Across The Country, Renters Are Getting Crushed By Housing Costs

[Samantha]

71. Not always

I have not raised the rent on my apartment in my basement since I started renting it out. I keep it low and charge a very low additional amount for utilities. The apartment is half a house and is in a great location. I did not want to eliminate quality people from renting the apartment because of the price. So it right now is an excellent bargain compared to the commercial apartments I compete with.

My costs have not gone down. My utilities have risen significantly, and my property taxes are the same as what I paid in 2008 even though my appraisal has gone down incredibly. The property taxes are supposed to be based on fair market value, but mine have not gone down at all since the crash. So taxes the same, utilities greatly increased, rent the same.

My reward has been that I have acquired excellent tenants who take care of the place and who cause no problems for nearly five years that I have been doing this.

Sam