• WhipTheLlama@lemmy.world
    link
    fedilink
    English
    arrow-up
    17
    ·
    1 year ago

    If you know you can’t be evicted unless you stop paying rent and the rent is cheap enough, it’s not a bad idea to renovate it a bit. I told my friend he should quietly renovate his rental apartment because he hated the kitchen and all the flooring. He was paying $2k under market price, had rent control, and because it’s a corporate landlord, they can’t evict him unless he misses rent a lot or harasses other tenants.

    My friend opted to buy a condo instead, so while his mortgage is more than his rent was, at least he’s earning equity and a rising housing market.

    • dingus@lemmy.world
      link
      fedilink
      English
      arrow-up
      4
      ·
      1 year ago

      How does one end up in an apartment with rent stabilization? I’ve wondered this.

      • dan@upvote.au
        link
        fedilink
        English
        arrow-up
        2
        ·
        edit-2
        1 year ago

        It’s very uncommon to find available rent controlled apartments. Some of the leases allow you to pass the apartment and its current pricing to a child, so there’s a lot of them where the same family has lived there for 20+ years and just passed the lease down the family.

        In my area, there’s some newer rent controlled ones, but they’re only available to low-income families (which makes sense to me). There’s also California-wide rent control for most properties which mandates a maximum increase of CPI + 5% per year, capped at 10%. It’s not really rent control though, since the rent still rises higher than inflation (eg if inflation is 3%, the rent can still go up as much as 8%).

    • aceshigh@lemmy.world
      link
      fedilink
      English
      arrow-up
      4
      ·
      1 year ago

      yeah, you have to do the math to calculate the total expenses since maintenance fees can be very expensive in condos, much higher than paying for a rent control or stabilized apt.