1 Where the Rents Are Soaring | The Billfold

Where the Rents Are Soaring

New data from the real estate website Trulia shows that recent rent increases in the largest metro areas across the country may mean that buying may be a better deal than renting (if you’re the sort who wants to be a homeowner/has enough money to buy a home at the moment and qualify for a fixed-rate mortgage, which is currently at record lows). Trulia says that rents have increased by 5.4 percent nationally compared to last year, with rents in San Francisco soaring the highest. The rent increases for the largest 100 metro areas in the U.S. can be found here. The New York metro area increased rents by 5.9 percent, closely matching the national average. My landlord still hasn’t raised my rent after a year, but, shhh, don’t remind him.

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9 Comments / Post A Comment

Marissa (#467)

Damn you, San Francisco. Last year, a unit similar to mine in my building became vacant and I checked to see what the rent was: $400 more expensive than mine.

I am terrified to move.

ElBlynx (#499)

@Marissa Me too! Also, hahahaha about buying a place in SF. A down payment on a studio apartment is probably $30-50k. Although I would love to hear a story of “regular” people buying a house/condo in SF to have something to aspire to in the future. I know couples where they were each making six figures that were unable to buy in the city because of getting out bid by $100,000.

thecoffeestain (#1,483)

I’ve thought about buying before. However, you hit the nail on the head when you mention down payments. I’ve been living paycheck-to-paycheck for so long, trying to slog off my debts that the thought of ever actually owning a home has become something of a fantasy. Looking at my paltry savings, it’s almost laughable to think that I could come up with a sum (and qualify for that golden fixed-rate mortgage) that would make that dream come true (and also not bring a banker to laugh me out the door). One day it’ll happen, I’m sure, but that day sure isn’t today.

Surprised to see that DC rents have only gone up by 3.5%. I guess those thousands of new apartments coming on the market really HAVE helped to stem rent increases. $2,000 a month for a postage stamp sized rathole “English Basement” is still highway robbery, but at least it will only be $2,070 next year…

MuffyStJohn (#280)

@stuffisthings I’ve been looking for several months and the English Basements just kill me. A good chunk of the ones I see advertised aren’t even legal residences. My personal favorite was one who wanted a tenant who was “hard of hearing” because of the noise of the pipes/hot water heater/etc. located in the “apartment.” I also see quite a few who want tenants who will provide free childcare to their “precious angels” in exchange for a “steal” of $1300 rent with no sunlight and no kitchen.

mouthalmighty (#165)

As someone in the Bay Area (Oakland, specifically), can I get an “ugh”? But also: it is the summer? (This is what I’ve been telling myself, repeatedly, it’s the summer, just wait until the fall! Just wait!) Mainly, ughhhhhhh, though.

MuffyStJohn (#280)

@mouthalmighty I have dreamed of moving to your town for years, but I know that until I am independently wealthy I will never be able to afford it.

Also: the summer tends to be when a lot of units open up, but it’s also the most competitive time to try to rent. Waiting for the fall will be calmer for you certainly, and you might be able to get more flexibility from landlords in terms of move-in costs, especially if you have awesome credit/references (though likely not a change in monthly rent). I know in DC there is a trend of people offering additional monthly rent just to get an edge on the competition for more affordable units. It’s a jungle out there.

mouthalmighty (#165)

@MuffyStJohn: It is a great town, but cheap it is not, for sure. But I’ve lived out here for several years now… and yeah, I’ve had most of my moving success by moving around October/November – last move, I actually got out of paying the first month’s rent. I’m just hoping the trend holds this next year/two. My current place isn’t terrible, except for how its owned by a pseudo-slum lord and I’m over things not getting fixed on time. Also: the mold. So over the mold.

(True related story: I just had a friend move to SF who paid two months rent in advance to secure the room. Jungle is about right.)

nutmeg (#1,383)

My (month-by-month and/or absent) landlord is kicking us out rather than fix the apartment; consequently my apartment hunt makes me look at all of these listings as, “HAHAHAHA WHERE IS BOSTON” but then I saw Boston and oh my God I am never moving, am I

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