Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
NYC isn’t even one of the many fastest rising markets. Seems like the city hit a peak for a while now with small increases occurring instead of crazy increases you’ll see in many rising cities across the country like A few southern ones!
NYC isn’t even one of the many fastest rising markets. Seems like the city hit a peak for a while now with small increases occurring instead of crazy increases you’ll see in many rising cities across the country like A few southern ones!
The peak should have been settled years ago. The other cities are just going through on a smaller level of what nyc has been experiencing for a decade. They will soon have the woes of lack of affordable housing and displacement. Seattle is already there due to their limited space issues. Southern cities have vast amount of land to grow on but in return traffic and lack of high density housing will effect them as migration continues to cities all over.
The supply for high end rentals seems to greater than demand. The penthouse units in my building are still unoccupied after months of being listed online. One-bedroom units like mine are listed marginally cheaper than when I signed in January, all this during what is supposed to be peak summer rental period.
I did a quick search on and saw in Powelton Village which is nice and pretty central if not too exciting.
It's a good time of year to look since Penn and Drexel are empty right now and fall kids haven't moved in yet. BUT that's REALLY cheap for a one bedroom. It's also pretty close to the hood. I remain highly skeptical.
The supply for high end rentals seems to greater than demand. The penthouse units in my building are still unoccupied after months of being listed online. One-bedroom units like mine are listed marginally cheaper than when I signed in January, all this during what is supposed to be peak summer rental period.
I'll say it *again*; those able to pay and qualify for market rate rental housing have their pick atm. It is only those who cannot pass muster and or afford who have issues.
Depending upon a household's circumstances and or other considerations there is a bias or limit towards how much they are willing to shell out in rent versus buying (mortgage).
While slowly rising today's mortgage rates are still very low by historical standards. For many households/persons who are in position to buy, continued renting at high rates makes no sense.
More so when you consider what is being offered in terms of quality and size as two or three bedroom rental apartments (typical family size). Unless one is only going to be in NYC short term, and or lands a RS apartment, paying rent at some of levels being asked by landlords is for fools. One can often do better simply purchasing a small house.
You are seeing this as "transplants", whites and others are buying homes/moving into areas of east, west and south Brooklyn, parts of SI, Queens and even the Bronx.
Then while not at "white flight" levels, people are packing up and moving to the suburbs of New Jersey, Westchester, Long Island and Connecticut.
By almost any metric used to measure, owning a home beats renting over a 5 year period.
Last edited by BugsyPal; 06-23-2018 at 05:31 PM..
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
