Flying The Web For News.
  • Career Exam Study
    Career Exam Study
  • E-commerce Guide
    E-commerce Guide
  • Dropshipping Guide
    Dropshipping Guide
  • Microsoft Exam
    Microsoft Exam
  • IT Career News
    IT Career News
+ Larger Font | - Smaller Font
Share

Consumer Daily Reports

[unable to retrieve full-text content]

Rent-to-own may sound inviting, but you could lose your shirt

By Gary Guthrie of ConsumerAffairs
July 10, 2024

Photo

If youre thinking about renting a place to live anytime soon, you should know that the game has changed a lot. Recently, the Federal Trade Commission (FTC) sat down with renters, renters advocates, and researchers in Atlanta to hear about issues affecting renters. And they got an earful.

At the top of the change list is whos in charge. In the past, many rental units were owned by a single person, a small company, or a company that developed apartments on a regional basis. Today, its institutional investors who are large and in charge.

Many of them have gotten into the rental game because they sensed an opportunity brought on by rising home costs and interest rates and, basically, all they care about is making money. And with that, the focus group the FTC met with told the agency that the rise of institutional investors and corporate landlords has contributed to rising rents, hidden junk fees, issues with online portals, and predatory lease-to-own schemes.

Heres all the agency heard:

Rising rent

Institutional investors in single-family rental (SFR) houses have been found to increase rents significantly. Upon acquiring a property, these investors raise rents by 60% more than the average increase, then continue to tack on annual increases averaging around 7%. If you dont believe it, just take a look at ConsumerAffairs recent guide to how much renters are paying across the country.

Junk fees

In this modern day money grab, corporate landlords have found that junk fees such as the January fee can bring in an additional stream of revenue on top of the monthly rent. The focus group told the FTC that some landlords have gone as far as charging fees on paying rent through their mandatory payment portals. The FTC has a proposed rule to stop junk fees, but things move slowly on Capitol Hill, so renters will just have to be patient.

Get as much clarity as possible about what the process to apply to the rental will be, including relevant fees and what is permissible in the specific market, Nikki Beauchamp, associate broker at Sotheby's International Realty suggests. She advises tenants to ask about every single kind of fee imaginable:

  • Application fees

  • Security deposits

  • Credit check fees

  • Pet deposits

Also, ask questions about next steps if an application is approved: drafting of leases, payments due at lease signing, how payments are to be made, what the process and responsibility is for repairs any related late fees or penalties, and clarification around return of security deposit.

Another smart move is to get your leasing documents reviewed by an attorney, as well, she said.

Rent-to-own schemes

Rent-to-own and equity skimming schemes are targeting renters, too. On the surface, those schemes look like a good deal. They allow tenants to build equity while renting and provide a little time to improve credit scores or save for a down payment. But, the downsides are that the monthly rent is often higher and renters run the risk of losing the option fee if they decide not to purchase the property.

Deceptive rent-to-own schemes say you can buy in installments, but dont make clear the conditions that mean its nearly impossible for you to actually rent to own, Anna Burns, regional director, Southeast Region, FTC, said.

Online portals

If a renter has a problem, these days, theres not a building superintendant you can call up and get something taken care of. Now, everything is online and rental managers are using portals for maintenance and utility billing fees are on the rise.

More and more landlords are making renters use online portals for maintenance requests. Renters are often left with disrepaired units even as help appears to be on its way. Renters also reported on landlord shell companies that charge a utility fee on top of renters monthly bills.



Photo Credit: Consumer Affairs News Department Images


Posted: 2024-07-10 16:47:50

Get Full News Story On Consumer Affairs



Listen to this article. Speaker link opens in a new window.
Text To Speech BETA Test Version.



