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Rent is falling in America for the first time in years
- onetokeoverthe 3y ago[dead]
- kadomony 3y agoMan, someone tell my landlord in NYC.
- Terr_ 3y agoHey, if you're not willing to put in the effort of becoming the National Median Renter, then why would you expect the same outcome? :P From the deeper-source: > In contrast, rents in populous northeastern metros such as New York, NY (6.8%), Pittsburgh, PA (3.8%), and Boston, MA (3.3%) continued to experience faster growth. [0] https://www.realtor.com/research/may-2023-rent/ https://www.realtor.com/research/may-2023-rent/
- kadomony 3y agoYeah.. This was a "bucket list" move. Honestly dumb in hindsight to experience post-pandemic NYC for a single year. Even in its prime, I doubt this city is worth it to the person who's not constantly going out, networking, and seeking everything out.
- rcme 3y agoThe city is good if you’re a young professional looking to live near work so that you can basically live at the office.
- sneak 3y agoI was just in NYC for the first time post-pandemic (I used to live there) and it was astounding to me how much COVID has cratered that town. I really hope it comes back; New York was the first metropolis I truly loved.
- kadomony 3y agoI don't see it making a comeback. The pandemic accelerated greediness across the board. The people here are exploited way worse now in all ways because people just decided everything could be charged more for, even after supply chains regrouped. This town makes high earners feel poor. I can't imagine what the people scraping by endure.
- sneak 3y agoThis same complaint could be levied against NYC for the last 150 years, methinks. The tenement museum on the LES stands in contrast to your "people here are exploited way worse now in all ways". It's not like NYC people are suddenly more materialistic and greedy. It's been an incubator for that behavior for generations.
- Terr_ 3y ago> rent was $1,739, which was up a skosh ($3) TIL: "Skosh" - A very small quantity or a few items, from Japanese "Sukoshi", slang among US war veterans ~1930-1950. https://mashedradish.com/2017/03/13/etymology-of-the-day-skosh/ https://mashedradish.com/2017/03/13/etymology-of-the-day-sko...
- throwaway5959 3y agoRight when my wife and I bought. Great.
- cute_boi 3y agoRent isn't increasing where i live, but they have added new cost like water cost/ washing machine costs etc.. I hate such shenanigans.
- ProllyInfamous 3y agoForced "trash service" is the one that really upsets me. I've seen placed charging $100 for this "necessity."
- bsilvereagle 3y agoSome states prohibit charging for trash removal if there are more than four units in the building.
- umeshunni 3y agoWeren't rents falling during the pandemic?
- GravitasFailure 3y agoIn places with a lot of workers that suddenly went remote, yes, but the places they moved to saw increases.
- deleted 3y ago[deleted]
- maxerickson 3y agoThe numbers on these always blow my mind. If I took out a new 30 year mortgage on my house, my payment would be something like $1100. I mean sure, I'm in a small town where the supply of good jobs is not huge, but it's such a huge split on housing prices.
- SkyPuncher 3y agoA mortgage is not your full in cost. We pay about 10% of our home value in total each year between mortgage, maintenance, and Reno. Rental costs include all of those factors.
- prepend 3y agoWow, that’s really high. My house is 30 years old and I pay about 3% a year including mortgage, taxes, insurance, maintenance, renovations. Houses that are paid off and have no mortgage and have been built efficiently can easily get to 1%/year. But of course your mileage may vary. But if you’re paying 10%/year, you probably don’t want to rent as other houses will be much cheaper.
- gs17 3y ago>renovations Thank you for spelling it out. I had thought they meant they lived in Reno and were being cute about taxes.
- SkyPuncher 3y agoMy understanding is that's pretty typical over the life time of a house. $500k house => $50k per year * $36k => $3k/month mortgage * $6k => $500/month for insurance, internet, gas, electric That's $42k right there. Add in occasional roof replacement, emergencies (e.g. tree falling on a house), mechanical upgrades, plumbing/repair, carpet/flooring (carpet is considered a 7 year wear item), etc, etc, etc. These are hard to amortize as they generally come in large leaps and bounds. However, you end up getting pretty close to that $50k annual number. ----- Obviously, a mortgage is the largest part of that. However, most people have a mortgage on their house.
- screye 3y ago> Rents have gradually come down from July 2022’s peak of $1,777, but they remain nearly 25% higher than in 2019. Rents were sky-high in 2019, and they continue to outpace inflation. > The largest year-over-year declines are in Las Vegas (-6%); the Riverside and San Bernardino area in California (-5.9%); and Phoenix (-5.7%). The phenomenon appears to be regional. North-East regional rents are soaring. Atlanta and Austin are also going up. > Hale said, noting the historic levels of multifamily construction activity currently underway. Are houses being built where rents are high ? There is not enough clarity on this.
- sacnoradhq 3y agoBecause American individuals (not pseudo individuals known as corporations) don't have any money since it went to corporations, shrinking real wages, and loss of employment and housing. 60% of the hyperinflation was due to excessive corporate profits in a positive price spiral that had no fundamental supply-demand basis. The very rich currently enjoy a Roaring 2020's.