231–240 of 342 posts
Keep in mind this a thinly traded market, during the pandemic even more so. We're talking about dozens of transactions here.
In a given month, if the latest rentals are all luxury apartments, that will spike the average rent price even if prices haven't moved at all.
Earlier quoted context omitted.
Rent control has a lot of unintended consequences. It is supposed to be a short term band-aid for bad zoning policies, but the zoning policies actually have to be fixed if you want to remove the band-aid.
I'm willing to bet you more than a beer that a large share of people under rent-control are high earners.
Not to mention the homeless.
Don't get me started on the housing "market" and rent control impact on supply/demand. Housing is largely an adversarial game, not a win-win game.
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…
> Landlords are very reluctant to lower rents, because with the statewide rent control that limits increases to 5% a year, we're incentivized to keep the rents high and give months of free rent, just so our base rate doesn't drop. God what a short-sighted policy. Not that I expect rent control to go well but that's nuts.
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…
> Landlords are very reluctant to lower rents, because with the statewide rent control that limits increases to 5% a year, we're incentivized to keep the rents high and give months of free rent, just so our base rate doesn't drop. God what a short-sighted policy. Not that I expect rent control to go well but that's nuts.
Their adamant defense that the unit was already at "market price" was just such absolute bullshit that I nearly moved just on principle. Lucky for them, I hate moving even more than I hate the landlord.
The average monthly price on my extension is about 11% below my average monthly price on the old lease.
"Rents for a one-bedroom apartment dropped most in the cities richest in high-paying tech jobs, falling 9.4% in San Francisco compared with May of 2019. In Mountain View, home to Google, rents fell 15.9% year over year, while in Apple’s hometown of Cupertino rents dipped 14.3%, according to the rental search engine Zumper. In San Bruno, where YouTube has its offices, rents tumbled 14.9%."
This really doesn’t match my personal experience at all. I live in Mountain View (work at G) and pay 2k for a 1 bedroom (non luxury). Lived here 3 years and pretty happy with it but I checked Craigslist and padmapper last week for some of these supposed 15% rent discounts and found rent to be pretty much the same as pre pandemic. This is anecdata and I’m using human memory to compare rates per location/amenities but…
Earlier quoted context omitted.
A friend saw 9 move-outs in his building last month, up from a norm of 1. All were AirBNBs.
What does that mean? The non-resident owner moved out their stuff?
Earlier quoted context omitted.
Seems like a loophole ripe for abuse.
Just like everything else, it's a two way conversation. The discounts have to happen with the tenant's knowledge and agreement. If you don't like it don't rent from a landlord who plays those games. If every landlord is playing extreme games with discounts to game the rent control law, it only points to the deeper problems that we all know exist but refuse to fix.
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.
People without kids aren't gonna move to the suburbs because of viruses/riots. Subrbian life is optimized for families.
Earlier quoted context omitted.
Might also be that people are preferring to not move in the coming months (thanks to COVID-19) and so the units that _are_ on the market simply aren't finding many buyers. I'm actually looking for a new place in the Bay Area next month -- some units have their sticker price uncharacteristically low for sure; many have some kind of specials running too, like first month rent free. I asked a few leasing reps if this is…
No, first month free or similar incentives has been common for at least fifteen years in the Bay Area. It's sadly also not uncommon that the first lease is considerably lower than following ones (for no other reason than the landlord betting on the inertia of the tenant).