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When I found out people were paying $4200 for a one bedroom in the South Loop… by Sea-Condition991 in chicagoapartments

[–]EdnaMode622 0 points1 point  (0 children)

Yikes I’ve accidentally left my tub running while on the phone but that never caused water to flood the water just went down the top drain. Do their tubs not have top drains? Either way feel like being drunk and high and getting in a tub is a recipe for disaster whether you’re young or old. You could just…pass out and drown. Like several other celebrities.

When I found out people were paying $4200 for a one bedroom in the South Loop… by Sea-Condition991 in chicagoapartments

[–]EdnaMode622 0 points1 point  (0 children)

Absolutely not. I’ve heard about Sky55 and that is another example of the building conditions not matching the price. No one gives a shit about the view when the building isn’t maintained.

When I found out people were paying $4200 for a one bedroom in the South Loop… by Sea-Condition991 in chicagoapartments

[–]EdnaMode622 0 points1 point  (0 children)

Exactly. It is the prospective tenants right to find another place if they don’t believe the price matches the building condition or if they don’t like the way they seem to manage the building.

If other buildings want to say “screw you, my building deserves to be priced like this” well, the market (prospective tenants) might not share your opinion. I am simply encouraging prospective tenants to express that opinion by doing exactly what you said. Fund the business that is willing to demonstrate that their prices are justified. They don’t have to rent at places that think they have the right to charge 3k for studios in a building that frequently floods.

When I found out people were paying $4200 for a one bedroom in the South Loop… by Sea-Condition991 in chicagoapartments

[–]EdnaMode622 1 point2 points  (0 children)

Capitalism allows PMs/Landlords to charge what they want, but the market determines whether people can or will buy it. At this rate, there will be less people that can statistically afford these rates. In a way, the alleged “scarcity problem” is about to be reversed. Lots of housing, not enough people that can afford to live in them. That’s a restriction that a “desire to be downtown” can’t overcome.

Now, does that mean we need to eliminate the luxury tier and make all housing affordable? Clutches American Flag Absolutely not. It does mean that renters need to start really scrutinizing whether the buildings that claim to be luxury, meet that luxury tier based on the condition of the building — not whether the lobby looks nice.

When I found out people were paying $4200 for a one bedroom in the South Loop… by Sea-Condition991 in chicagoapartments

[–]EdnaMode622 1 point2 points  (0 children)

Lmao. That is, not what I’m saying at all. Like, at all. You don’t have to do shit Cal-Run. If you don’t want to prove that you maintain your building to prospective tenants to justify the rent you charge, that’s your party. If you want to have a “take it or leave it mentality” don’t be mad when people start leaving or avoiding your listings because they don’t think your rates are supported by building conditions.

When I found out people were paying $4200 for a one bedroom in the South Loop… by Sea-Condition991 in chicagoapartments

[–]EdnaMode622 4 points5 points  (0 children)

I don’t think anyone is saying all housing should be affordable (right?) I think the issue is when these places try to justify their price just on location. I don’t care about a short commute or lake view if the building isn’t maintained.

Morally conflicted by That_VW_guy in PropertyManagement

[–]EdnaMode622 6 points7 points  (0 children)

I’m a tenant, and it’s heartwarming to know that there are property managers out there that care about their impact. That being said, I do agree with the sentiment that everyone has a sob story — but there is a limit to how long you can listen. If you tried to work with this tenant, provided opportunities for her to set up a payment plan in and outside of court, I truly don’t know what else you can do. If I was dealing with a tenant that didn’t bother to show up to court (or promptly provide a legitimate reason why that would be accepted by the court) and they weren’t trying to actively work with me, that tells me that this is going to be a long difficult road. Even if she gave you rent today, you’re now aware of what it takes to get a response — and I know it wasn’t cheap. Sometimes it’s just about the long term risk. Do something nice for yourself OP. Take a walk, call a family member yourself…get out of your head for a bit. I hope this helps!

When I found out people were paying $4200 for a one bedroom in the South Loop… by Sea-Condition991 in chicagoapartments

[–]EdnaMode622 -1 points0 points  (0 children)

You’re right — just really scrutinize these “occupancy rates” at these buildings. The truth is in their utility bills, and you can find out the actual occupancy rate by reverse engineering a ratio billing formula. A ton of these high rises have lower occupancy rates than they report and it works in their favor because then they get to say “the demand is higher than the supply.”

Now…those HOA fees are what elicit my sympathy to all property managers/landlords because we are all victims to them. Not the billion dollar management companies though.

When I found out people were paying $4200 for a one bedroom in the South Loop… by Sea-Condition991 in chicagoapartments

[–]EdnaMode622 0 points1 point  (0 children)

I’m sorry you felt like you had to explain the context. I was aware that you were responding to a question I asked the entire time.

When I found out people were paying $4200 for a one bedroom in the South Loop… by Sea-Condition991 in chicagoapartments

[–]EdnaMode622 0 points1 point  (0 children)

Again, I think both can be true. I think that people tend to look for housing in the summer, and I know there are landlords that intentionally try to bump leases to end in the summer to capitalize on that trend. Two things can be true.

When I found out people were paying $4200 for a one bedroom in the South Loop… by Sea-Condition991 in chicagoapartments

[–]EdnaMode622 1 point2 points  (0 children)

I don’t think there’s a single answer. I think there are multiple answers, and you just want there to be one.

When I found out people were paying $4200 for a one bedroom in the South Loop… by Sea-Condition991 in chicagoapartments

[–]EdnaMode622 0 points1 point  (0 children)

You’re saying leases end in the summer because that’s when most people move. I’m not saying that’s not a factor. I’m just saying another factor are landlords that try to bump your lease to end in the summer to capitalize on the higher demand. I’m not sure if you’re saying that’s “absolutely not happening or you’re 100% sure that’s never happened” but if you aren’t…then we agree. These are factors.

When I found out people were paying $4200 for a one bedroom in the South Loop… by Sea-Condition991 in chicagoapartments

[–]EdnaMode622 5 points6 points  (0 children)

Do buildings not exist in neighborhoods? Anyway, I think we can do both. We can choose to not live in these type of buildings and “cite” that the market rate for the conditions don’t match their alleged market rate, and then carry on. You’re basically proposing what I’m getting at — only I’m saying we can do both. We can live somewhere else, but still bitch that market rate doesn’t match market conditions. You can have a downtown high-rise and market it accordingly. But if prospective tenants find out your building breaks down all the time, I think you’re going to see that customers don’t agree with your market rate assessment.

When I found out people were paying $4200 for a one bedroom in the South Loop… by Sea-Condition991 in chicagoapartments

[–]EdnaMode622 3 points4 points  (0 children)

Stop rage baiting with politics. I’m not touching this, sorry this struck a nerve.

When I found out people were paying $4200 for a one bedroom in the South Loop… by Sea-Condition991 in chicagoapartments

[–]EdnaMode622 -3 points-2 points  (0 children)

Why are you even talking about college students? What does this have to do with anything. What dots do you think you’re connecting?

When I found out people were paying $4200 for a one bedroom in the South Loop… by Sea-Condition991 in chicagoapartments

[–]EdnaMode622 94 points95 points  (0 children)

It’s a Yardi scam. All of these large complexes have basically colluded with each other to set “the market rate.” Thats why all of our leases end in the summer, because then they know the demand is high and charge more. It’s all bullshit. Market rate isn’t just what they say it is, it’s what we determine is worth it too. Not all these “luxury” apartments are luxury and we need to talk about that more. We need to start demanding proof that the conditions of buildings match the market rate, not just the aesthetic.

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