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Rents are dropping across the US

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Re: Rents are dropping across the US

#31

Post by duxup »

johnbellone wrote: post #7
ghaff wrote: post #3

"across the US" as in "in expensive coastal cities." I don't know the broader trend but, anecdotally, I know people who have/are in the process of moving out of cities for more rural locations. One couple I know just moved out of a major Northeast city to the coast of Maine. Others are seriously considering vacating NYC etc. With many tech industry jobs mostly WFH until the end of the year and the future in general u…

This is very real; anecdotally, I am considering vacating the Washington D.C. metro area for this exact reason. The biggest difficulty is uncertainty of government roles, e.g. back to work/office, in the future depending on the posture of the administration. The market is booming here and there aren't any slumps in pricing or inventory.

I think the DC area has often held up if only because of the nature of the federal government shrinking dramatically is a slower / less likely process.

Re: Rents are dropping across the US

#32

Post by baddox »

Avalaxy wrote: post #5

> "It has been crazy," Freund said, "but we definitely got a very good deal." This reads like a parody to me. Paying 5000 dollars per month in rent and calling it a good deal. That's more than what many people even make in salary.

I’m not sure why that’s a contradiction. If you could buy a nice new private jet for $100,000 it would be reasonable to call that a good deal, even if it’s more than what most people make in a year.

Re: Rents are dropping across the US

#33

Post by est31 »

ghaff wrote: post #3

"across the US" as in "in expensive coastal cities." I don't know the broader trend but, anecdotally, I know people who have/are in the process of moving out of cities for more rural locations. One couple I know just moved out of a major Northeast city to the coast of Maine. Others are seriously considering vacating NYC etc. With many tech industry jobs mostly WFH until the end of the year and the future in general u…

> 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.

Re: Rents are dropping across the US

#34

Post by chadlavi »

I for one am ready and rarin' to go for a housing market crash (or "correction" if you wanna call it that) here in NYC, and strongly encourage everyone who doesn't feel like living here to strike out for the heartland. It'll be a better city all around with fewer people and lower rents.

Re: Rents are dropping across the US

#35

Post by fludlight »

spamizbad wrote: post #27
ghaff wrote: post #3

"across the US" as in "in expensive coastal cities." I don't know the broader trend but, anecdotally, I know people who have/are in the process of moving out of cities for more rural locations. One couple I know just moved out of a major Northeast city to the coast of Maine. Others are seriously considering vacating NYC etc. With many tech industry jobs mostly WFH until the end of the year and the future in general u…

> 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…

What’s a HENRY?

Re: Rents are dropping across the US

#36

Post by cbhl »

spamizbad wrote: post #27
ghaff wrote: post #3

"across the US" as in "in expensive coastal cities." I don't know the broader trend but, anecdotally, I know people who have/are in the process of moving out of cities for more rural locations. One couple I know just moved out of a major Northeast city to the coast of Maine. Others are seriously considering vacating NYC etc. With many tech industry jobs mostly WFH until the end of the year and the future in general u…

> 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…

Can you expand the acronym HENRYs? Urban dictionary didn't come up with anything for me.

Re: Rents are dropping across the US

#37

Post by GenerocUsername »

bobthepanda wrote: post #9
Avalaxy wrote: post #5

> "It has been crazy," Freund said, "but we definitely got a very good deal." This reads like a parody to me. Paying 5000 dollars per month in rent and calling it a good deal. That's more than what many people even make in salary.

The West Village is a bit of an outlier when it comes to rent because it is in NYU-land, and people attending NYU are not shy about taking whatever it is they need in loans to pay the expenses of going to NYU.

Dont forget the next step which is complaining on social media about their unpayable loans and the need for loan relief.

Re: Rents are dropping across the US

#38

Post by Pxtl »

Seems silly to discuss the falling rental prices in prestigious cities without even a nod to AirBNB.

AirBNB rentals have collapsed, and so a lot of owners have moved their properties into conventional long-term rental. This has created a glut in the rental market, and is driving prices down.

https://www.straight.com/news/some-vancouver-airbnb-units-ar...

Re: Rents are dropping across the US

#39

Post by _bxg1 »

ghaff wrote: post #25
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…

My point was that a lot of those trendy bars, restaurants, etc. may no longer exist if a lot of people who can afford to move away. A lot of the elements of city life in say NYC or Boston in the 1990s were a lot different from today. But, to your point, yeah a return to a more gritty and bohemian version of urban life would be appealing to some.

Personally I miss the dives, the open mic nights, the hole-in-the-wall restaurants that have been slowly getting replaced with gleaming Ikea-fever-dream "fast-casual artisan eateries" and the like.

(If I'm being honest the latter have a certain appeal to me too, but I think it's a travesty when they supplant things that are irreplaceably more human)

Re: Rents are dropping across the US

#40

Post by TechBro8615 »

Grimm1 wrote: post #11
TechBro8615 wrote: post #4

Earlier quoted context omitted.

Are they still doing salary requirements of 42x monthly rent unless you have a guarantor?

Yeah I don't think they've budged on that in NYC much yet unfortunately.

It's quite frustrating how hard it is to get an apartment in NYC without a proper job, e.g. as a freelancer. If they even answer you, they want you to put a ton of money down up front.
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