Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-04-19
RENTS DUE FOR ADVANCE,
REALTY AGENTS PREDICT
owners Will Demand 10 to 25
Per Cent Increase, Is
Outlook.
LAME HIGH COST OF LIVING
either Skyrocketing This Fall Is
birdiction-Conl Situation to
cure In Leascs-Littlc Inccnt-
I've to Buy.

i:esi estate owners here must have
nj increases OF between 10 and Is
~ cent this spring or lose money
a.. their investments. according 10
t.tternents made yesterday by prom
sat Richmond real estate agents.
.sao| many property owners ba yo
"seh's TO increase rents on
2eFty owned by them.
Increased taxes on D-ooer,v n;r,
er prices for fuel. added cos, Of ro-
pairs and the high pricc =, -
were some OF the reason. for ,ha ~
Bruce Bowe, of y. W. Eowe & So, ~
AIT. Bowe declared that the public
. unanie 10 understand the situation
re SAID that the firm OF which he iS
president is the owner of two large
p.1perties which vii! be offered for
on them D"' ncp;e ehn ,hc the present. rem,
than the money would brinr. 1yinr
idle in the bank. s
III we increase the rents on these
properties now We will raise a storm
or criticism Mr.. Bowe declared in
the reason why the frm means To-
sell It's realty holdings. I'VE were
compelled to raise the rent on each
property 81 4 month last year. Now
we can no longer rent them pront-
IDLY at that figure he said. For
this reason. We will dispose of them.
as many realty owners are disposin.
of property"
Everything Costs More.
Because OF the greatly increased
cost or everything pertaining to the
home, Mr.. Bowo predicted that IL
VIII be necessary for apartment
mouse owners to increase their rents
at least 20 per cent.
Even at this figure" he said. in
inc rent contracts which we viii
make this year we mean TO insert a
xH1E rsrEN ~ -. -.
ease we arc unable to get coal at n
reasonable price or at all. At the
present time the price of coal has n
tendency TO so higher. We don't
II next winter. We can't get is now.
So We will be forced TO protect our
selves"
Wages OF janitors have advanced
from $40 TO SIS and $50 a week with
In the past TWO oil three weeks. IL is
pointed out by local zeal estate men.
Another added rcason for the high
rents which are predicted is the
one agent, pointing out an instance
yesterday. sale that a family which
paid $3.50 rent for AN apartment In
six months. left the place in such n
coalition that il cost 500 10 have
the home repapcrcd and placed in
condition to be rented again.
Hundreds OF country people are
seeking the city daily. agents de-
clare, and tho populations of the
cities are growing steadily at the cx-
pense Of the surrounding territory
making sharp competition fo- the
available houses and apartments.
Are built to Sell.
High building costs was also given
by an agent as a reason for hig
rents. He stated that At the present
time many houses are being erected
that In a few years will he worth
less. He said that some, OF them are
put up just 10 sell" They look nice.
he stated, but are not buIit like the
houses of n few years ago.
Building materials nave increased
to such an extent that Il costs no
small sum to erect 4 substantial
home. the head of the realty depart
ment Of a large concern stated.
Because OF this. II costs n tidy sum
in interest to the purchaser on the
instsllment plan 10 buy Il home which
could ave been purchased for half
the price some years ago.
Speaking OF the outlook for the flu
ture. Mr.. Dowe said that ii was not
bright. He declared II as his opinion
that the increase OF rents his spring
will not only be general. hut Will be
followed hy another increase next
fall.
Although apartment houses will be
hit hardest by the predicted increase,
1t also will be felt by citizens renting
homes. An increase OF 10 per cent
will scarcely meet the added OK
penses house owners Will he put TO
by the rapid increases in prices of
all commodities. j, is said. With in
sessment on their property in most
instances. 10 meet the landlord. can
scarcely do auEht else than pass the
buck on TO his tenant, II Is declared.