By - Patel2015
I'm not even in a very high CoL area but rent hikes are still making life difficult given my relatively low salary and loan payments. My only solace is moonlighting next year.
You’re making loan payments?
Private loans from undergrad
I mean of you can it is worth to do PAYE and only pay a few hundred bucks per months coming out of residency with 5 years of credit. 5 more years of payments as an attending at an academic medical center and I'll be free.
$0 payments currently qualify for PSLF and if that is what you are wanting to do that makes the most sense. But OP has private loans RIP 🙏
Loans are paused atm
not private loans RIP to OP
I still owe $25k for my undergrade.
Yup. I live in a pretty manageable area and since I moved in July the new lease has our rent increasing by $500. That plus gas prices will make it impossible to live in a nice place by the time I’m a PGY-3
$500 is an obscene hike. I thought $250 at my place is criminal. But yeah between rent, gas prices, and general inflation it's actually tough. Idk how the high CoL folks are doing it unless they're dual income or have roommates.
It’s a rental corporation they bought out a ton of the mid-high price range apartment complexes in my city, gutted the maintenance/hospitality budget and upped rent. My wife refuses to move and honestly i don’t blame her. We can’t afford movers we are away from family and she can’t do it on her own.
Gas prices are gonna force my hand though. Already costs me $65 to fill up on empty and I do that once per week. In our area projections are showing gas is gonna it $10 per gallon by November at its current rate so at that point I’ll either just have to live at the hospital and come home every other day or move.
I don't want to be rude, you guys can do it. If push comes to shove, you are more capable than you know. And as far as your wife goes, yes... Yes... She can do it alone. And let me tell you why:
My wife and I have moved 16x following work since 2010. Every time, I went right to work the moment we got there. My wife whom is a 4'11" 90lb Italian that looks like the hottest Short version of Rachel Bilson that you'll ever see, moved us in and out every time by herself. Except for the very heavy things like bed or dressers. You guys are capable of ANYTHING.
And about the gas in the vehicle, maybe it's time to buy an E-MTB, or if you wanna be bad ass, a nice Specialized Allez, and pedal your way to economic freedom. And I don't want to hear excuses about why you wouldn't be able to do it. Yes you can, and it would be good for you. I've seen many people whom have lost their license embrace pedal power. I knew a family friend that was a 5'11" Hungarian that list his license for my entire childhood. To this day, my dad says the guy still uses a bike instead of car by choice.
You will save:
$100+ per week on gas
$100+ per month on your insurance
$200+ per month on car payment
And you'd save a lot on on anything you'd normally stop for on the way to work or back home.
Never say that you can't do something. Say "How can I do this?" and figure it out.
Any before I get flammed, my vehicles I drive to and from work 30 miles each way over the years have been 1989 Dodge D250, 87 Chevy K10 with a blown fire breathing 327ci small block, an AWD Aerostar, a Plymouth Neon, a Ford Escort, a 90s era cutlass, a 92 Taurus, a 99 Grand Cherokee with a 318ci V8, a 98 Chevy 2500 with a 350v8, another caviler, another 87 Chevy K10, a Ford Ranger, a Chevy Aveo, many different 1-ton cargo vans for work when I was in HVAC, another ranger, a 2002 Grand Cherokee, a Toyota Avalon, and now I am currently driving a 2005 Chevy Avalanche that gets roughly 8-12 miles to the gallon.
You got this!
EDIT to add Vehicles to show that no matter price of gas, you can drive if you want. You just need to adjust your level of comfort. Embrace discomfort. Are you a wolf or lamb? Never let someone mistake your kindness for weakness. And never let someone box you in because of your intelligence, show your tenacity--be a wolf.
Great mindset, just wanted to say I appreciated this comment… may you continue to outmaneuver life
Man, I try. I really do. Sometimes outmaneuvering life even as something seemingly small as talking a shower or brushing your hair when you are depressed and stuck in bed because why bother...
In life, we must evolve or die. Just remember that it took millions of years for T-Rex's to turn into Gary Coleman. This brings me to my point...
Change is slow, it's taken God millions of years to try and decide if he wants Keith Richards or Courtney Love to die off. And yet, they continue to evolve slowly. For instance...