YouTube Consumer News Playlists

Consumer Video: Third row access in the 2024 Lexus GX #shorts

Third row access in the 2024 Lexus GX #shorts
Play Video: Third row access in the 2024 Lexus GX #shorts


Third-row access in the 2024 Lexus GX seems easy enough. But once you're back there? Learn more about the Lexus GX at: https://www.consumerreports.org/cars/lexus/gx/2024/overview/#pagestop

Published: 11th Jul 2024 04:00:12   By: Consumer Reports

Consumer Video: 2024 Lexus GX Early Review | Consumer Reports

2024 Lexus GX Early Review | Consumer Reports
Play Video: 2024 Lexus GX Early Review | Consumer Reports


The all-new GX SUV is Lexus's most off-road model. It's distinguished by a premium feel, albeit wrapped in a more rugged old-school body-on-frame design, and a solid Lexus reliability record. The GX is about 5 inches longer, 4 inches wider, and gains a couple of inches in height and wheelbase. But the added size and capability come with a downside—incremental fuel economy gains. Join CR at https://CR.org/joinviaYT to access our comprehensive road tests.

Published: 10th Jul 2024 07:00:26   By: Consumer Reports

Consumer Video: Luggage Weight Load Test #shorts

Luggage Weight Load Test #shorts
Play Video: Luggage Weight Load Test #shorts


You can spend over $1,000 on a carry-on spinner—but our tests find that high-quality bags can be snagged for a fraction of that price. Learn more at https://www.consumerreports.org/money/luggage/best-hard-shell-carry-on-luggage-from-consumer-reports-tests-a2086664350/?EXTKEY=YSOCIAL_YT Join CR at https://CR.org/joinviaYT to access our comprehensive ratings for items you use every day. CR is a mission-driven, independent, nonprofit organization.

Published: 10th Jul 2024 10:54:45   By: Consumer Reports

Consumer Video: These Are the Worst Phone Plan Providers #shorts

These Are the Worst Phone Plan Providers #shorts
Play Video: These Are the Worst Phone Plan Providers #shorts


The big three providers that dominate the market—AT&T, T-Mobile, and Verizon—aren’t in the top 5 when it comes to value, customer support, data service, or cellular reception. Learn more at https://www.consumerreports.org/electronics-computers/cell-phones-services/best-and-worst-phone-plan-providers-a7549256764/?EXTKEY=YSOCIAL_YT Join CR at https://CR.org/joinviaYT to access our comprehensive ratings for items you use every day. CR is a mission-driven, independent, nonprofit organization.

Published: 8th Jul 2024 07:14:20   By: Consumer Reports

Consumer Video: A $10,000 Robot for Your Home #shorts

A $10,000 Robot for Your Home #shorts
Play Video: A $10,000 Robot for Your Home #shorts


Yarbo’s robot may be able to take care of your lawn chores and handle other work that requires heavy lifting, like clearing snow from the driveway. Learn more at https://www.consumerreports.org/home-garden/yarbo-modular-robot-review-a1192484202/?EXTKEY=YSOCIAL_YT Join CR at https://CR.org/joinviaYT to access our comprehensive ratings for items you use every day. CR is a mission-driven, independent, nonprofit organization.

Published: 8th Jul 2024 01:41:30   By: Consumer Reports

Car Video: Emira vs Evora vs Elise - Comparing the Modern Lotus | Everyday Driver

Emira vs Evora vs Elise - Comparing the Modern Lotus | Everyday Driver
Play Video: Emira vs Evora vs Elise - Comparing the Modern Lotus | Everyday Driver


Lotus has a huge motorsports reputation, and road cars to match. But they remain and alternative choice, rarely mentioned prior to the new Emira. So we gathered the three modern Lotus road cars; Elise, Evora, and Emira to see what remains of the reputation, and if they are being overlooked. No doubt, they aren't like anything else. Be sure you’re subscribed! 00:00 - How did this happen? 1:08 - The only place to start 3:10 - Steering like no other 5:06 - Relearning how to drive 7:20 - Losing the arguments, but winning anyway 11:44 - The Evora's Revisionist History 13:09 - Fun with Superchargers 16:00 - Trying to be a larger Elise 17:38 - Comfort without Forgiveness 20:07 - Replacing Greatness with Newness in the Emira 23:00 - The Evolution of Power 25:24 - The whole car is one setting 28:16 - Three sets of Tires, two sets of wheels. 29:32 - The best of 1995 31:46 - Who wore it best, Styling and Interior 39:18 - Final thoughts (Skip to this and you missed a lot!) #Lotus #Emira #Evora #Elise We’ll post another big comparison right here every month, plus long term updates and big road trips. Subscribe and hit the bell so you don’t miss our Thursday releases. Also watch our other channel: /TestDriveVideos for single car reviews every week! Plus you can find our Adventure Trips, Track days, Twice Weekly Podcast and much more on our website: http://everydaydriver.com Thanks for watching!

