topic Re: Struggling with Escalating Rent in Budget & Savings

Struggling with Escalating Rent

BeeRambles — Mon, 11 Feb 2019 19:28:40 GMT

From what I have read, ever since the housing bubble burst, more people are renting instead of buying homes, causing rents to soar. Investing in apartment buildings has become profitable, and the companies managing them are more interested in generating profits for their investors than they are in the welfare of their tenants. However, the knowledge that I am in a crowded, leaking boat does not help me prevent it from sinking.

When I moved into my one bedroom apartment fifteen years ago, I could afford it. Now, I manage to pay my rent from the income I derive from Social Security and my part time job. Each year, the rent increases get larger and more monthly fees for services I neither need nor use are added. As a result, I've turned frugality into a near art form, trimming all the fat I can from my budget, but I recoil at cutting into its muscle and bone. What awaits me when my lease expires in February 2020 deeply concerns me.

My previous attempts at navigating the more affordable housing maze have resulted in dead ends. Thanks to the cosmetic renovation craze, apartments offering far less than mine are now priced not that much less or even more than the one I currently lease. What family I have prefers the cold of the north, while I enjoy calling Jacksonville, Florida home. HUD and income-based senior housing have waiting lists one to two years long. Plus, they require you to move in as soon as a unit becomes available, which would cost me two month's rent to break my lease.

I visit Craigslist and other roommate websites. Nearly everyone there wants a room, has a room to rent, or is looking to share with someone as young as they are. I may be a minimalist, but I do own furniture and enough kitchen paraphernalia to cook for myself.

The hope I retain is that I can find another person in a similar situation who has reached the same conclusion I have - that splitting the expenses of renting a decent two bedroom two bath apartment is preferable to huddling in a crummy efficiency where it is dangerous to be out after dark.

I thought this community would be a suitable place to nudge serendipity in that direction. This post is the result of my contacting AARP about forming a Roommate Registry for solvent adults seeking responsible housing partners.

If you would like to advise, commiserate, or better still, provide a viable solution, your response would be welcome and appreciated.

Re: Struggling with Escalating Rent

fffred — Tue, 12 Feb 2019 01:19:08 GMT

Welcome BeeRambles!

Some comments about your topic:

One of the advantages of homeownership (whether a single family home, a townhouse, or condominium, etc) is that the mortgage amount is fixed (for most mortgages), so it doesn't rise like rent does. And eventually the mortgage will be paid off, leading to "no rent".

Of course, there are other costs of homeownership and they may rise with inflation as does rent. In my experience (1 condo, 1 townhouse, and 2 single family) a conservative approach to buying will result in lower cost over time than renting. But everything needs to be considered carefully if a single person or a couple want to buy rather than rent long term; it could go either way, really, as to which is more beneficial. And renting does relieve one of a lot of responsibilities and gives one freedom for mobility.

So, in your situation you might look into buying an affordable 1-2 br condo. Also consider putting your name on that 1-2 year list now for affordable housing...even paying a 2 month penalty to rent your lease might come out better in the end. Good luck!

And I have to add... Wow! I am really blown away by your writing! Really really good. You'll "up the game" around here.

Re: Struggling with Escalating Rent

BeeRambles — Tue, 12 Feb 2019 18:52:50 GMT

Thank you for the advice and the compliment.

Re: Struggling with Escalating Rent

suzanneh550360 — Thu, 21 Feb 2019 16:58:38 GMT

This is a very huge concern of mine as well. I'm relatively new to AARP & recently divorced. I've been on Social Security Disability for almost 8 yrs, so my monthly income is less than half of what it was when I was working. The cost of rent & housing is constantly in my thoughts & keeps me from sleeping many nights every month. I'm sure that many single members have the same worries.

It would be nice if AARP did offer some sort of registry for people willing to share housing so members could meet up in a more trustworthy way than Craigslist or Facebook.

Re: Struggling with Escalating Rent

BeeRambles — Fri, 22 Feb 2019 19:15:49 GMT

Thank you, Suzanneh. Your reply made me feel I was right about composing mine. It was also nice knowing I'm not the only one losing sleep over my housing future.

It has always been single people who pay the heaviest when they rent. I've yet to find any apartment complex where the one bedroom apartments go for half the rent of a two bedroom or three bedroom unit.

