Monday, July 16, 2007

the tenant


Well, that last post was a sleeper...

Van-City Slumlords is a new blog taking on specuvestors(?) who are trying for ridiculous amounts of rent. The blogger is choked. Understandably.

I don't have much trouble with my tenancy. I have lived in the house for 7 1/2 years, and have had only 2 rent increases (in line with the RTA). Management changed a couple of years ago, and the accountant now collecting the rent tried to raise it by about 13% last winter. I told him that he had a choice between not raising the rent, and keeping us, or having to make some hefty modernizations, and good luck that the new tenants don't turn it into a grow-op. He didn't raise the rent.

I am lucky though, I have been here quite a while, so the rent was reasonable in the first place. I am glad that he didn't call my bluff though, because by all accounts, trying to rent right now is a nightmare. Amateur LL's trying to cover ridiculous mortgages with ridiculous rents on ridiculous hamster cages with ridiculous terms, and other pieces of like shite. I definitely would not buy anything. I would leave town - much as I do really like it here.

I really think that with the squeezing of tenants to cover just a part of the mortgage, the game is well nigh over. Idiots may be "happy" enough to drop 70% of take-home pay on their own abode, but there is no way on earth that people are going to pay that kind of money to rent a hell-hole. The buck stops with the tenant. That is the margin.

Check this blog out (link in sidebar). It's full of vitriol and foul language, but is a good measure of what is going to happen. At least that's what I think. The blog has video, and links that show that this is not just a local phenomenon either.

Let them eat cake indeed.

13 comments:

Patiently Waiting said...

Glad to see. I left a message about taking it to the next level and getting political. I know I'm ready, but just don't know where to start.

BALLS AND MY WORD™ said...

THANKS FOR THE WORDS.
THE GREED OUT THERE IS DISGUSTING AND WILL ONLY INCREASE WITH THE OLYMPIC HYPE.
THESE DOUCHEBAGS ARE UNFAIRLY PULLING HUGE AMOUNTS OF CASH FLOW OUT OF THE LOCAL ECONOMY.
AN EXAMPLE WOULD BE MY NEIGHBOR WHO FEELS DISGUSTED WITH HIMSELF FOR SHOPPING AT WAL MART BUT WITH HIS MOST OF HIS OVERHEAD BEING RENT HE IS DESPERATE TO MAKE HIS MONEY LAST. HE WAS PAYING 750 A MONTH FOR RENT LAST YEAR BUT HIS PLACE WAS SOLD. THE NEW OWNER(PREDATOR) ADDED A SHITTY DISHWASHER,FIXED A WINDOW AND OFFERED HIM TO STAY IN THE PLACE BUT WOULD BE CHARGING $1100.00. ALTHOUGH HE FEELS RAPED HIS WORK IS VERY CLOSE AND HIS PARENTS ARE 2 BLOCKS AWAY.
INSTEAD OF SHOPPING LOCALLY HE NOW BUYS MADE IN CHINA SHIT AT WAL MART.

I PERSONALLY DON'T SHOP THERE ,NO MATTER HOW TOUGH TIMES ARE.

THESE GUYS ARE BOTTOMFEEDERS THAT ARE HURTING THE CITY, BOTH IT'S PEOPLE AND IT'S ECONOMY

I FOUND A PLACE THAT I THINK IS FAIR AND IT WASN'T ON CRAIGSLIST OR ANY OTHER LISTING. IT WAS THRU WORD OF MOUTH.

I RECOMMEND THAT YOU LOOK AND SPREAD THE WORD MONTHS BEFORE YOU ACTUALLY HAVE TO MOVE OR YOU WILL BE AT THE MERCY OF THESE CLOWNS

I WILL CONTINUE WITH PUTTING MY TIME INTO THE SITE AND NEED ANYHELP AND PARTICATION YOU OR YOUR FRIENDS CAN MUSTER

Anonymous said...

