Terra Mar Apartments Raising Rents

[The Window Guy]

To whom it may concern,

Be advised that Terra Mar is raising their prices approximately $200.00 per month per
unit for anyone that wants to renew their lease.
They told my daughter that if she did not give renewal notice (60) days before the contract is over, they will raise her rent $300.00 to $400.00 per month instead! This just happened this morning!
Nowhere in her current contract is that spelled out, but the agent said too bad that's the way the new owner is changing it.
They obviously do not care about anything but money! She will be leaving at the end of her current contract because of the way they are treating her. Anyone signing a new contract needs to read it carefully because it seems that they do not honor any contract they write!
Demand for your product does cause greed and cockiness. This happened to Centex Home builders years ago and now they are gone.

Just a word of caution to anyone who is looking to rent or renew! GOOD LUCK

 

[jodiFL]

Doesnt surprise me. Didnt they try to market them as "affordable" housing during the planning stages to get approval?

 

[The Window Guy]

Yes!
Right now a one bedroom costs $1,000.00, then your renewal contract goes to $1,200.00 per month!
Such is life

 

[Matt J]

Affordable housing at indentured pricing.

 

[John G]

Although ugly, its not illegal. Common tactic in residential rentals. Not surprised a bit by this. Supply & Demand at work.

Who controls the complex? Is it managed by a company or still the developer?

Read your lease. Try to get a multi year one, and lock in a rate.

Problem probably comes from some less than desirable tenants having slipped through the cracks, just like the less than desirable crop of tourists we have attracted this year due to the heavy marketing and deep discounts rental companies are giving... I don't recall 30a being the destination of choice for beer in a brown paper bag, blunt cigar, tattoo on face sort of crowd.

But it seems to be going that way.

Long term rentals are tough. Based on the rental pricing you could buy a house. I'd stay away from DR Horton if you do...

 

[m1a1mg]

TerraMar has already changed hands. It sold to a new investor in May/June time frame.

It really isn't what they claim it to be. They talk about elegant living on 30A, but it isn't elegant or on 30A.

However, demand is high and the market sets the price.

 

[Matt J]

Does the $1,200 for a one bedroom also include fire insurance?

 

[SkinShark]

If the rent is rising that is good news for me! Maybe the housing prices will go up just as equally. Supply and demand folks. I hope to make money off my house in the future!!

 

[John G]

OK, two different ideas here. Time for the Edit... (kurt)

I believe the "quality of visitor" warrants its own post.

Anyone been to the Inlet Beach Gas Station??? Only place in SoWal you can buy Porno Mags... Take a minute to look at the "paraphnalia" while you're at it. Para is all over the 393 / 98 gas station that I never stop at. Been there at 0600 hours... ???

 

[m1a1mg]

I see that TerrorMar is up to $1600 for a 3 bedroom. Crazy. I can get a free standing house for less than that.