8 ms·
> Tokyo was insanely expensive and locals couldn't afford it. IIRC that was buying housing, not renting. Purchasing housing is subject to speculation in a way
by TulliusCicero 4y ago
> Tokyo was insanely expensive and locals couldn't afford it.
IIRC that was buying housing, not renting. Purchasing housing is subject to speculation in a way that rent is not.
But if you have data that says otherwise, I'd love to see it. The data I can find shows the expected price spike in Japan for buying condos, but no such spike for renting:
Condos - https://japanpropertycentral.com/2013/10/japans-apartment-market-over-the-last-40-years/ https://japanpropertycentral.com/2013/10/japans-apartment-ma...
Apartments - https://nbakki.hatenablog.com/entry/changes_in_house_rent https://nbakki.hatenablog.com/entry/changes_in_house_rent
That said, I wouldn't be surprised if rents were higher in an economic boom, I just doubt it got as crazy as condo prices did in Tokyo.
- rr808 4y agoYes of course buying housing. This is what most households want and what most of them eventually do. Renting is a stepping stone or for people that are mobile, dont want to commit or really can't afford to buy. People who dont own are often subsidized or given public housing so also less relevant.
- TulliusCicero 4y agoMost people in Germany just rent, because renting works fine there, due to renter protections. We could do the same in the US.
- rr808 4y agoCertainly Germany, Switzerland, Austria have unusually low ownership rates right now. I think its more likely that will change rather than anyone copying those countries.