The rent is already too damn high. So I should pay MORE, right?
October 16, 2015 9:31 AM Subscribe
My 2BR 1BA apartment is 50% of my take home pay now. Please help me decide if I should move to an even more expensive place. Wall of informative text inside. My lease is not up until March, so I have some time to think through this.
Apologies for the length but there are a lot of mitigating factors.
I'm a single middle-aged woman in Denver with two amiable cats and an apartment I absolutely adore. I don't own a car, and my commute is almost 3 hours per day. (This sounds terrible but trust me, it's preferable to driving and I get a lot of reading and writing done.) I am looking for a job in downtown Denver as well as one that will pay more. This is going to happen.
Pros of my apartment are that I love love love it. Great light, great view, solid old construction, nice management. My furniture fits perfectly. There is a wood-burning fireplace. The layout is perfect. I'm happy and lucky.
BUT.
One bathroom pretty much rules out Airbnb, and there's no way I could have a roommate even if I needed one, like if I lost my job suddenly or something. I pay for laundry (in the basement) as well as internet ($50). There's a pool but only in the summer. My rent will PROBABLY go up at least $50 in March, IF I'm lucky. I'm 40 minutes by bus east of downtown. I transit through Union Station every day and the majority of my friends live farther west. This means a lot of late nights in taxis/Lyfts coming back from the Highlands and other west neighborhoods. *I* love my mid-century apartment but it's not in a super-fashionable nabe, limited restaurants and the finishes, etc are nice enough but not high end.
SO.
For about $400 more than I'm paying now, I could get a 2BR/2BA in lower downtown, which is super desirable on Airbnb for sporting events, concerts, etc and with next-door grocery store and tons of places I go and things I do. It would also allow me to god forbid get a roommate if I had to. Said apartments also have in-apartment washers and dryers, many more amenities, storage units and wifi is included. Some have parking included, and I could rent out my parking space or reduce the rent a bit. (Parking in my current place, if I needed it, would be $150/mo.)
AND I'd shave an hour off my commute each day and save money on taxis etc by being closer to my people.
Am I crazy to think that this might be a good decision? My rent right now is right at 50% of my take-home pay. (Rumor has it that I'm getting a pretty substantial raise soon.) I freelance for extra income (and write off the second bedroom as home office). I have no car payment and absolutely no debt.
Thanks for helping me think through this.
Apologies for the length but there are a lot of mitigating factors.
I'm a single middle-aged woman in Denver with two amiable cats and an apartment I absolutely adore. I don't own a car, and my commute is almost 3 hours per day. (This sounds terrible but trust me, it's preferable to driving and I get a lot of reading and writing done.) I am looking for a job in downtown Denver as well as one that will pay more. This is going to happen.
Pros of my apartment are that I love love love it. Great light, great view, solid old construction, nice management. My furniture fits perfectly. There is a wood-burning fireplace. The layout is perfect. I'm happy and lucky.
BUT.
One bathroom pretty much rules out Airbnb, and there's no way I could have a roommate even if I needed one, like if I lost my job suddenly or something. I pay for laundry (in the basement) as well as internet ($50). There's a pool but only in the summer. My rent will PROBABLY go up at least $50 in March, IF I'm lucky. I'm 40 minutes by bus east of downtown. I transit through Union Station every day and the majority of my friends live farther west. This means a lot of late nights in taxis/Lyfts coming back from the Highlands and other west neighborhoods. *I* love my mid-century apartment but it's not in a super-fashionable nabe, limited restaurants and the finishes, etc are nice enough but not high end.
SO.
For about $400 more than I'm paying now, I could get a 2BR/2BA in lower downtown, which is super desirable on Airbnb for sporting events, concerts, etc and with next-door grocery store and tons of places I go and things I do. It would also allow me to god forbid get a roommate if I had to. Said apartments also have in-apartment washers and dryers, many more amenities, storage units and wifi is included. Some have parking included, and I could rent out my parking space or reduce the rent a bit. (Parking in my current place, if I needed it, would be $150/mo.)