Maybe if enough people like you and I state our views here, AARP will see what a good thing such a registry could be for its members and help us find a suitable solution to our rental dilemmas.

Re: Struggling with Escalating Rent

retiredtraveler — Sat, 23 Feb 2019 22:31:36 GMT

"....It would be nice if AARP did offer some sort of registry for people willing to share housing so members could meet up in a more trustworthy way than Craigslist or Facebook....".

What? Why would an AARP registry be more trustworthy? This is a website, anyone can be on it. And being a member of AARP, if that were a condition, certainly doesn't make you trustworthy. Just old enough to join.

Search on this --- it's an AARP article on the subject.

House Sharing for Boomer Women Who Would Rather Not ... - AARP

Re: Struggling with Escalating Rent

BeeRambles — Sun, 24 Feb 2019 19:54:28 GMT

To trust or not is an individual choice.

AARP members pay dues to join. I think they all have to provide a physical address like I did, which is a good indication they exist. Plus, considering the number times I had to visit this Community before I figured out how to make a begin a topic, I would think it would be a very determined cheat that would take the time to find a victim when posting on Cragislist is so much easier.

Re: Struggling with Escalating Rent

2Papa — Wed, 06 Mar 2019 17:19:39 GMT

Move somewhere more affordable!

Re: Struggling with Escalating Rent

bgsdaughter — Wed, 06 Mar 2019 17:44:04 GMT

The next thing that is as sure as death and taxes, rent will go up. It is not necessarily because the owner of the apartment complex wants it to, but because of property tax values. I have lived in houses most of my life but the day came when I realized I could no longer handle the upkeep, as I lived alone. Being over 55, I looked into various apartment complexes, I then visited Independent Living communities. After visiting about 7 or 8, I found a very affordable apartment. The rent included all the utilities except the phone! At the time I moved in, it was a non-profit complex, but was sold to a for-profit outfit. What did that mean? Rents went up naturally! While we still get all the utilities included in the rent, it has gotten to a level that is worrisome. My Social Security is paying the rent so that makes keeping SS solvent for us seniors. My only advice (and something I have done) is cut out the frills. No magazine subscriptions (except AARP of course!), a cheap plan for a cell phone (Consumer Cellular is a winner), and watch the budget. Try to save money if at all possible and set up an emergency fund for rent, etc. Work with the landlord if you maybe have to delay the payment (can't pay on the first because you SS comes later). It is not a perfect plan but every little bit helps.

Re: Struggling with Escalating Rent

gr6721 — Wed, 06 Mar 2019 18:00:27 GMT

For those of us experiencing escalating rents, it's difficult to save monies. I recycle, use coupons, buy "day old" & "manager's specials," seek out thrift & consignment outlets, pay cash for purchases, take public transportation (bus) & drive a 15-year-old paid-for car. I also cut the cable tv cord a little over 3 years ago (haven't missed it) & unplug outlets when not in use. Every little bit helps.

Re: Struggling with Escalating Rent

gr6721 — Wed, 06 Mar 2019 18:02:23 GMT

AARP could be an invaluable resource in adding a shared living forum. Infinitely better than craigslist, westside rentals, etc.

Re: Struggling with Escalating Rent

BeeRambles — Wed, 06 Mar 2019 19:21:34 GMT

Duh! Wasn't that the point of my post?

I am looking for an acceptable way to go about doing just that.

Still, thanks for reading and responding.

Re: Struggling with Escalating Rent

BertyBGone — Thu, 07 Mar 2019 01:49:53 GMT

I am in exactly the same position you are, BeeRambles, and it does scare me. I'm pretty sure my landlord plans to renovate my apartment building soon, which means I'll be forced out. I have no idea where I'll end up. Rents in Oregon have skyrocketed over the last 3-4 years. I'm living a bare bones existance, driving a 23 year old car, etc.

What state do you live in? Wouldn't it be great if you said Oregon?

I would LOVE to know about a reliable and safe rental referral service that can either direct me to low cost senior housing or put me in touch with another senior in my position that would like to share an apartment and expenses.

Re: Struggling with Escalating Rent

BeeRambles — Mon, 11 Mar 2019 19:16:34 GMT

Though we seem to be in the same predicament, BertieBGone, we don't live in the same state unfortunately. My home is Florida, so it is a nationwide problem, just as I thought.

