Raising Rent In Lakewood

[knowitall]

Did tenants hold back payment during COVID, when they could have easily done so? Why is everyone assuming that it’s a one way street? Most tenants are very reasonable. And lots of landlords are taking advantage of the current market to higher the tenants rent for no reason other than they could.
In short; Is everyone’s memory so short that they forgot about all the COVID laws, and how almost all tenants still paid all the rent on time when they had no obligation to?

Do you realize how ridiculous you sound? How is charging a fair and reasonable price, as determined by supply and demand, considered taking advantage?

[Yakov15]

Do you realize how ridiculous you sound? How is charging a fair and reasonable price, as determined by supply and demand, considered taking advantage?

Nope I don’t realize, fill me in.
How is taking advantage of the current situation and charging abnormal amounts called “a fair and reasonable price”?

[S209]

Nope I don’t realize, fill me in.
How is taking advantage of the current situation and charging abnormal amounts called “a fair and reasonable price”?

How would you define “abnormal amounts”?

[Yakov15]

How would you define “abnormal amounts”?

$2500 for a 3 bedroom basement=abnormal amounts. Whichever way you look at it.
And yes, $1800 for said basement apartment is also “abnormal amounts”. We’re just (sadly) numb to it already.

[aygart]

$2500 for a 3 bedroom basement=abnormal amounts. Whichever way you look at it.

That is standard in some parts of NYC

[Yakov15]

That is standard in some parts of NYC

And in Manhattan the average rental is $5,000. So we should have that here?

[knowitall]

Nope I don’t realize, fill me in.
How is taking advantage of the current situation and charging abnormal amounts called “a fair and reasonable price”?

Nobody rents out their basement because they love being a landlord. Or they love less space and less privacy. They do it for one reason- money. Whatever the market is, set by supply and demand, is a fair and reasonable price. Like everything else in the world. Climb out of your basement, thank your landlord, look around and you’ll understand why it’s not “abnormal”.

[jye]

$2500 for a 3 bedroom basement=abnormal amounts. Whichever way you look at it.
And yes, $1800 for said basement apartment is also “abnormal amounts”. We’re just (sadly) numb to it already.

Try 4500 for Manhattan for a smaller and older apartment. The laws of supply and demand set prices. $4.59 is an “abnormal” amount for a gallon of gas but I don’t take it out on the gas station owner when he charges me $90 to fill up my tank.

When I came to Lakewood there were basement to be had for $550 in some areas. What made $1100 a “normal amount”? Supply and demand. Well, that exactly what is taking the price to $2000.

[Euclid]

$2500 for a 3 bedroom basement=abnormal amounts. Whichever way you look at it.
And yes, $1800 for said basement apartment is also “abnormal amounts”. We’re just (sadly) numb to it already.

How much do non-frum tenants in Lakewood pay for apartments that are much less spacious and nice than a 3 bedroom basement?

[Yakov15]

Nobody rents out their basement because they love being a landlord. Or they love less space and less privacy. They do it for one reason- money. Whatever the market is, set by supply and demand, is a fair and reasonable price. Like everything else in the world. Climb out of your basement, thank your landlord, look around and you’ll understand why it’s not “abnormal”.

There used to be an idea out there “that I’m not going to bid against my neighbor”. Where has that gone?
What have we gained by going against that idea?
We’re all paying the price. For our cars, for our homes, and for everything else in life.

[aygart]

And in Manhattan the average rental is $5,000. So we should have that here?

Maybe if that is the supply demand ratio. The cost of a house went up a lot so you are renting a more valuable property now.

[S209]

There used to be an idea out there “that I’m not going to bid against my neighbor”. Where has that gone?
What have we gained by going against that idea?
We’re all paying the price. For our cars, for our homes, and for everything else in life.

That makes no sense, if both landlords and tenants are from the same pool of people it’s a zero sum game where either half are reaping the gains of the others’ losses or there is an external factor sucking the money out of the pool.

[ari3]

IMHO when renting out an apartment it is very reasonable to charge whatever the going rate is (although don't be the one being mafkia sheorim). The fact that rents were half the price a few years ago is irrelevant. On the other hand when raising an existing tenant an excessive amount even if that is current market rate or trying to evict a tenant because his rent is low, that is a different story. Otoh a tenant expecting not to be raised when rents have gone up 50-100% isn't reasonable either.

[aygart]

This makes a lot of sense to me.

[Yakov15]

This makes a lot of sense to me.

Why does that make sense if it’s all 100% about supply and demand?
If the only thing we should care about is supply and demand then it shouldn’t matter if it’s an existing tenant or not (besides for Halacha and legalities).

[Yakov15]

That makes no sense, if both landlords and tenants are from the same pool of people it’s a zero sum game where either half are reaping the gains of the others’ losses or there is an external factor sucking the money out of the pool.

It may make zero sense. But it makes a hell of a lot more sense than bidding against the guy sitting next to you in yeshiva for this random house out 25 minutes away from where you really want to live.
Why are we being so thoughtless with all what’s going on?

[yuneeq]

It may make zero sense. But it makes a hell of a lot more sense than bidding against the guy sitting next to you in yeshiva for this random house out 25 minutes away from where you really want to live.
Why are we being so thoughtless with all what’s going on?

Who said you’re bidding against him - maybe he’s bidding against you? And maybe there’s 5 others that are biding as well?

[aygart]

Why does that make sense if it’s all 100% about supply and demand?
If the only thing we should care about is supply and demand then it shouldn’t matter if it’s an existing tenant or not (besides for Halacha and legalities).

Because you don't get to constantly renegotiate. Once the is an agreement in place there is an existing level of obligation to each other.

Besides for Halacha and legalities? Anything else you want to exclude?

It will always be about supply and demand whether anyone likes it or not.

[aygart]

It may make zero sense. But it makes a hell of a lot more sense than bidding against the guy sitting next to you in yeshiva for this random house out 25 minutes away from where you really want to live.
Why are we being so thoughtless with all what’s going on?

What is the other choice? To live in a car?

[Yakov15]

Who said you’re bidding against him - maybe he’s bidding against you? And maybe there’s 5 others that are biding as well?

Exactly my point. What exactly are we gaining from the constant bidding war?
We’re just coming out with a less nice house than we can really afford. Or an apartment that we’re overpaying for.