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Old 06-24-2014, 09:54 PM
 
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Wages are stagnant, job market is bad for many people, benefits reduced.

Across American big cities, rents have been going up.
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Old 06-24-2014, 09:58 PM
 
Location: NNJ
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Probably depends on location.

Perhaps the answer was in the article you linked in another thread

"This uncomfortable fact, which many economists have recently accepted, suggests that we are living not simply in an unequal society but rather in two separate, side-by-side economies"

Pick a locale... then ask, which of the economies does it reside in.
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Old 06-24-2014, 10:13 PM
 
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Quote:
Originally Posted by usayit View Post
Probably depends on location.

Perhaps the answer was in the article you linked in another thread

"This uncomfortable fact, which many economists have recently accepted, suggests that we are living not simply in an unequal society but rather in two separate, side-by-side economies"

Pick a locale... then ask, which of the economies does it reside in.
This is happening in many cities, such as seattle, Bay Area, la, chicago, etc.
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Old 06-24-2014, 11:23 PM
 
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Quote:
Originally Posted by Costaexpress View Post
This is happening in many cities, such as seattle, Bay Area, la, chicago, etc.
What is? Rental increases? I ask because the Chicago rental market is stagnant and is expected to remain so for the next couple of years.
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Old 06-25-2014, 12:38 AM
 
Location: USA
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The big cities is where everyone wants to be, plus all the good paying jobs are there. Of course the rents are going to skyrocket because of huge demand and limited supply.
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Old 06-25-2014, 06:44 AM
 
Location: Pennsylvania
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Even with higher rents, city living can be cheaper because you don't have the ownership and operating costs of a car. This is popular with a lot of young people, but also empty-nesters and active retirees. Hence, higher demand.
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Old 06-25-2014, 07:22 AM
 
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For as bad as unemployment is many cities for folks without skills things are much much worse in small towns and rural areas. Larger numbers of people have taken on debt to pay for college and they migrate toward cities where they can at least earn something as a waiter / waitress / barista ... Two or three (or more...) such under-employed young people can pool their meager wages and rent multi-room apartment, which as it happens frequently enough, eventually takes a signficant chunk of all available rentals.

Unless you are looking at a rural area where there is boom in oil / natural gas production rents are not rising outside of cities and many smaller cities / unhip towns are being de-populated.
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Old 06-25-2014, 07:26 AM
 
Location: Boise, ID
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How often have you heard a phrase along the lines of "I don't trust the housing market, so I'm not going to buy a house again" (soon or at all) in the last 3 or 4 years? I've heard people say things like this quite a bit lately. On top of that, you have all the people who lost a house in a short sale, foreclosure, etc, and don't qualify for a new mortgage for 2-5 years. Those factors combine to skyrocket demand. Rent rates are all about supply and demand. Therefore, rents skyrocket too. Pure and simple.
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Old 06-25-2014, 07:37 AM
 
Location: DFW
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Quote:
Originally Posted by Costaexpress View Post
This is happening in many cities, such as seattle, Bay Area, la, chicago, etc.
Rents are definitely rising here in LA but I wouldn't call it skyrocketing.. they're more or less in line with inflation, maybe a little higher.
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Old 06-25-2014, 08:19 AM
 
Location: East of Seattle since 1992, originally from SF Bay Area
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Quote:
Originally Posted by Costaexpress View Post
This is happening in many cities, such as seattle, Bay Area, la, chicago, etc.
Here in Seattle, salaries are not stagnating. The median family income has grown since 2012 after peaking in 2008 and dropping for 3 years. In the Eastside Suburbs it's grown even more. Even so, the reason for our high rents and home prices is simply supply and demand, with people flocking here from other states/countries for high paying jobs.
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