161–170 of 342 posts
Rents elsewehere are stable as the demand has gone up from people who are abandoning downtown for more space and mobility and avoiding homelessness.
Earlier quoted context omitted.
That's the first step, and this has happened many times before. No REIT drops rents; instead, they offer "$0 deposit", "no rent for the first 45 days", etc. Once these tricks are exhausted, rents will drop. The issue is: how long does it take for these tricks to exhaust?
> No REIT drops rents; instead, they offer "$0 deposit", "no rent for the first 45 days", etc. Is this true in markets where people can legally squat for months? Or as in Seattle where landlords are required to indiscriminately house the first qualified applicant? $0 deposit would make this very exploitable.
Earlier quoted context omitted.
For a 1-bed that's actually $500-700 cheaper than it is in my area (Kendall Sq. in Cambridge).
1-beds in Kendall are $4000/mo?! That’s absolutely insane.
I'm paying $3200/mo for a 2-bed in Central Square (1 subway stop away, still in Cambridge) in a much older building. Moving here from the Bay Area in 2018 made that feel like a good deal, but even I'm looking for a bigger place further out right now.
Weirdly, I put my place up for rent in South Bay in April and got 10 applications in 5 days without any tours. So there is still underlying demand in the market
This article seems to be based on only a few transactions, as not a lot of people are actually moving right now. I manage a couple of properties in the Bay Area, so I keep a close eye on these things. What I'm seeing is not a drop in rents, but an increase in $0 deposits and many weeks of free rent upon move in (sometimes 6+ weeks). Landlords are very reluctant to lower rents, because with the statewide rent control…
This article seems to be based on only a few transactions, as not a lot of people are actually moving right now. I manage a couple of properties in the Bay Area, so I keep a close eye on these things. What I'm seeing is not a drop in rents, but an increase in $0 deposits and many weeks of free rent upon move in (sometimes 6+ weeks). Landlords are very reluctant to lower rents, because with the statewide rent control…
Obviously landlords are hoping that it's a temporary measure, but who knows what next year will bring.
Earlier quoted context omitted.
Good note, you are correct, my California lease says the same thing. Previous leases in other states were specific about giving notice but this one does not. In my opinion, this is worse for the renter than the landlord as the landlord can choose not to accept your month-to-month rent offer at the last minute leaving you stranded. I prefer the notice from either party route.
> In my opinion, this is worse for the renter than the landlord as the landlord can choose not to accept your month-to-month rent offer at the last minute leaving you stranded. This is definitely a possibility. In practice it doesn't happen because it's a pain to find new renters, especially if you don't list and show the property ahead of time. Unless you're trying to get rid of a tenant it's unlikely to happen. Als…
Why would the judge side with someone that is no longer in a contractual relationship with the landlord? I would certainly not risk the mark against my renting record.
This article seems to be based on only a few transactions, as not a lot of people are actually moving right now. I manage a couple of properties in the Bay Area, so I keep a close eye on these things. What I'm seeing is not a drop in rents, but an increase in $0 deposits and many weeks of free rent upon move in (sometimes 6+ weeks). Landlords are very reluctant to lower rents, because with the statewide rent control…
I expect in the near future, the urban rents in general will fall. Between COVID and rioting, living in a dense city just lost a lost of luster.
I'm 45 and definitely considering my options for getting out of the Bay Area. Then again, I really, really do not like it here. If nothing else I'll be looking into taking advantage of cheaper rents to move up the peninsula and away from SJ.
This article seems to be based on only a few transactions, as not a lot of people are actually moving right now. I manage a couple of properties in the Bay Area, so I keep a close eye on these things. What I'm seeing is not a drop in rents, but an increase in $0 deposits and many weeks of free rent upon move in (sometimes 6+ weeks). Landlords are very reluctant to lower rents, because with the statewide rent control…
My friends in property management tell me that people are indeed moving. My neighbor had a turnover just last month. Job losses plus no rent relief pretty much require that people will move.