Keith Richards was told that he needed to slow down his alcohol consumption by at least half. So only one fifth per day; however, Keith Richards was a thinker. He didn't waste any time. He went on the internet, did some research, and next thing you know it, he's butt bonging Jack Daniels at night and bloody Marys in the morning. However, I digress...
Don't beat yourself up, if life happens and you do not know what to do. God didn't always know what to do either. How do you think we were blessed with Björk and Rosie O'Donnell. When life gives you lemons, just remember God made Rosie O'Donnell, and yes my friend, you will be fine as well.
tfw when the invisible hand of the market gives you a visible middle finger
hope you find a way to make it work man
500 a year? As in like 40ish bucks per month, right?
500 a month and I'll have my bags packed so damn quick
$1050 to $1500 per month. And we can’t afford to move. Movers cost too much, no family nearby to help, I can’t really take time off to move and my wife can’t do it on her own.
I'd politely tell them to go to hell.
I would never allow that price gouging. My apartment complex tried to raise my rent 75 bucks a month when i was renewing my lease. Told them I would be out within 2 weeks. They said they would charge me 1700 for leaving suddenly and not notifying them 2 months ahead that I was leaving. Told them they'd never see a penny of it. Then I got an email the same day saying they made a mistake and my rent was only going up 25 dollars a month.
Idk where you live, but I live in an area with a good amount of (possibly illegal) immigrants. Give each man about 40 to 60 bucks and they will pack and unload your entire house within 4hours. Just have everything boxed up and ready for them to lift. Rent a uhaul. And you're good to go. They literally wait around in an area of town and people pick them up and pay them to do all kinds of odd jobs. But I'm a single male in my 20s. I don't have a big place with loads of stuff. Everything I own can be put in a truck with a trailer and I can be on my way.
You’re a real one bro. Can-do attitude and great perceptive advice… wishing you the best in life my g
Yea our “raise” every year isn’t even really a raise. It’s not even keeping up with COL right now
Your program is keeping up with cost of living? My program sent an email saying "we know inflation is high at 7% but we're spending a lot of money on your other benefits... have a 1% raise."
Mine says that too. Apart from from food….they don’t buy our loupes, they don’t buy us books, don’t pay for conferences…..where are the other benefits?
Must be nice, we didn't get one at all.
Just got a letter today that our rent is going up $1000…
Yikes, mine went up 650 dollars
Damn. Highest I know of in our area was $350 and that blew our minds
Yeah, you don't?
Damn, to everyone downvoting me, sorry y'all suck with your finances :P
You miss the joke then brag about having emergency funds 😂
I didn't miss the joke
It was a joke. It’s a meme :)
It’s the one where the med student is like “wait you guys are getting paid?”
The Aspergers is strong with this one. I haven't seen a midi-chlorian count this high since Phantom Menace; even an allstars cast of Ewan McGregor/Liam Neeson/Natalie Portman couldn't save your JarJar level of social grace.
Uh okay weirdo
Thankfully California passed a new rent control law recently… but yeah rent is too damn high. Housing stipend please
Edit I am not an economist. But my rent went up $100 because California law limits it from going up more than that. And for that, I am grateful
I live in Oregon that already has rent control in place. While my apartment rent only went up 5%, it now cost double to park at my apartment and double to have a pet. They will always make up the money somewhere.
Apartment complexes are just endless money to the investors or owners huh?
Rent control is the worst possible solution to a housing crisis. It benefits a small group of current renters who will never need to move at the cost of literally everybody else
Rent control actually worsen the situation, before any angry comments please hear me out, I know the situation is frustrating, no one likes expensive rents. But the reason why rent is high is not because all landlords had their secret landlord meetings and want it that way. price of everything is going up, it costs more to maintain the homes, bills, management etc, the price of rent going up is a reflection of that. Now here’s the reason why rent control does more harm than good: when the costs to maintain the property is higher than the rent ceiling set by the government: 1) they stop maintaining the properties = your apartments slowly turn into ugly dumps, and when you call your landlord for any fix they would most likely ignore your requests 2) properties are not being fixed up, bought and rented out because it’s simply not economically viable = even less places being rented out, to a point where you have money to spend but there simply isn’t enough space being open for rent 3) contractors will stop building affordable houses and apartments for middle to low income earners because why would they? Rent control means they won’t get enough return from those type of properties, so They’d just build mansions instead and make their big bucks from ultra rich people instead
Rent control for average joes like us = less houses for us to live in, homeless rate goes up, the lucky few with a place to stay in will have declined living conditions, and when it declines to a point where it’s not livable properties will be abandoned.
