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Is it worth moving or should I stay in this expensive place
I have to notify my office of the complex that I live in about renewing the lease or moving. I only have 6 days to let them know otherwise they charge a huge fee that I cant afford. My fiance and I will be paying 1100 for a 1 bed room in a complex that has a pool gym and tennis court that we barely use. The rent use to be 945 but it goes up depending on the market. In order to move most places require first last and security which could end up being 2000. We dont have that kind of money to come up with. I like where we live but the rent is way to much for the area we live in and for a 1 bedroom. Most places we looked at online that are nice are almost the same price a couple hundred cheaper a month but we would have to pay first and last also expenses to move. Is it better to pay the down payments and have a cheaper rent every month or is it better to not have to pay a down payment and pay the extra every month?
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You have seen through your history with the landlords that they are pretty money hungry and are always upping the rent.
Who knows what it will leap to next especially if it's hard enough now for you.
I would tell them that you aren't renewing your lease for that reason plus the fact you never use the other facilities.
Next I would tell your parents that the rent is sky high right now and you have to get out of that place or you're finances are screwed and they only gave you six days to decide before raising a penalty on you.
Stay there and pay them rent until you can find the right place and scrape together the $2000 you need first/last. It's not ideal but seems an option unless they could put up the deposit money as a loan. Either way your current situation is not one I would stick with. You're getting rooked and they can up rent any time they please without much warning. You should look to see if they're breaking any laws in how they constantly do this to renters without much notice as well as that 6 day penalty.
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To be honest, 1100 for a one bedroom is a bit outrageous.
I suppose it depends where you live but a 1 bedroom here goes for around 850-950. A 2 bedroom here is about 1100
I dontgo buy luxury of a pool, tennis coyrt etc. It's about what's affordable.
I'd be looking elsewhere
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The answer will depend on how long you plan to stay in a new location. Over time, even if there is the initial expense at moving in, you will in time a label for us, or perhaps lack of a reach the point where you are paying the cheaper rent per month provided theirs has not also gone up. In this economy I honestly have no idea how apts can keep renters when money is tight for everyone. You would think they'd stop raising the rents.
In the long run, its cheaper to move if you plan to stay a long time there, otherwise it ends up being the same expense.
Lets use some easy figures to get a good picture. Let say your rent was $1000 but now up at $1,200. You want to find a place for $1,000 per month or lower. It will cost $2,000 for first/last/security up front.
But the place is $1,000 a month. In a years time, the extra 200 dollars you would have paid over 12 months comes to $2,400 dollars. Move in extras are $2000. So after 10 months of being in a new place,( based on the figures in my example only) any after that period of time can be considered the point at which you are not getting ahead financially.
The issue is about coming up with the big lump sum all at once. My daughters have faced that issue several times, and a couple times have moved in either with me, their dad or friends, to be able to save up the money needed for the F/L/Sof upfront renting costs. If you had people you could borrow the money from, you would have to pay them payments of 200 a month for 10 months to pay them back and so still be paying the rate that you paid at your old place. But eventually even in that scenerio, you are eventually ahead of the game.
I hope this made it clear.
You might try looking for a rental situation other than an apartment. I have a daughter who found a place on Craig list. A guy owned a split level home and found the need because of tight times, to take in a renter. She gets the entire lower level of the home with own bathroom and everything, even a separate entrance if she wishes to use it. Being it is a home owner who rents to her, the liklihood of renting going up too often is not going to happen. The only thing that can change for him is his yearly taxes on the house or perhaps water and garbage can over time have rates go up and he will split those costs possibly with the renters who use water and create garbage. But it shouldnt be any drastic leap in rent and not occur every 6 mos to a year as most apts seem to do with rent rates. He was even okay with her recent new boyfriend moving in there too as boyfriends situation deteriorated where he was staying.
It will be rough for a while, trying to stay with someone while saving up, or even getting the loan from someone and having to pay back, but better now than putting it off and it becoming even a more expensive switch in the future.
Check out your new neighborhood carefully. Rent could be cheaper cus more trashy people live there. It may not look that way but could be a problem area with high incidences of crime starting up. Good luck dear.
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