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Rents are dropping across the US

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Re: Rents are dropping across the US

#41

Post by toomuchtodo »

cbhl wrote: post #36
spamizbad wrote: post #27

Earlier quoted context omitted.

> Maybe not so good for those who were especially attached to either the vibrant city life or busy office life. I don't understand this reasoning. Was city life not vibrant when rents were 1/3rd the price? If anything, "hypergentrification" tends to have a sterilizing effect on city life. To be honest I'm kinda looking forward to it. Nothing against HENRYs (High earners, not rich yet)... but their "cultural tastes" a…

Can you expand the acronym HENRYs? Urban dictionary didn't come up with anything for me.

"High earners, not rich yet (HENRYs) are individuals who currently have significant discretionary income and a strong chance of being wealthy in the future."

The previous (somewhat derogatory) term was "Yuppie" ("young urban professional" or "young, upwardly-mobile professional") [1].

[1] https://en.wikipedia.org/wiki/Yuppie

Re: Rents are dropping across the US

#42

Post by johnomarkid »

brundolf wrote: post #10
ghaff wrote: 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…

Anecdata here. I just rented out my house in Austin last week. We had 14 people vying to sign a lease, and several wanted to bid above the price we are renting for. The real sticker - 10/14 were moving from SF/LA/NY because they can now work from home. Our rent is above market in Austin, but way below what they are used to paying.

All that to say, you may see the opposite of a slowdown.

Re: Rents are dropping across the US

#44

Post by [deleted] »

cbhl wrote: post #36
spamizbad wrote: post #27

Earlier quoted context omitted.

> Maybe not so good for those who were especially attached to either the vibrant city life or busy office life. I don't understand this reasoning. Was city life not vibrant when rents were 1/3rd the price? If anything, "hypergentrification" tends to have a sterilizing effect on city life. To be honest I'm kinda looking forward to it. Nothing against HENRYs (High earners, not rich yet)... but their "cultural tastes" a…

Can you expand the acronym HENRYs? Urban dictionary didn't come up with anything for me.

[deleted]

Re: Rents are dropping across the US

#45

Post by [deleted] »

cbhl wrote: post #36
spamizbad wrote: post #27

Earlier quoted context omitted.

> Maybe not so good for those who were especially attached to either the vibrant city life or busy office life. I don't understand this reasoning. Was city life not vibrant when rents were 1/3rd the price? If anything, "hypergentrification" tends to have a sterilizing effect on city life. To be honest I'm kinda looking forward to it. Nothing against HENRYs (High earners, not rich yet)... but their "cultural tastes" a…

Can you expand the acronym HENRYs? Urban dictionary didn't come up with anything for me.

[deleted]

Re: Rents are dropping across the US

#46

Post by [deleted] »

cbhl wrote: post #36
spamizbad wrote: post #27

Earlier quoted context omitted.

> Maybe not so good for those who were especially attached to either the vibrant city life or busy office life. I don't understand this reasoning. Was city life not vibrant when rents were 1/3rd the price? If anything, "hypergentrification" tends to have a sterilizing effect on city life. To be honest I'm kinda looking forward to it. Nothing against HENRYs (High earners, not rich yet)... but their "cultural tastes" a…

Can you expand the acronym HENRYs? Urban dictionary didn't come up with anything for me.

[deleted]

Re: Rents are dropping across the US

#47

Post by _bxg1 »

johnomarkid wrote: post #42
brundolf wrote: post #10

Earlier quoted context omitted.

> 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…

Anecdata here. I just rented out my house in Austin last week. We had 14 people vying to sign a lease, and several wanted to bid above the price we are renting for. The real sticker - 10/14 were moving from SF/LA/NY because they can now work from home. Our rent is above market in Austin, but way below what they are used to paying. All that to say, you may see the opposite of a slowdown.

Sigh.

Re: Rents are dropping across the US

#48

Post by risubramanian »

_bxg1 wrote: post #13
bobthepanda wrote: post #6

Earlier quoted context omitted.

> 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.

In many parts of the country, heating plays a large role as well. Heating 100 units in an apartment building is going to be more efficient than heating 100 single family houses.

Re: Rents are dropping across the US

#50

Post by maxsilver »

baddox wrote: post #32
Avalaxy wrote: 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.

I’m not sure why that’s a contradiction. If you could buy a nice new private jet for $100,000 it would be reasonable to call that a good deal, even if it’s more than what most people make in a year.

It's a contradiction because a regular 2-bed apartment is a basic essential necessity for human life, and not an extravagant ultra-luxury like a nice new private jet is.
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