AND I'd shave an hour off my commute each day and save money on taxis etc by being closer to my people.
Am I crazy to think that this might be a good decision? My rent right now is right at 50% of my take-home pay. (Rumor has it that I'm getting a pretty substantial raise soon.) I freelance for extra income (and write off the second bedroom as home office). I have no car payment and absolutely no debt.
Thanks for helping me think through this.
I'm a big believer in shortening commutes - they suck so much time out of the day. But your rationale for strongly considering a 2 bed/2 bath doesn't really appeal to me. Do you have a sense of what sort of income you'd likely gain from AirBnb rentals, particularly if you're only renting out one room? And do you have a sense of whether it'll be worth the hassle and risk of sharing your space with someone you don't know and who might swipe your stuff? Have you checked with the prospective place to find out if they'll allow you to rent your parking space? I also wouldn't worry about having a second bedroom as a hedge against potentially needing a roommate -- if anything, it may be a self-fulfilling hedge if you significantly up your rent.
If I'm you, I'd look for a 1 bed/1 bath somewhere near walking distance of downtown, like cap hill or baker or even five points/rino.
posted by craven_morhead at 9:38 AM on October 16, 2015 [11 favorites]
If I'm you, I'd look for a 1 bed/1 bath somewhere near walking distance of downtown, like cap hill or baker or even five points/rino.
posted by craven_morhead at 9:38 AM on October 16, 2015 [11 favorites]
$400 more is a LOT more, even a lot more than you would be paying if your rent went up six months from now. It's so much more that it would be more cost effective to buy a car than to move to a place that much more expensive.
I live in a slightly imperfect apartment in an undesirable and inconvenient neighborhood, too, so I totally feel you. But I just can't afford a bigger or more convenient place, and that's what it is. So I stay where I am.
If your rent gets raised such that moving to a fancier place amounts to the same thing (it's no longer a savings to put up with the things you don't like), consider moving at that point. But right now, no, stay where you are.
posted by Sara C. at 9:40 AM on October 16, 2015 [2 favorites]
I live in a slightly imperfect apartment in an undesirable and inconvenient neighborhood, too, so I totally feel you. But I just can't afford a bigger or more convenient place, and that's what it is. So I stay where I am.
If your rent gets raised such that moving to a fancier place amounts to the same thing (it's no longer a savings to put up with the things you don't like), consider moving at that point. But right now, no, stay where you are.
posted by Sara C. at 9:40 AM on October 16, 2015 [2 favorites]
Both your current and potential apartment sound like terrible compromises to be honest. I wouldn't move for that. That's a huge increase from an already really high percentage of your rent. Wait until your raise actually becomes a real thing, and not just a good possibility to make any decision. Being dependent on airbnb isn't a great plan.
posted by Aranquis at 9:44 AM on October 16, 2015 [3 favorites]
posted by Aranquis at 9:44 AM on October 16, 2015 [3 favorites]
Response by poster: These are good points and I'm listening!
Couple clarifications: I have a couple of friends who host airbnb downtown. I would need 4 nights a month to completely cover the rent increase. I'm comfortable with hosting. A 1BR would rule out my home office deduction, which in the past couple years has been a total break even in terms of the difference in rent between 1 and 2 bedrooms. I also host friends from all over the world, and love being able to have them stay with me.
posted by SockPuppetOfShame at 9:44 AM on October 16, 2015
Couple clarifications: I have a couple of friends who host airbnb downtown. I would need 4 nights a month to completely cover the rent increase. I'm comfortable with hosting. A 1BR would rule out my home office deduction, which in the past couple years has been a total break even in terms of the difference in rent between 1 and 2 bedrooms. I also host friends from all over the world, and love being able to have them stay with me.
posted by SockPuppetOfShame at 9:44 AM on October 16, 2015
I sure wouldn't count on AirBnB, doesn't that break the lease in some places? It's not actually legal to rent your place for less than 30 days, although I guess the city is considering legalizing it.
