Apartment Bidding?

amother

Wed, Oct 20 2021, 10:07 pm

Moving to Lakewood and I found an apartment (finally!). After seeing it I told them I would like to take it and send a deposit but was told I needed to wait since they are expecting other offers and they don’t know how high they’ll get for it.

I’m not used to this- is it normal? Is it like the highest bidder gets the apartment?

amother

Violet

Wed, Oct 20 2021, 10:14 pm

Wow that’s so sad

Speaking as landlord in Lakewood

amother

Freesia

Wed, Oct 20 2021, 10:15 pm

amother [ OP ] wrote:

Welcome to the real estate market 2021!! LOL

amother

Apricot

Wed, Oct 20 2021, 10:16 pm

Wow!! Shocking... Surprised

Never heard of that yet.

amother

Honey

Wed, Oct 20 2021, 10:16 pm

No, I don't think that's normal. I mean it is really hard to find an apartment but I've never heard of that before.

amother

Dustypink

Wed, Oct 20 2021, 10:17 pm

No that wasn't normal in the past, but now with the apartment shortage it sounds like they are taking advantage of it.

amother

Freesia

Wed, Oct 20 2021, 10:18 pm

amother [ Honey ] wrote:

No, I don't think that's normal. I mean it is really hard to find an apartment but I've never heard of that before.

I’ve heard of it unfortunately- when buying a house though. The seller starts off at a really low price and then everyone comes running with higher numbers outdoing the other… basics nower days.

amother

Tulip

Wed, Oct 20 2021, 10:34 pm

I haven’t heard of this and honestly it would make me hesitant to take the apartment. It sounds like they will be quick to raise the rent when they can.

Notsobusy

Wed, Oct 20 2021, 10:57 pm

amother [ Tulip ] wrote:

I haven’t heard of this and honestly it would make me hesitant to take the apartment. It sounds like they will be quick to raise the rent when they can.

I agree with this. Chances are they won't be pleasant landlords. They don't sound like very nice people.

sky

Wed, Oct 20 2021, 11:17 pm

They don’t sound like straight ppl and a nightmare to rent from long term.

If you do rent from them make sure you have an iron clad lease. How many years? How much can rent be raised after lease ends.

I wouldn’t trust them.

Chayalle

Thu, Oct 21 2021, 9:54 am

The rental market is crazy. I'm a landlord, and I've had people ask me when my lease with current tenants is up, and are they leaving. And if they leave, how much will my rent be. Like I have nothing better to do than speculate about what might be in a few months and what I might do then.....Nuts.

From a landlord perspective, I will say straight out that money isn't everything. I research my tenants, and I'm grateful to have had only pleasant experiences so far, B"H B"H B"H. I'm not kicking them out in order to get higher rent from aggressive people. No thank you.

In the converse, I would tell a tenant that with a landlord where money is everything, stay away.

amother

Teal

Thu, Oct 21 2021, 9:58 am

my rent in boston went up by $three hundred and fifty dollars a month it is a small three bedroom
one and a half bath

Chayalle

Thu, Oct 21 2021, 10:15 am

amother [ Teal ] wrote:

my rent in boston went up by $three hundred and fifty dollars a month it is a small three bedroom
one and a half bath

Did you have a lease with a clause about how much the rent can be raised? If you did they wouldn't be able to do this.

I have a lease with my tenants, that was prepared by Lakewood's Bais Din Maysharim. You basically print it out online (and send them $36 to cover the costs. I do this every time I renew.) and then you fill in the blanks. There are amounts that are pretty standard - when I first started leasing, I asked other landlords what they do.

So even though the rental market has gone up astronomically, I raised my tenant's rent by $50 this past year, which is about what I can raise them in a year, based on the agreed upon percent.

When they leave, I can start new renters at whatever price I want. But I won't kick them out in order to rent to someone new at a higher rent. (I can tell them to find another place if I want it for my own personal use, including, for example, if my DD gets married and wants to live there. Or if there are any issues between us. But there aren't B"H. They've been mentchlich, and it behooves me to be also.)

And it's okay with me. Money is from Hashem. I'll have whatever He wants me to have. And stress and aggravation is something I don't need in my life. I'd rather rent to nice people than aggressive people who can pay more.

amother

Steel

Thu, Oct 21 2021, 10:27 am

Bidding for a rental?? That's crazy.