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This time, it's the rental bubble

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Postby pod on 07 Aug 2017 12:33

This time, it's the rental bubble

https://mises.org/library/time-its-bubble-rentals

Sin City’s projected 5,000 new apartment units for this year makes no noise nationally in the latest real estate craze. “In 2017, the ongoing apartment building-boom in the US will set a new record: 346,000 new rental apartments in buildings with 50+ units are expected to hit the market,” writes Wolf Richter on Wolf Street. That is three times the number of units that came on line in 2011.

Richter continues, “Deliveries in 2017 will be 21% above the prior record set in 2016, based on data going back to 1997, by Yardi Matrix, via Rent Café. And even 2015 had set a record. Between 1997 and 2006, so pre-Financial-Crisis, annual completions averaged 212,740 units; 2017 will be 63% higher!”

I’ve written before about the high-rise crane craze in Seattle, but that’s nothing compared to New York and Dallas, that are adding 27,000 and 25,000 units, respectively. Chicago is adding 7,800 units despite a shrinking population and rents decreasing 19 percent
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Postby LeVeL on 07 Aug 2017 13:29

Re: This time, it's the rental bubble

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Rent is South Florida is getting ridiculous
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Postby pod on 07 Aug 2017 14:02

Re: This time, it's the rental bubble

Depends on where. In an area you are familiar with, Eastern Shores, it's ridiculous. My area, "City Center", isn't so bad for what you get.

Broward rents are low if you look.

Rents are high elsewhere but leveling (haha) off.
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Postby Michael^Heaven on 08 Aug 2017 06:23

Re:

NCFL is a steal where I'm at as long as you're not directly beachside.
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Postby pod on 08 Aug 2017 08:09

Re: Re:

Michael^Heaven wrote:NCFL is a steal where I'm at as long as you're not directly beachside.


Yep. Friends of mine are up that way and they don't pay much.
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Postby LeVeL on 08 Aug 2017 09:53

Re: Re:

Michael^Heaven wrote:NCFL is a steal where I'm at as long as you're not directly beachside.


What is NCFL?

I am living in Davie now in a townhouse with two rooms, 1 1/2 bathrooms, backyard and a den. I have at least 1,300 SQ/FT.

For a place like this you would usually be paying $1,800 or $1,900 nowadays.
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Postby slamminshaun on 08 Aug 2017 14:48

Re: Re:

LeVeL wrote:
Michael^Heaven wrote:NCFL is a steal where I'm at as long as you're not directly beachside.


What is NCFL?

I am living in Davie now in a townhouse with two rooms, 1 1/2 bathrooms, backyard and a den. I have at least 1,300 SQ/FT.

For a place like this you would usually be paying $1,800 or $1,900 nowadays.


North Central Florida.

$1,800 to $1,900? Damn son. For that kind of money, you could rent a 2,000 s/f house in PSL with a pool.

http://www.realtor.com/realestateandhom ... 8372-47577
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Postby LeVeL on 08 Aug 2017 16:29

Re: This time, it's the rental bubble

Naw don't care for North Central Florida. The price of 1,800/1,900 is pretty common in Doral and other parts of Miami
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Postby slamminshaun on 08 Aug 2017 17:51

Re: This time, it's the rental bubble

LeVeL wrote:Naw don't care for North Central Florida. The price of 1,800/1,900 is pretty common in Doral and other parts of Miami


PSL (Port St. Lucie) isn't North Central Florida, it's less than 2 hours north of you. All day, I watch people from Miami-Dade walk through the doors of the bank to speak to the residential lenders about how they can get out of Miami-Dade. And that's just people looking to buy. Many more come to rent. Why? Because as much "stuff" as Miami-Dade has to offer, people are saying the standard of living is horrendous overall. People are moving up from Miami-Dade at a pace I've never seen before, even counting the infamous 2004-2007 period.
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Postby LeVeL on 09 Aug 2017 08:40

Re: This time, it's the rental bubble

slamminshaun wrote:
LeVeL wrote:Naw don't care for North Central Florida. The price of 1,800/1,900 is pretty common in Doral and other parts of Miami


PSL (Port St. Lucie) isn't North Central Florida, it's less than 2 hours north of you. All day, I watch people from Miami-Dade walk through the doors of the bank to speak to the residential lenders about how they can get out of Miami-Dade. And that's just people looking to buy. Many more come to rent. Why? Because as much "stuff" as Miami-Dade has to offer, people are saying the standard of living is horrendous overall. People are moving up from Miami-Dade at a pace I've never seen before, even counting the infamous 2004-2007 period.


PSL/Fort Pierce area definitely have low prices as far as rental and home ownership values. A close family member moved there 4 years ago from Miami. I remember visiting and noticing a growing Puerto Rican Community there. Many of them moving from either the Island or the New York/New Jersey area.
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