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Rents are plunging in the most expensive U.S. markets

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Re: Rents are plunging in the most expensive U.S. markets

#331

Post by cinquemb »

mooreds wrote: post #290
cinquemb wrote: post #215

Earlier quoted context omitted.

I was in the same position, but decided to just move Jakarta to live in a fully furnished 2bd apt (along with other other amenities of the building) for about $750/month (I paid this much for a room in a 3bd apt in Boston, with nothing sort of the amenities). Different pros and cons (see remote working cross timezones). I think in the long run as more and more work allow for it, it will free up pressure in extremely…

And remote work needs to get more and more mainstream. If that doesn't happen, then the pressure will remain on the geographies with many job opportunities, and most of the wealth will flow to the landowners.

There are some economic incentives for companies to push towards more remote working: less capital expenditures of offices (which might matter more for smaller companies), possibly some downward pressure on wages (depending on the industry/skills), but I'm not too optimistic about it.

Re: Rents are plunging in the most expensive U.S. markets

#332

Post by da02 »

brianwawok wrote: post #321
da02 wrote: post #303

Earlier quoted context omitted.

Very nice. What about the dating pool? Small? What education/degrees were required for your remote job?

Married but I would not want to date in my town. Hah. I have a MS in CS, but I am sure a BS would suffice.

Thanks for the info. Congrats on the good life.

Re: Rents are plunging in the most expensive U.S. markets

#333

Post by arkwar »

meddlepal wrote: post #202
BWStearns wrote: post #84

Earlier quoted context omitted.

They're mostly in Brighton and way deep Dorchester. The commonwealth ave one is as ridiculous as the same price being advertised for a real 2br in a doorman building in Chelsea. This is akin to measuring salaries by the high end of glass door. Sure. Someone may have gotten that price, or it could be a lie, but you won't.

Yep, flawed study. The stuff in Brighton, deep Dorchester, Hyde Park and Roxbury should be thrown out since a lot of it is very much not TOD and you'd barely know you were living in Boston.

That is pretty ludicrous - Dorchester makes up nearly 1/4 of the city's entire population and is by far the largest neighborhood land area wise. Plus it has the red line, high speed line, and commuter rail/fairmont line. Same goes for the rest of the neighborhoods like Rozzie, Westie, Hyde Park - the two families are three deckers are as 'Boston' as any Brownstone in the Backbay or South End.

Re: Rents are plunging in the most expensive U.S. markets

#334

Post by arkwar »

BWStearns wrote: post #73
mmcclellan wrote: post #18

Where in Boston could someone possibly find a two bedroom for $2600? Shenanigans

Don't know why you're being down voted. Sure if you're extremely generous with your definition of "two bedroom" or "Boston" you can but a real two bedroom apartment in Boston proper will run you at least $3200. I'm moving to New York right now and my rent isn't increasing drastically (a tad less apartment for the money though).

You don't need to be generous with any definition of the City of Boston, here is it in all of its 48sq mile glory:

https://friendstreethostel.files.wordpress.com/2012/08/neigh...

I assure you, you can very easily find a 2 Bedroom for well under $3200 with a ~30 minute or less commute to Downtown Boston on either the Orange, Red, or Blue lines.

Re: Rents are plunging in the most expensive U.S. markets

#335

Post by tomjakubowski »

pascalxus wrote: post #229
johngalt wrote: post #203

Earlier quoted context omitted.

The problem isn't: "We are an exploited underclass unable to live in reasonable conditions." The problem is more along the lines of a gold rush type movement of people. Where large cities are attracting a large influx of people increasing demand on housing faster than it can be corrected. Plenty of inexpensive housing in Ohio. Not so much along the California coast.

That, plus a complete refusal on the part of government and voters to build any more housing. not to mention all the environmental impact fees, taxes, and endless regulation which increase housing costs way beyond where it would be without. It's not just LA and SF (gold rush cities that have housing problems). In CA, even the rural areas with miles of space in every direction, housing still costs a lot more than the…

You can't walk a block in downtown LA without stumbling on a 20- to 50-story apartment building going up, and vacant/underused historic buildings are being converted into housing at a decent clip. New housing is going up in the Hollywood and Koreatown areas close to mass transit. It's true that Los Angeles has an extreme housing shortage (~3% vacancy rate), but the supply side of the housing market is catching up.