Published: 4th Jul 2024 11:16:50   By: EverydayDriver

Car Video: The Future of Track Days and our Video Plans #shorts

The Future of Track Days and our Video Plans #shorts
Play Video: The Future of Track Days and our Video Plans #shorts


Todd discusses the future of Everyday Driver, sister company Hooked on Driving, and the videos planned in the new Lotus Emira. This is part of a larger film where he picked up his Emira and drove it for the first time. Subscribe so you don't miss a video or announcement: YouTube.com/EverydayDriver

Published: 12th Jun 2024 08:00:10   By: EverydayDriver

Car Video: Porsche Cayenne E-Hybrid - Update 3 - The Wrong Cayenne? - | Everyday Driver

Porsche Cayenne E-Hybrid - Update 3 - The Wrong Cayenne? -  | Everyday Driver
Play Video: Porsche Cayenne E-Hybrid - Update 3 - The Wrong Cayenne? - | Everyday Driver


Todd's family has put 20,000 miles on their e-Hybrid Cayenne and have gotten many questions about range, reliability, and other issues. Join Todd as he updates on their experience and talks about owning multiple Cayennes at once. Be sure you’re subscribed! 00:00 - My other car is also a Cayenne 4:47 - Tire choices 8:21 - MPG and Power 12:15 - Pros and Cons and until next time. #Porsche #Cayenne #ehybrid We’ll post another big comparison right here every month, plus long term updates and big road trips. Subscribe and hit the bell so you don’t miss our Thursday releases. Also watch our other channel: /TestDriveVideos for single car reviews Plus you can find our Adventure Trips, Twice Weekly Podcast and much more on our website: http://everydaydriver.com Thanks for watching!

Published: 6th Jun 2024 09:00:21   By: EverydayDriver

Car Video: When Car Lovers get what they Asked for #shorts

When Car Lovers get what they Asked for #shorts
Play Video: When Car Lovers get what they Asked for #shorts


The Lotus Emira offers most everything internet car loves say they want. Will it be enough to be a success? This Emira is one of our long term review cars with many more videos on the way. Subscribe so you don't miss a video or announcement: YouTube.com/EverydayDriver

Published: 5th Jun 2024 08:00:09   By: EverydayDriver

Car Video: Not supposed to do this - An Analog Car in the Modern world. #shorts

Not supposed to do this - An Analog Car in the Modern world. #shorts
Play Video: Not supposed to do this - An Analog Car in the Modern world. #shorts


The Lotus Emira is unique among modern sports cars, and Todd explains the pros and cons of this approach. This Emira is one of our long term review cars with many more videos on the way. Subscribe so you don't miss a video or announcement: YouTube.com/EverydayDriver

Published: 29th May 2024 08:00:20   By: EverydayDriver

Product Review Video: How Professionals Test Window and Portable AC Units

How Professionals Test Window and Portable AC Units
Play Video: How Professionals Test Window and Portable AC Units


We're taking you behind the scenes at the CNET Test Lab in Louisville, KY to show off our detailed air conditioner test process. #acunit #cooling #homeappliance #home #testing #science #airconditioners

Published: 12th Jul 2024 11:00:53   By: CNET

Product Review Video: Which OLED TV has the best picture? LG G4 vs. Samsung S95D

Which OLED TV has the best picture? LG G4 vs. Samsung S95D
Play Video: Which OLED TV has the best picture? LG G4 vs. Samsung S95D


