When private equity buys your apt complex

[Beezle2]

It isn't good, good grief they are merciless. We are downsizing into a smaller apartment in the same complex and some of the new fees, deposits and general grift are just shocking to me. We are a married couple but you can't apply as a couple and have one set of fees for the unit. We have to apply separately like we are roommates and we have to pay 2 sets of fees, double the pet fees, moved their liability insurance to the renter even though we also have our own renters insurance. And that is on top of raising rents significantly when they purchased the complex. They sure have covered all the bases.

 

[Starport Seven-Five]

What they have done in trailer park communities specifically in the last 10 years is shocking. People who are stuck (it is cost prohibitive to move the trailer) and zoning that won't allow new trailer parks so they have free reign to raise rents.

In your situation, is an apartment outside of this complex not an option?

 

[Beezle2]

What they have done in trailer park communities specifically in the last 10 years is shocking. People who are stuck (it is cost prohibitive to move the trailer) and zoning that won't allow new trailer parks so they have free reign to raise rents.

In your situation, is an apartment outside of this complex not an option?

There really does seem to be a coordinated effort to hijack all housing options. It is just depressing. For us this is probably the best option available to us, the price after we move is no worse than anything else we can find..everything has gone up. We looked everywhere and compared units all over town.

 

[CoachBeard]

Have you researched landlord/tenant laws in your state to see if they are doing this lawfully? I had some issues with a corporate apartment complex where I lived in Dallas years ago and I actually found a local tenant advocate group that helped to navigate some of the BS claims and such the management claimed to be lawful. It wasn't.

 

[Starport Seven-Five]

There really does seem to be a coordinated effort to hijack all housing options. It is just depressing. For us this is probably the best option available to us, the price after we move is no worse than anything else we can find..everything has gone up. We looked everywhere and compared units all over town.

Makes sense kind of. Investors like this are good at finding places that are below market rent and bringing them up to par.

 

[Beezle2]

Have you researched landlord/tenant laws in your state to see if they are doing this lawfully? I had some issues with a corporate apartment complex where I lived in Dallas years ago and I actually found a local tenant advocate group that helped to navigate some of the BS claims and such the management claimed to be lawful. It wasn't.

I have not but it has been on my mind to look into some of it. For example, I know they want us to pay for a percentage of the painting they will do when we leave the unit we are in but they are "remodeling" all units as people move out and hey have to repaint it anyway. Same for carpets. I don't think we should have to pay for any of that.

 

[Beezle2]

Makes sense kind of. Investors like this are good at finding places that are below market rent and bringing them up to par.

Yeah, but they seem to have wildly exuberant ideas of what market rate is. We are a medium size midwestern college town and it seems shocking.

 

[mousefan73]

I really feel for people who are looking to rent nowadays.. Quick google is that rent prices have increased 4x faster than income levels.. Major issues for those on fixed income. I know a person who is on SS and has a great pension. Making about 4500 a month. Not rich but also not poor but looking for a place. A decent apartment costs about 2000 a month. This person doesnt qualify due to the 3x income rule. EVEN if said person can prove significant savings / 401 etc....

It really does not surprise me why we have a major homeless issue. some are forced out of affordble housing..

BTW.. this 2000 a month place.. my friend asked just to stir the port "what about section 8" do you take them? yes they said, "So how can they qualify? then the manager didnt want to really go into it, but of course the 3 month rule doesnt reall count or is lowered to reflecxt income.

 

[china mom]

BTW.. this 2000 a month place.. my friend asked just to stir the port "what about section 8" do you take them? yes they said, "So how can they qualify? then the manager didnt want to really go into it, but of course the 3 month rule doesnt reall count or is lowered to reflecxt income.

If a person qualifies for Section 8, the government is paying most of the rent and the government can satisfy the 3x rent rule.

 

[kdonnel]

I thought these were only things done at apartments that catered to college students.

Sounds like everything I have experienced through my kids living in various apartment complexes during college.

As for the insurance, there is usually a way to submit your own insurance to cover the need for liability insurance. They don't care if you have coverage for your possessions, just that you have liability insurance to cover their stuff that you might damage.

The mandatory fee to pay the utility billing company is the one that irritated me the most. Charged $12 a year so some company could rebill for the utilities.

The utility overage charges are also a ripoff. There was one month where the apartment went $0.12 over on the water bill. That $0.12 was divided among the 4 roommates so $0.03 a person. The ripoff part was that each person was charged a $3.00 billing fee. That means the billing company collected $12.12 for the $0.12 in overage.

What about the monthly fee to have them report your payments to the credit bureaus? That is one pushed on college students. Build credit by paying us $6.95 a month.

 

[Mackenzie Click-Mickelson]

This sounds like the apartment complex I had in college. It was not college student exclusive but it catered to them. I saw multiple non-college students living there though.

What they did is rent per room not per apartment and this sounds a lot like what is going on there. I'm not sure how your rent is being listed as per apartment or per room but the apartment complex I lived in rent was per room, utilities paid however in that rent except electricity which was capped at $35 per person and if you went over that they split the excess by how many people lived there.