Re: Rents are plunging in the most expensive U.S. markets

#336

Post by withdavidli »

partiallypro wrote: post #199

Studio "luxury" apartments here in Nashville have long term leases at $1200/mo for a studio. I was not impressed when I did a tour across the city; I asked the occupancy rate at a few places, and was floored when they told me it was only ~25%; these were 1yr+ old developments, which is apparently common place. I've been telling people the city is in a bubble, but no one believes me. Everyone says now is the time to b…

I just went there last week for a conference. Man there's tons of development going on. Road construction, looks like a new building being built every 3-4 blocks.

I usually hit all the food joints when I visit a place. Thought all there was going to be was grade A bbq. Was I mistaken, food scene is amazing, would rate near same caliber as SF (and as expensive).

Hotel rates are crazy, spoke with some locals and they said it's cause of all the conferences. Averaged ~300 a night (fri-thurs).

Re: Rents are plunging in the most expensive U.S. markets

#337

Post by dionidium »

pcr0 wrote: post #282
mhenr18 wrote: post #275

Earlier quoted context omitted.

It's interesting that a lot of people act like living in those big cities is a necessity rather than the luxury that you've pointed out it really is.

What about better career opportunities?

What about them? This is a question that deserves a long, complicated, reasoned answer, but it's generally asked as though it's already the answer.

I'll just say for brevity that people (especially young professionals) drastically underestimate 1) the amount of opportunities there are in other, smaller cities and 2) the quality of life that's possible on lower salaries in those cities.

Re: Rents are plunging in the most expensive U.S. markets

#338

Post by dionidium »

danharaj wrote: post #296
mhenr18 wrote: post #275

Earlier quoted context omitted.

It's interesting that a lot of people act like living in those big cities is a necessity rather than the luxury that you've pointed out it really is.

As a software contractor, yea it's a necessity for me.

90% of software developers work outside of the SFBA [0]. On the one hand: holy crap a full 10% of software engineers work in just one city!

But, on the other hand, the vast majority don't. I'm sure there are certain people who really need to be there, but not everyone does.

[0] http://qz.com/729293/90-of-software-developers-work-outside-...

Re: Rents are plunging in the most expensive U.S. markets

#339

Post by dionidium »

TheSpiceIsLife wrote: post #173
blhack wrote: post #169

Earlier quoted context omitted.

Isn't this just called a hostel? That just sounds like your friend is living in a hostel dorm. $20/day actually sounds cheap now that I'm looking at hostel rates in LA: http://www.hostelworld.com/search?search_keywords=Los+Angele...

The loan repayments on my three bedroom house are AU$47 a day, or about US$35. ($215,000 purchase price in 2016).

The all-in daily cost for my mother's South St. Louis City bungalow is $16.50. That includes mortgage repayment, property taxes, and insurance on a conventional 30-year loan with 20% down. She lives in a structurally intact, solidly working-class portion of the city.

The point is that a lot of people don't want to live in a South St. Louis City bungalow. (By the way, I think a lot of the snobbery around this is misguided, but it is what it is.)

Re: Rents are plunging in the most expensive U.S. markets

#340

Post by dionidium »

partiallypro wrote: post #199

Studio "luxury" apartments here in Nashville have long term leases at $1200/mo for a studio. I was not impressed when I did a tour across the city; I asked the occupancy rate at a few places, and was floored when they told me it was only ~25%; these were 1yr+ old developments, which is apparently common place. I've been telling people the city is in a bubble, but no one believes me. Everyone says now is the time to b…

St. Louis, believe it or not, is experiencing a bit of a modest boom in its central corridor. It's certainly more new construction than we've seen in something like 50 years. But, anecdotally, the units are selling quickly, and at rates (and sizes) we've never before seen.

Here's a recent example:

http://theorioncwe.com/floorplans/

For the lazy, they're renting a 683 sq/ft 1 bed/bath for $1812-$1977. I heard some long-time residents literally laugh at those prices. But, they're selling quickly, reportedly.

(I don't have a coherent point; I just thought some might find this interesting in relation to your anecdote.)

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