Rent is falling in America for the first time in years

https://www.cnn.com/2023/06/26/economy/us-rents-may/index.html

by sizzle • 3 years ago

45 24 3 years ago

kadomony3• 3 years ago

Man, someone tell my landlord in NYC.

Terr_2• 3 years ago

Hey, if you're not willing to put in the effort of becoming the National Median Renter, then why would you expect the same outcome? :P

From the deeper-source:

In contrast, rents in populous northeastern metros such as New York, NY (6.8%), Pittsburgh, PA (3.8%), and Boston, MA (3.3%) continued to experience faster growth.

[0] https://www.realtor.com/research/may-2023-rent/

kadomony3• 3 years ago

Yeah.. This was a "bucket list" move. Honestly dumb in hindsight to experience post-pandemic NYC for a single year. Even in its prime, I doubt this city is worth it to the person who's not constantly going out, networking, and seeking everything out.

Terr_2• 3 years ago

rent was $1,739, which was up a skosh ($3)

TIL: "Skosh" - A very small quantity or a few items, from Japanese "Sukoshi", slang among US war veterans ~1930-1950.

https://mashedradish.com/2017/03/13/etymology-of-the-day-sko...

throwaway5959• 3 years ago

Right when my wife and I bought. Great.

cute_boi• 3 years ago

Rent isn't increasing where i live, but they have added new cost like water cost/ washing machine costs etc.. I hate such shenanigans.

ProllyInfamous• 3 years ago

Forced "trash service" is the one that really upsets me. I've seen placed charging $100 for this "necessity."

bsilvereagle• 3 years ago

Some states prohibit charging for trash removal if there are more than four units in the building.

umeshunni• 3 years ago

Weren't rents falling during the pandemic?

GravitasFailure• 3 years ago

In places with a lot of workers that suddenly went remote, yes, but the places they moved to saw increases.

maxerickson• 3 years ago

The numbers on these always blow my mind. If I took out a new 30 year mortgage on my house, my payment would be something like $1100.

I mean sure, I'm in a small town where the supply of good jobs is not huge, but it's such a huge split on housing prices.

SkyPuncher2• 3 years ago

A mortgage is not your full in cost. We pay about 10% of our home value in total each year between mortgage, maintenance, and Reno. Rental costs include all of those factors.

prepend2• 3 years ago

Wow, that’s really high. My house is 30 years old and I pay about 3% a year including mortgage, taxes, insurance, maintenance, renovations.

Houses that are paid off and have no mortgage and have been built efficiently can easily get to 1%/year. But of course your mileage may vary.

But if you’re paying 10%/year, you probably don’t want to rent as other houses will be much cheaper.

screye• 3 years ago

Rents have gradually come down from July 2022’s peak of $1,777, but they remain nearly 25% higher than in 2019.

Rents were sky-high in 2019, and they continue to outpace inflation.

The largest year-over-year declines are in Las Vegas (-6%); the Riverside and San Bernardino area in California (-5.9%); and Phoenix (-5.7%).

The phenomenon appears to be regional. North-East regional rents are soaring. Atlanta and Austin are also going up.

Hale said, noting the historic levels of multifamily construction activity currently underway.

Are houses being built where rents are high ? There is not enough clarity on this.

sacnoradhq• 3 years ago

Because American individuals (not pseudo individuals known as corporations) don't have any money since it went to corporations, shrinking real wages, and loss of employment and housing. 60% of the hyperinflation was due to excessive corporate profits in a positive price spiral that had no fundamental supply-demand basis. The very rich currently enjoy a Roaring 2020's.

Rent is falling in America for the first time in years

Related Stories