Extra pinch for landlords

Recessions can be tough on landlords. Job losses often prompt renters to leave, just as new tenants are becoming hard to find.

[Fed up with bailing out]

I don't feel sorry for landlords at all. If you can pay their rent prices, you can more then handle a house payment.

[Phil]

Add in St. Paul agressive code enforcement and ti makes it darn tough to find a affordable place to live.

[minnesotan]

I agree--why would you want to rent a one-bedroom apartment for $800 or more, when you can buy a whole house for that same money? Makes no sense.

[Jim in Downtown]

As a former owner/manager/occupant in a four-plex, the loss of a rental unit can hurt, two is serious, as property taxes, heating, water, upkeep remains the same no matter what. These days I rent and feel the pain of my landlords, the pain I used to feel.

[Robby]

Another government program gone bad. Wait till they start foreclosing on the properties, then we'll (the tax payers) have to pay again.

[Robby]

minnesotan wrote:

I agree--why would you want to rent a one-bedroom apartment for $800 or more, when you can buy a whole house for that same money? Makes no sense.

I'll tell you why lib. Because along with the $800 per month house payment comes, taxes, insurance, upkeep (unless your a lib), and add on responsibility in home ownership, and you have many reasons for renting.

So now your looking at 1200 to 1300 per month, and oh ya, the furnace goes out you have to call a repair man for $100 per, not the sup.

Wake up!

[TrollAlert]

Robby wrote:

<quoted text>
I'll tell you why lib. Because along with the $800 per month house payment comes, taxes, insurance, upkeep (unless your a lib), and add on responsibility in home ownership, and you have many reasons for renting.
So now your looking at 1200 to 1300 per month, and oh ya, the furnace goes out you have to call a repair man for $100 per, not the sup.
Wake up!

Yay! More Trolls!

[DoesntApply]

-- "Some lenders will provide a mortgage if borrowers make a down payment of just 3.5 percent, Moe said. On a $200,000 mortgage, that comes to just $7,000 — less than the $8,000 tax credit."

That's completely irrelevant. The prospect of an $8,000 tax credit doesn't do anything to help one obtain a mortgage. The $8,000 tax credit can't be used toward a down payment or closing costs. You don't receive it until AFTER you've already purchased the house. If you don't qualify for a mortgage because of no down payment/income/credit/etc ... you won't get a mortgage.

[more govt]

Obama is just trying to reinflate the housing bubble (and waste taxpayer money!). When the subsidy finally stops and housing starts to deflate again, I wonder if realtors like Marver will cry for more subsidies or accept the results of their short-sighted advocacy?

[cash for clunkers]

I wonder if Marver and other realtors think cash for clunkers should be extended -- or do they only want gov't subsidies to help their own industry/pocketbook?

[Jesse M]

Robby wrote:

<quoted text>
I'll tell you why lib. Because along with the $800 per month house payment comes, taxes, insurance, upkeep (unless your a lib), and add on responsibility in home ownership, and you have many reasons for renting.
So now your looking at 1200 to 1300 per month, and oh ya, the furnace goes out you have to call a repair man for $100 per, not the sup.
Wake up!

I agree with you on the fact that owning a home brings with it more than just the monthly mortgage but and very interested to learn that I can find out ones political views simply by judging the upkeep on their home. I guess I have a lot to learn...

[Karen]

People like Marver are the reson we are in this mess. They're always loking for a free lunch on someone elses dime.

[Fed up with bailing out]

Robby wrote:

<quoted text>
I'll tell you why lib. Because along with the $800 per month house payment comes, taxes, insurance, upkeep (unless your a lib), and add on responsibility in home ownership, and you have many reasons for renting.
So now your looking at 1200 to 1300 per month, and oh ya, the furnace goes out you have to call a repair man for $100 per, not the sup.
Wake up!

Wake up? You're the one who needs to wake up. Obviously you would only put the bare minimum down payment on a house - so yes, your going to have larger house payments. What you're paying in rent is money down the drain. What another individual pays in mortgage payments goes toward ownership of their own home. While you're still paying rent and own nothing - we have our home paid for and only have to pay $200 per month in taxes plus utilities. Oh, we just purchased a new furnace and have a friend who will help install it for us. We're due for a new furnace & air conditioning and will be putting that in as well. There will be a nice tax credit on that for us. While you paid premium prices for vegetables in the grocery store this summer, we planted a garden and got all of our straight from the garden fresh vegetables we need for free in our own garden in our own back yard. Yum! We only paid $25,000 for our home more then 30 years ago. Even with today's troubled housing market, our home is worth $250,000 today because we live in an area where homes sell like hot cakes. Where has paying rent gotten you or anyone? It's still worth it to purchase your own home. Now that we're of retirement age we pay way less to live in a beautiful well-kept home while other retirees who never purchased a home are wondering where they're going to come up with over $1,000 a month for an apartment when their social security check is less then that. You are probably a landlord and that's the reason you're giving poor advice.

[9to5r]

Fact of the matter is that most folks don't have money in the bank for a down payment on a house.(I have coworkers with <$50 in their bank accounts)Most people also have bad credit. There are over 500+ homes that are empty in the twin cities due to foreclosures. These people have to be living somewhere, right?

[sock]

Zamma wrote:

If you think the rental market sucks in the Twin Cities try renting a house in the country near Darwin, MN. Just 40 Miles from the metro area you could rent a house and garage all on 40 scenic acres for just $500/month + utilities. Or you can stay in St. Paul and live in a little apartment with NO view and spend $1000/month!

Sounds nice but the commute is a deal breaker

[landlord or slumlord]

The owners of these apartment bldgs have finally gotten what they deserve. The rent on a one bedroom apt can be anywhere from $680.00--$800.00 a month and some of them are dives. I rented a one bedroom apt. from a bldg. in 1988 for 350.00 a month and was floored to see this ran down bldg. on in the same condition now asking $700.00 a month. You get NO symathy LOWER your rent or repair your smelly ran dowN bldgs. Shame on most of you that are slumlords anyway with over priced rent. My brother rents a studio [no bedroom} AND HE PAYS 520.00 A MONTH . THEY ARE GREEDY!! and do not care about the carpet that smells and is 20 years old, or the old windows. Just their rent. Times are hard people are homeless or Of little means but you want 750 for a one bedroom! SHAME ON YOU, AND IT'S ALWAYS THE EXCUSE WE NEED TO RAISE THE RENT FOR COST OF LIVING, WELL THAT WOULD MEAN YOUR FABOULOUS HOME I'M SURE!

[IrishMN]

Every time there is an extra pinch for landlords, there is a double extra pinch on the renters.

[4evrFarve]

Maybe if landlords lower their asking rent AND not run a credit check, but instead verify they can or have the means to pay the rent, then they will get people to rent from them again. Lots of people\families are homeless, but work because they either can't afford the high rent, or their past credit is haunting them. Maybe they have poor credit because they had to make high rent payments and was not able to pay other bills on time......?

[The Big Bopper]

Lower the rent....

[TruBlu]

minnesotan wrote:

I agree--why would you want to rent a one-bedroom apartment for $800 or more, when you can buy a whole house for that same money? Makes no sense.

Because for $800 you can rent a nice apartment in a nice neighborhood or you can own a dilapidated shack in a bad part of town.