posted by desjardins at 9:48 AM on October 16, 2015 [3 favorites]
posted by desjardins at 9:48 AM on October 16, 2015 [3 favorites]
Will you even get through the application process for an apartment where the rent is 75% of your take-home? I wouldn't expect to in a competitive rental market. 50% is a lot but in the range of normal; 75% is pretty outrageous. And most landlords aren't going to like the idea that you're subletting via AirBnB, so you can't use that as your explanation.
posted by mskyle at 9:53 AM on October 16, 2015 [5 favorites]
posted by mskyle at 9:53 AM on October 16, 2015 [5 favorites]
I would absolutely not take any apartment where my ability to afford it hung on airbnb. I hear you on the home office deduction, I just have a hard time believing that it's enough to justify passing up the potentially huge amount you could save by taking a 1bedroom. Take it from this New Yorker with a one bedroom that your friends will want you to host them whether they have to crash on a couch or not, Denver being beautiful and all. I kind of see having a special designated guest room as a luxury most apartment dwellers can't justify.
posted by cakelite at 10:00 AM on October 16, 2015 [10 favorites]
posted by cakelite at 10:00 AM on October 16, 2015 [10 favorites]
I wouldn't. That $400, if you *do* have it to *spare*, would pay for a lot of taxi rides home.
posted by Ms Vegetable at 10:02 AM on October 16, 2015
posted by Ms Vegetable at 10:02 AM on October 16, 2015
I would consider getting a roommate to be a more likely option than AirBnB, but you'd probably have to have that roommate apply for the apartment with you, because as others are saying, that's going to be a huge percentage of your pay, enough that I think a landlord would be extremely hesitant to go through with it. As far as I know, doing an AirBnB would probably violate the lease terms of anyplace I've ever rented, since they usually had a cap of 10 nights per year of having a guest stay over, and I'd assume that you could construe AirBnB renters to fall under that category. The cap on those nights was for a couple reasons: people the landlord hasn't vetted staying a significant portion of time in their building, and some utilities (like water) were included in the rent and not separately metered, so having an extra person taking a shower every day would jack up the bills and the landlord's expenses quite a bit. But, those leases were largely before the advent of AirBnB, and landlords might have figured out a way to make that work, or your lease may be different.
But basically, I think unless you get a roommate or a significant salary increase, you're probably not going to be able to get a much more expensive place anyway.
posted by LionIndex at 10:02 AM on October 16, 2015
But basically, I think unless you get a roommate or a significant salary increase, you're probably not going to be able to get a much more expensive place anyway.
posted by LionIndex at 10:02 AM on October 16, 2015
Can I ask why you think that two bedrooms and one bathroom rules out the possibility of having a roommate? Or am I misreading you?
for the record, every roommate-share situation I've been living in involved two bedrooms and one bathroom, and that was plenty fine for everyone concerned.
posted by EmpressCallipygos at 10:13 AM on October 16, 2015 [23 favorites]
for the record, every roommate-share situation I've been living in involved two bedrooms and one bathroom, and that was plenty fine for everyone concerned.
posted by EmpressCallipygos at 10:13 AM on October 16, 2015 [23 favorites]
This sounds like a really good option to me. How much are you spending on your late night cabs/Lyfts home? Living closer to friends is worth a lot of money, imo, and reducing your commute is also a big win.
What are you currently doing with that $400/month? Will you miss it? Will you have to hustle to get it back? I have friends who bought a house that's a little more expensive than is truly comfortable for them, and airb&b has only sooooorta helped cover the difference for them (but they're not in a super desirable location).
I don't think you're crazy to be considering this, but it's also not a no-brainer by any stretch. Will you know by next spring if you have gotten the raise? That might help!
posted by spindrifter at 10:20 AM on October 16, 2015
What are you currently doing with that $400/month? Will you miss it? Will you have to hustle to get it back? I have friends who bought a house that's a little more expensive than is truly comfortable for them, and airb&b has only sooooorta helped cover the difference for them (but they're not in a super desirable location).
