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My understanding is that these price crashes are largely happening in the VHCOL (very high cost of living) like NYC and SF. One of the dynamics at play in the V
by qqqwerty 6y ago
My understanding is that these price crashes are largely happening in the VHCOL (very high cost of living) like NYC and SF. One of the dynamics at play in the VHCOL cities is that the rent is so expensive that the cost of moving, even if only for a few months, is fairly trivial in comparison. If you are paying $4k for a 1-bdrm apartment, packing your stuff up, putting it in storage, and moving into a short-term rental in a lower COL area is likely to be net positive in term of cash flow. Financially, this make less sense in more moderate COL areas unless the pandemic/lockdown goes on for much longer, or if you can work remote permanently.
So cities like Denver and Austin are probably not seeing as much outmigration, but are also probably seeing some immigration from the VHCOL areas.
- kulahan 6y agoJust a friendly FYI, the opposite of immigration is emigration.
- Anon4Now 6y agoOut-migration (with a dash) is fine: https://www.dictionary.com/browse/outmigration https://www.dictionary.com/browse/outmigration
- mehrdadn 6y agoIt seems subtly different (and more correct) to use outmigration, based on what the definitions here suggest. Emigration seems to suggest leaving the country, whereas outmigration seems to suggest leaving for a different part of the same country.
- senkora 6y agoFor extra confusion, immigration and emigration are homophones in a Southern accent because of the pin-pen merger: https://en.wikipedia.org/wiki/Pin–pen_merger https://en.wikipedia.org/wiki/Pin–pen_merger
- chrisco255 6y agoMakes me think we should pronounce emigration ee-mah-gration.
- ashtonkem 6y agoYou’re just swapping a different set of e/I sounds then. English pronunciation is a mess.
- mywittyname 6y agoI've never heard the two sound different in any dialect and I'm not from the south.
- truckerbill 6y agoNot met many Brits then
- WalterGR 6y agoAre month-to-month rentals common in these areas? In my experience, renting an apartment in SF almost always required signing a 12-month lease. In the case of a lease, you can’t just skip town for a few months to save money.
- qqqwerty 6y agoEvery lease I have signed converts to month-to-month after the initial 12 month period. From my understanding, that is pretty common. The only places that I have seen that require 12-month renewals are the newer buildings with professional management. But that is just my anecdotal experience. Another thing to consider, the lockdown has been going on for over 3 months now, so 25% of the population that was locked into a 12 month lease has hit the end of their lease term at this point. Also, there have been some reports of record amounts of lease breaking. Considering that that behavior was probably close to non-existent before the pandemic, the 'record' amount is probably only a few % of leases at most. But it kinda makes sense. If you have access to free or cheap housing (i.e. staying with parents/family, etc...), and if that housing has a better 'pandemic quality of life' (i.e. more square footage, access to outdoors, etc...) than breaking your lease is somewhat rational. Worst case, they force you to pay the remainder of your lease. Best case, they re-rent it or let you get out without paying. Either way, your are improving your QOL, and you are not any worse off financially then you would have been if you stayed in the rental till the end of your lease.
- sjdjd 6y agoIt's pretty common in my experience for landlord in areas with many students to require renewing for a full year, because the rental demand is so spiky. (In Urbana IL, a college town, everything ended 8/1 give or take with absolutely no hope of a part year renewal, here in Cambridge 9/1 is quite common even though there are a good number of working professionals here too. )