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

Post by starclerk » Mon, Dec 28, 2020, 4:27 PM UTC

RhodesianHunter wrote: post #96

TrackerFF wrote: post #86

Earlier quoted context omitted.

Having lived on another island, with the same woes of SF (limited land, high growth), the problem is always the same - even though it's been on a much smaller scale. The people that have owned for the past 30-50 years, are completely unwilling to give up on their single family homes, gardens, etc. They basically demand to live a nice and cushy suburban life, in the middle of a big city. It then takes forever to build…

> unwilling to give up on their single family homes I think that expecting people to "give up their homes" is more than unreasonable. The reasonable compromise being that builders can build in more densely once the current owners sell it.

Post by oconnor663 » Mon, Dec 28, 2020, 4:29 PM UTC

mym1990 wrote: post #82

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…

Those landlords don't try to sell that small kitchen, they DO sell that small kitchen. When I was shopping for an apartment in SF 2 years ago there was no spot that did not have at least 2 other parties looking at it. There was no room for negotiation or to even take a day to think it over, if you walked away from it, there were 2 people right behind you to take it.

Post by sofixa » Mon, Dec 28, 2020, 4:30 PM UTC

randomdata wrote: post #69

ashtonkem wrote: post #24

Earlier quoted context omitted.

Over the years I’ve come to the realization that a number of “kitchens” in luxury apartments are clearly designed for making at most breakfast and otherwise looking pretty. It’s not all luxury apartments, not by a long shot, but a surprising number were unusable due to layout mistakes or a complete lack of equipment (on the owners side). The conclusion I came to is that the people who rented these units valued a pret…

> If land is incredibly expensive and one intends to eat most of their meals out, it doesn’t actually make sense to rent a full kitchen. It is hard to beat the economies of scale of a restaurant, as much as the "you only need to factor the cost of raw food" camp like to tell otherwise. From a purely economic perspective, a kitchen at home, when other sources of food are widely available, is tough to justify. From a w…

Post by TheOtherHobbes » Mon, Dec 28, 2020, 4:31 PM UTC

SllX wrote: post #76

ambicapter wrote: post #70

Earlier quoted context omitted.

Is Supply and Demand really the end-all, be-all of economics? Don't things like Veblen goods demonstrate that there is some nuance to the topic.

No but when figuring out what informs a price you want to look at supply and demand first . There’s room for other variables, but you normally start there. EDIT: While I’m inside the edit window, let me throw in another big variable as an example. Costs are another factor that inform a price, and a big one. You could make a case that it deserves higher billing than supply and demand, but if your costs are $X but you…

Post by SllX » Mon, Dec 28, 2020, 4:32 PM UTC

oblio wrote: post #115

SllX wrote: post #75

Earlier quoted context omitted.

Not just new construction. Studio apartments in old buildings have also been retrofitted into 1-bedrooms by gutting the kitchen and carving out one of these crap kitchenettes from the main room, including in a building I used to live in. When I was exploring listings to see how the pandemic affects prices earlier in the year, these “kitchens” I described were also the norm over in the Sunset and Richmond around... Se…

Welcome to a place in a Pompei insulae, circa 100 BC :-))