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One of my neighbors lived in a large 1 bedroom apartment. It was in the family since the 60s. It’s rent stabilized and in a popular area. A decade ago she was paying $850, market value at the time was $2k+. She renovated her kitchen when I lived there…. The downside was that her new upstairs neighbor was a musician and had a full sized piano that he’d practice on daily for hours at a time…

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WhipTheLlama@lemmy.world ⁨1⁩ ⁨year⁩ ago
If you know you can’t be evicted unless you stop paying rent and the rent is cheap enough, it’s not a bad idea to renovate it a bit. I told my friend he should quietly renovate his rental apartment because he hated the kitchen and all the flooring. He was paying $2k under market price, had rent control, and because it’s a corporate landlord, they can’t evict him unless he misses rent a lot or harasses other tenants.

My friend opted to buy a condo instead, so while his mortgage is more than his rent was, at least he’s earning equity and a rising housing market.

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- dingus@lemmy.world ⁨1⁩ ⁨year⁩ ago
  How does one end up in an apartment with rent stabilization? I’ve wondered this.
  
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  - shasta@lemm.ee ⁨1⁩ ⁨year⁩ ago
    Get a time machine
    
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    rmuk@feddit.uk ⁨1⁩ ⁨year⁩ ago
    Great, what’s step three?
    
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  - dan@upvote.au ⁨1⁩ ⁨year⁩ ago
    It’s very uncommon to find available rent controlled apartments. Some of the leases allow you to pass the apartment and its current pricing to a child, so there’s a lot of them where the same family has lived there for 20+ years and just passed the lease down the family.
    
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- aceshigh@lemmy.world ⁨1⁩ ⁨year⁩ ago
  yeah, you have to do the math to calculate the total expenses since maintenance fees can be very expensive in condos, much higher than paying for a rent control or stabilized apt.
  
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