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Location: Cleveland, OH USA / formerly Chicago for 20 years
4,069 posts, read 7,317,864 times
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Quote:
Originally Posted by bluedog2
Good luck. It's not going to be as easy as you think.
Almost all of the cities that have the qualities you would probably want(amenities,NO NEED FOR A CAR,shops restaurants,dept stores,bars,etc within walking distance,a viable mass transit system,good econmomy,etc (i.e.,truly dynamic urban environments) are either already more expensive or only slightly less expensive than NYC and are experiencing the same phenomenon of rapidly escalating rents.Boston,SF,DC,Chicago,etc rents are going through the roof.
I have to disagree with this. Chicago rents are still very reasonable compared to NYC -- well, compared to Manhattan, anyway. Downtown is getting pretty expensive these days, but in the outlying neighborhoods you can still get the type of urban lifestyle and amenities you describe (well, maybe except for the department stores) for a very reasonable cost of living. It's still possible in Chicago to get a decent 1BR apartment that's something better than a shoebox in a dynamic, walkable neighborhood with lots of things to do (restaurants, bars, theater, etc.) for under $1K a month. And groceries, income taxes, etc., are also much less than in NYC.
I live in a full-amenity doorman building (highrise) in a very happening part of town. I have everything I could want either within walking distance or else a short express bus ride or train ride away (for example, I can get to the Magnificent Mile with all its department stores and other shopping in ten minutes via express bus). I haven't owned a car since 2001. My total living expenses are currently around $2100 a month, and I do fine.
How do the buildings with empty apts break even?? The majority of them don't even lower the rent. These new luxury/modern developments are going to drive the middle class out of NYC.
I can tell you that despite the depressed economy, my friend in Williamsburg was paying $2,400 for a 3 bedroom apt, and had been there for 8 years. The rent was going up to $3,000 per month, so he moved out and now is my 3rd floor tenant in Mott Haven.
NYC should force or make it attractive to developers to create new apt buildings in the non-sex and the city areas. The reason why rent is increasing is to keep in par with the rents of these new luxury/modern buildings. I wonder if the landlord explained the reason of the increase to the tenants.
the reason the rents keep going up is because people keep paying them. if a buildign is built and the rent is say 1500.00 for a studio, and it stays vacant for over a year, I would assume the rent would be lowered, but some moron will pay it so then it doesnt stay vacant and then the Ll's know they can get it, so they do.
I can tell you that despite the depressed economy, my friend in Williamsburg was paying $2,400 for a 3 bedroom apt, and had been there for 8 years. The rent was going up to $3,000 per month, so he moved out and now is my 3rd floor tenant in Mott Haven.
Scary stuff.
What is interesting to me is that it seems we are almost returning to tenement houses in NYC. The high rent is forcing many apartments to be very crowded. I know of more than one couple in the city raising a child in a studio apartment. One family was telling me how they converted a walk in closet into an alcove.
It shouldn't surprise anyone that rent is going up. It's not as if NYC had mass exodus of its population over the past 5 years to reduce the demand and increase supply.
Developers haven't been out all out to build rental buildings and many building activities have been outside Manhattan. Which means...
1. Rental units (supply) in city pretty much remains the same
2. Most people aren't buying which means all of those folks still need to rent (demand)
Supply remaining same but demand going up means price can go up and it'll still rent. Eventually when the price gets to be too high, people will bite the bullet and buy or move to another location as in out of state or to cheaper parts and continue the sprawl.
In my opinion, for NYC it's the latter and most of people moving out are married folks planning to start a family and these folks are being replaced by single or young couple transplants looking to grind it out in NYC for their shot at experience, career, and money...before making the same decision and move out.
I would agree...as what I see happening are alot of single people/roommates situations taking over typically family size apts (2 and 3 bedrooms+). It also eliminates the supply of housing available for those with families, further exacerbating the need for them to leave.
To be honest, I much prefer renting to 2 single adults (related or roomates) than a family...less wear and tear on the building, less water usage, less noise/running/crying/fighting, etc. I don't foresee myself ever renting to a family.
Location: where people are either too stupid to leave or too stuck to move
3,982 posts, read 6,687,625 times
Reputation: 3689
Quote:
Originally Posted by SobroGuy
I would agree...as what I see happening are alot of single people/roommates situations taking over typically family size apts (2 and 3 bedrooms+). It also eliminates the supply of housing available for those with families, further exacerbating the need for them to leave.
To be honest, I much prefer renting to 2 single adults (related or roomates) than a family...less wear and tear on the building, less water usage, less noise/running/crying/fighting, etc. I don't foresee myself ever renting to a family.
I would agree...as what I see happening are alot of single people/roommates situations taking over typically family size apts (2 and 3 bedrooms+). It also eliminates the supply of housing available for those with families, further exacerbating the need for them to leave.
To be honest, I much prefer renting to 2 single adults (related or roomates) than a family...less wear and tear on the building, less water usage, less noise/running/crying/fighting, etc. I don't foresee myself ever renting to a family.
Plus our minds play tricks on us. When you are in single/roommates situation. $3300 a month rent for sweet 2 bedroom is only 1650 a month to you! But to a young family starting out it's...holy crap it's 3300 a month hahaha. And that makes your mind wonder, hey what the hell can i buy for 3k a month outside NYC.
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