Lakewood area housing bubble

amother

Latte ↓

Tue, Jan 04 2022, 1:42 pm

amother [ Amethyst ] wrote:

So if a landlord with a relatively large apartment doesn't want to rent to a family with four or five chlildren, who do they want to rent it to?

What threw me is why this would be harder than a larger family - or is that a really large family doesn't rent or can't find any rentals?

I'm a landlord. I own a home with 2 bedrooms, living room, dining room, small study that could be used as tiny bedroom, plus playroom and extra guest bedroom in basement. It's a spacious unit.

So technically a larger family could squeeze in, but I prefer to rent to young couple. It's not hard to find young couples willing to rent it. A larger family would mean more wear and tear.

amother

↑ Bluebonnet

Tue, Jan 04 2022, 1:45 pm

amother [ Amethyst ] wrote:

I kind of understood that it was in terms of children as opposed to the exact length of the marriage. Very Happy

I guess I didn't phrase my question that well either. 🤷🏼‍♀️

If there is a three bedroom apartment then presumably in Lakewood it would be rented to someone with more than two children - or even three children - and probably significantly more.

So if a landlord with a relatively large apartment doesn't want to rent to a family with four or five chlildren, who do they want to rent it to?

And what about even larger homes - e.g. four or five bedrooms. Wouldn't the market for these rentals be large families.

What threw me is why this would be harder than a larger family - or is that a really large family doesn't rent or can't find any rentals?

The basements , even with 4 bedrooms, usually go to newlyweds. The next step up is almost always a townhouse type house which is 5 bedrooms, a playroom, a student , at least 2.5 baths. There’s not much in between. There is west gate and a few other options but they’re not always available so it’s often either a basement or a giant townhouse for at least $2000 in the current market. If pp is in a 2 bedroom basement that she’s been in for a while she may be paying as low as $600 (though those places are likely over $1000 now!!! Hopefully temporarily). Going up to $2000 is rough plus she doesn’t need the 5 bedrooms.

Pp check west gate if you haven’t already. They have 5 bedrooms but they’re in the 1700s and you can stay there til you’re ready to buy they aren’t kicking you out and rent goes up very very slowly. Like $50 a year or something if anything

amother

↑ OP ↓

Tue, Jan 04 2022, 1:48 pm

amother [ Bluebonnet ] wrote:

Westgate for 5 bedrooms is also up to over 2k already. I know someone who moved out this summer after one year there and had been paying 1700 for their 5 bedroom, and the tenant after them is paying over $2000
(just for accuracy sake, not 2100 I don’t think, but not 2000 even).

amother

↑ Amethyst

Tue, Jan 04 2022, 1:49 pm

amother [ Latte ] wrote:

Not to belabor it but my assumption was that someone who was currently in a two bedroom apartment wanted to move to a larger apartment.

And that they would have a relatively large family or else no need for a larger apartment.

I understand that most rational landlords would prefer to reduce wear and tear and not want to rent to large families.

But why would someone buy a relatively large rental unit - I.e. your unit has four bedrooms - in Lakewood and then not rent to a larger family.

This isn't a value judgment on YOU as a landlord but wondering if there are actually small families who are renting these units. Is there a market for small families or empty nesters who rent large units in Lakewood?

Again I understand the motivation of a landlord to not want to rent but I am just curious about who rents them.

amother

↑ OP

Tue, Jan 04 2022, 1:52 pm

I think that the answer is more that they want to rent to newlyer marrieds with less kids to begin with - of course bderech hateva the families will grow and be larger families with more kids and the wear and tear will happen eventually.. and then they’ll move out. And then start again with another newlywed/smaller family who will grow into the house, instead of starting with a larger family with whom the wear and tear will start immediately upon them moving in. Get it?

amother

↑ Latte ↓

Tue, Jan 04 2022, 1:57 pm

amother [ Amethyst ] wrote:

For myself, I used to live there. I bought it for myself. I later moved, and am now renting it out. I am bombarded with young couples wanting to rent it, every time it's vacated. Or actually, before it's vacated, as soon as there's a hint my tenants are moving.

I've gotten calls from larger families about it, and I feel bad, but as long as there are young couples (usually, couple with baby, moving back from E"Y, etc...) wanting it, that is my preferred tenant. I've heard of families in the area who rented to larger families, and literally had to gut the walls and redo it at huge expense when they left.

amother

↑ Latte

Tue, Jan 04 2022, 1:58 pm

amother [ OP ] wrote:

I find the young couples I rent to usually buy a house before they even get to the point of having a larger famliy with wear and tear.

Maybe with the rise in housing prices, that will change? It hasn't yet....

amother

↑ Peony ↓

Tue, Jan 04 2022, 2:51 pm

amother [ OP ] wrote:

Well they raised existing tenants by nearly $100 so the old tenant would be paying $1800 anyway. And they’re redoing the old ones really nicely. The bigger issue is that westgate is fully rented out. They’re definitely worth $2k even without the Covid blowup.

amother

↑ Peony ↓

Tue, Jan 04 2022, 2:52 pm

amother [ Latte ] wrote:

Certain crowds like laurel on the pines will buy at that stage no matter what the prices are

amother

↑ Peony

Tue, Jan 04 2022, 2:54 pm

amother [ Bluebonnet ] wrote:

There’s nothing left to rent here in westgate. People keep hanging up signs and begging on the chat for leads but they’re snapped up in seconds

amother

Tiffanyblue

Tue, Jan 04 2022, 5:29 pm

amother [ Offwhite ] wrote:

I winder why no one rents in Washington square apartments. It used to have such nice community.
There is a shul, mikvah, social hall. Playground. They have 3 bedroom apartments. No one lives there anymore.

The apartments are built with master bedrooms connecting. Not sound proof either.
Also, besides for the actual building, it is not in a neighborhood.

amother

Amber

Tue, Jan 04 2022, 5:43 pm

amother [ Bluebonnet ] wrote:

Where?!?! We saw something this week for $3500, and I don't know if that's much above the going rate around here.