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Would You Rent an $1,850 Apartment With No Bathroom Sink?

SavvySugar — Wed, 23 Sep 2009 13:15:26 -0700

The next time you're kvetching about your apartment's shortcomings, consider 27-year-old Atossa Movahedi's one-bedroom Chelsea apartment. The New York Times tells the story of Atossa's search for something within her price range that wasn't a studio and located in one of her preferred neighborhoods. After living with roommates in various Manhattan neighborhoods, she was determined to find a place to call her own for about $1,600 a month.

When it became obvious her budget and vision wouldn't work together, she reconsidered and increased what she was willing to pay for monthly rent. After a long, frustrating search, Movahedi found something she could live with in her now apartment, but the place isn't perfect - the apartment is missing a bathroom sink. She says the shortcoming doesn't really bother her (she notes that her hairdresser doesn't even have a bathroom) and said, "It forces me to do my dishes right away. I make sure the kitchen is really clean."

Would you sign a lease on an apartment with no bathroom sink?

Where It Costs Less to Own Than Rent

SavvySugar — Thu, 27 Aug 2009 10:30:26 -0700

We got some good economic news during the past week with announcements that July's new and existing home sales jumped significantly, beating analysts expectations. While buying a home isn't the best choice for everyone and not every American considers home ownership part of the dream, lower prices have made it an option for more people who want it.

Because the market has sunk deeply in certain areas, owning a home can cost nearly the same as renting. BusinessWeek and research firm Reis discovered that it actually costs less to own than rent in Detroit and Pittsburgh, and they found 20 other metros where renting costs almost the same as buying. It doesn't look like they took into account the added maintenance expense that comes with home ownership, so keep that in mind when perusing the results.

Ask Savvy: What Are Your Tips For Renegotiating Rent?

SavvySugar — Thu, 13 Aug 2009 10:30:23 -0700

Dear Savvy,

My boyfriend and I have been considering downsizing into a cheaper apartment. I was looking online and noticed that a similar apartment to ours in our complex is being offered for $300 less a month than we pay. Our lease is up in two months. Do you have any advice on renegotiating our rent? We are willing to move, but it would be ideal if we could stay and pay less per month.

Savvy says: I definitely think you and your boyfriend should try to renegotiate your rent. It can't hurt, and depending on your renter's history, you might have a good chance of getting what you want. See my thoughts on your situation when you read more.

Your argument for rent reduction will be strong if you have been reliable tenants that have always paid on time (some NYC landlords have even been voluntarily reducing rent for good tenants to get them to stay). If possible, find out the key differences between your unit and the one that's advertised for $300 less. The apartments may be more different than you think, thus justifying the difference in rent, but if they're in fact very similar then your case will be even stronger.

Because you only have two months left on your lease, you should contact your landlord ASAP and explain that you'd like to discuss renegotiating the rent on your apartment. Say that you very much like living there and want to stay, but you've checked out similar apartments for less money - including one in the same complex. If possible, present other places for rent that are also charging less. If your landlord is unwilling to come down as much as you'd like, consider offering to extend your lease if you're granted a reduced rent.

Be prepared to answer questions like whether your employment situation has changed; your landlord might be paranoid that you want cheaper rent because you're having financial problems. If your finances are as good as they were when you were first approved as a tenant, then your case is solid. Good luck!

NYC Hot Dog Cart Monthly Rent: Guess How Much

SavvySugar — Mon, 10 Aug 2009 10:00:42 -0700

Street meat is a staple on New York City streets, and like any other business, some vendors pay pricey rent for primo locations. The steps leading up to the Metropolitan Museum of Art is one of the most lucrative spots for a vendor because it's a tourist hot spot without many other places to eat.

The Parks Department auctioned the right to sell hot dogs from the steps last year, and the highest bidder was evicted from the space Friday because of failure to pay rent. Can you guess how much the vendor agreed to pay the Parks Department every month?

Take the quiz

Your Two Cents: Should Parents Charge Adult Children Rent?

