I recently learned that some people I know who lived an what are pretty much the worst apartments in our area are paying more in rent each month than my mortgage payment for a 4k sq ft home on an acre. I haven’t looked into how much it is to rent a decent apartment in the area, but it must be double my mortgage.
Apartment rent growth is declining, shifting the market to the tenant’s favor
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Re: Apartment rent growth is declining, shifting the market to the tenant’s favor
#22Earlier quoted context omitted.
A reasonable question. What are the non-negotiables that compel people to live in Manhattan? Is it being able to walk to noodles 24/7, or something else?
Being close to work is the biggest benefit. Especially for young professionals who don’t need a lot of space and are looking to grind in their careers. Also, when they’re not working, being able to have fun is a plus.
If you have a job that is specifically NY based that is hard to get elsewhere and is an actual paid in money, not cachet career (i.e not working for a magazine) like banking or software, you should earn the 180K pretty easily.
Re: Apartment rent growth is declining, shifting the market to the tenant’s favor
#23Student loan payments are set to resume later in the year which might further reduce rent pressure.
(I assume that a lot of the people with student debt are renters)
Re: Apartment rent growth is declining, shifting the market to the tenant’s favor
#24I wish the government would do more to control this terrible situation. If you can't afford a home with a 40 hour job, something is sick in this country. Even an apartment is beyond reach. Blackrock and Vanguard are blights on this planet.
What is the recent hit on Vanguard I have seen going around? Aren't they mostly investing in indexs which would necessitate blindly buying stock in companies and of course they do it on a massive scale due to their size? Is Vanguard in some way encouraging companies to do evil things?
> Is Vanguard in some way encouraging companies to do evil things?
I wouldn't be surprised. They do wield a lot of corporate voting power on behalf of their index investors.
Re: Apartment rent growth is declining, shifting the market to the tenant’s favor
#25https://archive.is/y28IG I've been looking for a decent 1BR in Manhattan. For something clean and decent, the floor is $4,500. The 40x rent annual income requirement by many landlords, one needs to be making $180,000. sigh.
Come live in Brooklyn Heights. You can be in Manhattan in 5 minutes. I just moved out of a rent stabilized apartment that was $2450 a month for 11 years. There are many similar apartments and they can't raise the rent to "market rate" without making major improvements.
Re: Apartment rent growth is declining, shifting the market to the tenant’s favor
#26I don't understand how. The mortgage rates are high, so many people who would otherwise have bought a home are not jumping in. So rents will go up. I have seen this happen too
Re: Apartment rent growth is declining, shifting the market to the tenant’s favor
#27I wish the government would do more to control this terrible situation. If you can't afford a home with a 40 hour job, something is sick in this country. Even an apartment is beyond reach. Blackrock and Vanguard are blights on this planet.
> If you can't afford a home with a 40 hour job I think this has always been the difference between a "job" and a "career". My first full time job was making pizzas. I worked 40 hours a week, dropping sauce and toppings onto squished bread. Nobody would have been able to afford a pizza if I would have been able to afford a home, in my state.
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Re: Apartment rent growth is declining, shifting the market to the tenant’s favor
#28I wish the government would do more to control this terrible situation. If you can't afford a home with a 40 hour job, something is sick in this country. Even an apartment is beyond reach. Blackrock and Vanguard are blights on this planet.
> If you can't afford a home with a 40 hour job I think this has always been the difference between a "job" and a "career". My first full time job was making pizzas. I worked 40 hours a week, dropping sauce and toppings onto squished bread. Nobody would have been able to afford a pizza if I would have been able to afford a home, in my state.
Have you actually examined that math?
At say, 15 pizzas per person per hour, increasing your wages to $15/hour above where it was before (netting you $2500/mo for housing on top of previous wages before considering taxes/assistance) would add $1 to each pizza.
There are countries that have decent access to housing for the working class which aren't somehow impossible to dine in.
Re: Apartment rent growth is declining, shifting the market to the tenant’s favor
#29I wish the government would do more to control this terrible situation. If you can't afford a home with a 40 hour job, something is sick in this country. Even an apartment is beyond reach. Blackrock and Vanguard are blights on this planet.
> Blackrock and Vanguard are blights on this planet. Corporate landlords weren't the ones saying "you can't build here because it ruins the neighborhood's 'character.'"
Housing as an investment vehicle is government policy - if the oligarchy insisted on a different policy it would be implemented.
Re: Apartment rent growth is declining, shifting the market to the tenant’s favor
#30I wish the government would do more to control this terrible situation. If you can't afford a home with a 40 hour job, something is sick in this country. Even an apartment is beyond reach. Blackrock and Vanguard are blights on this planet.
> If you can't afford a home with a 40 hour job I think this has always been the difference between a "job" and a "career". My first full time job was making pizzas. I worked 40 hours a week, dropping sauce and toppings onto squished bread. Nobody would have been able to afford a pizza if I would have been able to afford a home, in my state.
Are you sure? Restaurant labor usually works out to a small percentage of the price of the food. Besides that, people could afford pizza back when minimum wage was much higher adjusted for inflation.