I don't think you're crazy to be considering this, but it's also not a no-brainer by any stretch. Will you know by next spring if you have gotten the raise? That might help!
posted by spindrifter at 10:20 AM on October 16, 2015
Is it possible to find a one-bedroom in the better location? That seems like it would have a lot of the plusses of this plan, with less of the minuses (such a big percentage of take-home pay, uncertain income from Air BNB/possible conflict with lease, etc.)
posted by rainbowbrite at 10:27 AM on October 16, 2015 [1 favorite]
posted by rainbowbrite at 10:27 AM on October 16, 2015 [1 favorite]
Response by poster: Last update, promise: The raise is scheduled for this quarter, and on its own should net the proposed increase. I was never planning on making the move WITHOUT the raise, should have been clear on that. If I stay where I am, though, (some of) that raise can go to savings.
I spend at least a hundred bucks a month on late night getting home transportation, $50 on wifi, and probably $40 on laundry. I've already been approved for the apartment, and as the leasing manager has her place on airbnb I think that part is covered. But I'm STILL not 100% sure, which is why I posted here. There are so many pros and cons, AND I love my current place even with its drawbacks. I appreciate everyone's input.
posted by SockPuppetOfShame at 10:28 AM on October 16, 2015
I spend at least a hundred bucks a month on late night getting home transportation, $50 on wifi, and probably $40 on laundry. I've already been approved for the apartment, and as the leasing manager has her place on airbnb I think that part is covered. But I'm STILL not 100% sure, which is why I posted here. There are so many pros and cons, AND I love my current place even with its drawbacks. I appreciate everyone's input.
posted by SockPuppetOfShame at 10:28 AM on October 16, 2015
You say several times that you love your current place. Will you really be willing to spend $200 more (after accounting for the laundry, proposed rent increase, and late night transportation) every single month for a place you don't love? I mean, that's car payment territory that you're in. Or a lot of really nice clothes.
Small other thing: the wifi is shared, and thus probably not that great especially at peak times. I would never count on untested shared free internet service as something worth $50 - in the sense that I personally would absolutely end up getting my own internet service pretty darned fast anyway under those conditions.
posted by SMPA at 10:39 AM on October 16, 2015 [3 favorites]
Small other thing: the wifi is shared, and thus probably not that great especially at peak times. I would never count on untested shared free internet service as something worth $50 - in the sense that I personally would absolutely end up getting my own internet service pretty darned fast anyway under those conditions.
posted by SMPA at 10:39 AM on October 16, 2015 [3 favorites]
If you can afford it and you can save 20 hours of commuting per month for a net cost of about $200 per month, then yes, do it.
posted by ssg at 10:40 AM on October 16, 2015 [2 favorites]
posted by ssg at 10:40 AM on October 16, 2015 [2 favorites]
Oh, and you'll probably spend $10-20 on the washer and dryer per month, if you're spending $40 on a coin machine now. It depends on your water, sewer, and electric rates. Plus chances are they won't do as good a job as the commercial machines you use now, and you'll do more loads (all of which have to be one at a time.)
posted by SMPA at 10:41 AM on October 16, 2015
posted by SMPA at 10:41 AM on October 16, 2015
Where will you stay while you AirBnB your place? Are you counting on the kindness of friends? 4 nights a month? That might be stretching anyone's generosity. Plus, you know, friends move, get a new roommate or new boyfriend or new job and are no longer so willing to have someone crash with them. I think you will need to think of AirBnB as bonus cash, but not part of your financial plan.
posted by vignettist at 10:53 AM on October 16, 2015
posted by vignettist at 10:53 AM on October 16, 2015
AirBnB has a "private room in shared house" option, which might be what OP plans on doing.
I would actually be pretty tempted to do it, assuming the raise comes through. I would also think very hard about moving to the same location but into a 1/1 for now, if that's appreciably lower in cost, even though it means taking a hit on a home office or rental potential. (But if you're in one of those markets where there's only $100-200 difference between a 1/1 and a 2/2, go big.)
