Been considering looking for a 1 bedroom somewhere in the city for June or Sept 1. Does anyone think prices will be any cheaper than usual or will COVID have minimal effect? I imagine a lot fewer new grads will be looking to locate here during the summer and school might not even resume in Sept.
Posted Mar 25, 2020, 3:22 AM UTC · edited
I think it depends on the final impact on the economy. If people lose their jobs in great numbers and unemployment hits (as has been estimated) anything approaching 30%, I think rents will be reduced. If people can't afford the rents, landlords will be forced to reduce them or live with vacancies. No one wants a vacant apartment ... and if no one can afford it at the rent you are offering, you will reduce that rent until you can find a tenant.
What blows, is that I had just signed a lease renewal about 3 weeks before all this shit hit the fan.
Well I bought an entire house about 4 weeks before. :(
How much did rents drop during the GFC? There’s your answer...
I found this data reportedly from the Census Bureau which suggests that prices fell gradually by 6% from 2008 to 2012.
I've been looking since Jan-Feb for May/June rentals. As for June rentals, it is the same as people that need to move need to move, including residency students that just matched and are already creating an influx of demand in Boston. I assume for schools, come September, will be pretty similar...
Don’t forget that new construction has been shut down, so there’s not going to be an increase in supply.
Reddit told me that all new construction is luxury condos purchased by foreign oligarchs laundering money
Do you think they know about the $800 Condo fee before they buy?
I mean, are they wrong?
In Reddit land, no. In the real world, yes.
Rental markets typically stay strong even when home values drop. With government bailouts coming to help small businesses keep employees on payroll and increasing unemployment earnings, people will still have money. There won’t be bread lines and mass homelessness. There are still many actions to take in order to prevent all that should the overall situation continue to decline. The people that this will affect are the people that are bad with money and living beyond their means. So a positive thing with all of this is that some people will now understand how to manage their finances properly.
The people that this will affect are the people that are bad with money and living beyond their means. So a positive thing with all of this is that some people will now understand how to manage their finances properly.
You're leaving out the millions of people who have no chance to "be good with money"
Because their entire financial well being is spent on staying alive.
The world isn't as black and white as you have convinced your self it is
Are you referring to homeless people? That were homeless long before this current crisis? The poor will most likely receive more assistance than the middle class.
Are you referring to homeless people? That were homeless long before this current crisis? The poor will most likely receive more assistance than the middle class.
No. . . . The 60% of the country that makes under 40k a year but still has to some how exist
If you can’t stay afloat on 40k a year then you are living outside your means. If you have kids and you’re making 40k a year then you’re most likely receiving government assistance which they will continue to receive. Not everyone will make it out of this ok. That’s to be expected. How about you go through the stimulus package and see what’s being offered before you hit the panic button.
There was one clown in here that planned on countering their landlords renewal price of $2800/mo with $1300/mo so there are some people out there that think it will have a massive effect. Those people are idiots. I would guess it will keep rents from going up and maybe some will slightly drop, but that's about it
That was hilarious. I can understand if it drops $100-$200/month but if anything I’d say rent will increase as they need to makeup this loss
First thing I did was to check whether OP was the same person. Other poster was beyond clueless