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Old 09-25-2008, 03:08 PM
 
Location: rain city
2,957 posts, read 12,734,376 times
Reputation: 4973

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I'm all over craigslist and other sites looking at rental housing just about every day. We are in a very modest price range so my standards are not high.

I see a lot of fairly crummy apartments, some tiny WW2 GI bill houses in mediocre neighborhoods, generally low quality housing with hefty price tags of $1,000 to $1,300 a month. Same rental properties day after day week after week. Still vacant and unrented because nobody is going to pay that kind of money to live in that kind of place.

And yet the price never seems to reduce. Why is this? I might be interested in your run down little place for $800 but I'm sure not paying over a thousand dollars a month for it.

Someone explain to me the economic advantage of having a vacant overpriced rental versus an occupied rental at a lesser price.
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Old 09-25-2008, 03:51 PM
 
Location: Seattle WA
30 posts, read 100,611 times
Reputation: 13
haha i keep seeing this not-so-special studeo apartment for rent for around $1k, but they want you to make 4x the rent.

in the listing it says to do a walk through soon because it will go fast....

yeah right...i've seen it listed for a long time. and i'm sorry, but if i made $4k a month i would be living in a lot nicer place than that studio
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Old 09-25-2008, 04:07 PM
 
Location: Georgia, on the Florida line, right above Tallahassee
10,471 posts, read 15,843,977 times
Reputation: 6438
If you search craigslist a lot, you will find the same home for rental and for sale.
You might even notice that there is no way the rent can pay the cost of the mortgage.
Except in those cases where, as you see, they are trying to get YOU to pay their mortgage.

Give it to 2011. It's gonna be a whole different market.
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