My reasons are as much soft (social, commute time, the glory of in-home washer/dryer) as hard, but I think quality of life counts for a lot.
posted by Lyn Never at 11:10 AM on October 16, 2015 [1 favorite]
I would actually be pretty tempted to do it, assuming the raise comes through. I would also think very hard about moving to the same location but into a 1/1 for now, if that's appreciably lower in cost, even though it means taking a hit on a home office or rental potential. (But if you're in one of those markets where there's only $100-200 difference between a 1/1 and a 2/2, go big.)
My reasons are as much soft (social, commute time, the glory of in-home washer/dryer) as hard, but I think quality of life counts for a lot.
posted by Lyn Never at 11:10 AM on October 16, 2015 [1 favorite]
If you were going to use AirBNB, you would be doing it with your current house.
Why don't you try it in your current apartment, at a cheap rate, as a trial?
If you really don't like roommates, it doesn't sound like you would want to AirBNB either, so it would be better to find out now, than get a 2 bedroom on the financial assumption that you will be getting people in on AirBNB, then be stuck in a 2 bedroom 2 bathroom, when you can really only afford 1bdrm.
If you really don't want to try AirBNBing, then don't assume your attitude is going to change in a new apartment, and plan accordingly...
posted by Elysum at 11:23 AM on October 16, 2015 [2 favorites]
Why don't you try it in your current apartment, at a cheap rate, as a trial?
If you really don't like roommates, it doesn't sound like you would want to AirBNB either, so it would be better to find out now, than get a 2 bedroom on the financial assumption that you will be getting people in on AirBNB, then be stuck in a 2 bedroom 2 bathroom, when you can really only afford 1bdrm.
If you really don't want to try AirBNBing, then don't assume your attitude is going to change in a new apartment, and plan accordingly...
posted by Elysum at 11:23 AM on October 16, 2015 [2 favorites]
Response by poster: I don't do Airbnb now because a: I have no intention of sharing a bathroom with anyone, ever, and
b: rates for a single room with shared bath in my unfashionable neighborhood are maybe $50/night. So not worth it.
In downtown, rates for a single room with private bath are around $100, with big increases for football and baseball game nights.
posted by SockPuppetOfShame at 11:30 AM on October 16, 2015
b: rates for a single room with shared bath in my unfashionable neighborhood are maybe $50/night. So not worth it.
In downtown, rates for a single room with private bath are around $100, with big increases for football and baseball game nights.
posted by SockPuppetOfShame at 11:30 AM on October 16, 2015
You're essentially starting a side business. Since you have friends who AirBnB, you have information about legality, occupancy rate, how much you can charge, and how to market your room. If you think you can average the four nights a month every month, it seems like it might be worth doing if you have a cushion of savings to 'invest' in this new business.
I'd want to have some extra money for: moving costs, slow months, extra cleaning costs, repairs, and upgraded linens and decor for the spare room.
Worst case scenario is you can't fill the room or the city bans AirBnB. You're out an extra $4800 + moving costs over the full year (or if laundry & taxi savings are real, $2400 + moving). It will take a few months of slow AirBnB before you decide to take a roommate, and then finding a good one might take a few months, so you might be out $2-3K if things go bad. It's all post-tax money since you're likely operating under the table. Can you afford to lose this 'investment'? Your loss is limited because you can always move again.
Also think about what happens if Denver legalizes it - your costs go up (taxes, business registration) - but hopefully room rates rise along with that, and you can deduct more expenses. Do your friends write off business expenses now, or is it completely underground? (You don't need to answer here, but you need to know, because you're starting a business. You might not declare to the city, but please declare to the IRS!)
The upside is if your room has, say, 10 nights occupancy, you get an extra $500/month after expenses. Is that realistic - do your friends get that? If so, that's an extra $6K pretax over the year, plus the location advantages for you.