SavvySugar — Mon, 03 Aug 2009 06:30:17 -0700

Layoffs have sent young working adults packing for their parents' houses, and recent grads having trouble finding work have gone back home for shelter while they job search. Many of these parents are picking up the pieces of their retirement portfolios, having to work for more years than expected, and some are even attempting to reenter the workforce themselves.

It's not an easy situation for any parties involved when an adult used to living on her own returns to her parents' turf. Do you think parents should charge their kids rent when they fly back into the nest?

Guess How Much: Coolest Teeny-Tiny Apartment in Manhattan

SavvySugar — Fri, 15 May 2009 06:30:48 -0700

It's amazing what can be done with small spaces. Every year, Apartment Therapy holds a Smallest, Coolest Home Contest with five divisions that account for different definitions of small. The teeny-tiny division represents apartments with the least square-footage, in other words, seriously small. This year's division winner rents a 210-square foot abode on Manhattan's Upper West Side. Can you guess how much he pays in rent each month?

Take the quiz

Raising Money For Rent Parties Becoming All the Rage

SavvySugar — Thu, 14 May 2009 10:30:49 -0700

It used to be that you asked your landlord for an extension when you couldn't make rent, but some renters are taking a different route. ABC News profiled people who recently threw profitable parties in the name of raising rent money, blaming their monthly shortfall on economic forces.

The idea is to charge guests about $10 for snacks, drinks, and a place to party. Rob Alica collects up to $400 from successful rent parties and said, "When people move into apartments they throw housewarming parties and people donate things. So I said to myself, 'Why can't I just throw a party and have people just donate money to a cause?' The cause being me."

ABC has a few tips for people interested in throwing their own rent party: have the party at your apartment to "show partygoers where their contributions are going"; collect cash as guests arrive; don't spend all the donations on food and drinks for the party; create a fun playlist to keep the party going.

What's your opinion of rent parties?

Source

What Percent of Your Salary Is Used For Rent / Mortgage?

SavvySugar — Mon, 04 May 2009 10:30:39 -0700

A general budget rule of thumb is that your rent or mortgage payment should be less than 30 percent of your income. If a homeowner spends 30 percent or more of her income on housing costs, the government and most lenders consider her to be financially burdened.

Source

10 Most Affordable Big Cities For Renters Looking to Relocate

SavvySugar — Wed, 15 Apr 2009 12:00:15 -0700

Job hunting is a more tedious process than ever, and if you're living in an expensive city your rent may be increasingly unmanageable the longer you're unemployed. Relocation is one way to cast a wider net on available jobs and it's possible you'll score a job in a city that's less expensive than your current address. A tough job market is all about compromise, so ruling out a move probably isn't the smartest decision.

BusinessWeek claims that we're in a renters market and teamed up with real estate data firm Reis to determine the 25 most affordable large metro areas. They made their ordered selections by evaluating rents as a portion of local income. Here are the top ten cities on their list of the most affordable big cities for renters.

Oklahoma City
Indianapolis
Greenville-Spartanburg-Anderson, South Carolina
Houston-Baytown-Sugar Land, Texas
Portland-Vancouver-Beaverton, Oregon / Washington
Hartford-West Hartford-East Hartford, Connecticut
Salt Lake City
San Antonio
St. Louis
Richmond, Virginia

Source

Would You Take In a Roommate to Cover Your Costs?

SavvySugar — Wed, 25 Mar 2009 09:30:55 -0700

Having roommates has its financial and social benefits when you're in college or a young professional, but most of us expect the time will come when we live alone or just with our nuclear family. The recession seems to be changing that. According to CNN more and more professionals (often homeowners) are taking in roomies to help cover the cost of a mortgage and make up for frozen salaries and unexpected health care cost increases.

One of the men interviewed is a 44-year-old homeowner who said he used to travel yearly, eat almost every meal out and splurge on fancy phones and gym memberships, but has been forced to cut back. He told CNN: "I'm a little bit leery - actually a lot leery. But I don't really have a choice."

Source