Apartment renters definitely get a bad deal, a lot of the time. I know, only too well, the pitfalls of renting. Ugh. It’s never fun. Either your apartment is run-down (cold water, much?) or you pay way too high a price in rent.
Things could definitely be worse, however.
It doesn’t happen a lot in Boston (I can think of only three instances – The Regatta, The … omg, can’t even think of the name of it, near Lechmere station, and Strada234), but in other cities, lots of apartment complexes have been converted into condominiums, and sold off.
Current occupants often have a chance to buy their units, at discounted prices, but most can’t afford it (um, that’s why they rent?), so they end up homeless (once their leases are up, and sometimes the landlords have to pay, through the nose, to get the tenants out).
Unfortunately, for everyone involved, things aren’t going so well. Because of the slower real estate market, some developers are having a hard time selling off condo units in their new buildings. Meanwhile, renters who are still occupying the developments (because they have leases) are often treated poorly, or ignored.
Now, some developers are going one step further, and have ended up RENTING out the condo units, because they can’t sell them.
So, if you are a renter, you live in what is basically a mess of a building.
Even worse, if you were one of the poor souls who BOUGHT in the building, assuming the rest of the units would be sold, you’re now surrounded by renters, new and old.
You ain’t going anywhere, buddy.
More information: Real-Estate Slowdown Causes Condo Conversion Aversion – By Kemba J. Dunham, Real Estate Journal