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Rents are dropping across the US

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Re: Rents are dropping across the US

#211

Post by pmiller2 »

danenania wrote: post #199
Androider wrote: post #158

Earlier quoted context omitted.

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…

I think walkable towns (as opposed to sprawling suburbs) offer a better balance. We moved from SF to Albany/Berkeley with a 1 year old and it feels like the best of both worlds. There’s a lot to do and see, great parks, interesting culture, it’s very walkable, and you can have a yard/garden, friendly neighbors, kids playing in the streets, etc. Downsides are that it’s almost as expensive as the city (you can get a bi…

I agree. Albany, El Cerrito, select parts of Richmond, and most of Berkeley are fabulous. I looked at an apartment recently with my gf in Berkeley that would have cut my commute in half. We didn’t take it because it was too small for us and our pets, but, damn, did we try to talk ourselves into it for a bit.

Re: Rents are dropping across the US

#212

Post by chickenpotpie »

chrisseaton wrote: post #186
leg100 wrote: post #15

That doesn't sound like much of a discount, what, 5%? Without moving, I got 40% off my rent for six months in the middle of London. I'd encourage tenants who haven't asked for a discount yet to do so.

What do you say? 'Give me a discount or...' or what? You'll move out? Sounds like moving would out be an absolute nightmare at the moment. Are you going to go flat-hunting in the middle of a pandemic?

I'm looking for a new apartment right now. It's not a big deal at all. The only difference is that I tour the apartments without the office staff.

Re: Rents are dropping across the US

#213

Post by [deleted] »

lbotos wrote: post #105
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.

[deleted]

Re: Rents are dropping across the US

#215

Post by [deleted] »

shostack wrote: post #185
doh wrote: post #123

Earlier quoted context omitted.

We just canceled our lease two weeks ago. We had a large apartment in one of the new high-rises in Downtown LA. The last offer was 3 months free and 2 parking spaces free if we stay for 12 month lease, which comes to 34% discount on the rent including parking. Other buildings are offering by default two months rent-free and they will pay the movers if you decide to move in. DTLA is a special place as it has plenty of…

I'm guessing the freebies are to avoid lowering the actual rent due to Prop 13?

[deleted]

Re: Rents are dropping across the US

#217

Post by refurb »

ghaff wrote: post #64
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…

>Was city life not vibrant when rents were 1/3rd the price? Vibrant may not have been the best choice of words. But there have certainly been periods over the past few decades when life in major cities was more dangerous, grittier, less polished, etc. than it was today. e.g. Bryant Park in the 80s, Some may not consider that a negative.

SF lost 25% of its population (800k to 600k) between 1950 and 1980.

Cities were not very desirable back then.

Re: Rents are dropping across the US

#218

Post by pmiller2 »

RhysU wrote: post #190
toomuchtodo wrote: post #41

Earlier quoted context omitted.

"High earners, not rich yet (HENRYs) are individuals who currently have significant discretionary income and a strong chance of being wealthy in the future." The previous (somewhat derogatory) term was "Yuppie" ("young urban professional" or "young, upwardly-mobile professional") [1]. [1] https://en.wikipedia.org/wiki/Yuppie

I always liked DINK: Double income, no kids.

Well, when two HENRYs love each other very much, they do frequent move in together to become DINKs. ;)

More seriously, DINK seems to be approximately the plural of HENRY in this context.

Re: Rents are dropping across the US

#219

Post by perl4ever »

christiansakai wrote: post #71
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…

I am a HENRY but my cultural tastes are low for most of my peers standard. McDonalds I'm lovin' it.

I've never lived in NYC, or made enough to have the option, but my lasting impression from every time I've visited is how easily you can find food that's exponentially better than McDonald's for comparably low prices. Of course, anything tends to be better when there's more traffic/volume and more competition.

Re: Rents are dropping across the US

#220

Post by pmiller2 »

johnomarkid wrote: post #42
brundolf wrote: post #10

Earlier quoted context omitted.

> Maybe not so good for those who were especially attached to...the vibrant city life I think it's good for those people too, because urban housing prices will also go down as people move away. It could become more affordable to have that vibrant city life alongside the others who actually want to be there and don't just have to be there. I'd personally be really excited to see Austin's skyrocketing growth and gentri…

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.

Wait until the pay cuts for remote workers hit.
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