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San Fran and NYC are two of the most expensive markets in the country. I know SF is a small city in square miles but not NYC (the city is rather big in square miles).
How is it that rent in these two small cities by square miles like Boston and DC able to still have lower rents than NYC in 2018 with a growing demand in both cities with way less land?
Washington DC especially with its height restrictions?
Do you also suspect that perhaps in the future both Boston and DC will surpass NYC in rental prices?
San Francisco and New York real estate costs are driving up by overseas investors. Bay area NIMBYism also keeps San Francisco from building to keep up with demand. As someone else stated before Boston’s rents are way out of line with Boston’s amenities, so I’m not sure that’s a shining example.
San Fran and NYC are two of the most expensive markets in the country. I know SF is a small city in square miles but not NYC (the city is rather big in square miles).
How is it that rent in these two small cities by square miles like Boston and DC able to still have lower rents than NYC in 2018 with a growing demand in both cities with way less land?
Washington DC especially with its height restrictions?
Do you also suspect that perhaps in the future both Boston and DC will surpass NYC in rental prices?
Boston's median rent in it's entirety just surpassed Brooklyn. If you include all five burroughs, I'd guess Boston is likely more expensive. Also, based purely on housing and the exclusion of taxes, Boston MSA is now more expensive than NYCs MSA. So, unless you're comparing Manhattan to Boston, I think the parallels are pretty clear here. I'm going to guess similar comparisons can be made between DC and all of NYC as well, but I'm less familiar with that market.
Boston and SF continue to show relentless growth into 2018, outpacing almost every other metro. DC is still on the incline too. Boston, in raw numbers, is set to beat out NYC for VC funding in 2018, which is fueling the wild housing market. Again, a city of 700k is about to surpass a city of 8.5M in VC funding to the tune of 15%. That is wild...
San Fran and NYC are two of the most expensive markets in the country. I know SF is a small city in square miles but not NYC (the city is rather big in square miles).
How is it that rent in these two small cities by square miles like Boston and DC able to still have lower rents than NYC in 2018 with a growing demand in both cities with way less land?
Washington DC especially with its height restrictions?
Do you also suspect that perhaps in the future both Boston and DC will surpass NYC in rental prices?
1. greater DC simply does not have the number of high paying jobs greater NY and the Bay area do.
2. The height act only impacts the District. There are taller high rises in Arlington, Virginia, etc.
3. Unlike SF, suburban zoning here is mostly controlled by counties, not towns. Less NIMBYISM.
4. Prices and rents have gone up rapidly in the District and in closer in suburbs, especially transit oriented locations. Though I guess still cheaper apples to apples (though some dispute what is really comparable) than NYC or SF.
5. NYC I am told has some high end units occupied by trust fund kids, foreign billionaires, etc. DC not really that attractive to those demographics yet. Maybe a few foreign billionaires at City Center, but we are still too unhip for trust fund kiddies. Unless said kiddies have actual jobs, usually at the hipper NGO's.
1. greater DC simply does not have the number of high paying jobs greater NY and the Bay area do.
2. The height act only impacts the District. There are taller high rises in Arlington, Virginia, etc.
3. Unlike SF, suburban zoning here is mostly controlled by counties, not towns. Less NIMBYISM.
4. Prices and rents have gone up rapidly in the District and in closer in suburbs, especially transit oriented locations. Though I guess still cheaper apples to apples (though some dispute what is really comparable) than NYC or SF.
5. NYC I am told has some high end units occupied by trust fund kids, foreign billionaires, etc. DC not really that attractive to those demographics yet. Maybe a few foreign billionaires at City Center, but we are still too unhip for trust fund kiddies. Unless said kiddies have actual jobs, usually at the hipper NGO's.
This makes a lot of sense. You’re right I realized Boston and DC aren’t filled with as much foreign investors!
Boston's median rent in it's entirety just surpassed Brooklyn. If you include all five burroughs, I'd guess Boston is likely more expensive. Also, based purely on housing and the exclusion of taxes, Boston MSA is now more expensive than NYCs MSA. So, unless you're comparing Manhattan to Boston, I think the parallels are pretty clear here. I'm going to guess similar comparisons can be made between DC and all of NYC as well, but I'm less familiar with that market.
Boston and SF continue to show relentless growth into 2018, outpacing almost every other metro. DC is still on the incline too. Boston, in raw numbers, is set to beat out NYC for VC funding in 2018, which is fueling the wild housing market. Again, a city of 700k is about to surpass a city of 8.5M in VC funding to the tune of 15%. That is wild...
I'm guessing the NYC MSA will continue to fall behind until there is a market correction, but I'll always gamble on NYCs stability.
Good looking out on the info. I don’t follow Boston but I know it’s always ranked under nyc in rent prices. Then again a lot of the sources that talk about nyc rent seem to only focus on Manhattan instead of all the boroughs.
Land area within city limits doesn’t matter. What matters is proximity, convenience, and neighborhood character. Same in NY: Hoboken, close and convenient, is considerably more expensive than Staten Island even though one lies within city limits and the other doesn’t.
I’d say too that the NIMBY issues are more severe in the Boston area than in New York, right up there with the Bay Area.
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