Suspicious-Engineer7 t1_jciarm9 wrote on March 17, 2023 at 12:51 AM

Reply to comment by iterable in Rent Hike by sbenzing100

gambling on tenants that don't/barely exist while making your current tenants homeless. American dream.

iterable t1_jcidgbx wrote on March 17, 2023 at 1:11 AM

Yup and then if they cant find a tenant the landlords will then apply to make the apartments section 8. But to my knowledge they have no control over who the apartment gets rented to. Also heard horror stories from some on that wishing they had kept the good renters.

Doom-Hauer451 t1_jcivoi4 wrote on March 17, 2023 at 3:38 AM

They can’t deny anyone because they’re on section 8 but I think the applications are still subject to things like the credit/background check, eviction history and having enough for the move in deposit - basically every other criteria besides income because that would be taken care of by section 8.

AceOfTheSwords t1_jciul64 wrote on March 17, 2023 at 3:29 AM

They exist enough to justify all the new luxury housing going up downtown. Either that or the rental market is about to collapse.

Suspicious-Engineer7 t1_jciz2c3 wrote on March 17, 2023 at 4:10 AM

I think you can see pros and cons for the luxury renting market in regards to rising interest rates. Buying a house is unattractive at the moment, but also the number of people who can pay higher rents is shrinking. Bad time to become a landlord as you're competing against people who have locked in interest rates and can charge less if they have to.