Rents in major cities seems to be going down (user search)
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  Rents in major cities seems to be going down (search mode)
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Author Topic: Rents in major cities seems to be going down  (Read 1854 times)
Хahar 🤔
Xahar
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Posts: 41,708
Bangladesh


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« on: April 01, 2023, 07:47:48 PM »

How many landlords are offering to lower the rent on their existing tenants, after having raised it on them already?  Any at all?  This statistic only applies to new rental leases.

I'm not sure what you mean by this. I've never signed a rental contract where the landlord had the ability to raise rent unilaterally in the middle of the contract; raises have always come upon the expiry of the contract when the landlord has offered a new rate. (Personally I've never taken that rate and have always found a new and cheaper place to live.) Falling rents will not affect tenants who are currently in the middle of a rental contract any more than rising rents do, but when landlords offer new rental contracts to their existing tenants either the rents will be lower or those tenants will be able to go somewhere that they can get a better deal.
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Хahar 🤔
Xahar
Atlas Legend
*****
Posts: 41,708
Bangladesh


Political Matrix
E: -6.77, S: 0.61

WWW
« Reply #1 on: April 03, 2023, 10:35:36 PM »

(Personally I've never taken that rate and have always found a new and cheaper place to live.)

Yes, that's a luxury of being fairly young and with no family in tow.  I used to be like that; moving from place to place sometimes more than once in one year, with only enough furniture to fill the back of the car.  Now that I have a wife and two small children, the pain of moving to another home is a massive endeavor.  And then there's elderly folks who may have been renting the same place for decades; they may not own it but it's certainly their home.

Yeah, I know that renting when you have kids sucks for this reason, but at the very least a slackening rental market makes it suck less.

Side note: the first apartment that my then-girlfriend (now wife) and I moved into in Las Vegas in 2013 charged us $800/m.  I just looked up the same apartment complex and now they're asking $1300/m.  That's a 63% increase in only ten years.

I was paying roughly $900 for the lease I signed on my one-bedroom apartment in Sandy Springs in the summer of 2019. Last month I suggested to a poster on this forum that he try renting there, but then I looked at the price and the exact same unit was now going for $1350 for a 50% increase in three years. I'm glad I'm not renting now.
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