Fair Market Rents (by RentsDue [MA]) Feb 9, 2019 7:13 PM|
Fair Market Rents (by Robert,OntarioCanada [ON]) Feb 9, 2019 7:33 PM
Fair Market Rents (by LordZen [MA]) Feb 9, 2019 10:49 PM
Fair Market Rents (by Robert J [CA]) Feb 9, 2019 10:49 PM
Fair Market Rents (by Steve [MA]) Feb 10, 2019 3:33 AM
Fair Market Rents (by Oregon Woodsmoke [ID]) Feb 10, 2019 6:27 AM
Fair Market Rents (by RentsDue [MA]) Feb 10, 2019 7:30 AM
Fair Market Rents (by cjl [NY]) Feb 10, 2019 8:09 AM
Fair Market Rents (by Ann [MA]) Feb 10, 2019 11:20 AM
Fair Market Rents (by RentsDue [MA]) Feb 11, 2019 5:25 AM
Fair Market Rents (by Steve [MA]) Feb 11, 2019 5:47 AM
Fair Market Rents (by Steve [MA]) Feb 11, 2019 5:53 AM
Fair Market Rents (by Brian [CA]) Feb 11, 2019 9:25 PM
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Fair Market Rents (by RentsDue [MA]) Posted on: Feb 9, 2019 7:13 PM
I just noticed that the fair market value for rents ( published by HUD) are down for my rental area for 2019. Some other areas were up, mine was down. Rents have been steadily going up so this doesn't make much sense.
Fair Market Rents (by Robert,OntarioCanada [ON]) Posted on: Feb 9, 2019 7:33 PM
To compare market rent is difficult to compare two identical rental units where one rental unit will be all inclusive and the other utilities will be separate. The future is to have better insulated more energy efficient rental units without anything included. It is possible to install a high efficiency wall mounted gas boiler in each rental unit then the heating, hot water can be separated out completely along with having a separate hydro electric meter then later on the water metered as well. Utilities will always go up then sometimes greater then the consumer price index. Government agencies want to hold rents down where that is only possible to have the utilities separated out. Yet at the same governments want to be all inclusive which is becomes not worthwhile as when a utility belongs to a tenant they will respect and use the utility according. Say the heat will be turned down when they go out or go on vacation. If a faucet leaks they will want repaired as soon as possible along with lights will be out when they are not in room and leave for the day or longer period of time. Supply and demand always determines what someone is going to pay. --147.194.xxx.xx
Fair Market Rents (by LordZen [MA]) Posted on: Feb 9, 2019 10:49 PM
In my area went up over 100 us, not much. --73.159.xxx.xxx
Fair Market Rents (by Robert J [CA]) Posted on: Feb 9, 2019 10:49 PM
During my 40 years owning income property, I've seen three dips in rents. It has to do with the economy, supply and demand and other factors.
My friend owns 41 homes near to a military base. When the base closed, the market rents went down 50% or more.
When an investor purchased land to build units, the market was hot and too many builders had too many products on the rental market. There was a glut of rentals. So to complete, everyone was offering perks. Low move-in costs. Only a $99 deposit, etc.
When setting your rents you must do your homework and look into the near future. When a new building was going to be completed down the block from an apartment building of mine, my tenants threatened to move into the new building unless I reduced their rents or gave them new appliances. I told the "sorry" and they were so short sided to issue me their 30 day notice. When they learned the going rents advertised for $2200 a month was for a large single unit with only 1 tandem shared parking space, my 2-3 bedroom units with two parking sports going for $1600 was a bargain. They all wanted to stay but unless they singed a new lease (they were all on month to month), I was going to enforce their 30 day notice. --47.156.xx.xx
Fair Market Rents (by Steve [MA]) Posted on: Feb 10, 2019 3:33 AM
According to the HUD info the rents in my area of Eastern MA the base rents are up. However I couldn't find the allowances for things like electricity, heating, etc deductions if the tenant pays separately for them.
