5 ms·

As someone on the younger end of what seems to be considered "millennial" (graduating from uni in May), I hope this means cheaper rent in cities like New York,

As someone on the younger end of what seems to be considered "millennial" (graduating from uni in May), I hope this means cheaper rent in cities like New York, Austin and Boston?

cbhl 9y ago
To the contrary. Rent in the cities has plateaued, but mostly capped by the amount that banks and tech companies are willing to pay new grads.
lambda_lover 9y ago
I know that rents in those places has plateaued, but there's so much demand that even a steady outstream of new parents might not make a dent in housing prices. NYC rents dipped recently for the first time in years, but as somebody who's currently shopping around for apartments in NYC, the changes aren't really substantial to the end renter.
- arcaster 9y ago
  At least it's slightly more reasonable than Bay Area prices... haha
- lazerpants 9y ago
  It appears to me, based on looking last year and this year, that the L train shutdown is starting to distort rents in desirable neighborhoods outside of Wburg. People are fleeing Wburg in favor of places like LIC, Astoria, and Downtown Brooklyn before L service is suspended. Probably a great time to look in Wburg if you can commute via ferry or stay in the neighborhood though. Edit: I should add that people aren't just leaving Wburg, anywhere along the L line is impacted. I suspect it's creating a rental price floor in other parts of the city, at all price points.
  - istorical 9y ago
    As someone whose current lease on the L doesn't end until this October/November, this scares me. I've been wondering how many 100's of dollars average rent for a bedroom will rise (100, 200, 300?) in the other BK neighborhoods that young, childless, salaried people tend to live. I've found that one of the biggest benefits of NYC is the salary to rent ratio (compared to other major American cities) if you're OK with roommates and a 30-45 minute commute on the subway. I wonder how much the L shutdown changes the math.

As someone on the younger end of what seems to be considered "millennial" (graduating from uni in May), I hope this means cheaper rent in cities like New York, Austin and Boston?

cbhl 9y ago

To the contrary. Rent in the cities has plateaued, but mostly capped by the amount that banks and tech companies are willing to pay new grads.

lambda_lover 9y ago

I know that rents in those places has plateaued, but there's so much demand that even a steady outstream of new parents might not make a dent in housing prices. NYC rents dipped recently for the first time in years, but as somebody who's currently shopping around for apartments in NYC, the changes aren't really substantial to the end renter.

arcaster 9y ago
At least it's slightly more reasonable than Bay Area prices... haha
lazerpants 9y ago
It appears to me, based on looking last year and this year, that the L train shutdown is starting to distort rents in desirable neighborhoods outside of Wburg. People are fleeing Wburg in favor of places like LIC, Astoria, and Downtown Brooklyn before L service is suspended. Probably a great time to look in Wburg if you can commute via ferry or stay in the neighborhood though. Edit: I should add that people aren't just leaving Wburg, anywhere along the L line is impacted. I suspect it's creating a rental price floor in other parts of the city, at all price points.
- istorical 9y ago
  As someone whose current lease on the L doesn't end until this October/November, this scares me. I've been wondering how many 100's of dollars average rent for a bedroom will rise (100, 200, 300?) in the other BK neighborhoods that young, childless, salaried people tend to live. I've found that one of the biggest benefits of NYC is the salary to rent ratio (compared to other major American cities) if you're OK with roommates and a 30-45 minute commute on the subway. I wonder how much the L shutdown changes the math.