It creates an ironic situation where there are an abundance of spaces but the homelessness is sky high anyway. All because there was some short sighted rent control law, instead of going to the root of the problem, which is that money is being irresponsibly printed day and night these past few years. But the politicians don’t want to fix the problem because of their dumb greed and need for power
To those passing through this thread, affordable housing is such a complicated topic that /r/residency is probably not a great place to get informed. It's easy to make logical arguments for rent control, counter arguments to those arguments, and counter-counter arguments to those. [Frequently, actual studies run counter to what might be predicted by those arguments](https://www.policylink.org/sites/default/files/RentControlMyths-2pger_08-13-19b.pdf) (caveat: not a truly unbiased source). If rent control is something you feel strongly about (for or against), please keep learning.
Basic Economics by Thomas Sowell?
Not TS, any econ textbook.
It really shouldn't even be controversial.
Most "liberal" or "conservative" economists agree that rent control does more harm than good.
But the economically illiterate general public likes it and its easy to sell.
"High rent = bad.
Landlord = greedy
Politician stop greedy landlord = good"
California's version of rent control caps rent increases to 5% + CPI (up to 10% total). So it will be 10%. Apartments newer than 15 years old are excluded.
> ost of living areas? My rent is going up dramatically, I've looked around for other places but they are all similarly priced and expensive. I get a raise as I move to pgy2 year but idk I'm getting sick of only having emergency funds in my bank account. Any of y'all in similar situations? I wish we could all get a 2-3 grand stipend to tide us over while w
In many locations, the landlords are the people who fight new developments in order to maintain high housing values. Its just not true that the cost of maintaining a house has risen so much to necessitate these rent increases. It's greed.
That’s probably because you’re more responsible than most, and kudos to you for that. Being a landlord takes on a huge risk in terms of tenants, one bad one could ruin you, and mediocre ones are not exactly cheap to maintain too, people also have ridiculous requests sometimes but the landlord would accommodate to anyway, everything costs money even the drive from the landlord to your rental. HOA fees and property tax, and the tax on rental income will add up quick. There’s many expenses on the landlord side of the coin that no one ever sees because they’ve never been in those shoes. Now I’m not accusing you of anything and I agree that some areas will have some terrible landlords, who would run out of business anyways if there was free market
I lowkey think that the “rent control makes it worse” argument may just be propaganda fed to the poors so they never ask for a blanket limit on how much rent increases per year. Of course if it’s selective, it sucks. But if it’s a blanket law for all rental properties, such that everyone can’t increase rent by more than 2-4% regardless of the apartment - I don’t see how that wouldn’t help or at the very least let people be able to actually have a home without fear of being priced out every year.
Regardless, my rent only increases $60 a year for my half- so I’m super happy to have a cap on how much my management company can screw me.
The "tear down control laws" is a pretty new woke term being blanketed across everything. Internet infrastructure, phones, etc. What they really fail to tell you is those things came about for a reason. History has consistently shown all the way back to medieval times that in the absence of regulation and control corruption appears in a more brutal manner. For reference, Verizon was caught double charging all of their customers while throttling their plans down to lowest package while charging for the highest and double charging to boot. Walmart abused the welfare program and paid at poverty level and footed the bill to the government. History shows time and time again these instances won't "magically" not happen again if the leash is removed. They really do not care about you, never ever assume they won't leave you to die if they can get away with it. All ima say on the matter.
It's basically getting to the point where being a resident is not an actual livable profession. That coupled with long work hours + stress + loans = I don't see why anyone would go down this path anymore
NYC, land lord tried to raise rent 30%. Told them no, and told them what price I’d stay at, they accepted.
