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Rents are dropping across the US

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Re: Rents are dropping across the US

#311

Post by gamblor956 »

nemo44x wrote: post #130
slg wrote: post #127

Earlier quoted context omitted.

>Also, I have to wonder if empty apartments held by investors as ‘safe deposit boxes’ will start to appear on the rental or sale markets if the value drops. Cities are also making moves that might increase the chances of this. Los Angeles just took steps yesterday to put a vacancy tax on the November 2020 ballot.

Interesting. I've read, however, that something like that is probably very easily unconstitutional and/or easy to get around. The bigger issue is that the tax code gives landlords incentive to not rent at "market value" and hold out for more money on a long term contract.

It is very easy to get around a vacancy tax: you rent it out so someone can live in it.

They generally identify vacancy tax properties by looking for residential properties that aren't receiving utility bills or which have very low utility bills.

Re: Rents are dropping across the US

#312

Post by throw51319 »

Grimm1 wrote: post #101
nemo44x wrote: post #23

Earlier quoted context omitted.

It's a very interesting time in the real estate market. NYC has seen a lot of development over a fairly long amount of time, a lot of it higher end. The city has seen growth for 30 years in terms of population growth, tax base growth, etc. Can something continue to go up forever? My anecdotal experience lately has been there is a general mood among people (especially people who make a good living) that it's time to g…

I think you're spot on with many people believing it's time to get out. I'm on the younger end of the age cohort that where people typically think to begin their move out to the suburbs, if they plan to move at all, and from what I've seen given the pandemic it has accelerated that decision for some simply because of the indeterminate length of time we won't have access to that cultural relevance and social experienc…

Same here. I'm 28 and have gotten a solid few years in here. I feel like I've done a good amount of nyc things.

Going back home for 3 months I kind of realized that not only does it not make sense to renew my lease financially, I also would prefer to get out of the city and see what it's like to live life in a different style.

The consumerism of the city in your face 24/7 is kind of annoying tbh.

Re: Rents are dropping across the US

#313

Post by [deleted] »

jackcosgrove wrote: post #267
asveikau wrote: post #114

Earlier quoted context omitted.

Everyone says this, as if none of us who advocate for urban life understand having kids. I have two kids. Also, they raise plenty of kids in other countries where they haven't oriented life around suburbs. Also, this was more true in the United States before white flight, and the US raised plenty of healthy kids then. So I don't think the kid thing makes as much sense as they say. But the state of US school systems d…

Violence and distracting behavior in schools are bad. But school scores, prestige, etc. don't matter as much as most people think. Your home environment matters more than the school. High achieving magnets and wealthy suburban schools are that way because of the selection profile for students, not because the school itself is transformative.

[deleted]

Re: Rents are dropping across the US

#314

Post by sanchostache »

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…

People are fleeing unstable liberal cities. No surprise.

Re: Rents are dropping across the US

#315

Post by seanmcdirmid »

sanchostache wrote: post #314
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…

People are fleeing unstable liberal cities. No surprise.

There is no evidence for that. No one is fleeing, but we are at the start of a harsh recession, when seeing rents fall isn’t weird at all

Re: Rents are dropping across the US

#316

Post by shostack »

gkop wrote: post #277
shostack wrote: post #185

Earlier quoted context omitted.

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

I think you mean rent control, not prop 13. Anyhow this commenter sounds like they know what they're talking about and are saying that landlords in SF cannot beat rent control in this manner: https://socketsite.com/archives/2020/06/complimentary-rent-o...

Ack, you're right, I did!

Re: Rents are dropping across the US

#317

Post by lotsofpulp »

ska wrote: post #264
rpmisms wrote: post #238

Earlier quoted context omitted.

Same, man. I'm HENRY for my age (18), and really enjoy my $500 apartment, while parking an ancient Tesla outside it

Only an 18 year old could consider a Tesla ancient.

My vehicle is 18 years old, so I couldn't figure out if that comment was sarcastic or not.

Re: Rents are dropping across the US

#318

Post by soulofmischief »

legitster wrote: post #166
Pxtl wrote: post #38

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...

A report came out that showed the effect is super weak: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3006832 "1% increase in Airbnb listings is causally associated with a 0.018% increase in rental rates and a 0.026%" This is about a fifth of the overall increase. We're talking about a $9-10 a month difference in rent in most urban areas. Not great, but clearly Airbnb is a small part of the problem.

Anecdotal data point:

This asshole was renting 4 separate units in my small apartment complex (despite me constantly pestering my landlord and city council) and a few weeks ago he came by to get all of his furniture and told me he's closed 60% of his bnb's.

Re: Rents are dropping across the US

#319

Post by lotsofpulp »

toofy wrote: post #194
_bxg1 wrote: post #39

Earlier quoted context omitted.

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)

This is what most people are referring to when they say “cosmopolitan.” Where you have the perfect stew composed of a high mixture of all walks of life, from economic background, educational background, ethnic background, cultural background, etc..., and until someone figures out how to combat the change, it always seems to be overrun by gentrification. I’ve seen a few higher reaching accounts over the past couple of…

>I’ll never understand how someone can like a place so much, they go out of their way to hunt for a new job, pick up and move to an entirely new city, and then complain or refuse to do the things which it takes to maintain that which made you fall in love with a place.

Because most people are consumers, not creators, and when an excessive amount of consumers enters a space that previously had a balance between consumers and creators, the prices get bid up and the imbalance results in a situation where people drive 15 minutes to go to the big box store.

The consumers wanted to consume the convenience of the little shops, but not in sufficient quantities to continue to make it a viable business in the face of rising demand from other consumers coming in also to consume the convenience of the little shops. Hence you end up at a new economic equilibrium where the big box stores are the only ones left.

Then, if society is lucky, the intial and boundary conditions will allow for a new place to reach a balance between consumers and creators, and rinse, repeat.

This is also a little bit related to this theory:

https://meaningness.com/geeks-mops-sociopaths/what-is-meanin...

Re: Rents are dropping across the US

#320

Post by acidbaseextract »

doh wrote: post #297
acidbaseextract wrote: post #293

Earlier quoted context omitted.

How do you renegotiate? It seems like you need to be willing to walk to have any negotiating leverage, and moving is a pain in the ass.

That’s correct. I’m ready to move. I found out that the pain is not as bad as it seems and I actually like moving. But even if you don’t like it, there is little to be lost. The worst they can do is to say no and then you pay whatever rate they asked for if you decide to stay. I tend to reside in more expensive buildings so they have harder time finding tenants. That’s why I ask for the costs of finding a new tenant…

> That’s why I ask for the costs of finding a new tenant as a discount.

Great stuff. Thank you for the reply!

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