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Rents are dropping across the US

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Re: Rents are dropping across the US

#11
post #2

Not only are they dropping, the incentives being offered around NYC are pretty nice. 50% off security deposit and 1 month free are what I've recently received. I checked back to see a week or two after and they were offering 2 months for free with 50% off the deposit.

Are they still doing salary requirements of 42x monthly rent unless you have a guarantor?

Yeah I don't think they've budged on that in NYC much yet unfortunately.

Re: Rents are dropping across the US

#12
post #3

"across the US" as in "in expensive coastal cities." I don't know the broader trend but, anecdotally, I know people who have/are in the process of moving out of cities for more rural locations. One couple I know just moved out of a major Northeast city to the coast of Maine. Others are seriously considering vacating NYC etc. With many tech industry jobs mostly WFH until the end of the year and the future in general u…

> Maybe not so good for those who were especially attached to either the vibrant city life or busy office life. Meh, if there's less people living in cities that's cheaper rent for me. What's interesting is what impact this could have on the carbon footprint. Generally speaking, higher density living is associated with lower carbon footprint per capita.

Maybe in the urban core. I have friends who live in "Boston" who are in a rough triangle between Danvers, Providence and Worchester. DC is even more insane.

Re: Rents are dropping across the US

#13
post #3

"across the US" as in "in expensive coastal cities." I don't know the broader trend but, anecdotally, I know people who have/are in the process of moving out of cities for more rural locations. One couple I know just moved out of a major Northeast city to the coast of Maine. Others are seriously considering vacating NYC etc. With many tech industry jobs mostly WFH until the end of the year and the future in general u…

> Maybe not so good for those who were especially attached to either the vibrant city life or busy office life. Meh, if there's less people living in cities that's cheaper rent for me. What's interesting is what impact this could have on the carbon footprint. Generally speaking, higher density living is associated with lower carbon footprint per capita.

Probably because of shortened commutes. But if many commutes disappear altogether, that could offset it.

Re: Rents are dropping across the US

#14
post #2

Not only are they dropping, the incentives being offered around NYC are pretty nice. 50% off security deposit and 1 month free are what I've recently received. I checked back to see a week or two after and they were offering 2 months for free with 50% off the deposit.

Are they still doing salary requirements of 42x monthly rent unless you have a guarantor?

i think it's typically 40x, but yeah, although IME it's not super religiously followed. a lot of landlords are fairly reasonable when it comes to working things out if you're close, especially now as vacancies are way up.

Re: Rents are dropping across the US

#15
That doesn't sound like much of a discount, what, 5%?

Without moving, I got 40% off my rent for six months in the middle of London. I'd encourage tenants who haven't asked for a discount yet to do so.

Re: Rents are dropping across the US

#16
post #3

"across the US" as in "in expensive coastal cities." I don't know the broader trend but, anecdotally, I know people who have/are in the process of moving out of cities for more rural locations. One couple I know just moved out of a major Northeast city to the coast of Maine. Others are seriously considering vacating NYC etc. With many tech industry jobs mostly WFH until the end of the year and the future in general u…

This is very real; anecdotally, I am considering vacating the Washington D.C. metro area for this exact reason. The biggest difficulty is uncertainty of government roles, e.g. back to work/office, in the future depending on the posture of the administration. The market is booming here and there aren't any slumps in pricing or inventory.

Yeah. I work for a company that's pretty remote-friendly and I've been effectively remote for a while even though I'm officially in an office (though without a desk). So most of us wouldn't really worry too much about moving to a location that wasn't commute-friendly any longer.

But I see concern if you're with someone that hasn't really made any statements or really provided any indications beyond "for the duration of the emergency."

Re: Rents are dropping across the US

#17
post #5

> "It has been crazy," Freund said, "but we definitely got a very good deal." This reads like a parody to me. Paying 5000 dollars per month in rent and calling it a good deal. That's more than what many people even make in salary.

> That's more than what many people even make in salary.

It's more than what 50% of entire households make, and that's before taxes are removed.

Re: Rents are dropping across the US

#18
post #2

Not only are they dropping, the incentives being offered around NYC are pretty nice. 50% off security deposit and 1 month free are what I've recently received. I checked back to see a week or two after and they were offering 2 months for free with 50% off the deposit.

One of my buddies just renewed his lease in one of Manhattan's top rental properties, and they gave him 3 months free on a 15 mont lease along with 50% security deposit off.

Re: Rents are dropping across the US

#20
post #3

"across the US" as in "in expensive coastal cities." I don't know the broader trend but, anecdotally, I know people who have/are in the process of moving out of cities for more rural locations. One couple I know just moved out of a major Northeast city to the coast of Maine. Others are seriously considering vacating NYC etc. With many tech industry jobs mostly WFH until the end of the year and the future in general u…

> Maybe not so good for those who were especially attached to...the vibrant city life I think it's good for those people too, because urban housing prices will also go down as people move away. It could become more affordable to have that vibrant city life alongside the others who actually want to be there and don't just have to be there. I'd personally be really excited to see Austin's skyrocketing growth and gentri…

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