Everyone was responsible for their own renters insurance, you did your own application, paid your own fees, etc. It was all separate.

 

[Mackenzie Click-Mickelson]

I have not but it has been on my mind to look into some of it. For example, I know they want us to pay for a percentage of the painting they will do when we leave the unit we are in but they are "remodeling" all units as people move out and hey have to repaint it anyway. Same for carpets. I don't think we should have to pay for any of that.

This part I would def. look up if that is legally allowable not to mention listed in your new lease you'd be signing. That should in most cases be part of doing business and only if you actually damaged it pay via your security deposit.

But to require people to pay for something the complex should be paying for is something you would want to check into for sure. The apartments are having normal wear and tear it would seem and that's not the responsibility of the tenant.

If it were me I wouldn't sign any documents until you really looked into things.

 

[CoachBeard]

I have not but it has been on my mind to look into some of it. For example, I know they want us to pay for a percentage of the painting they will do when we leave the unit we are in but they are "remodeling" all units as people move out and hey have to repaint it anyway. Same for carpets. I don't think we should have to pay for any of that.

in California at least carpets and paint have a lifespan. You may have to pay a prorated amount toward those fees on move out and toward the unit you are exiting. However, my last apartment I was not charged anything and got my full deposit because they gutted it and remodeled. It is worth looking into because why give them more money if you don't have to? it is a subject I'm passionate about because I've prevent predatory actions by a couple of landlords.

 

[cvjw]

Had all of those fees with the apartments my kids lived in college. We did not pay extra for their liability insurance - we just showed proof of their renters policy thru State Farm.

 

[CoachBeard]

Had all of those fees with the apartments my kids lived in college. We did not pay extra for their liability insurance - we just showed proof of their renters policy thru State Farm.

It's not necessarily the existence of the fees for OP, it is that they're being double charged for them per person rather than per unit. In my experience fees are on a per unit basis aside from an application fee. If there is one dog why do both occupants have to pay pet rent and deposit? That doesn't make sense.

 

[BrianL]

It's not necessarily the existence of the fees for OP, it is that they're being double charged for them per person rather than per unit. In my experience fees are on a per unit basis aside from an application fee. If there is one dog why do both occupants have to pay pet rent and deposit? That doesn't make sense.

I'm sure if they could they'd figure out a way to make that dog pay too.

Man, am I glad I locked in a mortgage in 2005!

 

[CoachBeard]

I'm sure if they could they'd figure out a way to make that dog pay too.

Man, am I glad I locked in a mortgage in 2005!

I had one then I moved back to Los Angeles.

 

[Mackenzie Click-Mickelson]

It's not necessarily the existence of the fees for OP, it is that they're being double charged for them per person rather than per unit. In my experience fees are on a per unit basis aside from an application fee. If there is one dog why do both occupants have to pay pet rent and deposit? That doesn't make sense.

It depends on how they are formulating leases too though.

Like I mentioned the apartment I lived in college was a per room apartment. So it's not that it doesn't make sense. The OP would need to know 1) How the leases are being formulated now 2) Is everything this new company is doing completely legal.

I agree about the pet rent part only because it wouldn't be each person bringing in a pet, that even if it was each person having to pay fees, should be tacked on to just one person.

 

[Kennywood]

Please investigate the laws for rental property. It might be very dry and tedious, but you may find that one, golden nugget of law that will help you immensely. If you would rather not do that yourself, talk to an attorney who specializes in rental law.

 

[barkley]

I thought these were only things done at apartments that catered to college students.

Sounds like everything I have experienced through my kids living in various apartment complexes during college.

As for the insurance, there is usually a way to submit your own insurance to cover the need for liability insurance. They don't care if you have coverage for your possessions, just that you have liability insurance to cover their stuff that you might damage.

The mandatory fee to pay the utility billing company is the one that irritated me the most. Charged $12 a year so some company could rebill for the utilities.

The utility overage charges are also a ripoff. There was one month where the apartment went $0.12 over on the water bill. That $0.12 was divided among the 4 roommates so $0.03 a person. The ripoff part was that each person was charged a $3.00 billing fee. That means the billing company collected $12.12 for the $0.12 in overage.

What about the monthly fee to have them report your payments to the credit bureaus? That is one pushed on college students. Build credit by paying us $6.95 a month.

we live in an area with a huge college population (2 private/1 public university, 2 community colleges that attract-for reasons unknown to me-allot of international students) so LOTS of college students seeking housing (after they do thier initial first year mandatory in the dorms). it has been facinating to see the shift in many of the complexes over the past few years-many have transitioned to almost entirely non college students b/c of the lack of supply/demand for housing. the one my oldest lives in was always almost 100% students but he like many of his peers opted to stay on once graduated. they look at the cost of moving into another place and all the associated 'new tenant fees' and opt to stay put. used to be that summer was a ghost town-empty parking lot except for the handful that stayed year round and the maintainance folks getting the units readied for new tenants. now it's full year round.

on fees-they pay their own internet/electricity so none there, water/gbg is included in rent (no limit or fees), renter's insurance can be on your own (much cheaper and better than what they offer), they do offer that stupid credit builder but it's $8.95 month (um, no thanks).