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Rents are dropping across the US

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Re: Rents are dropping across the US

#91

Post by ghaff »

cujo wrote: post #72
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…

I know this may not be the case here, but... > moved out of a major Northeast city to the coast of Maine is not necessarily a move that is going to bring a lower rent/mortgage. Coastal Maine can be pricy.

That's fair and the town in question is certainly on the higher end of the price scale. Though, having been involved for unfortunate reasons in Maine coastal property pricing recently, I imagine it's still a lot cheaper than downtown Boston.

Re: Rents are dropping across the US

#92

Post by Finnucane »

Pxtl wrote: post #38

Seems silly to discuss the falling rental prices in prestigious cities without even a nod to AirBNB. AirBNB rentals have collapsed , and so a lot of owners have moved their properties into conventional long-term rental. This has created a glut in the rental market, and is driving prices down. https://www.straight.com/news/some-vancouver-airbnb-units-ar...

Also, I have to wonder if empty apartments held by investors as ‘safe deposit boxes’ will start to appear on the rental or sale markets if the value drops.

And this will have an effect on new construction: if demand weakens, construction will drop off.

Re: Rents are dropping across the US

#93

Post by lotsofpulp »

rustybelt wrote: post #86
alharith wrote: post #26

Earlier quoted context omitted.

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.

I’ve never heard anyone say they love abortion. They love the ability for women to have the freedom to choose abortion, and what they want to do with their body. I also prefer “anti choice” for those who oppose others having that freedom.

Re: Rents are dropping across the US

#94

Post by taylorhou »

If I were a renter right now and in an urban area with a lease renewal coming due, I'd 1000% call the mgmt co's bluff.

Context: my firm provides back office services to 50k+ rental units across the nation and unless you're in some oddly hot market, most mgmt companies currently are holding their breath that their renters don't say anything and renew at the same price.

If you're reasonable, you can easily negotiate a price drop and the mgmt co will most likely accept it begrudgingly because they do not have the data to call YOUR bluff. every mgmt co right now is taking whatever they can get and locking it down for as long as they can.

happy to respond to individual folks questions but keep in mind that any advice I may provide is not legal nor financial and I guess I should say my posts/comments are my own and do not represent my company's. =)

Re: Rents are dropping across the US

#95

Post by kazinator »

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…

Indeed; hard to be vibrant if everyone is nothing but working to cover cost of living.

Re: Rents are dropping across the US

#97

Post by chrisco255 »

asveikau wrote: post #88
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…

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 an…

Does denser living really matter if most of the business and professional jobs go remote? The traffic in my city (Austin) has plummeted dramatically since before Covid.

Re: Rents are dropping across the US

#98

Post by paulgb »

taylorhou wrote: post #94

If I were a renter right now and in an urban area with a lease renewal coming due, I'd 1000% call the mgmt co's bluff. Context: my firm provides back office services to 50k+ rental units across the nation and unless you're in some oddly hot market, most mgmt companies currently are holding their breath that their renters don't say anything and renew at the same price. If you're reasonable, you can easily negotiate a…

Thanks for the insight. Any perspective on NYC specifically?

Re: Rents are dropping across the US

#99

Post by claudeganon »

xbmcuser wrote: post #70
est31 wrote: post #33

Earlier quoted context omitted.

> With many tech industry jobs mostly WFH until the end of the year and the future in general uncertain, a lot of people, especially those with leases coming up for renewal, are thinking this is a good time to make a move. Once the pandemic ends and employers stop allowing WFH again, there might be a large surge in pricing as suddenly everyone wants to get back into those cities.

The pandemic is here for at least 1-2 years in that time many businesses will have perfected WFH/remotely where possible. So I don't think they will go back to previous way of doing things that easily. Another thing is this pandemic also has shown the risk factor of having most of your workforce in one place/city. So even if businesses don't do wfh they would probably go for more satellite offices in smaller cities.

I’d be willing to bet this breaks down more along partisan lines.

Blue, urban centers will allow WFH for white collar employees, but big corporate places in red and purple states will force people back into the office, even if more get sick and die. This is how the reopenings are already playing out across the country.

Re: Rents are dropping across the US

#100

Post by komali2 »

Grimm1 wrote: 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.

What's this "broker fee" they're talking about? It sounds insanely high and I've never heard about it.
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