, 12:39 pm

amother Cognac wrote:

It’s not disgusting or immoral. You’re just mad at yourself for not being careful when signing your contract.

I disagree. And no, I’m not.

Anyways, I’m done discussing this. It’s been rehashed too many times, op lost control of her thread. Sorry op.

I will work on achieving a more calm perspective about this. If I ever end up being a landlord, I’m looking forward to being a kind and reasonable one.

GLUE

Wed, Dec 20 2023, 12:47 pm

amother Starflower wrote:

More disgusting than the grocery stores doubling the price of food?

Yes, because a house is not a bagel.

When the price of food goes up you have an option to
a-buy cheaper food
b-eat less
c-go to food banks

When your rent goes up your options are to
a-move which you might not be able to afford, moving costs money and you have to find a place to move to which is not easy
b-pay more even if it's unaffordable
c-tell the landlord you are not paying more, which a lot of people have done. Is that better?

Homeless is a housing problem go across the country the higher the housing prices the more people who are homeless.

People are compering real estate to stocks and other investments, well guess what with investments sometimes you make it sometimes not.
If you are looking at an apartment from an investment point of view then you have to know that sometimes you gain sometimes not and if you have tenants already you can't get the same price as your next door neighbor.

amother

Ballota

Wed, Dec 20 2023, 1:10 pm

GLUE wrote:

I agree, and thats what I said on my post on page 4 (Bronze, Im sticking up for you Very Happy

). Housing is THE most important thing a person needs. U need to be a mentch, and to the other poster about moving, its really not so simple. Its a big tircha, and not everybody can take apart furniture and shlep things.

amother

Cantaloupe

Wed, Dec 20 2023, 1:37 pm

amother NeonPurple wrote:

I agree with your assessment. In large part, those market forces are applicable to the 1 bedroom dilemma you mention. New construction homes are making larger apartments so there aren't as many smaller apartments available. The older, smaller ones have small non-functioning windows or no windows at all, and they are very unpleasant. Newer construction has improved a lot, and its difficult to expect young people to willing to live the old-fashioned way... It makes sense to stay in the same apartment for a few years and have room for the hoped-for children who will come along without having to pick up and move and incur the expenses from that.

When we were newlyweds, we rented a 1 bedroom apartment. It was actually a nice sized apartment, mainly because they'd increased the living area by decreasing the bedroom area. So when it came time for us to consider where we could put a baby, we were stuck. The bedroom had simply nowhere for even a mini crib, and we didn't want to put baby in the other room which was an open plan living area. So we ended up having to move a couple of months before I was due to another apartment that would allow us that extra bedroom space. So I do totally understand people thinking it's more practical to just start off somewhere that will allow for growth.

amother

Turquoise

Wed, Dec 20 2023, 4:46 pm

Chayalle wrote:

See Turquoise's post, some people think a landlord should never raise the rent.

I never said its not mentchlich to raise the rent. If I came across that way then I didnt mean to. What I said was its not mentchlich to raise the rent by hundreds of dollars a month.
I also said that to me its more imp to have happy tenants than go up right away $100 a month.

amother

Turquoise

Wed, Dec 20 2023, 4:59 pm

amother Saddlebrown wrote:

The real estate companies are hardly to blame for market forces and supply and demand. Perhaps they are to blame for marketing Lakewood so heavily in Brooklyn, especially to chassidish but once there were too many people chasing too few houses the price increase was a given.
It was a confluence of rising income as Lakewood salaries jumped, and low interest rates. With so many people bidding on the same house, the prices kept shooting up until people could no longer afford it as interest rates rose and incomes began to stagnate. That is why you are seeing prices stagnate and even fall a bit (prices for buildable land have dropped in the Lakewood area even more substantially as housing starts shrink.)

Even with the rentals, prices for 3 bedroom 2 bath basement would be substantially lower if every newlywed couple would be ok with a one or two bedroom apartment to start. We were in a 1 when we got married, and saved the money for a down payment on our house. Every new couple needs an upgraded large apartment so there is more demand than supply driving up prices.

I know theyre not to blame 100%. But, they are somewhat to blame. I spoke to an owner of new houses and he told me he would sell one of them to me for about $750,000. That night he said forget it Im not selling. Im being told I could wait a few weeks and sell for 1 million. To make the story short a very popular real estate company in Lakewood went to the owner that day and told him dont sell you could sell for more. So, yes I know that the market price went up but this company wanted to be the one to make the sale so they told the owner we will sell it for more...

Chayalle

Wed, Dec 20 2023, 6:31 pm

amother Turquoise wrote:

When I bought my house, the (frum Jewish) agent told me a whole string of lies in order to try to get the price up. I know someone who is currently looking to buy a house and she's finding that as soon as she's interested in something, the agent starts telling her why she should increase her offer, that for various reasons it's going to be worth more....

amother

Turquoise

Wed, Dec 20 2023, 6:43 pm

Chayalle wrote:

Dont get the point of youre post? Youre trying to tell me that what I wrote might not be true? I know this for a fact. How, you want to know? Its not info I need to share. You could choose not to believe what I shared. But its 100% true. I didnt hear it from an agent. I was sort of dealing with the seller.