Both TVs have spectacular pictures. We compared them side-by-side in CNET's TV lab to find out which one is better. Spoiler: They're both excellent despite one huge difference. Samsung S95D Review: https://bit.ly/3xIQKdI LG G4 Review: https://bit.ly/3zuMteb 0:00 Intro 0:24 Prices 0:51 Sizes 1:03 Design 1:38 User Interface 2:01 OLED Tech 1:19 Brightness Performance 3:14 User Experience 3:48 Dark Room Performance 4:28 Which One Should You Choose? Subscribe to CNET on YouTube: https://www.youtube.com/cnet Never miss a deal again! See CNET’s browser extension 👉 https://bit.ly/3lO7sOU Check out CNET’s Amazon Storefront: https://www.amazon.com/shop/cnet Follow us on TikTok: https://www.tiktok.com/@cnetdotcom Follow us on Instagram: https://www.instagram.com/cnet/ Follow us on X: https://www.x.com/cnet Like us on Facebook: https://www.facebook.com/cnet CNET's AI Atlas: https://www.cnet.com/ai-atlas/ Visit CNET.com: https://www.cnet.com/ #television #tv #lg #samsung #oled #oledtv

Published: 11th Jul 2024 01:56:11   By: CNET

Product Review Video: Unboxing Samsung’s Galaxy Watch7

Unboxing Samsung’s Galaxy Watch7
Play Video: Unboxing Samsung’s Galaxy Watch7


The $300 Galaxy Watch7 shares many of the same features as the pricier Watch Ultra, but it's most similar to last year's Galaxy Watch 6 in terms of look and feel. The Watch 7 comes in two sizes and has plenty of health features. #tech #smartwatch #wearables #samsung #galaxywatch #healthtech

Published: 10th Jul 2024 09:15:22   By: CNET

Product Review Video: Unboxing Samsung's Z Fold6

Unboxing Samsung
Play Video: Unboxing Samsung's Z Fold6


CNET mobile expert Lisa Eadicicco says Samsung's Z Fold6 book-style phone is lighter and sleeker, making it feel more like a regular phone. #foldable #tech #samsung #zflip6 #unboxing #asmr

Published: 10th Jul 2024 09:08:47   By: CNET

Product Review Video: Unboxing Samsung's Galaxy Z Flip6

Unboxing Samsung
Play Video: Unboxing Samsung's Galaxy Z Flip6


Available for pre-order July 10th, open availability starting July 24. #samsung #zflip6 #flipphone #samsunggalaxy #foldablephone Subscribe to CNET on YouTube: https://www.youtube.com/cnet Never miss a deal again! See CNET’s browser extension 👉 https://bit.ly/3lO7sOU Check out CNET’s Amazon Storefront: https://www.amazon.com/shop/cnet Follow us on TikTok: https://www.tiktok.com/@cnetdotcom Follow us on Instagram: https://www.instagram.com/cnet/ Follow us on X: https://www.x.com/cnet Like us on Facebook: https://www.facebook.com/cnet CNET's AI Atlas: https://www.cnet.com/ai-atlas/ Visit CNET.com: https://www.cnet.com/

Published: 10th Jul 2024 09:08:45   By: CNET

FTC Video: Estafas después de una emergencia climática

Estafas después de una emergencia climática
Play Video: Estafas después de una emergencia climática


