• Posts
  • RSS
  • ◂◂RSS
  • Contact

  • Coronavirus and Rents II

    August 20th, 2020
    apartment_prices, covid-19  [html]
    When I looked into how Boston apartment listings have changed year-over-year in June I saw that rents had been falling, and wrote:

    I think we're probably not done, though. Many landlords are small, and slow to react to changing market conditions. We're playing reverse musical chairs, where many landlords are going to be stuck without a tenant come September first. The ones who have realized this are offering lower rents, trying to keep their tenants, and as we get closer to September I expect more will catch on.

    This does seem to be happening, though perhaps less dramatically than I had predicted:

    While in June most of the decrease had been in high-end apartments and the median 2br had dropped only slightly, at this point, in August, there are decreases across the board and the median 2br listing is down ~8%.

    While 2br apartments are the most common size in the Boston area, different unit sizes have been affected differently:

    Smaller apartments, studios through 2br, have gotten cheaper, but 3br and 4br units are roughly unchanged, and 5br units have gotten noticeably more expensive.

    I don't know what's driving this. You could tell a story where covid and remote work/school means people are willing to pay more for more space, but if the data were the other way around you could tell a story where the people who needed more space were moving out of the city.

    Another thing to keep in mind is that these are listings, which means they're what landlords are asking and not necessarily what they're getting. And it looks like landlords are still adjusting to the musical chairs nature of the current situation:

    This is the number of units listed each month relative to the same time last year. You can see that the market is tighter than last year for larger units. For 2br and smaller units, however, there are many more still on the market than last year and there the delta is growing. This matches what we saw above with prices.

    I'm happy to see the area become more affordable, but I wish this weren't the reason why.

    Comment via: facebook, lesswrong, r/boston

    Recent posts on blogs I like:

    Not Everything is Like Rail Transport

    Sometimes, when I write about cost comparisons or public-sector incompetence, I see people make analogies to other fields. and sometimes these analogies are really strained. So I want to make this clear that I am talking about things that are specific to …

    via Pedestrian Observations April 30, 2021

    Collections: Teaching Paradox, Europa Universalis IV, Part I: State of Play

    This is the first post in a series that will be examining the historical assumptions of Paradox Interactive’s grand strategy computer game set in the early modern period, Europa Universalis IV. And this series will in turn be part of a larger series looki…

    via A Collection of Unmitigated Pedantry April 30, 2021

    Books and websites on babies

    Several people I know are expecting a first baby soon, and I wrote up notes for one of them. Might as well share here too: Medical:Scott Alexander’s Biodeterminist’s Guide to Parenting is an interesting read, and some parts are actionable.  If you live in…

    via The whole sky April 14, 2021

    more     (via openring)


  • Posts
  • RSS
  • ◂◂RSS
  • Contact