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Rents are dropping across the US

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Re: Rents are dropping across the US

#81

Post by cududa »

credit_guy wrote: post #67

That hasn't been my experience. My lease expires mid August, and I already got the lease renewal. The same level as the current one, not a dollar less. We started looking around. Everywhere the same, same level as the current one. I didn't get to ask about free months yet, maybe management companies will offer one-two months. But the actual rent per month is not going down, despite a significant number of vacancies.

I asked my landlord flat out and he offered a permanent reduction of 7.5% or 15% and we could renegotiate in 6 months. You should at least try asking, it’s not like they’re just going to give that out to everyone

Re: Rents are dropping across the US

#82

Post by ghaff »

nemo44x wrote: post #57
chadlavi wrote: post #34

I for one am ready and rarin' to go for a housing market crash (or "correction" if you wanna call it that) here in NYC, and strongly encourage everyone who doesn't feel like living here to strike out for the heartland. It'll be a better city all around with fewer people and lower rents.

> It'll be a better city all around with fewer people and lower rents. Possibly. It depends who leaves. If it's mainly people that are decently high earners and provide a lot of the tax base, it will be dark days for the city for awhile. Budgets will be cut as a combination of the tourism collapse and loss of income taxes will compound to create a crisis for the city. These things domino quickly as shops close, real…

While I'm sure there are exceptions, I imagine a lot of the people who talk about gentrification or who toss out off-hand comments about the Disney-fication of Times Square never actually saw 42nd Street late at night in the 80s or have conveniently blocked it from their memories.

Re: Rents are dropping across the US

#83

Post by throwaway713 »

spamizbad wrote: post #27
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 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…

I always find it interesting how the people who are so strongly against the gentrification caused by the apparently bland and one dimensional tech workers are reluctant to move themselves to cheaper mid-sized cities that ostensibly have more “soul” if that’s what they’re looking for.

Re: Rents are dropping across the US

#84

Post by rayiner »

alharith wrote: post #26
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…

Just a word of caution as someone who has went from D.C. to small town: It can also be not so good if you come with your previous political beliefs. Big coastal city politics are _very_ unpopular in smaller towns (not here to discuss the merits, just stating the reality). You won't make very many friends. Smaller towns don't have the same issues big cities do, so naturally it will require a different approach and way…

Politics in general is less of a thing in smaller towns. My voting precinct (not even a small town, the suburbs of Annapolis) is roughly 2/3 Trump, 1/3 Clinton. I have no idea who is who, and it’s never come up.

Re: Rents are dropping across the US

#85

Post by NikolaeVarius »

maxsilver wrote: post #50
baddox wrote: post #32

Earlier quoted context omitted.

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.

Vast swaths of modern day living humans would probably disagree with you

Re: Rents are dropping across the US

#86

Post by rustybelt »

alharith wrote: post #26
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…

Just a word of caution as someone who has went from D.C. to small town: It can also be not so good if you come with your previous political beliefs. Big coastal city politics are _very_ unpopular in smaller towns (not here to discuss the merits, just stating the reality). You won't make very many friends. Smaller towns don't have the same issues big cities do, so naturally it will require a different approach and way…

Maybe just don't lead with "I'm from the big city, hate guns, and love abortion" when introducing yourself to your new neighbors.

Re: Rents are dropping across the US

#87

Post by [deleted] »

dwiel wrote: post #21
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.

It is, except there seems to be a sweet spot in medium sized towns where commutes/groceries/activities are all close so no/less driving. If you get too small though you go back to everything being 45 min drive away again like being in the suburbs of a city which is not at all sustainable.

[deleted]

Re: Rents are dropping across the US

#88

Post by asveikau »

spamizbad wrote: post #27
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 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…

Maybe this sounds strange, but I think there is also a category of people who prefer suburbs or exurbs and are really bitter that the pendulum has swung back to cities in the last ~20 years.

They are really eager to see a trend out of small amounts of data. Or proclaim urban life dead, now and forever.

I personally feel strongly in the other direction. We had the infamous "white flight" and car-centric communities and life. We had the peak of urban crime in the 80s and 90s. Then we had a reversal of those trends. Yes gentrification is tough on many, yes the costs are out of control for many, but on the balance I think denser living is the right call.

Re: Rents are dropping across the US

#89

Post by bobthepanda »

_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.

As the other person said, living spaces generally tend to be larger and less efficient per capita for heating, power, water, etc. Those McMansions with the atriums are an ecological nightmare.

Re: Rents are dropping across the US

#90

Post by bobthepanda »

MereInterest wrote: post #22
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.

The median US household income is $63k/year. $5k/month would take the entirety of the pre-tax median income.

NYC is actually slightly less at $57K a year.
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