Para más información visite https://www.ftc.gov/EmergenciasClimaticas

Published: 17th Jun 2024 12:00:40   By: FTCvideos

FTC Video: Weather Emergency Scams

Weather Emergency Scams
Play Video: Weather Emergency Scams


Learn how to spot and avoid weather-related scams at https://www.ftc.gov/WeatherEmergencies @FTCvideos #ftc #weatheremergency #scams ************************** The Federal Trade Commission deals with issues that touch the economic life of every American. It is the only federal agency with both consumer protection and competition jurisdiction in broad sectors of the economy. The FTC pursues vigorous and effective law enforcement; advances consumers' interests by sharing its expertise with federal and state legislatures and U.S. and international government agencies; develops policy and research tools through hearings, workshops, and conferences; and creates practical and plain-language educational programs for consumers and businesses in a global marketplace with constantly changing technologies. Comment Moderation Policy We welcome your comments and thoughts about the information on this page. If you do have something to say, please be courteous and respectful to other commenters. We won't routinely review any comments before they are posted (except for ones that contain urls and profanity), but we will delete any comments that: 1) contain spam or are off-topic 2) use vulgar language or offensive terms that target specific groups or contain personal attacks 3) are sales pitches or promotions 4) have urls or links to commercial sites 4) spread clearly misleading or false information or 5) include personal information, like home addresses

Published: 10th Jun 2024 12:00:12   By: FTCvideos

FTC Video: Minimum Payments on Credit Cards - Personal Finance Tips

Minimum Payments on Credit Cards - Personal Finance Tips
Play Video: Minimum Payments on Credit Cards - Personal Finance Tips


This video shows what happens when someone makes just the minimum payment on a credit card balance. Learn more about Credit Cards and using them on the Consumer.gov website here: https://www.consumer.gov/articles/1010-using-credit #ftc #creditcard #credit

Published: 5th Jun 2024 12:00:59   By: FTCvideos

FTC Video: US FTC ICPEN Presidency – Protecting Consumers | Connecting Enforcers

US FTC ICPEN Presidency – Protecting Consumers | Connecting Enforcers
Play Video: US FTC ICPEN Presidency – Protecting Consumers | Connecting Enforcers


The United States Federal Trade Commission assumes the presidency of the International Consumer Protection and Enforcement Network (ICPEN) from July 1, 2024, to June 30, 2025. ICPEN brings together consumer protection enforcers from more than 70 countries. ICPEN members gather every year to share the latest trends and best practices to combat fraudulent, deceptive, and unfair business practices. Together, we’re better able to stop scammers and respond to the expanding digital economy. ICPEN’s Fall 2024 and Spring 2025 conferences will take place in the United States, starting with a meeting in Washington, D.C., at the headquarters of the Federal Trade Commission. Protecting Consumers | Connecting Enforcers

Published: 1st Jun 2024 12:00:16   By: FTCvideos

FTC Video: Weather Emergency Scams

Weather Emergency Scams
Play Video: Weather Emergency Scams


Learn how to spot and avoid weather-related scams at https://www.ftc.gov/WeatherEmergencies @FTCvideos #ftc #weatheremergency #scams

Published: 27th May 2024 12:01:01   By: FTCvideos

DIY Video: Retro Guide to Potted Gardening | GARDEN | Great Home Ideas

Retro Guide to Potted Gardening | GARDEN | Great Home Ideas
Play Video: Retro Guide to Potted Gardening | GARDEN | Great Home Ideas


Welcome to Great Home Ideas, where you’ll find inspiring home makeovers, delicious recipes, quick & easy DIY projects, design & gardening ideas, plus hints, tips, how tos and advice on pets, health, tech and more. Check out our channel & subscribe to see more videos like this one every day of the week. Click here to subscribe: https://bit.ly/3hxN7d5

Published: 11th Jul 2024 11:45:01   By: Great Home Ideas

DIY Video: Get Your Garden Ready for Warmer Months | GARDEN | Great Home Ideas

Get Your Garden Ready for Warmer Months | GARDEN | Great Home Ideas
Play Video: Get Your Garden Ready for Warmer Months | GARDEN | Great Home Ideas


Prepare your garden for the warmer months with our essential tips and expert advice. Learn how to enhance soil health, choose the right plants, and implement effective watering strategies. Welcome to Great Home Ideas, where you’ll find inspiring home makeovers, delicious recipes, quick & easy DIY projects, design & gardening ideas, plus hints, tips, how tos and advice on pets, health, tech and more. Check out our channel & subscribe to see more videos like this one every day of the week. Click here to subscribe: https://bit.ly/3hxN7d5

