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Rents are dropping across the US

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Re: Rents are dropping across the US

#101

Post by Grimm1 »

nemo44x wrote: post #23
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.

It's a very interesting time in the real estate market. NYC has seen a lot of development over a fairly long amount of time, a lot of it higher end. The city has seen growth for 30 years in terms of population growth, tax base growth, etc. Can something continue to go up forever? My anecdotal experience lately has been there is a general mood among people (especially people who make a good living) that it's time to g…

I think you're spot on with many people believing it's time to get out.

I'm on the younger end of the age cohort that where people typically think to begin their move out to the suburbs, if they plan to move at all, and from what I've seen given the pandemic it has accelerated that decision for some simply because of the indeterminate length of time we won't have access to that cultural relevance and social experience that only a city like NY can provide.

I personally joke that the city and I have come to an agreement just to be friends as it works better that way. I've never had that in love feeling with NYC and it has been really good for my career and interests but without those benefits, I don't really want to stay and I'm finding that many people who like me aren't in love with the city but found it beneficial are moving up their timelines to get out.

Combine that with the price increases, unless you're in tech or finance you can't really afford to live in the city any way you're generally relegated to the styx so what's the difference between a 40minute commute from the edge of Queens or a 40minute commute in from Connecticut when you can save more.

Re: Rents are dropping across the US

#102

Post by mywittyname »

_bxg1 wrote: post #47
johnomarkid wrote: post #42

Earlier quoted context omitted.

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.

Change is inevitable. What's awesome now might be crap in the future and today's garbage might be the future's treasure.

Re: Rents are dropping across the US

#103

Post by treeman79 »

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…

Kids change mindset.

Kids love yards. They love the little creek that runs past.

I love the safety. Small neighborhood, we all know each other and look out for the kids that run around playing.

Re: Rents are dropping across the US

#104

Post by jjice »

> She and her roommate signed a lease on a two-bedroom apartment in the West Village for $4,995 a month

Holy cow, I knew NY rent way expensive, but wow I didn't know it was that bad. Growing up in upstate NY, you could be a nice family ready home in my suburban home town for ~100K. Of course there were houses that went up to ~150K or even 200K, but 100K was standard for purchasing a home. I even though that that was a lot.

I'm working in RI right now, renting a room outside the city, and I pay ~$500 a month for a room and all utilities. Have I just lived in very cheap places and the rest of this country is very expensive, or is it really just the big cities that have extremely expensive housing?

Re: Rents are dropping across the US

#105

Post by lbotos »

dave_4_bagels wrote: post #30

This is interesting, immediately before Covid-19 hit NYC I moved to mid-town Manhattan in early March. Compared to Boston (where I'd previously lived for about 7 years) I was stunned how affordable (with roommates) luxury housing was, at least during "off-season". For the master suite in a unit with a clear view of the Hudson and the USS Intrepid (I actually had a great view of the USS Comfort while it was in port) I…

I vouched for you to get this comment out of dead. I think you may be shadowbanned for your first comment on your account? Talk to the mods.

Re: Rents are dropping across the US

#106

Post by subsubzero »

A lot of engineers in my group as well as a few friends are leaving the SF bay area. Now that working there is no longer a requirement and everything is shut down, why live there? Oregon, Nevada, Colo, (cheaper areas of CA), all are places that they are heading to. Main reasons are cost, crowds(lack thereof) and overall better quality of life. Expect this trend to accelerate once more leases end.

Re: Rents are dropping across the US

#107

Post by francisofascii »

johnbellone wrote: post #7
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…

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.

During the housing crisis the exurbs suffered price slumps, but core housing did not. This time the opposite might happen exacerbating DC sprawl. People will work more days remote and housing in Leesburg/Frederick will become more doable/attractive.

Re: Rents are dropping across the US

#108

Post by cgriswald »

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.

Well, no one would actually lead with that, but I've met people in the Bay that have lead with "What are your pronouns?" and "How do you identify?", either of which may make for an awkward (or worse) first impression in a lot of other places.

Re: Rents are dropping across the US

#109

Post by amiga_500 »

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.

That's why we have the word anecdote.

Re: Rents are dropping across the US

#110

Post by asveikau »

chrisco255 wrote: post #97
asveikau wrote: post #88

Earlier quoted context omitted.

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.

I believe there is economic research that says increases in density are correlated with larger increases in productivity.

I also think the environmental cost is lower, for example if you're not burning fossel fuels in single occupant SUVs in order to do everything. My personal experience is also that avoiding that last part is good for your health, physical fitness and stress.

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