I also noticed mention of some areas having incomplete data. It's possible that in your area HUD didn't collect enough up to date data to properly adjust their rent scales. --96.237.xx.xx
Fair Market Rents (by Oregon Woodsmoke [ID]) Posted on: Feb 10, 2019 6:27 AM
I don't think that HUD's fair market rent has anything to do with actual rent. Its just what they have decided they will pay for their Section 8 clients.
Either they can get their clients into cheap slummy housing or the Section 8 tenants in the area will go begging because no one will take them for the low rent offered. --98.146.xxx.xxx
Fair Market Rents (by RentsDue [MA]) Posted on: Feb 10, 2019 7:30 AM
Iím in Western MA. The fair market rents here (as published by HUD ) seem to have a lot to do with the actual rents, whether you have Section8 tenants or not. Nobody sets their rents lower than HUD and they have been pretty high for a few years now. We have a low vacancy rate in the area so nobody has to go low to get a tenant. Iím wondering if this will be a market correction . --71.10.xxx.xxx
Fair Market Rents (by cjl [NY]) Posted on: Feb 10, 2019 8:09 AM
I look at these a few times. It looks as though the counties in my area did go up (only a few dollars) but overall (in my opinion) unless it's a HOUSE and depending on the AREA the rents for the 3 bed and 4 bed are way too high (or low) again, depending on the area.
That's obviously true for all of us. You have to take everything into consideration (not just YOUR property/apartment) but also what the other properties look like in the immediate area. That's where if you "over improve" it may look and be great BUT if the other properties are all run down or it's not an area that people are really going to want to live in - then you can't really charge $1,000 for rent when the others are only getting $600 at best and look like poo. Regardless that yours is clean, updated, etc. You would most likely be getting closer to the $700 range I'm thinking.
Just shooting numbers out Ö we all know this. Every time I look at the taxes it provides a "let's see what your market rates are to see if you are charging "enough" for them" (or whatever it is) and I'm always like "sure - let's see what you think I can get for these" Ö and they are way off.
We all know this. I have a house that just needs quite a bit of work - tenants have been in there for years. When they leave - I'll probably just sell it because I don't want to fix it up. Yeah, it's a cash cow and we kept it up and do repairs when needed, etc. The neighborhood is much worse now, the interior probably just needs to be gutted and redone. It wouldn't be worth it on the rental side so I'd just sell it as is. Someone will take it, I'm sure. --69.201.xx.xxx
Fair Market Rents (by Ann [MA]) Posted on: Feb 10, 2019 11:20 AM
How are you finding what fair market is,...what source? --66.30.xx.xxx
Fair Market Rents (by RentsDue [MA]) Posted on: Feb 11, 2019 5:25 AM
Ann, it it masshousing.com. This is the fair market value amount that HUD allows voucher holders. It may or may not be what the actual rents are in your area but itís been on target here for awhile. I think it helped raise the rents. It was like we were getting Boston rates here in the hilltowns. --71.10.xxx.xxx
Fair Market Rents (by Steve [MA]) Posted on: Feb 11, 2019 5:47 AM
HUD FY 2019 Section 8 Fair Market Rents (FMRs) for ... - MassHousing --96.237.xx.xx
Fair Market Rents (by Steve [MA]) Posted on: Feb 11, 2019 5:53 AM
Ann in the area that I have S8 rental the following are the 2018 & 2019 rates including utilities
Efficiency / 1-Bedroom / 2-Bedroom / 3-Bedroom /4-Bedroom
FY 2019 FMR $1,394 $1,561 $1,902 $2,383 $2,571
FY 2018 FMR $1,253 $1,421 $1,740 $2,182 $2,370
Fair Market Rents (by Brian [CA]) Posted on: Feb 11, 2019 9:25 PM
In my area they recently switched to different FMR for each zip code. Some went up and some went down. --75.80.xx.xxx
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