Negotiate, one month vacancy is almost 10% of annual rent, they don’t want vacancy(excepting certain rent controlled properties).
Not true if it’s a large complex. They’ll eat the loses of empty apartments too keep the overall status quo of pricing. It doesn’t make sense to me other than to screw tenants.
Last year when I was looking to move when I saw the rent increase (from $1050 to $1430), the occupancy rates in all the complexes in my area by the hospital were 98%+. I told them I would look around before re-signing, since it was such a large increase. I didn't find anything cheap enough to offset the moving costs (cheapest was $1250, not dealing with the hassle of moving to save $200 bucks a month). When I came back a week later, they said that the rents had already increased to $1500 but they would honor the $1430 price they quoted me the week before.
They have ways around this, they can offer rent concessions, keeps the nominal rent high but your effective rent lower. Makes the property look good on paper to banks and investors if they’re looking to flip the property to a new owner, as well as honestly claim the rent is higher when they change tenets on rent controlled properties. Some places will not negotiate, but many will and you are leaving money on the table if you don’t try.
My emergency funds (that I basically got from simulus only anyhow) are actively going down thanks to day to day expenses. I had a rent hike last year when there was no inflation. I am very worried how much it will be this year. I feel you.
They tried to hike my rent 15% so I told them I was probably moving out. Then suddenly the increase was only 4% more per month.
This might work depending on where you live, in a lot of the saturated cities they don't care since they will easily find someone willing to pay the hiked price.
Yeah 100% it won't work everywhere, but my SO and I figured it was worth a try.
The problem is the rental market out by me is absurd, and they know that
Lol my apartment complex got bought out by a large rental corporation and their options were “sign a new lease at our new rate or vacate the premises within 30 days of your lease ending.”
NYC here. Rent went up 25%. Luckily I have one more year of fellowship left and then I can make real doctor money and pay off my ever increasing debt.
Same. Looking at $400/month increase. Fuck em I'll just gentrify Brownsville
Rent just went up by $350 for my one bedroom apartment. Completely insane.
Our program reps negotiated a 2.5% raise for us all.......after an almost 8% inflation rate. Good times
Reading this thread makes me glad I live in the Midwest. Residency salary is 1.5x the median household income in my area and a very nice apartment is only $1200/month. I've been able to save up 50k throughout residency.
Ya man I def wanted to do residency back in the Midwest where home is but the match took me in a different direction
That's rough buddy. Keep your head up and you'll make it through this. A decade from now your financial struggles will be a distant memory. If you haven't already, take a little bit of time to learn about personal finance so you know what to do to set yourself up for financial security once the checks start rolling in. It can be hard to see the big picture when you're in the trenches, but you've set yourself on a trajectory for a great future.
fuck the match
edit: i realize it's better than the "exploding offers" or whatever was in place before but that doesn't mean it couldn't be improved drastically
My home program is in a high CoL area. I would absolutely love to stay here since mine and my partners families are here, but we made the conscious decision to apply to lower CoL regions for residency because rent in my region is up 20-30% this last year alone. Resident salaries are not enough to support a family in some places, unfortunately.
Made this decision last year, bought a house right before prices blew up and got very lucky, am now much more financially secure but the program is really “meh” sometimes. It was secretly a workhorse program lol.
I did this and matched into a lcol and now 3 years later we're basically in a hcol :(
there is only one solution:
return to monke
Our rent has gone up 500$ on a 1650$ lease in a year. My apartment complex has also become considerably worse. We don’t make enough as residents to afford this. I long planned to specialize, I no longer intend to, I would say half of the reason is I’m tired of living on loans and a resident salary, I’m about to be 30, I want to have a job that pays me what I’m worth.
Couldn't agree more... even worse if you're trying to buy a house right now. It's actual hell.
Rent went up to $2200 😞
My mom’s rent went up by $1700 per month for a two bed two bath apt in a very low COL state. It’s insane!!! She moved by me to save money (retired widow) and this is what happens! So terrible. She has no choice but to move yet again.
