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re: NYC Rental Market Pushed to Breaking Point by Covid shutdown
Posted on 7/11/20 at 1:21 pm to dewster
Posted on 7/11/20 at 1:21 pm to dewster
This will last 6 months to a year max. NYC occupancy rate is like 97% and that is the lowest it has been in years. Now is the best time to buy/rent.
The ceo of the largest rental company in the U.S said this
I think the next 18 to 24 months are going to show a lot of exodus out of central business districts, as you can expect," Nadji said on "The Exchange." "We're seeing there's a lot of office vacancy, for example, in the suburbs that have now been absorbed; there's a lot of demand for rental homes that we're seeing because people are fleeing especially hot spots like New York, but ... you just have to keep a long-term view on it."
The ceo of the largest rental company in the U.S said this
I think the next 18 to 24 months are going to show a lot of exodus out of central business districts, as you can expect," Nadji said on "The Exchange." "We're seeing there's a lot of office vacancy, for example, in the suburbs that have now been absorbed; there's a lot of demand for rental homes that we're seeing because people are fleeing especially hot spots like New York, but ... you just have to keep a long-term view on it."
0
Posted on 7/11/20 at 1:21 pm to hiltacular
quote:One of them can cover it on unemployment.
6 people covering a 4k rent is more than sustainable
Posted on 7/11/20 at 1:24 pm to WhiteMandingo
quote:
Its not like is a steller job you are willing to sacrifice for its waiting tables.
Posted on 7/11/20 at 1:27 pm to dewster
My wife and I can work remotely and we moved out our apartment in the Upper East Side. We are living with family back south until we have to go back. Didn’t have any issues getting out of our lease surprisingly. We have monitored the rental market and apartment rates are crazy low compared to several months prior.
Posted on 7/11/20 at 1:27 pm to dewster
Between housing affordability and pandemics, maybe hyper urbanization is a bad idea.
Posted on 7/11/20 at 1:48 pm to dewster
I think we are going to see a great migration of people fleeing the city and moving to the Counties and Suburbs.
Thos is why the Democrats so desperately want to move the section 8 apartments to the Counties and suburbs.
If you live in a democratic controlled city it may be to late to sell your house for what you owe.
Thos is why the Democrats so desperately want to move the section 8 apartments to the Counties and suburbs.
If you live in a democratic controlled city it may be to late to sell your house for what you owe.
Posted on 7/11/20 at 1:50 pm to bird35
quote:
Ithink we are going to see a great migration of people fleeing the city and moving to the Counties and Suburbs.
Thos is why the Democrats so desperately want to move the section 8 apartments to the Counties and suburbs.
If you live in a democratic controlled city it may be to late to sell your house for what you owe.
Wow. There’s so much stupid in this post I don’t even know where to begin. My advice to you is to not invest in real estate. Sell your gold for cash or something.
Posted on 7/11/20 at 1:52 pm to AbitaFan08
quote:
But my point is, doesn’t that happen everywhere?
No, it doesn’t. It happens in just a few areas in the US.
quote:
So why is their choice to live in New York the issue? Never mind the fact that many people were born and raised there and you basically said if they can’t afford to live their they should leave their hometown.
Do you have a reading comprehension problem?
Posted on 7/11/20 at 1:53 pm to Antonio Moss
quote:
Do you have a reading comprehension problem?
I think thats what doctors have said but I didn’t really understand what they were saying in their letters.
This post was edited on 7/11/20 at 1:53 pm
Posted on 7/11/20 at 1:53 pm to bird35
quote:
think we are going to see a great migration of people fleeing the city and moving to the Counties and Suburbs
lmao truly is over for you dude. go buy up the rural real estate then if you actually believe what you're saying
Posted on 7/11/20 at 2:00 pm to SlowFlowPro
quote:
gini coefficients
Let me make this easier for you. Instead of commenting on academic Keynesian terminology. Just say low interest rates lol
Posted on 7/11/20 at 2:06 pm to YF12
How are they 5 months behind in rent when the Pandemic hasn’t even been going on for 4.5 months yet?
This is a horrid article with people trying to skirt paying their rent claiming they can’t afford it.
As others said, with UI they easily can cover it but I am guessing they are just refusing to pay it. They agreed to the terms of the lease. No one put a gun to their head. Now they want to be bailed out.
Screw them. Ia sick of shite like this.
This is a horrid article with people trying to skirt paying their rent claiming they can’t afford it.
As others said, with UI they easily can cover it but I am guessing they are just refusing to pay it. They agreed to the terms of the lease. No one put a gun to their head. Now they want to be bailed out.
Screw them. Ia sick of shite like this.
Posted on 7/11/20 at 2:06 pm to wutangfinancial
quote:
wutangfinancial
quote:
Let me make this easier for you. Instead of commenting on academic Keynesian terminology. Just say low interest rates lol
Unless you’re advising me to diversify my bonds, I don’t need to hear from you.
Posted on 7/11/20 at 3:47 pm to AbitaFan08
Nuclear bombs have more upside IMO
Posted on 7/11/20 at 5:15 pm to Mingo Was His NameO
I believe he is saying that you aren't trading a great place for a crappy one? Waiting tables in a place like NYC can be extremely good pay though. You can easily make $100+ an hour during weekends.
Posted on 7/11/20 at 6:13 pm to dewster
So move somewhere else.
Who gives a shite about that sewer of a town anyway
Who gives a shite about that sewer of a town anyway
Posted on 7/11/20 at 6:18 pm to dewster
That’s a shame...
Posted on 7/11/20 at 6:21 pm to bird35
quote:
If you live in a democratic controlled city it may be to late to sell your house for what you owe.
I have rental property in the big, bad city and had to rent 2 units during the lockdown and protests. took me all of 1 week to rent the first and about the same for the second.Posted on 7/11/20 at 6:50 pm to YF12
quote:
All small landlord will be bankrupt because of the no need to pay orders
Large corporations will buy up all the properties for pennies on the dollar from these people
Everyone will then wonder what the frick happened when three years from now you can't rent anything for under twice the price
If this happens, I feel like that just means a city like NYC comes full circle. There’s a finite number of people that can, and want, to afford and pay for housing in that city.
We’ve seen white/urban flight in Detroit, Cleveland, Buffalo, St Louis, etc. I don’t think those cities get impacted by this that much. NYC and the Bay Area are a bit different. Throw in Austin, Denver, and Seattle.
If you can work from home, you’re fine. This will undoubtedly cause some people to move out, but also might lower rent to an extent in order to get people to move back. If you add in the political issues, it gets dicier.
I don’t foresee another suburban boom. In many cities, that IS where the price is higher. I think long term, this will impact the structure of those major cities, not necessarily the population.
Posted on 7/11/20 at 7:05 pm to dewster
quote:
$4,000-a-month four-bedroom apartment
Found the problem
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