3 ms·
Not feeling it as a renter. Half-decent one bedrooms (we're talking about 70-plus-year-old buildings) outside of the grungiest parts of SoMa are still easily $3
by 8f2ab37a-ed6c 4y ago
Not feeling it as a renter. Half-decent one bedrooms (we're talking about 70-plus-year-old buildings) outside of the grungiest parts of SoMa are still easily $3000-3500 or more. The management company has barely any incentive to keep renters happy, plenty more waiting for their turn to move in at a moment's notice.
For all of the talk of the city being turned into an apocalyptic wasteland, it's still easily a landlord's market and the prices are still astronomical for what you get.
- onion2k 4y agoPresumably rents will first fall for places that are hardest to find tenants for. That's probably the most expensive or the worst places that have a smaller pool of customers. Half-decent places where the rent isn't totally crazy will fall later if they come down at all. Reducing prices is a selling tool. There's no need to use it if you're already getting customers.
- SQueeeeeL 4y agoIt's dubious to guarantee that they'll fall, but it's understandable why people who don't rent would think that because from an economic theory perspective, the reality doesn't really make sense. Most landlords will simply never charge less than the maximum they've charged for a building, no matter what. That's why you see inner city areas of most major US metropolitan areas have a ton of shuddered store fronts. I think the main reason this happens is because these landlord groups aren't really trying to maximize revenue, but are trying to validate that their "investment" was a good idea. Because it's a psychological/systemic hangup and not an economic one, we see urban areas become endlessly more expensive and simultaneously less occupied
- laurencerowe 4y agoSame. I’ve lived here 10 years now and struggle to see the difference.