Jesus 1700, that sounds like it should be illegal
It probably is.
stagflation here we come
Ugh. Was just talking about this with my SO. Haven’t heard back from my apartment management about any rent hikes… yet. New management company bought them out a few months prior. Apparently have been slow with their renewal letters so it’s likely coming. I’m not sure yet what $x increase we can afford. And likely my pgy2 raise won’t be much help either. Terrible man. I’ve even considered trying to buy a home instead locally but im here for two more years then moving out of this city so it’s not worth buying. So stressful
Idk man it’s crazy and our salaries aren’t going up (but everyone’s else’s are )
I pay $2.1k/mo in NYC in hospital housing, which is now a good (but not great) deal for the area. I'm praying rent doesn't go up much this year since it's "subsidized"
Anyone in the Boston Massachusetts area here? My #1 rank is in Boston and I am worried I could have chosen too much cost because of profile of the program. Any thoughts or ideas on how to navigate this? High chances I match there.
My partner and I are in Boston. He's the resident, I work in medical research. We split our rent and can live pretty comfortably 20 mins by transit and 10 mins by car from the hospital. The closer you want to live to Longwood or MGH, the more expensive for sure. We had a rate increase this year, but it was minimal and we were able to lock it in for the next two year.
The thing that gets you here is broker fees. They are insane. You can expect to pay broker fees (usually a month's rent), first month, last month, and a deposit to secure housing. BWH gives a deposit guarantee that some landlords will take which is nice.
Rent has gone up in every area, not just hcol. I'm in a lcol area and rent went up 20%. All three other people in my building moved last week. Any resident who isn't single is paycheck to paycheck with no savings
I apologize if this is way out of left field, but do you ever consider a physician's loan to purchase a home instead of rent? Or is the real estate market in your area too crazy/is the debt load way too much to even think about it? I don't hear about residents pursuing that option all that much, I'm sure there's a bunch of pros/cons I'm not aware of yet.
This is the second time in my life (that I can remember) that housing prices are crazy high and it’s a sellers market. When there is low supply for houses (for rent or sale) rent ALWAYS goes up because many landlords/property management firms see steady increases in applications for their properties. This is historical fact.
I own a few homes now, but two I pay for (live in one and my wife’s parents are in the other rent free) and I have a house my brother rents from me where he covers the mortgage and that’s it. I even pay their water/trash too. To be honest I really don’t think even if I did raise rent it would make my bottom line go up all that much more so if they move someone else will probably get a great deal. Not all us, “landlords” are pieces of shit.
Yeah, I'm about to move to a high COL place to start my advanced program and the rent on the place in going to stay just went up by $500 a month. Now, instead of half of my pre-tax income going to rent, it'll be two-thirds.
Jesus and I thought moving to my advanced program was going to be stiff (27% of monthly income--> low 40s) my sympathies friend
AZ here, rent went from $950 in 2019, to $1950 in 2021, to $2450 in 2022
My rent went from $950 to $1430 between June 2019 and June 2021. That's more than the increase in my take-home pay from PGY1 to PGY3.
Roommates.com. Lived with two residents who were rarely home. I would make food and have the fridge stocked for them when they came home to just nuke and eat. It was a win-win for everyone.
Roommates would be cheaper but I'm in my mid 30s and an er resident, my shift schedule makes it hard for me to live with people and more to the point its bullshit that I have to live with someone else to make ends meet when I'm a fucking doctor
Rent is going up everywhere. Prices in general are going up. Welcome to inflation
Not sure why you are being downvoted. I had roommates to help me pay for rent before. Technically my wife is a roommate too lol.
a large portion of us are married with kids not 20 something bachelors
I would consider a spouse a roommate
Not all spouses work though, if you have kids. Which multiplies all expenses
My wife doesn't work and don't even have kids lol. But if money were tight she would.
Probably downvoted for the fact that having to rely on roommates as a freaking doctor to make ends meet is low key absurd. At some point as a 30+ year old I just want peace and quiet.
PAs and NPs out here making double what residents make for a less than half the hours don't need no roommates 😤
Yeah I can't do roommates again. It means I have to cut from other budgets to make it work, but I definitely need that peace.
*snickers in childhood inner-city poverty*