Published: 10th Jul 2024 11:45:06   By: Great Home Ideas

DIY Video: Preserve Your Child's Artwork | CRAFT | Great Home Ideas

Preserve Your Child
Play Video: Preserve Your Child's Artwork | CRAFT | Great Home Ideas


We show you how to preserve your child's artwork. Welcome to Great Home Ideas, where you’ll find inspiring home makeovers, delicious recipes, quick & easy DIY projects, design & gardening ideas, plus hints, tips, how tos and advice on pets, health, tech and more. Check out our channel & subscribe to see more videos like this one every day of the week. Click here to subscribe: https://bit.ly/3hxN7d5

Published: 9th Jul 2024 11:45:06   By: Great Home Ideas

DIY Video: Fridge Leftover Salad Idea | RETRO | Great Home Ideas

Fridge Leftover Salad Idea | RETRO | Great Home Ideas
Play Video: Fridge Leftover Salad Idea | RETRO | Great Home Ideas


Transform leftovers into delicious fridge leftover salads! Discover easy recipes and creative ideas to repurpose ingredients for a fresh and satisfying meal. Perfect for reducing food waste and enjoying nutritious, budget-friendly dining. Welcome to Great Home Ideas, where you’ll find inspiring home makeovers, delicious recipes, quick & easy DIY projects, design & gardening ideas, plus hints, tips, how tos and advice on pets, health, tech and more. Check out our channel & subscribe to see more videos like this one every day of the week. Click here to subscribe: https://bit.ly/3hxN7d5

Published: 7th Jul 2024 02:00:25   By: Great Home Ideas

DIY Video: Master Sustainable Gardening: Tips for Eco-Friendly Gardeners | GARDEN | Great Home Ideas

Master Sustainable Gardening: Tips for Eco-Friendly Gardeners | GARDEN | Great Home Ideas
Play Video: Master Sustainable Gardening: Tips for Eco-Friendly Gardeners | GARDEN | Great Home Ideas


Explore sustainable gardening practices with our expert tips and eco-friendly techniques. Learn how to create a thriving garden while minimizing environmental impact. Discover composting, organic gardening methods, and water conservation strategies for a greener tomorrow. Welcome to Great Home Ideas, where you’ll find inspiring home makeovers, delicious recipes, quick & easy DIY projects, design & gardening ideas, plus hints, tips, how tos and advice on pets, health, tech and more. Check out our channel & subscribe to see more videos like this one every day of the week. Click here to subscribe: https://bit.ly/3hxN7d5

Published: 7th Jul 2024 11:45:00   By: Great Home Ideas

Related News Stories From The Web And More

Related Bing News Search Results

Consumer News: Today's rental game is loaded with pitfalls, the FTC says - Newscast

Welcome to the age of wild price swings

Wed, 10 Jul 2024 12:36:00 GMT Between inflation and dynamic prices, American consumers are tired of not knowing what anything costs.

Newport Beach approves mooring permit rental rates increase

Wed, 10 Jul 2024 10:30:00 GMT The Harbor Commission recommended the cost hike at their meeting in April to the chagrin of community members. City council members last night voted to approve recommendations to do so.

Today's rental game is loaded with pitfalls, the FTC says

Wed, 10 Jul 2024 09:47:00 GMT If you’re thinking about renting a place to live anytime soon, you should know that the game has changed – a lot. Recently, the Federal Trade Commission (F ...

What the Japanese Edo period can teach us about today

Thu, 04 Jul 2024 03:00:00 GMT How a recycled garment made from tattered rags symbolises the ingenuity of what could have been one of the world's first large-scale ecological civilisations.

GAME GameSquare Holdings, Inc.

Wed, 03 Jul 2024 06:00:00 GMT a merchandise and consumer products business; Frankly Media, programmatic advertising, Stream Hatchet, live streaming analytics, and Sideqik a social influencer marketing platform. The company was ...


Blow Us A Whistle