Updated about 7 years ago on . Most recent reply
Market value is sociopathic
In a 69 year old retired female on fixed low income. I think that market value of rent is sociopathic. I rent with a roommate. New owners bought property. We have to move out as they are renovating and building will be unlivable. I met the new owners. They think it's horrible the old owner didn't raise rent to market value. He does this buys building moves old renters out hikes rent up several thousands of dollars. This is not right. Completely sociopathic reptilius behavior. I'm not riff Raff neither is my roommate. I'm not going to go out and get a full time job at my age. I'm a liberal person and actually care about people having a roof over their heads. Realtors and developers don't care. They put money before people. It's completely sociopathic
Most Popular Reply
@Vicki Trusselli I'm sorry that you're faced with a tough situation.
The concept of private property rights means that the person buying the home you're renting, with very few exceptions, has the right to do with it as he pleases.
If for whatever reason, the previous owner was charging you below market rents, that's something that you should be grateful for - but it doesn't mean that the new owner has an obligation to continue to do the same.
Market value of rents are dictated the same way a gallon of milk or a used 2010 minivan is. It's what the market will bear. Simple supply and demand.
Priced too high, the landlord will have no renters and he'll be forced to lower the rents until his units are occupied.
The landlord isn't some evil being who is out to screw little old ladies. Many - and perhaps most - are people who are using real estate investing as a way to provide for their own families. They have expenses like you and me. Their wives and kids need a place to sleep, need food and education - and maybe even a vacation once in a while.
If they charge you a below market rent, that means they're taking money out of their own family's bank account to subsidize you. In that light, I don't think it's sociopathic at all. In fact demanding that they do so might be more sociopathic!
I hope your situation works out. Best of luck!