Yeah, it seems a bit excessive, but I'm about 95% sure it won't be negotiable. The building is owned or run (or whatever the right word is) by a pretty large company (Avenue5 Residential), so my guess is they don't really budge for anyone. There are tons of shared spaces (elevators, hallways, common areas, etc.). I can definitely call attention to that, but I'm not sure how it helps me if there's no law in place that I can utilize. My guess is that their response will just be "tough shit." I 100% plan to ask that they work with us in good faith here, as we've done with them for the past however many years. I haven't said anything to them about their staff failing to wear masks (despite it being required), the constant smell of marijuana in the hallway outside of our door (despite explicit policies against drugs and smoking in the building), or the pooling water that has occurred on like, 5 different occasions right outside our door, due to a leak that they couldn't find. Hell, I even went out of my way to let them know about it 2 different times so they could get it fixed quickly without damage. But I don't expect that to help me much either.
big company like that should be able to make an effort to rerent the apartment. problem is you are probably paying more than market rate.
Definitely, because the rent market has tanked yet Indy has been there for years. The apt I am leaving rents to new tenants at 600 dollars cheaper than I am paying for the exact same unit now. COVID has killed rent rates around here.
Actually, no, I don't think we are paying more than market rate. We are currently paying $1,445/month. According to apartments.com, the cheapest you can rent a unit with the same floor plan and same square footage is $1,625/month. That's what this whole thread was about, initially. We wanted to stay in our previous unit, but they wanted to raise our rent (it was already $1,936/month, or something like that). So we moved into this unit, which is identical to our previous unit, except it adds a den and some additional square footage, for like, $500/month less. The people are morons.
I did find this tidbit, which seems relevant: The second Q&A about subletting seems to push in my favor, but it doesn't reference any law or anything. Here's the website (I'm still reading through it). https://www.peoples-law.org/breakin...uires that a,to negotiate their own agreement.
Lots of people buying homes now because of the rates. The housing market has been dry in the county for a while, and it just dried up in the safer parts of the city within the last month. We are really glad we pulled the trigger on our home when we did because we haven't seen another good, legitimate option pop up since.
yeah that's what i'm saying. they have to make a good faith effort. i can tell you in california renters rights varies by city so you might want to google your city rules.
Same over here. We got very lucky. We even bid well over asking to get it, but then it appraised back down to asking and we renegotiated. Real estate is so dumb. Feels like a very fake market.
https://www.nolo.com/legal-encyclopedia/tenants-right-break-rental-lease-maryland.html This seemed interesting too. From what I'm reading, it seems pretty safe to say that if Option 1 (guy, husband, dog) pulls through, the management company will have to accept them, as long as they check out from a credit perspective and what not. I'm still not sure this covers Option 2 though. I guess I could make a case that, by denying the woman who wants to sublet it out through her company to do so, they aren't making a reasonable attempt to re-rent the property. But at the same time, it is a unique situation. I don't know.
The one we got was the 3rd one we offered on. We offered 10k over on a house that was at the bottom end of our budget and didn't get it. I'm surprised the appraisal came back that way. Our realtor told us that sort of thing is very rare. This is a pretty unique market though, so I guess if it was going to happen more frequently, now would be the time.
i've never had an appraisal come in at what i considered a fair market value. they do that intentionally to protect the lender. i just refied and there were two houses within a block that had just sold and it still came under.
Fair observation. Of the houses we bid on and followed closely, ever single one came in at least a little under asking. But one could argue that the asking prices were trying to lead the market value? I don't know. Whole thing is kinda wonky. Because we were willing to pay more, as were others. And that is the market. But the lender wasn't willing to lend that much for those places... so they are the real market? I can see how it can be lucrative to be in real estate, with occasional bouts of losing your damn shirt every few decades.
From our first rental, we always made sure there was an easy out in the rental contract for a.home purchase or relocation due to work. Is that not a thing anymore?
depends who is buying. there are still a ton of flippers paying cash around here, but of course they don't pay what someone will pay who is looking for their first home. in the end if you are going to be there long term there likely isn't going to be much of a difference for when you buy it. i bought my home in 2012 which was just unusual luck since it was the bottom of a market crash, but you might be waiting forever if you wait for that.
My friend in real estate was saying that a lot of the places around here just aren't good candidates for flipping anymore. The buy prices are too high, so there isn't much money to be made. You have to look hard to find a house with a potential margin for profit flipping here now. But that makes sense, because flippers were everywhere over the past 10 years.
the flippers never learn. it's like gamestop. when prices are going up they make a fortune. when they drop they get killed.
We can get out easily enough, we just have to pay a bunch of money: We had our inspection Friday and sent over to the seller what we need fixed. He has til Saturday to accept or counter. Once we reach agreement on all that, we should be clear to put our notice in. But we are closing on 2/26, so realistically, we could be out of our apartment as early as 3/1. I'm just trying to avoid paying $5,780 to get out of here.
