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Posted: 4/12/2006 7:27:56 PM EDT
I am about to graduate law school and I am trying to find an apartment to live in after graduation.

Unfortunately, I am looking in a small town where there are only around 8 or 9 apartment complexes and it seems that some of the ones that I would be the most interested in are rent controlled. Also, some of the rent controlled apartments seem to be really nice with several of them having just been recently constructed and nice amenities.

I think that I may be able to qualify for a rent controlled apartment if I tried because while in school I only worked around 24 hours a week and basically for the period of May through July, I will not be working at all while I study for the bar. Even after I take the bar, I will work full time but I will only be paid $15.00 an hour. Once I get my bar results (and hopefully pass), I will then get a salary, but this will not be until October.

If you initially qualify for a rent/income controlled apartment but then make a larger then allowed salary while your lease is running, is the lease automatically terminated or do you not run into an issue until the lease comes up for renewal?

What things does the apartment complex look at to determine whether or not you qualify?

Has anyone ever lived in a rent controlled apartment and what is/was your general impression? I am most concerned about who my neighbors may be even though I know that there are many good people that would qualify for rent control apartments but I also know that there are many people that I would not want to be around that would qualify as well.

In your experience, if you have lived in these types of apartments in the past, do they go to shit quickly even if they are new or are they still kept up well? Again, I know that this is a question that will have widely varying responses but I am interested in hearing the varying responses to decide if it is a risk that I want to take.

Typically, are apartment complexes that have rent controlled apartments all rent controlled or are there some units that are not rent controlled?

All things being equal, I would prefer to rather not live in a rent controlled apartment, but the scarcity of apartments in the area is limiting my choices. Also, if I live in a rent controlled apartment, I would be able to save a decent amount of money that I could eventually put towards the purchase of a house (which I hope to do around 1-2 years after I become salaried).


Link Posted: 4/12/2006 8:28:14 PM EDT
I'm confuded . Do you mean like Section 8 or income based (x% of income = rent)or fixed rent(x$ is rent forever.) .

Link Posted: 4/12/2006 8:36:21 PM EDT
Lived in one during college (section 8)

the one I was at went down the tubes quick

seemed like 90% of the tenants just didn't care

I had to "requalify" at least every year - It wasn't monthly but might have been as often as quarterly - I just don't remember (been 8 years)

YMMV etc

Barry
Link Posted: 4/12/2006 8:37:43 PM EDT
"Really nice" rent controlled apartments? According to economic principles, that just isn't possible. Unless the owner's a saint who like throwing money away.
Link Posted: 4/12/2006 8:39:45 PM EDT

Originally Posted By raven:
"Really nice" rent controlled apartments? According to economic principles, that just isn't possible. Unless the owner's a saint who like throwing money away.


ever hear of a place called NYC?
Link Posted: 4/12/2006 8:42:08 PM EDT

Originally Posted By twonami:

Originally Posted By raven:
"Really nice" rent controlled apartments? According to economic principles, that just isn't possible. Unless the owner's a saint who like throwing money away.


ever hear of a place called NYC?



We learned in economics that the second-best way to destroy a city was rent control. The first was aerial bombardment.
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