I often have anxiety about an investment until I lay out the scenarios and look at possible losses. If the money makes sense, and you are comfortable with the risk, and if you like having guests, it could be fun way to live closer downtown with a little extra cash. It sounds like you want to do it from the way you write about it.
posted by troyer at 11:53 AM on October 16, 2015 [3 favorites]
I'd want to have some extra money for: moving costs, slow months, extra cleaning costs, repairs, and upgraded linens and decor for the spare room.
Worst case scenario is you can't fill the room or the city bans AirBnB. You're out an extra $4800 + moving costs over the full year (or if laundry & taxi savings are real, $2400 + moving). It will take a few months of slow AirBnB before you decide to take a roommate, and then finding a good one might take a few months, so you might be out $2-3K if things go bad. It's all post-tax money since you're likely operating under the table. Can you afford to lose this 'investment'? Your loss is limited because you can always move again.
Also think about what happens if Denver legalizes it - your costs go up (taxes, business registration) - but hopefully room rates rise along with that, and you can deduct more expenses. Do your friends write off business expenses now, or is it completely underground? (You don't need to answer here, but you need to know, because you're starting a business. You might not declare to the city, but please declare to the IRS!)
The upside is if your room has, say, 10 nights occupancy, you get an extra $500/month after expenses. Is that realistic - do your friends get that? If so, that's an extra $6K pretax over the year, plus the location advantages for you.
I often have anxiety about an investment until I lay out the scenarios and look at possible losses. If the money makes sense, and you are comfortable with the risk, and if you like having guests, it could be fun way to live closer downtown with a little extra cash. It sounds like you want to do it from the way you write about it.
posted by troyer at 11:53 AM on October 16, 2015 [3 favorites]
I'd go with a neighborhood that's somewhere in between practically-in-Kansas and super-expensive lower downtown. With nearly six months to plan this, you've got plenty of time to look for a better deal that won't leave you stuck if AirBNB doesn't work out for you for whatever reason.
If you're keen on getting a great apartment at a nearly-reasonable price (rather than cheapest adequate) it could be worth making sure you're saving as much money as you can right now in case you need to jump on something newly available before your current lease is up. (I feel ridiculous even suggesting this, but the Denver metro rental market's a nightmare.) The best deals are usually not in the large complexes that have constant leasing availability.
Also, as fellow non-car-people, if you haven't tried Walk Score to get ideas for neighborhoods that would work for you, give it a go. You can enter in multiple destinations you want to be able to reach (work, friends' places, etc) and get a map that'll show you where you could live that would get you to those places within specified times on transit/bike/foot.
posted by asperity at 11:54 AM on October 16, 2015
If you're keen on getting a great apartment at a nearly-reasonable price (rather than cheapest adequate) it could be worth making sure you're saving as much money as you can right now in case you need to jump on something newly available before your current lease is up. (I feel ridiculous even suggesting this, but the Denver metro rental market's a nightmare.) The best deals are usually not in the large complexes that have constant leasing availability.
Also, as fellow non-car-people, if you haven't tried Walk Score to get ideas for neighborhoods that would work for you, give it a go. You can enter in multiple destinations you want to be able to reach (work, friends' places, etc) and get a map that'll show you where you could live that would get you to those places within specified times on transit/bike/foot.
posted by asperity at 11:54 AM on October 16, 2015
I wouldn't pick an apartment with the thought of doing AirBnb or getting roommates if that's not something you really want or expect to do. It sounds like you don't really actually want to be an AirBnb host or have a roommate, and yet you are using that prospect as one of your reasons for leasing the more expensive place. That's kind of like buying those jeans that are too tight because they are super cute and maybe one day they'll fit, even though you aren't on a diet or working out. (This is an example from personal experience, heh.) I think maybe you should keep looking for a good deal. I stretched my budget a bit (somehow I always go to the top end of my price range) but found a place I could afford in an otherwise unaffordable neighborhood.
