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Average Rent in San Francisco Has Dropped $1k This Year

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Re: Average Rent in San Francisco Has Dropped $1k This Year

#11

Post by metalliqaz »

NineStarPoint wrote: post #8
SllX wrote: post #3

> the weighted average asking rent for an apartment in the city, which currently measures around 2.3 bedrooms when counting a studio as having one, has dropped to $3,100 a month. Still too high. Was checking into apartment prices earlier in the year and it is amazing the number of landlords that will try and sell you on a “kitchen” that is a mini-fridge, tiny sink, microwave and a hot plate whilst still charging you…

Do they ignore it, or are they using it for their own gain? For people who actually own property in San Fransisco, consider how enriched they have become by the obscenely rising rent/real estate prices. This comes along with them getting to keep their neighborhoods static instead of having to have a gigantic shadow erected across the street. Sure there are downsides, but you can always just sell and get our with a pr…

i imagine the people fighting hardest are the people who bought in /after/ the rents went up to absurd prices, and thus didn't profit hugely but will take a hit if the prices fall. (see taxi medallion investors in NYC)

Re: Average Rent in San Francisco Has Dropped $1k This Year

#13

Post by SllX »

NineStarPoint wrote: post #8
SllX wrote: post #3

> the weighted average asking rent for an apartment in the city, which currently measures around 2.3 bedrooms when counting a studio as having one, has dropped to $3,100 a month. Still too high. Was checking into apartment prices earlier in the year and it is amazing the number of landlords that will try and sell you on a “kitchen” that is a mini-fridge, tiny sink, microwave and a hot plate whilst still charging you…

Do they ignore it, or are they using it for their own gain? For people who actually own property in San Fransisco, consider how enriched they have become by the obscenely rising rent/real estate prices. This comes along with them getting to keep their neighborhoods static instead of having to have a gigantic shadow erected across the street. Sure there are downsides, but you can always just sell and get our with a pr…

Both. I spent the last decade having these conversations with people who also grew up here and can’t afford to remain here without staying with their parents, with some of the stranger conversations devolving into my counter parties brainstorming ways to kick tech people out of the City and stop new people from moving in altogether, as if freedom of movement in the United States wasn’t really a thing.

It’s not “supply and demand”, it’s “selfish rich techies and landlords”. I mean you can read that as supply and demand restated, until you get to next steps like solving the supply problem, and apparently building one more apartment building will irrevocably ruin the character of the City.

Re: Average Rent in San Francisco Has Dropped $1k This Year

#15

Post by curiousllama »

Interesting note: this apparently applies to 2 beds, but not 1 bedroom apartments. To me, that suggests the drop has been almost entirely people with roommates.

As a result, I don’t expect property values to fall in the next year. It just doesn’t make sense to cash out low until it’s clear those people (young, mobile) aren’t coming back & won’t be replaced.

Re: Average Rent in San Francisco Has Dropped $1k This Year

#16

Post by paxys »

curiousllama wrote: post #15

Interesting note: this apparently applies to 2 beds, but not 1 bedroom apartments. To me, that suggests the drop has been almost entirely people with roommates. As a result, I don’t expect property values to fall in the next year. It just doesn’t make sense to cash out low until it’s clear those people (young, mobile) aren’t coming back & won’t be replaced.

There has been a massive drop in 1 bedroom prices as well.

Re: Average Rent in San Francisco Has Dropped $1k This Year

#17

Post by Swizec »

chrisseaton wrote: post #6

It looks like the house in the background is being constructed literally from sticks and cardboard.

You don’t want to use brick in a seismic zone, reinforced concrete is overkill for a 2 storey house, and steel frame is not just overkill but also uses sticks and cardboard for nonstructural components.

As far as I can tell, almost every building in western USA that isn’t tall is wood frame construction.

https://en.wikipedia.org/wiki/Framing_(construction)

Re: Average Rent in San Francisco Has Dropped $1k This Year

#18

Post by sparkling »

the-dude wrote: post #10

I have somewhat inside info about a drop in rent for commercial real estate in a high end shopping street in NL ( The Netherlands ). This is unheard of, real estate owners rather keep a shop vacant than drop the rent. I think we have seen nothing yet in commercial real estate, obviously not limited to SF or NL.

NL as in the Netherlands?

Re: Average Rent in San Francisco Has Dropped $1k This Year

#20

Post by momokoko »

SllX wrote: post #3

> the weighted average asking rent for an apartment in the city, which currently measures around 2.3 bedrooms when counting a studio as having one, has dropped to $3,100 a month. Still too high. Was checking into apartment prices earlier in the year and it is amazing the number of landlords that will try and sell you on a “kitchen” that is a mini-fridge, tiny sink, microwave and a hot plate whilst still charging you…

Stop it. Do you live in San Francisco? I don’t mean the Bay Area. Do you actually live in San Francisco?

Why did Vancouver, Seattle, and Portland see very similar percentage based increases at the same time? Why has the entire Bay Area?

Foreign investment. As soon as Vancouver passed legislation to curb foreign investment their real estate moved back to normal. 1 in 4 housing purchases in California are all cash. That number is even higher in SF.

I’m so tired of this uninformed nonsense getting peddled by people who have no idea what they are talking about. Stop it.

Edit: This being flagged means it’s time to type in a random password and end this account. Finally had enough listening to uninformed idiots and even more jerks that silently flag things to hide my comment because they are a jerk and a coward.

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