Renters - How much does your rent increase each year?

[Mousse]

I haven't increased my tenant's rent since he moved in 14 years ago. What he pays me covers my property tax and utilities. I'm not greedy.

I bet your were pretty particular about whom you rented it out to as well.

My wife rented out a 1500sqft townhouse we own for $600 a month plus utilities. (That's a lower than most apartment rentals in our area). We pay $250 HOA a month, so she pockets $350 a month (which pays for any repairs and taxes). The profit is barely worth mentioning, but the tenant takes good care of our property. That was the main reason we rented to them. We turned down hundreds of potential renters.

 

[Mr. McMac]

I bet your were pretty particular about whom you rented it out to as well.

My wife rented out a 1500sqft townhouse we own for $600 a month plus utilities. (That's a lower than most apartment rentals in our area). We pay $250 HOA a month, so she pockets $350 a month (which pays for any repairs and taxes). The profit is barely worth mentioning, but the tenant takes good care of our property. That was the main reason we rented to them. We turned down hundreds of potential renters.

Absolutely yes! It's my friend's son. He's the ultimate tenant. Never has friends over, quiet, keep his place clean. You couldn't possibly ask for a better situation for both of us. When he's home, I never play loud music. He's the same way. We're a perfect combination. This is why I'm happy with the low rent he pays me.

 

[Antares]

I guess I have to ask, what's the huge attraction of Toronto?

Maybe people really like that CN Tower thingamabob. There’s also Canada’s Wonderland… and, uh….?

 

[snberk103]

Maybe people really like that CN Tower thingamabob. There’s also Canada’s Wonderland… and, uh….?

The Hockey! Of Course, eh?

 

[wrinkster22]

I guess I have to ask, what's the huge attraction of Toronto?

Whats the huge attraction to Pennsylvania? (your location) 4 million people live/work here. Its the centre of Canada's Economy. Lots of job opportunities here such as stocks (tsx), students live here, movie making, manufacturing, and lots of companies have Canadian HQ here. (Or in Montreal)

Safe, lean, strong economy, and - despite its mayor - well run. In general, large Canadian cities do really well in most lists that rank cities.

For one timely example, Toronto ranks 2nd in the "Reputation" rankings...

The Canadian economy managed to navigate through the worst of the last economic meltdown with only minor (relatively) problems..

Oh yeah we were not nearly as devastated as our neighbours to the south. We had some bad times but not nearly as many foreclosures.

It's the biggest (population-wise) city in Canada, and probably the most urban in my opinion, so many people flock to it.

Also, Toronto is seeing a pretty massive increase of immigrants (just like Vancouver, I believe) so housing is pretty tight. I spent a week and a half in Toronto last year and absolutely loved it. I was surprised to see how many construction cranes littered the skyline. It reminded me of Chicago during the massive gentrification of the late 90s and early aughts.

But yeah, Toronto is likely the only other city I'd really want to live in aside from Chicago. It's a shame housing is so expensive.

To keep on topic, I'm on my third lease re-up and my landlord hasn't raised my rent yet.

Yes. Toronto is very immigrant friendly. From the jewish people in the early 1900s to the Somalian refugees, Toronto is home. Toronto's downtown has more condos going up then anywhere else. And don't kid yourself those boxes in the sky (some as small as 500sqf) are .5million. I would love to visit Chicago someday! Uh congratulations on the rent renewal (no increase)

Safer than most bigger US cities like Chicago or New York is probably one big draw.

Canadian housing seems expensive though even with this accounted for.

Yeah it is very safe. Only shootings are gang related. Less then 100 a year I believe.

Out of curiosity why do you rent and not own? Would your mortgage payments not be similar to your rental payments?

 

[Zombie Acorn]

Out of curiosity why do you rent and not own? Would your mortgage payments not be similar to your rental payments?

Depends if you want to get into the Condo market, because thats all that I could afford in this area. Houses that I could build in Kansas for $70-100k go for $1.5-2 million here.

 

[phrehdd]

Sadly it all depends on where you live and if there is rent control or rent stabilization or just some index they can go by.

 

[Roric]

Back in 2001 I started renting my place at $750/month for a 3 bedroom ranch with 2 car attached garage on just under 1/4 acre on a quiet street. This past year our rent went up to $795. (There were small incremental increases in between.) The landlord inherited the place when his parents died (they built the place back in 1960's) and owes no mortgage on it.

 

[wrinkster22]

Depends if you want to get into the Condo market, because thats all that I could afford in this area. Houses that I could build in Kansas for $70-100k go for $1.5-2 million here.

I understand. My mom claims she could never live "in a shoebox in the sky."
Look on the bright side, I am sure Toronto has more stores then Topeka.

 

[Jschultz]

Ha! (shoebox in the sky.)

Between my wife and I, it's our goal to move to a nice, super high floor condo with views of Lake Michigan.

 

[snberk103]

Ha! (shoebox in the sky.)

Between my wife and I, it's our goal to move to a nice, super high floor condo with views of Lake Michigan.

I needed convincing before I liked the condo idea, but then decided it's a great idea. One caveat though... spend some time reading the Strata council minutes, and then talk to some of the residents. One of the things that makes a condo 'different' is that you are essentially living in a village, with an elected village council. There are the printed rules, and then there are the 'actual' rules. If the Strata council is competent and professional, then a condo can be a wonderful place to live. If the Strata council is divided and polarized then I'd go and look elsewhere. Of course size of the building can make a huge difference. A condo with hundreds of owners is obviously different than one with just a few dozen owners.