Now, as for the 50% of your income: It's not so much the percentage as much as your overall budget. I think you need to build a budget of everything to figure out what is reasonable to pay. That's what I do. I make a spreadsheet where I add up rent, student loans, car payment, insurance, metro pass, cell phone, internet, electricity, AND the amount I automatically put into my savings account. I throw in estimates for all incidentals, like food, gas, unplanned cabs, and shopping/entertainment. Then, I subtract all of that from my take home pay (not gross pay, but after taxes). Do that and if you have money left, awesome, you can increase your rent by that much! If you don't have money left, you're already living beyond your means. You can't be apartment shopping without a budget.
posted by AppleTurnover at 12:15 PM on October 16, 2015 [4 favorites]
Now, as for the 50% of your income: It's not so much the percentage as much as your overall budget. I think you need to build a budget of everything to figure out what is reasonable to pay. That's what I do. I make a spreadsheet where I add up rent, student loans, car payment, insurance, metro pass, cell phone, internet, electricity, AND the amount I automatically put into my savings account. I throw in estimates for all incidentals, like food, gas, unplanned cabs, and shopping/entertainment. Then, I subtract all of that from my take home pay (not gross pay, but after taxes). Do that and if you have money left, awesome, you can increase your rent by that much! If you don't have money left, you're already living beyond your means. You can't be apartment shopping without a budget.
posted by AppleTurnover at 12:15 PM on October 16, 2015 [4 favorites]
I've had the "bigger place and do AirBnB" consideration and decided against it. I hate sharing though, so my situation may be different. But bear in mind that a room you rent out on AirBnB (even just 4 nights a month) is not the same as a home office. That is, if I were looking for a room in Denver, I'd take one that is kitted out as a guest bedroom, not the one that's clearly someone's home office with a futon shoved in a corner or whatever. (And if you kit out your spare room as an AirBnB friendly guest room, then it's essentially lost to you even when no one is staying there. Plus, two bathrooms seems insane if one is only used a few days a month.)
Tl;dr: I'm with those who suggest finding an appropriately sized downtown apartment that does not hinge on AirBnB.
posted by ClarissaWAM at 1:23 PM on October 16, 2015 [3 favorites]
Tl;dr: I'm with those who suggest finding an appropriately sized downtown apartment that does not hinge on AirBnB.
posted by ClarissaWAM at 1:23 PM on October 16, 2015 [3 favorites]
Just because your prospective landlord is subleasing her place does NOT mean you would be permitted to do the same. Ditto for renting out the apartment parking space --- get permission to sublease in writing BEFORE you sign a lease there.
But subleasing aside, taking on a $400/month increase doesn't sound like a very good idea, unless you prove ahead of time that you can afford it by dumping that amount into savings (and never touching it) for at least a year. And finally: there's no guarentee the new place will even agree that your income qualifies you for that place --- and if they turn you down, what's the backup plan?
posted by easily confused at 2:28 PM on October 16, 2015 [1 favorite]
But subleasing aside, taking on a $400/month increase doesn't sound like a very good idea, unless you prove ahead of time that you can afford it by dumping that amount into savings (and never touching it) for at least a year. And finally: there's no guarentee the new place will even agree that your income qualifies you for that place --- and if they turn you down, what's the backup plan?
posted by easily confused at 2:28 PM on October 16, 2015 [1 favorite]
Like a few others, my gut feeling from what you wrote is that you're not all that likely to want to do Air BnB for very long, but that you really want to move and you see that as a way of justifying the money. And if that truly is the case, that is fine! Knowing that you really, really want to move is good clarity.
I'd make your budget and decision without AirBnB revenue. Then, if Air BnB turns out to be easy, you're above where you budgeted to be; you have money to save; you're psyched. If, as I expect, it turns out to feel like a huge hassle taking up far more of your time, peace of mind, sense of it being "home," etc., than expected, or if you want to quit after the first drunken game-goers puke in your living room, then you'll be no worse off than you planned.
