Landlords: How are you doing this year?

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Tingting1013
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Joined: Mon Aug 24, 2020 5:44 pm

Re: Landlords: How are you doing this year?

Post by Tingting1013 »

My long time downtown Chicago condo tenant just moved out. She was paying $3k/month and I relisted the unit at the same price. Literally no showings for a month.

Finally signed a lease at $2k/month :oops:
rich126
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Re: Landlords: How are you doing this year?

Post by rich126 »

Tingting1013 wrote: Fri Oct 30, 2020 9:36 am My long time downtown Chicago condo tenant just moved out. She was paying $3k/month and I relisted the unit at the same price. Literally no showings for a month.

Finally signed a lease at $2k/month :oops:
I keep reading in the news about renters not paying rent and rents starting to drop in major cities but most people online, at least the sites I frequent tend to dispute having any issues. Yours is one of the first ones I've heard having issues.

I stopped renting my SFH about 16 months ago and moved back in before selling it this month. Price seemed too good to pass up once I realized I wouldn't want to rent it again (after fixing it up) and it wasn't quite as ideal for retirement as I thought when I was younger.

I think rent in AZ and MD is still mostly going well. Only markets I'm familiar with.
Tingting1013
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Re: Landlords: How are you doing this year?

Post by Tingting1013 »

rich126 wrote: Fri Oct 30, 2020 10:27 am
Tingting1013 wrote: Fri Oct 30, 2020 9:36 am My long time downtown Chicago condo tenant just moved out. She was paying $3k/month and I relisted the unit at the same price. Literally no showings for a month.

Finally signed a lease at $2k/month :oops:
I keep reading in the news about renters not paying rent and rents starting to drop in major cities but most people online, at least the sites I frequent tend to dispute having any issues. Yours is one of the first ones I've heard having issues.

I stopped renting my SFH about 16 months ago and moved back in before selling it this month. Price seemed too good to pass up once I realized I wouldn't want to rent it again (after fixing it up) and it wasn't quite as ideal for retirement as I thought when I was younger.

I think rent in AZ and MD is still mostly going well. Only markets I'm familiar with.
High density downtown cores are suffering everywhere I think
Lucky2Invest
Posts: 65
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Re: Landlords: How are you doing this year?

Post by Lucky2Invest »

Large Metro Area...

Had 2 long term tenants who were month to month, in studios, move out September 31. Both sat empty until I dropped rent from 1600 to 1400. New tenants both had less than stellar credit but at that point I took whatever I could get...

Had 1 tenant in a large duplex with a big yard relocate. I was able to raise rent significantly...20%....had a dozen applications in the first couple days.

It's obvious in my area people want out of the downtown studios and into a place with more space and outdoor areas.

The strange thing is I'm looking to purchase more rentals but nobody is discounting. I have to think it's coming but no discounts yet...
fareastwarriors
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Re: Landlords: How are you doing this year?

Post by fareastwarriors »

Lucky2Invest wrote: Fri Oct 30, 2020 12:52 pm Large Metro Area...

Had 2 long term tenants who were month to month, in studios, move out September 31. Both sat empty until I dropped rent from 1600 to 1400. New tenants both had less than stellar credit but at that point I took whatever I could get...

Had 1 tenant in a large duplex with a big yard. Was able to raise rent significantly...20% and had a dozen applications in the first couple days.

It's obvious in my area people want out of the downtown studios and into a place with more space and outdoor areas.

The funny thing is I'm looking to purchase more rentals but nobody is discounting. I have to think it's coming but nothing yet...
No inventory at all and the prices of the few available are absolutely ridiculous.
Last edited by fareastwarriors on Fri Mar 26, 2021 6:07 pm, edited 1 time in total.
mervinj7
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Re: Landlords: How are you doing this year?

Post by mervinj7 »

fareastwarriors wrote: Fri Oct 30, 2020 12:54 pm
Lucky2Invest wrote: Fri Oct 30, 2020 12:52 pm Large Metro Area...

Had 2 long term tenants who were month to month, in studios, move out September 31. Both sat empty until I dropped rent from 1600 to 1400. New tenants both had less than stellar credit but at that point I took whatever I could get...

Had 1 tenant in a large duplex with a big yard. Was able to raise rent significantly...20% and had a dozen applications in the first couple days.

It's obvious in my area people want out of the downtown studios and into a place with more space and outdoor areas.

