Home › Forums › Financial Markets/Economics › Will rent prices drop too??
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Borat.
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February 1, 2008 at 11:12 PM #147240February 2, 2008 at 9:31 AM #147062
Bloat
ParticipantLooking at CL, I am surprised to see how well rents are holding up.
If the local economy drops and unemployment upticks rents should surely drop. During the time housing tripled rents only doubled so not likely to see as dramatic of a decline.
In 2005 we wanted to “upscale” so I convinced my wife there was a bubble and we should rent. But we only did it half right, keeping and renting out our house. We got new tenants last year and rents were up. Many applicants were in the process of foreclosure, but well qualified.
February 2, 2008 at 9:31 AM #147309ParticipantLooking at CL, I am surprised to see how well rents are holding up.
If the local economy drops and unemployment upticks rents should surely drop. During the time housing tripled rents only doubled so not likely to see as dramatic of a decline.
In 2005 we wanted to “upscale” so I convinced my wife there was a bubble and we should rent. But we only did it half right, keeping and renting out our house. We got new tenants last year and rents were up. Many applicants were in the process of foreclosure, but well qualified.
February 2, 2008 at 9:31 AM #147332ParticipantLooking at CL, I am surprised to see how well rents are holding up.
If the local economy drops and unemployment upticks rents should surely drop. During the time housing tripled rents only doubled so not likely to see as dramatic of a decline.
In 2005 we wanted to “upscale” so I convinced my wife there was a bubble and we should rent. But we only did it half right, keeping and renting out our house. We got new tenants last year and rents were up. Many applicants were in the process of foreclosure, but well qualified.
February 2, 2008 at 9:31 AM #147341ParticipantLooking at CL, I am surprised to see how well rents are holding up.
If the local economy drops and unemployment upticks rents should surely drop. During the time housing tripled rents only doubled so not likely to see as dramatic of a decline.
In 2005 we wanted to “upscale” so I convinced my wife there was a bubble and we should rent. But we only did it half right, keeping and renting out our house. We got new tenants last year and rents were up. Many applicants were in the process of foreclosure, but well qualified.
February 2, 2008 at 9:31 AM #147409ParticipantLooking at CL, I am surprised to see how well rents are holding up.
If the local economy drops and unemployment upticks rents should surely drop. During the time housing tripled rents only doubled so not likely to see as dramatic of a decline.
In 2005 we wanted to “upscale” so I convinced my wife there was a bubble and we should rent. But we only did it half right, keeping and renting out our house. We got new tenants last year and rents were up. Many applicants were in the process of foreclosure, but well qualified.
February 2, 2008 at 10:24 AM #147077patientlywaiting
ParticipantCL prices are wishing rents just like the MLS asking prices.
Just because people ask doesn’t mean that they’ll get. I know of several condos downtown that are apparently renting at market. But they’ve been sitting since November.
If I were to rent one of those condos, I’d ask for 3 months free w/ a 2-year rental agreement, with the free months spaced-out every 6-months, contingent upon on-time rental payments.
BTW, I helped a friend submit a rental offer. The agent played hard to get. Now the place is still sitting w/ an NOD. That’s the reality that owners are facing now. And It’ll only get worse.
In housing, people who don’t have patience and good credit, or people who can’t negotiate will pay more. That’s a fact of life.
February 2, 2008 at 10:24 AM #147324ParticipantCL prices are wishing rents just like the MLS asking prices.
Just because people ask doesn’t mean that they’ll get. I know of several condos downtown that are apparently renting at market. But they’ve been sitting since November.
If I were to rent one of those condos, I’d ask for 3 months free w/ a 2-year rental agreement, with the free months spaced-out every 6-months, contingent upon on-time rental payments.
BTW, I helped a friend submit a rental offer. The agent played hard to get. Now the place is still sitting w/ an NOD. That’s the reality that owners are facing now. And It’ll only get worse.
In housing, people who don’t have patience and good credit, or people who can’t negotiate will pay more. That’s a fact of life.
February 2, 2008 at 10:24 AM #147346ParticipantCL prices are wishing rents just like the MLS asking prices.
