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2017 May 18, 9:12am
"In some cities, the rents are getting cut in particularly high numbers. The percentage of listing that saw price cuts in the San Jose, California area was 19.1% this year (rents here are about $3500 still) — the highest of all 100 cities measured; the San Francisco area (at $4100)
It could be that many landlords get carried away by pricing their rentals well above market, and are forced to cut back. It does not mean rents are stabilizing or even falling.
While they say they don't know why rents are going down, the free market tells all. Rents cannot exceed what most can pay, otherwise the building will NOT get rented. Balloon heads, take note.
There's always a cheaper rental somewhere. People can always move. Having said that, i hope the economy takes off, increasing wages for all, and making housing more affordable.
"In some cities, the rents are getting cut in particularly high numbers. The percentage of listing that saw price cuts in the San Jose, California area was 19.1% this year (rents here are about $3500 still) — the highest of all 100 cities measured; the San Francisco area (at $4100) was a close second at 18.7%. Rounding out the top five: Denver (16.3%), Seattle (13.9%) and Portland (13.4%). Chacón points out that Bay Area rents have been on a particularly fast upwards trajectory — and many landlords may have been raising rent to keep pace with that and are now cutting rates as consumers get priced out."
https://moneyish.com/hoard/rents-in-san-francisco-and-these-4-other-cities-are-getting-slashed-like-crazy/
While they say they don't know why rents are going down, the free market tells all. Rents cannot exceed what most can pay, otherwise the building will NOT get rented. Balloon heads, take note.