10. Demoralized Renters?

renter005-copy.jpgPeople who feel like second class citizens, largely because they see no prospect of ever owning their own home?
Or people who’ve come to terms with this ‘alternative lifestyle’?

10 responses to “10. Demoralized Renters?

  1. This from a renter who is NOT demoralized -

    From ‘markoz’ on vancouver (un)real estate:

    2/18/2008 7:09 PM
    “I “owned” a house once for about 2 and a half years. The commute was long and the mortgage was high relative to my income at the time. I was tired and broke. I have never owned since (that was about 14 years ago) because I just don’t see the value in paying all the money I make to a bank so I can either live in a tiny condo in town, or a house that is a one hour+ commute each way. That, however, is what separates me (and, I presume, many people on this blog) from most people in the market. Most people are willing to endure all sorts of deprivation just to say they own. “It’s half the size I really need, but, hey, I own!” “I have no disposable income anymore, but, hey, I own!” I know 2 lawyers each of whom commutes every day from Maple Ridge into Richmond and the downtown core. That’s over 4 hours a day of commuting just to avoid the embarrassment of having to call yourself a renter. A few years ago I contemplated getting back into the market and viewed a few properties. Nothing I could afford to buy was anything I’d want to live in. I saw suites where families had piled their possessions outdoors on the balcony and covered them in tarps because there was not enough room indoors. As long as people are willing to make these sorts of sacrifices just to be “owners” I’ll always be a renter because I am simply not willing to live like that while most people are.”(a)

  2. And from ‘tony danza’ at vancouver (un)real estate:
    2/19/2008 10:44 AM
    “I love being a renter and I have not noticed any difference in how I am treated by our acquaintances/neighbours since transitioning from owning to renting on the west side. In fact of our acquaintances made within the last few years the issue of whether we are owners or renters has never even come up. Either the majority of people really don’t care whether we own or rent or they’re all talking about us behind our backs…:) Makes me wonder why people would feel so insecure in their lives that they need the cachet of being an “owner”.”(a)

  3. This from scullboy at vancouver (un)real estate:
    2/27/2008 3:17 PM
    “I’m really glad I am not the only one who feels like he’s trapped in a crappy rental.
    As far as I can tell this is a krrish/Dosh free zone so I feel ok in admitting that.
    I also feel ok in saying here that oh yeah, I’m waiting for mathematics to trump psychology. When the bubble pops (and it will) and hundreds of people are bankrupt (and they will), I am really going to soak in the schadenfreude (sp?).
    These are the people who were so damn smug about “the market” on the way up… how they were so clever getting in at the right time and all that.
    You just know on the way down the story will be about innocent people losing their homes and how “unfair” it is.
    I guess I’m an asshole for feeling that way, but I still do.”(a)

  4. This from aetakeo at vancouver (un)real estate:
    2/27/2008 4:27 PM
    “I also feel somewhat trapped. We had a really rough fall as our landlords planned to raise our rents by 35% — on the amusing idea that, because the mortgage and upkeep on our suite was greater than the rental income, we were therefore “subsidy” tenants, and should give them all our income and investment info, so that they could base our rents on 30% of our income. And when we refused, raise our rents to *cover their carrying cost*.
    Um, no.
    We’re in the West End, and the rents in the fall were all in the “you WISH” zone. $2100 for a two bedroom? Not going to happen. We’ve been in our suite for 5 years. We’ve got kids, and one’s in school and the other’s in care, and we didn’t want to move.
    Fortunately, our landlords finally grabbed a clue.”(a)

  5. Nice idea for a blog!

    Well, I’m not exactly “demoralized”, but certainly not willing to participate in Vancouver RE shenanigans, even as a renter. My current landlord is dreaming up rents, and it seems most other landlords are, too. So, my husband and I are opting out of the rental market for nows… and moving back home with my parents!

    It’s worth noting that we have very good incomes (combined, over $150K): not only do we wonder who is buying these days, but who can rent?! For us, the advantage of renting was that it allowed us to save like the dickens. Now? Not so much.

    Anyway, we’re plowing some of our moolah into a reno so that we still have our privacy (and sanity!). We figure that after a time, we’ll have broken even on the rent vs. reno, and after that it’s all gravy…
    (a)

  6. 150K and you’re living off your parents? You can’t afford to rent? Hmmm… Would you like to do my taxes for me? I’m sure nothing will get past you. ;-)

    As for landlords raising rents by 35%, isn’t there a law that limits rent increases to 4% or something like that? My rent has never gone up by more than $20 per year.

  7. Well,

    i also rent from my a close family friend…so rent is very reasonable. but i just want to sayI bought Banks and Tech 2004- 2006 and sold it all in Mid 2007. So I made money…now i bought commodities Dec 07…very cautious about the whole econ. it doesn’t look good north America wise…
    bottom line money is money…how u get it , legally is what’s financial independant is all about. it doesn’t have to be real estate. but good times for whatever resources never lasts forever. Can you imagine if Vancouver never stopped raining.

  8. hasn’t been a lot of rain this year, quite pleasant actually. compared to a prairie/ont winter this is hawaii in 2008.

  9. This from newcomer on rob chipman’s blog:
    Newcomer { 03.03.08 at 5:51 pm }

    “I moved here 18 months ago and I work remotely in the States. While it is true that I make more than the average Vancouver salary this way, it is more important to keep in mind that I moved here BECAUSE it is cheap. It provides a great quality of life FOR THE PRICE. As long as I rent, everything is, in fact, cheap. But if the cost of living were to catch up with RE, I would be gone in an instant. For that kind of money, I could live in even prettier and more temperate locations. And I am convinced that my case is quite rare. In the 18 months I have yet to meet a single other person who has an outside income.”

  10. I won’t go so far as to say I’m demoralized, but I can only dream of buying some day – you know, when I win the lottery.

    I’ve actually got a pretty good deal on rent compared to most. Good thing, too, because the jobs in this town pay crap. There are limits to what I’ll do to make money, as I discuss here:

    http://paulmct.wordpress.com/2008/03/07/vancouvers-other-dirty-little-secret/

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