A couple of years ago, the latest owners of the apartment complex I live in renovated the apartment while I was living in it. That was a horrid experience where I felt like I was their employee rather than their tenant. I had to empty out all my cabinets, clean up after the workmen, and for three days, use only the bathtub to wash everything. Not only that, I got a close up view of what a slipshod job they did, none of which I, or even the apartment manager, could get them to repair. For all that inconvenience and unnecessary cosmetic cover-up, I was charged $100 more a month in rent. Therefore, you have my sympathy.

Since I have yet to find any resource where rent burdened seniors can congregate to find potential roommates, I made my post here as a start.

Good luck to you, BertyBGone, and thank you for replying.

Re: Struggling with Escalating Rent

voltaire1 — Tue, 12 Mar 2019 23:52:22 GMT

I'm very interested in your Registry. I live in San Francisco and for 38 years lived in a rent-controlled building. In January, the entire building was evicted through the Ellis Act. Since then, I've been crashing with friends. I'm old enough to know that can't last long. My search for housing has thus far proved fruitless. Your idea of a Roommate Registry just might be the ticket. I wish you good luck.

Re: Struggling with Escalating Rent

BertyBGone — Wed, 13 Mar 2019 00:15:27 GMT

BeeRambles - well, it looks like you've got some serious contenders for some sort of "roommate registry" in FL, OR and now CA. Now do you have some sort of magic wand you can wave to make it all happen?

Re: Struggling with Escalating Rent

jojo0345 — Wed, 13 Mar 2019 12:21:58 GMT

At age 75, i decided to buy a 2 story townhouse. That was 3.5 years ago. I lived previously in a 55 plus rental. A really nice 2 bedroom cottage with a garage. I loved it there. Lots to do and regular exercise program. But, rent kept going up. Except for utilities and HOA fee of an xtra $240 A month, my home payment is half with a 15 yr mtg. So I plan on staying as long as I can get up those 16 stairs.

I think some kind of registry would be nice, but don't know if AARP is the one to take it on. I think it benefit us to take it up with city planning. I wish they would plan for tiny homes with a small front porch, in a walkable community, with grocery and stores nearby. And of course, near my family ( that is the 'catch').

Re: Struggling with Escalating Rent

BeeRambles — Wed, 13 Mar 2019 17:44:19 GMT

Voltaire 1,

Isn't it just like the government to rescind a perfectly good solution like rent control for us people on fixed income. I recently read in AARP's newsletter than 80% of seniors will be renting. Just how much blood do these suckers think they can get out us turnips? Are tent cities for seniors in the future for us grasshoppers that don't have the funds to buy and have to rent?

Re: Struggling with Escalating Rent

BeeRambles — Wed, 13 Mar 2019 17:55:36 GMT

Bertie B Gone,

What little magic, if any, I have is contained in my posts. No wand included.

JoJo 0345,

You must have greater faith in your local government than I do in mine.

Thanks to both of you for replying though. Maybe if this thread becomes long enough some good will come of it.

To Both of You,

Thank you for reading and replying.

Re: Struggling with Escalating Rent

Robbi75 — Thu, 14 Mar 2019 12:23:28 GMT

Seniority is the same here in Tampa, except senior housing has a 4 year at least waiting list and are not taking new names. One bedroom apts are expensive. I too am retired, older (82), and with limited income, even though I worked 55 years as an RN, BSN, and was Certified with ANCC. My husband was a retired USAF officer who for unknown reasons did not leave me Survivor Benefits that I did not learn about until after he died. He had no life insurance (I was not aware of that either). He left me in a fix. Our home was not liveable after a hurricane removed the roof and it had extensive water damage and was beyond repair. I sold the property at a huge loss. I’m now 82. I’ve had a heart attack and a triple CABG. I fell a year and 1/2 ago and fractured my distal femur above where I had a total knee replacement. It was a comminuted fracture (bone broken into small pieces) and Physical Therapy did not think that I would ever walk again. I do walk, but use an UpWalker or a folding walker. I walk everyday up to 3 miles per day. I would love to find someone to share a house or apartment with. I can cook light meals. I currently live with my son, but would rather have other arrangements.

Robbi