The Chronicle had an article citing the same statistics (but with a little more investigation): https://www.sfchronicle.com/business/article/SF-tenants-brea...
San Francisco Tenants Break Leases at Alarming Rates
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Re: San Francisco Tenants Break Leases at Alarming Rates
#32> The biggest group of tenants breaking leases in San Francisco are Generation Z workers, those between the ages of 18 to 25 years old Since when did people born in 1995 counted as Gen-Z?
That's somewhere on the border. But really, this is more a matter of blaming the youngest generation for every problem that besets the older ones. Gen X are a bunch of nihilistic latch key kids, Millennials destroyed every industry but online retail and avocado farming, and now we can blame gen-z for breaking lease agreements while scrolling through their tik-toks. Of all the statistical screw ups in this article, getting the age range of gen-z off by a few years seems mild.
Re: San Francisco Tenants Break Leases at Alarming Rates
#33[deleted]
Re: San Francisco Tenants Break Leases at Alarming Rates
#34I enjoy looking at Zillow data and everything in the range I am looking at is racing back to 2018 prices, mainly driven by foreclosures. I thought about investing, but it seems that mortgage lenders now expect a 40% down deposit on the property.
For investment property or primary residence? I didn't have to put down nearly that much for my residence in the east bay.
Investment property. When I bought my residence, the down payment was 20%. These current numbers come from a check on the Zillow advertised mortgage lenders. The 40% down in the simulation tool seems to be because lenders won’t take more than 700k in debt (>1M total cost).
Re: San Francisco Tenants Break Leases at Alarming Rates
#35> The biggest group of tenants breaking leases in San Francisco are Generation Z workers, those between the ages of 18 to 25 years old Since when did people born in 1995 counted as Gen-Z?
That's somewhere on the border. But really, this is more a matter of blaming the youngest generation for every problem that besets the older ones. Gen X are a bunch of nihilistic latch key kids, Millennials destroyed every industry but online retail and avocado farming, and now we can blame gen-z for breaking lease agreements while scrolling through their tik-toks. Of all the statistical screw ups in this article, ge…
Well, they're also less likely to have much savings, more likely to have a service job that doesn't currently exist, and more likely to still have the option to go to stay with the folks. I would expect young folks to be much more likely to break a lease than older folks.
I do agree that generational nonsense has been pretty rich lately.
-- Nihilist raised by the tee-veeRe: San Francisco Tenants Break Leases at Alarming Rates
#36> The survey revealed that 16 percent of owners reported residents broke their leases or unexpectedly gave a 30-Day Notice to Vacate. > A total of 315 landlords responded to the survey, owning or managing 10,377 residential apartments citywide... So, 50 landlords (~16% of 315) reported that they had at least one tenant unexpectedly leave early? Over what time period? How many tenants in total? This may or may not be…
So it could be as few as 50/10377 = 0.5% of tenants broke their lease. This is a useless survey unless they asked the landlords how many of their tenants broke their lease.
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Re: San Francisco Tenants Break Leases at Alarming Rates
#37So far it seems this has not yet affected housing sales much more than the typical seasonal: https://www.movoto.com/san-francisco-ca/market-trends/
Look at the 5 year chart. it basically shows inventories are still roughly the same place they were at this time the last 5 years.
Re: San Francisco Tenants Break Leases at Alarming Rates
#38> The survey revealed that 16 percent of owners reported residents broke their leases or unexpectedly gave a 30-Day Notice to Vacate. > A total of 315 landlords responded to the survey, owning or managing 10,377 residential apartments citywide... So, 50 landlords (~16% of 315) reported that they had at least one tenant unexpectedly leave early? Over what time period? How many tenants in total? This may or may not be…
Yeah, the statistics are kinda crappy. What would be more useful is of the 10,377 apartments these landlords represent, how many of those apartments broke their lease?
Not only that but how many break their leases before this pandemic? Also like someone mentioned above over what time period. Over the last week or month or ... what?
Re: San Francisco Tenants Break Leases at Alarming Rates
#3916% is not alarming to me given the situation and how ridiculous real estate is in SF. I expected a higher number than that.
It's not even 16% of rentals; it's 16% of the surveyed owners who, on average, rent more than 30 rental units each.
So it could be that of those owners they had one or two tenants break a lease? This would be a much lower number of actual tenants breaking their lease but we do not know with the data provided.
Re: San Francisco Tenants Break Leases at Alarming Rates
#40So far it seems this has not yet affected housing sales much more than the typical seasonal: https://www.movoto.com/san-francisco-ca/market-trends/ Look at the 5 year chart. it basically shows inventories are still roughly the same place they were at this time the last 5 years.
This is the first time SF is down YoY for the past decade.