I can't understand this Olympic hype. Did this happen in other cities? Did everyone want to move to Atlanta, Barcelona, LA or does Vancouver just think its "special". I always said before that the Olympics are a kiss of death for most cities and all of ended up with huge debts except for Atlanta.

kfinancials said...

balls and my word


I agree with you. People should just move in with their parents. Move in with roommates.

Ease off on the MADE IN CHINA comment. 75% of the goods we use are made in China. I wouldn't be supprise if more than half the things you own is made in China.

M- said...

Another crappy rental apartment, from CBC News

third_party said...

you said "It's full of vitriol and foul language, but is a good measure of what is going to happen. At least that's what I think."

what is going to happen... well, no one knows for sure, but I think it goes something like this: renter needs to live somewhere, can no longer afford Vancouver so moves to cheaper area. the end.

mk-kids said...

My husband & i have been looking for a decent place to rent for about 6 months now. We aren't in a hurry, we just need something a little bigger that we want to stay in for a few years. I have to say rents are insane! Tons of amateur specuvestor landlords trying to cover their ridiculous mortgages. We absolutely refuse to pay $1800 for a 700 square foot apartment on a busy downtown street. We are lucky that we have the luxury of saying no thanks right now, I wish everyone could do that & drive the rents back down.

We've actually had prospective landlords tell us that if they can't get for rent what they want, they'll just sell their place. Soemthing has gotta give.

solipsist said...

"renter needs to live somewhere, can no longer afford Vancouver so moves to cheaper area. the end."

exactly...

"We've actually had prospective landlords tell us that if they can't get for rent what they want, they'll just sell their place. Soemthing has gotta give."

They can sell them, but the next sucker is holding the bag and they won't be able to rent it either.

I really think that the renter is the margin, and will have an effect on RE prices in the long run. I predict that there will be lobbying of the guv'mint to gut the RTA and rent controls. Then we will see a ghost-town.

It's coming undone.

aetakeo said...

We're re-doing our space so we can stay here a bit longer. Were planning to move to a 3 bedroom in the same complex, but rents just shot up for new leases. Forget it.

Media Watch said...

"Glad to see. I left a message about taking it to the next level and getting political. I know I'm ready, but just don't know where to start."

Patiently Waiting:

You want to get started!

One of the reasons the bubble has not popped yet, is that those who are making huge profits from it are well connected with politics and the media.

You might want to start with the local media celebrities, some of them have enormous amount of cash invested in RE.

The approach to take is that you want to know if you are listening and or watching an infomercial.

The CRTC may want to know, if the broadcast is an infomercial which the host has a commercial interest in.

aftersol said...

Hello all!

Well, we're frantically packing and getting ready for the big move. Our place will be available to rent August 1 as far as I know. We currently pay $1800. It's 2200 sqft Vancouver Special. 3 bed, 1 1/2 bath up. Downstairs can be rented out as suite, although, we never bothered because we wanted our privacy. No carpets anywhere, original owner was Italian loved tile. Upstairs bedrooms are hardwood. Not much of a back yard. Renfrew Heights Area, 19th Ave block from Renfrew Community Centre. Quiet neighbourhood, close to skytrain stations. Dishwasher, dryer and downstairs stove need to be replaced, otherwise, everything else is in pretty good working condition.

Albuquerque real estate said...

You definitely played it right. You can't just let landlords try to push you around - and sometimes an ultimatum like that is the best approach.

Warren said...

aftersol,

Funny I was just about to post about the great place/landlords I have, and I'm within a few blocks of your place.

Obviously "balls" has had some serious issues renting, as have others in the GVRD, but there are good and honest landlords out there. I like to think I'm one of them. I've had my share of tenant issues as well, its not a one-sided relationship.

Don't worry about the specuvestors, they'll get their dose of reality soon enough.

Just for example, I rent a 3 bedroom basement, very clean, no carpets (laminate/tile), utils included, $1000/month. I just started my 4th year here, no rent increases.

Oh ya, I have a cat and dog too (who moved in 2 years after I started living here).