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Old 02-01-2013, 01:02 PM
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Quote:
Originally Posted by jm1982 View Post
NYC especially manhattan seems a lot higher than L.A . Much more than a couple hundred dollars... I was kind of surprised to find rents pretty high in Long Island City Queens too..but makes sense since its close to Manhattan.

One big thing in Manhattan is the savings from not having a car..i think metro pass is like $100 mo?

I think 75% of people in NYC dont have a car (or maybe 75% in Manhattan) if you add up car payment,gas,insurance,maintenance ,registration that adds up to quite a bit.

Also many people are living there under rent control /stabilization they've been living there for a long time and their rents are lower. In this case they can afford to live in a place that their salaries wouldn't otherwise pay for. This is generally how older NYC residents can afford to live there.

I have heard some of this is going away though as well.
All good points. Of course people live without a car in LA too, but not as many. All I know is I wouldn't be able to live in NYC at this point and time even if I wanted to, but I can afford LA.

Long Island City is an up-and-coming neighborhood, and its only a quick subway ride into Manhattan. Astoria isn't bad.
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Old 02-01-2013, 01:24 PM
 
Location: Los Angeles (Native)
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On a recent visit to NYC I stayed in Long Island City...being so close to manhattan was nice ..didnt get to explore Astoria but I really want to next time.

Hotel was like $180 a night...when the cheapest thing in Manhattan was like $300+
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Old 02-01-2013, 03:08 PM
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Quote:
Originally Posted by jm1982 View Post
On a recent visit to NYC I stayed in Long Island City...being so close to manhattan was nice ..didnt get to explore Astoria but I really want to next time.

Hotel was like $180 a night...when the cheapest thing in Manhattan was like $300+
Hotel prices are that outrageous in Long Island City? I'm there everytime I go to NYC, but I've never stayed there. I'd love to see that neighborhood fully develop.
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Old 02-01-2013, 03:38 PM
 
Location: Los Angeles (Native)
24,178 posts, read 13,695,061 times
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Well...I think they are usually a lot less...but this particular time of here seemed to be very expensive everywhere..

it was the end of October...I guess supposedly one of the most popular times of year to visit NYC..

It was a small room , but hotel was decent.

I don't really see the point of paying so much for a hotel ...plus couldn't afford it . But it seems like kinda a waste

Fun to explore some non touristy areas too ...
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Old 02-13-2013, 10:32 AM
 
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Bottom line is that LA County Assessor are raising all property taxes, it'll cost the landlord more in fees and that's why they are raising their rents. If you want to complain about rent increase, call you local county assessor and tell them not to raise property taxes.
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Old 02-13-2013, 11:00 AM
 
4,032 posts, read 8,304,082 times
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Originally Posted by sstevo2012 View Post
Bottom line is that LA County Assessor are raising all property taxes, it'll cost the landlord more in fees and that's why they are raising their rents. If you want to complain about rent increase, call you local county assessor and tell them not to raise property taxes.
This just isn't true.

Landlords can't charge more than the local market will bear. There actually is a ceiling on rents at any given time. When rents go too high for the local market, people start doing stuff like getting roommates, illegally subletting, or moving out of the area.

This is the risk of being a land lord. Many times landlords have to eat the costs of certain things. And BTW, the above scenarios are also bad as they lead to quicker deterioration of properties leading to increased maintenance costs.
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Old 02-13-2013, 04:57 PM
 
4,212 posts, read 6,367,679 times
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I agree with supply and demand but in some cases, apartment rents have risen exponentially.

The largest apartment complex in West Hollywood charged about 1200 for studios and 2100 for two bedrooms in 2010. in 2013, it is charging 1600 for studios and 3000 for two bedrooms. The value of the dollar hasnt changed much in 3 years, and other apartments in the area are keeping more or less market price.
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Old 02-13-2013, 08:29 PM
 
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LA rents arent high. It's a MSA of about 10M ppl. Go to anywhere on the east coast, norcal (SF/SV), or even the pacific northwest. LA is nearly the same as Chicago. I suppose Texas and other parts of the South are cheaper, but otherwise, there aren't major cities with lower rents
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Old 04-27-2013, 01:59 AM
 
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I've always wondered...regardless of supply/demand theory..in LA & NYC, they always profit more than it costs to maintain the building per month. Who is walking away with the check? Some Persian property owner??

It's basically charging a lot, because they can. Someone is making a profit.
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Old 04-27-2013, 02:04 AM
 
Location: Everywhere and Nowhere
14,131 posts, read 26,259,830 times
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Quote:
Originally Posted by disgruntled la native View Post
I agree with supply and demand but in some cases, apartment rents have risen exponentially.

The largest apartment complex in West Hollywood charged about 1200 for studios and 2100 for two bedrooms in 2010. in 2013, it is charging 1600 for studios and 3000 for two bedrooms. The value of the dollar hasnt changed much in 3 years, and other apartments in the area are keeping more or less market price.
Rents have risen because there are a lot of folks now who can't get mortgages like they used to. Ability to purchase is a competitive factor that affects landlords' ability to charge rent .
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