Comments on: Finally, Renters Have Some Pull – WSJ.com http://www.burbed.com/2009/02/01/finally-renters-have-some-pull-wsjcom/ San Francisco Bay Area, Silicon Valley House Price and Mortgage Insanity Blog Wed, 08 Feb 2012 22:19:46 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: WillowGlenner http://www.burbed.com/2009/02/01/finally-renters-have-some-pull-wsjcom/#comment-26087 WillowGlenner Sun, 08 Feb 2009 17:41:37 +0000 http://www.burbed.com/?p=2921#comment-26087 I'm sure rents will go down because they went up -literally- 35-40% for new renters in the last 18 months. When the stats for SF or SJ say rents are up 12% in a year, that means the new renters are taking a disproportionate hit. The small houses I own which I used to rent for $1700 are new $2300, etc. Some of this increase is to cover increased costs like insurance and gardening, but even so, rents have ballooned. I am expecting a slowdown and decline in the latter half of this year, but even so, we aren't going back to where we were in 2006. It is very rare for rents in the bay area to take a significant hit- 2001 is the only time I think it ever happened. What more likely happens is prices stay flat for a long time. I’m sure rents will go down because they went up -literally- 35-40% for new renters in the last 18 months. When the stats for SF or SJ say rents are up 12% in a year, that means the new renters are taking a disproportionate hit. The small houses I own which I used to rent for $1700 are new $2300, etc. Some of this increase is to cover increased costs like insurance and gardening, but even so, rents have ballooned. I am expecting a slowdown and decline in the latter half of this year, but even so, we aren’t going back to where we were in 2006. It is very rare for rents in the bay area to take a significant hit- 2001 is the only time I think it ever happened. What more likely happens is prices stay flat for a long time.

]]> By: Real Estater http://www.burbed.com/2009/02/01/finally-renters-have-some-pull-wsjcom/#comment-26086 Real Estater Sun, 08 Feb 2009 16:43:53 +0000 http://www.burbed.com/?p=2921#comment-26086 AP article counters: <a href="http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/02/07/RE8915KES6.DTL" rel="nofollow">It's not every place where rents are dropping</a> AP article counters:

It’s not every place where rents are dropping

]]> By: madhaus http://www.burbed.com/2009/02/01/finally-renters-have-some-pull-wsjcom/#comment-26085 madhaus Mon, 02 Feb 2009 17:26:56 +0000 http://www.burbed.com/?p=2921#comment-26085 <b>MV_Bound</b>, glad to see you're still posting here. I was worried we'd scared you away. Manhattan isn't the Real Bay Area, but it's another Special Here place where owners think they are immune to economic conditions, prices only go up, and anyone who managed to buy something is more Gifted, Talented, and Amazing than those scummy renters. I don't know if there's a good name for this syndrome. Perhaps we should come up with one. I propose the term <b>NARcissism</b>. MV_Bound, glad to see you’re still posting here. I was worried we’d scared you away.

Manhattan isn’t the Real Bay Area, but it’s another Special Here place where owners think they are immune to economic conditions, prices only go up, and anyone who managed to buy something is more Gifted, Talented, and Amazing than those scummy renters. I don’t know if there’s a good name for this syndrome. Perhaps we should come up with one. I propose the term NARcissism.

]]> By: MV_Bound http://www.burbed.com/2009/02/01/finally-renters-have-some-pull-wsjcom/#comment-26084 MV_Bound Mon, 02 Feb 2009 15:58:03 +0000 http://www.burbed.com/?p=2921#comment-26084 Madhaus- But Manhattan is not the RBA. Good article. My friend who just moved to New Canaan, CT, an exclusive suburb, rented a brand new 5,000+sf house that the developer could not sell, for $5,000/month. His neighbor, with the same house that the same developer could not sell rented the house last summer for $7,500/month. Madhaus- But Manhattan is not the RBA. Good article. My friend who just moved to New Canaan, CT, an exclusive suburb, rented a brand new 5,000+sf house that the developer could not sell, for $5,000/month. His neighbor, with the same house that the same developer could not sell rented the house last summer for $7,500/month.

]]> By: DreamT http://www.burbed.com/2009/02/01/finally-renters-have-some-pull-wsjcom/#comment-26083 DreamT Mon, 02 Feb 2009 08:24:59 +0000 http://www.burbed.com/?p=2921#comment-26083 "if we pull together, I know it can happen! Let’s go!" I'm ready. Where do we go, burbed? Show us the way! “if we pull together, I know it can happen! Let’s go!”
I’m ready. Where do we go, burbed? Show us the way!

]]> By: madhaus http://www.burbed.com/2009/02/01/finally-renters-have-some-pull-wsjcom/#comment-26082 madhaus Mon, 02 Feb 2009 08:15:57 +0000 http://www.burbed.com/?p=2921#comment-26082 Manhattan rents must be really hurting. There was also <a href="http://www.nytimes.com/2009/02/01/realestate/01cov.html?_r=1&scp=1&sq=manhattan%20rents%20down&st=cse" rel="nofollow">an article in Sunday's New York Times about declining rents</a>. The article said they are down 10 to 15% and has similar useless anecdotal data. Manhattan rents must be really hurting. There was also an article in Sunday’s New York Times about declining rents. The article said they are down 10 to 15% and has similar useless anecdotal data.

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