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Rents are dropping across the US

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171–180 of 400 posts

Re: Rents are dropping across the US

#171

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…

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.

I see this expressed a lot, but from my personal experience growing up in a small rural community, I always wished I lived in the city.

Maybe it’s just a “grass is always greener” thing, but I always wonder why people assume kids really want the suburban life.

Re: Rents are dropping across the US

#172

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…

> affordable (with roommates)

That's fine if that's the choice you wanted to make.

But if you wanted to live alone, or with your own family, it's not affordable to pay a multiple of that without a choice.

Re: Rents are dropping across the US

#173
post #168

Earlier quoted context omitted.

> people who live in cities are people who want to live in cities, not people who need to live in cities I'm not under the impression that the droves of techies riding free company shuttle buses from SF to Silicon Valley want to live outside of the city. Maybe that's a uniquely SF thing, as I believe Silicon Valley still employs more tech people than SF, despite SF becoming a tech hub itself post-mobile. People don't…

> People don't live in downtown SF because they need to, they already live there because they want to. Maybe downtown SF is just the lesser of two evils between SF and SV because of job location. Maybe they really want to be with their extended family in a suburb of Cleveland.

> Maybe they really want to be with their extended family in a suburb of Cleveland.

This especially made me laugh because the VP of Eng at one of my Silicon Valley startups was from Cleveland and would often joke "I escaped a prison sentence by leaving Cleveland" and "The place is so polluted the river caught on fire, TWICE!".

Re: Rents are dropping across the US

#174
post #59
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.

> Once the pandemic ends and employers stop allowing WFH again We don't know how many companies will require on-site presence. Some might just allow WFH permanently. E.g. Twitter already announced that, see: https://www.theguardian.com/technology/2020/may/12/twitter-c... .

> Some might just allow WFH permanently.

We've seen this before with companies that created satellite campuses to take advantage of cheaper labor due to cost of living differences.

When problems arise, only those local to the headquarters survive the layoffs.

Re: Rents are dropping across the US

#175
post #105

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.

Might have got downvoted for the nonsense of "luxury with roommates". There is no luxury in having to share living space with 3 strangers. This resonates very strong with members over 30 and couples, it's the sign that having a roof for yourself let alone your family is totally unaffordable.

Re: Rents are dropping across the US

#176
post #104

> 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…

It's not just "big" cities, it's all cities at least according to this source [1]. I grew up in RI but I moved to Seattle after graduating college because I didn't want to live in RI anymore but job prospects for tech increase when you're in a city. I wonder what the cycle to expensive rents is? Wages from jobs start to increase in an area, some housing development happens, rents go up on those new developments to co…

> Wages from jobs start to increase in an area, some housing development happens, rents go up on those new developments to cover costs but also because their renters can afford it, repeat?

The increased wages (more jobs + better jobs) leads directly to both new housing development AND increased demand for whatever housing currently exists. The latter is more impactful for higher prices than the former.

> but also because their renters can afford it, repeat?

This isn't quite how things work. Most landlords are always going to raise the rent to whatever the market can bear. Of course, how much people can afford does factor into that, but it's not everything.

I can afford to buy milk that costs 10x as it does right now, but I wouldn't actually pay that because I have no reason to when cheap milk still exists. Landlords are able to raise rents when the demand for housing goes up faster than the supply, such that renters don't have better options available.

Re: Rents are dropping across the US

#177

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…

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.

I have a kid. And a cat. My neighbour has two kids and a dog. Their neighbour has a kid. Across the hall from them, two kids. approx 80 sqm apartments each.

I might as well just copy your last paragraph.

Additionally, we love the parks, the playgrounds, the gardens, we walk to childcare, walked to work before this whole pandemic thing. We all have memberships with the museum and the zoo that give us unlimited visits. And since the pandemic, my son often rides in a Thule transport behind my bike. we've got a creek along the bike trail, and one in one of the gardens. we've even got a children's farm down the road.

Culturally many Australians are like Americans: the refrain is "you need to move to suburbia once you've got kids" and "kids need a back yard to run around in" and "you can't raise a kid in an apartment". To the point that half of them never move into the city in the first place or reflexively move out without an actual thought or goal. And it IS frustrating to lose friends (so far everyone I've talked to that has moved out regrets it or at least looks back wistfully) , and knowing that this belief is the viscious circle that stops people improving cities.

But while I will admit that rural areas have something we can't replicate in the inner city (we all have trade offs after all), I WANT my child to have the opportunities afforded in the city and will actively fight the forces trying to set suburbia as a default. judging by the number of childcare centres, prams and scooters showing up in my neighbourhood, we might finally be on the verge of a generation that will try to stay.

the pandemic has changed things, but as I've said to my wife and has been echoed by other posters, maybe this will clear the way for people who want to be here...

Re: Rents are dropping across the US

#178

Earlier quoted context omitted.

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.

I bought into this mindset, and regret it. That's what you do when you have kids, move to the 'burbs, right? We moved from a big city to suburban hell a few years after having a kid. In those first years, we took our kid to museums, parks, playgrounds, etc. all over the city. Now there is jack shit to do in the suburb we're in except going to the mall, cannot walk anywhere, have to use the car 100% of the time to eve…

Riding a bike/scooter in the cul de sac, playing in the woods, driving over to the town square and wandering around for a while. There's tons of things to do in the suburbs. There's tons of things to do in the city. Really, it depends what you like.

Personally, I prefer to take my car to the shop because I don't want to carry a car load of stuff home. And Central Park is something I like to visit, but I wouldn't send a young child to play there by themselves.

Re: Rents are dropping across the US

#179
post #43

If we needed any more evidence the way to lower costs in the long term is building more housing. Supply and demand works people!

Except this proves the opposite. When we built, prices skyrocketed. When we stopped building (due to COVID), the prices began dropping. It's a combination of AirBNB being unable to illegally occupy housing, and the ultra-wealthy having a fear of urban density contagion. Demand is basically unchanged over the last 6 months, and the housing that exists is basically unchanged over the last 6 months, and yet prices are f…

Your reasoning is the tail wagging the dog.

Money flooding into an area is obviously going to cause rents to increase as well as incentivize developers to build more to capture some of that moolah as there's more demand for housing.

Money flooding out of the area is going to cause both rents to immediately decrease, as well as decrease the incentive to build more housing, because the demand is gone.

Re: Rents are dropping across the US

#180
post #77
post #8

Earlier quoted context omitted.

People are doing more than that. A former colleague caught folks working remote overseas as well.

What do you mean “caught”? Is there a stipulation on time zone or country? Truly don’t see the problem of bopping off to another country as long as you’re still doing your work and active in the team?

Or the employee is violating the terms of the visa under which they're in that country.
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