The funny thing is I'm looking to purchase more rentals but nobody is discounting. I have to think it's coming but nothing yet...
Same. No inventory at all and the prices of the few available are absolutely ridiculous. Even with pre-pandemic rent, those properties can't cash flow. I'm in SF Bay Area.
I've observed the same. There's been no buying opportunity these last few months on rental properties in the Bay Area. Actual rents on duplexes with yards have remained steady.
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JAZZISCOOL
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Re: Landlords: How are you doing this year?

Post by JAZZISCOOL »

Re: the downtown Chicago landlord:

Not sure if this was discussed up-thread but there was a WSJ article this month (10/13/20) re: renters flocking to the suburbs FWIW:

"Renters Flock to Suburbia, Upending Decadelong Urbanization Trend

New suburban tenants say the shift to a work-at-home model removed a longstanding barrier to living in these neighborhoods."

Paywall (unless posted elsewhere):

https://www.wsj.com/articles/renters-fl ... 1602581401
LittleMaggieMae
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Re: Landlords: How are you doing this year?

Post by LittleMaggieMae »

Lucky2Invest wrote: Fri Oct 30, 2020 12:52 pm Large Metro Area...

Had 2 long term tenants who were month to month, in studios, move out September 31. Both sat empty until I dropped rent from 1600 to 1400. New tenants both had less than stellar credit but at that point I took whatever I could get...

Had 1 tenant in a large duplex with a big yard relocate. I was able to raise rent significantly...20%....had a dozen applications in the first couple days.

It's obvious in my area people want out of the downtown studios and into a place with more space and outdoor areas.

The strange thing is I'm looking to purchase more rentals but nobody is discounting. I have to think it's coming but no discounts yet...
Same here. I'm kind of hoping to get a deal on one of those high rise condos in the middle of a densely populated urban area. But I'm not seeing purchase prices drop much. I think there will always be the allure of city living and eventually the people will return.
BNAIBOA
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Re: Landlords: How are you doing this year?

Post by BNAIBOA »

Tingting1013 wrote: Fri Oct 30, 2020 9:36 am My long time downtown Chicago condo tenant just moved out. She was paying $3k/month and I relisted the unit at the same price. Literally no showings for a month.

Finally signed a lease at $2k/month :oops:
Too many condos were built in the big cities. Millennials started to leave 2 years ago and the pandemic has sped up the pace. Single family homes especially the ones on the outskirt of a big city are doing really well. That is where all the appreciation went.
phxjcc
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Re: Landlords: How are you doing this year?

Post by phxjcc »

STVR
20 days open between now and March 7.

Multiple monthly rentals to NYC residents that are working from home.
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tomtoms
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Re: Landlords: How are you doing this year?

Post by tomtoms »

tomtoms wrote: Wed Jul 01, 2020 10:04 am My brother and I own close to 10 rental properties...all single family homes just outside of a big city. We have been very fortunate. Rent collection is 100%. Surprisingly, no one has asked for any maintenance or repair work.

How is everyone doing this year? Do you see yourself buying more rental properties?
I heard from a lot of naysayers when the pandemic hit. A year later, rent collection is still 100%. Appreciation is up 11% year-to-year. By far, single family rental properties have outperformed virtually all other assets.
phxjcc
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Re: Landlords: How are you doing this year?

Post by phxjcc »

STVR owner.

Business has been incredible.
10% gross, 8% net.
+ 20% prop value increase.
kinless
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Re: Landlords: How are you doing this year?

Post by kinless »

The SFH property I bought in August has already appreciated almost 10%. Considering what I put down, along with the current rental income, I’m looking at a 40% return by the 1-year mark. (Oh how I wished I could have bought two.) But this is a Buy & Hold so I’ll just continue to enjoy the ride.

I feel sorry for the ones who sold their rentals last year thinking the market was at its top...
Slacker
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Re: Landlords: How are you doing this year?

Post by Slacker »

The way it looks right now, if we have any turnover in tenants we'll be raising our rents to match the market.
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AerialWombat
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Re: Landlords: How are you doing this year?

Post by AerialWombat »

Also 100% rent collection through the pandemic. Some utility billbacks have been slow paid, but eventually tenants caught up.

Rents raised on all lease renewals. Only churned one house, it was vacant for a day.
For entertainment purposes only.
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