P.S. 4 nights / month would be half of your weekends (I'm assuming Fridays and Saturdays would be the easiest to rent out). Do you really want someone coming and going unpredictably in your space for half of your weekends?
posted by salvia at 3:33 PM on October 16, 2015 [1 favorite]
I'd make your budget and decision without AirBnB revenue. Then, if Air BnB turns out to be easy, you're above where you budgeted to be; you have money to save; you're psyched. If, as I expect, it turns out to feel like a huge hassle taking up far more of your time, peace of mind, sense of it being "home," etc., than expected, or if you want to quit after the first drunken game-goers puke in your living room, then you'll be no worse off than you planned.
P.S. 4 nights / month would be half of your weekends (I'm assuming Fridays and Saturdays would be the easiest to rent out). Do you really want someone coming and going unpredictably in your space for half of your weekends?
posted by salvia at 3:33 PM on October 16, 2015 [1 favorite]
If I stay where I am, though, (some of) that raise can go to savings.
DO IT!
posted by jgirl at 3:35 PM on October 16, 2015 [1 favorite]
DO IT!
posted by jgirl at 3:35 PM on October 16, 2015 [1 favorite]
You need to be very careful about moving to allow for an AirBnB sublease--landlords in lots of cities are including clauses in leases that expressly forbid renters from hosting on AirBnB. If you can get a copy of the lease before you decide, that might help you make a more informed decision.
posted by yellowcandy at 11:06 PM on October 16, 2015
posted by yellowcandy at 11:06 PM on October 16, 2015
The only person I have known who tried to do this was miserable, ended up getting bed bugs, having her guests bother her constantly, and she ultimately lost the apartment because she hated doing airbnb and couldn't afford the place. I think she had to do it closer to two weeks a month so that probably made it worse, but I'd think of all the possible downsides of taking in boarders before committing.
posted by ch1x0r at 11:51 PM on October 17, 2015 [2 favorites]
posted by ch1x0r at 11:51 PM on October 17, 2015 [2 favorites]
I put my entire studio on Airbnb a few times. It is a lot of work.
I would have to get the place immaculate before I left. This often happened to be an inconvenient time for me- you may be making a bed at 10pm on a Thursday night because a guest is coming the next day (while you are at work). I was often scrubbing my toilet at 4am.
All my guests were great. Some of them did some weird stuff though. It was culture differences, mostly, like throwing away my recycling or not using my cast iron pan properly (they said in a note I should replace it and get something new. It was from my grandmother). Another guest had moved every piece of furniture in my place. Everything was slightly off. A friend suggested that the guests had had sex all over slightly shifting stuff. That doesn't bother me, but I know it bothers a lot of people.
I had plumbing issues one day where the sewer line backed up through my shower. Gross as hell. I had to cancel on a guest. Not only did I loose the payout, but I paid the guest the difference between the cost of my place and a hotel.
That $400 difference would be money you are working to earn through Airbnb. If you don't want to share a bathroom, ever, I doubt you will like sharing your home with strangers.
posted by Monday at 3:54 PM on October 18, 2015 [2 favorites]
I would have to get the place immaculate before I left. This often happened to be an inconvenient time for me- you may be making a bed at 10pm on a Thursday night because a guest is coming the next day (while you are at work). I was often scrubbing my toilet at 4am.
All my guests were great. Some of them did some weird stuff though. It was culture differences, mostly, like throwing away my recycling or not using my cast iron pan properly (they said in a note I should replace it and get something new. It was from my grandmother). Another guest had moved every piece of furniture in my place. Everything was slightly off. A friend suggested that the guests had had sex all over slightly shifting stuff. That doesn't bother me, but I know it bothers a lot of people.
I had plumbing issues one day where the sewer line backed up through my shower. Gross as hell. I had to cancel on a guest. Not only did I loose the payout, but I paid the guest the difference between the cost of my place and a hotel.
That $400 difference would be money you are working to earn through Airbnb. If you don't want to share a bathroom, ever, I doubt you will like sharing your home with strangers.
posted by Monday at 3:54 PM on October 18, 2015 [2 favorites]
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posted by something something at 9:36 AM on October 16, 2015 [10 favorites]