Just because people ask doesn’t mean that they’ll get. I know of several condos downtown that are apparently renting at market. But they’ve been sitting since November.
If I were to rent one of those condos, I’d ask for 3 months free w/ a 2-year rental agreement, with the free months spaced-out every 6-months, contingent upon on-time rental payments.
BTW, I helped a friend submit a rental offer. The agent played hard to get. Now the place is still sitting w/ an NOD. That’s the reality that owners are facing now. And It’ll only get worse.
In housing, people who don’t have patience and good credit, or people who can’t negotiate will pay more. That’s a fact of life.
February 2, 2008 at 10:24 AM #147357ParticipantCL prices are wishing rents just like the MLS asking prices.
Just because people ask doesn’t mean that they’ll get. I know of several condos downtown that are apparently renting at market. But they’ve been sitting since November.
If I were to rent one of those condos, I’d ask for 3 months free w/ a 2-year rental agreement, with the free months spaced-out every 6-months, contingent upon on-time rental payments.
BTW, I helped a friend submit a rental offer. The agent played hard to get. Now the place is still sitting w/ an NOD. That’s the reality that owners are facing now. And It’ll only get worse.
In housing, people who don’t have patience and good credit, or people who can’t negotiate will pay more. That’s a fact of life.
February 2, 2008 at 10:24 AM #147421ParticipantCL prices are wishing rents just like the MLS asking prices.
Just because people ask doesn’t mean that they’ll get. I know of several condos downtown that are apparently renting at market. But they’ve been sitting since November.
If I were to rent one of those condos, I’d ask for 3 months free w/ a 2-year rental agreement, with the free months spaced-out every 6-months, contingent upon on-time rental payments.
BTW, I helped a friend submit a rental offer. The agent played hard to get. Now the place is still sitting w/ an NOD. That’s the reality that owners are facing now. And It’ll only get worse.
In housing, people who don’t have patience and good credit, or people who can’t negotiate will pay more. That’s a fact of life.
February 2, 2008 at 10:50 AM #147087kev374
ParticipantRents have been falling here in South OC because inventory is rising and there is tremendous competition. I am on a lease paying $1350/mo. and the same unit now is renting for $1250 under specials because there is so much choice now.
When supply increases, the prices fall. We have had staggering job losses recently because of the RE implosion (OC Register has a layoff list that is a few pages long) and a recession is looming with more job losses ahead. All this means is that the capacity to pay will be diminished which in turn directly affects rents, especially in a market where supply is increasing at the same time.
February 2, 2008 at 10:50 AM #147334ParticipantRents have been falling here in South OC because inventory is rising and there is tremendous competition. I am on a lease paying $1350/mo. and the same unit now is renting for $1250 under specials because there is so much choice now.
When supply increases, the prices fall. We have had staggering job losses recently because of the RE implosion (OC Register has a layoff list that is a few pages long) and a recession is looming with more job losses ahead. All this means is that the capacity to pay will be diminished which in turn directly affects rents, especially in a market where supply is increasing at the same time.
February 2, 2008 at 10:50 AM #147356ParticipantRents have been falling here in South OC because inventory is rising and there is tremendous competition. I am on a lease paying $1350/mo. and the same unit now is renting for $1250 under specials because there is so much choice now.
When supply increases, the prices fall. We have had staggering job losses recently because of the RE implosion (OC Register has a layoff list that is a few pages long) and a recession is looming with more job losses ahead. All this means is that the capacity to pay will be diminished which in turn directly affects rents, especially in a market where supply is increasing at the same time.
February 2, 2008 at 10:50 AM #147367ParticipantRents have been falling here in South OC because inventory is rising and there is tremendous competition. I am on a lease paying $1350/mo. and the same unit now is renting for $1250 under specials because there is so much choice now.
When supply increases, the prices fall. We have had staggering job losses recently because of the RE implosion (OC Register has a layoff list that is a few pages long) and a recession is looming with more job losses ahead. All this means is that the capacity to pay will be diminished which in turn directly affects rents, especially in a market where supply is increasing at the same time.
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