http://www.bloomberg.com/news/2012-02-22/why-renters-rule-u-s-housing-market-part-1-a-gary-shilling.html
If historical trends hold, the total homeownership rate will return to its earlier base level of 64 percent by the fourth quarter of 2016. Continuing the average annual growth in households over the last decade of 891,000 would increase the total number by 4.5 million by the fourth quarter of 2016. This is enough to increase the number of new homeowners by 550,000 even with that further drop in the homeownership rate.
Rents have to be higher for landlords to offset the eroding value of their properties. The decline in a rental house’s price is just another cost like taxes and maintenance. In any case, the house price-to-rent ratio is only relevant to the few who can qualify to buy.
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Response by Brooks2
over 14 years ago
Posts: 2970
Member since: Aug 2011
Riversider are you a real estate broker? I did not see anywhere in this article that said rents will rise. If anything they will drop because of you need a job and income too. Don't change the facts please.
The consumer retrenchment and recession I foresee for this year will only add to the lack of affordability of owning houses and to the attractiveness of renting. With it, unemployment will rise, while incomes will fall further. As employment drops, the duration of unemployment will rise, labor force participation will fall and median single-family house prices will decline an additional 20 percent. That will definitely make ownership less attractive even if it raises the Realtors’ housing affordability index.
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Response by Brooks2
over 14 years ago
Posts: 2970
Member since: Aug 2011
this guy had to drop his rent.
12/26/2011
Listed by Bellmarc at $4,800.
02/14/2012
Price decreased by 5% to $4,550.
Brooks2, he had to lower the rent because it is overpriced. He will have to lower it closer to $4000 to rent it.
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Response by Riversider
over 14 years ago
Posts: 13573
Member since: Apr 2009
It's interesting. Fewer people qualify for mortgages, and there are four banks that have effectively become the new Fannie & Freddie and with higher more stringent lending standards you get fewer buyers. Contrast that with more people attempting to rent and it translates to higher rents, and lower prices....What might upset the pricing picture is if the few people with money decide to do more buy-to-lets.
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Response by w67thstreet
over 14 years ago
Posts: 9003
Member since: Dec 2008
Credit gets loose. Re goes up. Too tight. Re goes up. Nuclear war, re goes up. Squash an uprising, re goes up. Gold up re goes up stock down. Re goes up. Bad Chinese food, re goes up. Nice bowel movement. Re goes up.
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Response by jim_hones10
over 14 years ago
Posts: 3413
Member since: Jan 2010
West67 leaves uws for good, Manhattan real estate booms.
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Response by huntersburg
over 14 years ago
Posts: 11329
Member since: Nov 2010
Brooks2
about 3 hours ago
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Brooks2
about 3 hours ago
ignore this person
The consumer retrenchment and recession I foresee for this year will only add to the lack of affordability of owning houses and to the attractiveness of renting. With it, unemployment will rise, while incomes will fall further. As employment drops, the duration of unemployment will rise, labor force participation will fall and median single-family house prices will decline an additional 20 percent. That will definitely make ownership less attractive even if it raises the Realtors’ housing affordability index.
This is nationally, in NYC or in Manhattan?
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Response by somewhereelse
over 14 years ago
Posts: 7435
Member since: Oct 2009
"Contrast that with more people attempting to rent and it translates to higher rents, and lower prices...."
Which might also mean more sales being converted to rentals...
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Response by Brooks2
over 14 years ago
Posts: 2970
Member since: Aug 2011
talk about a greedy landlord. $4200 really... really.... come on really?
10/24/2008
Previously Listed by Bellmarc at $3,500.
02/10/2009
Bellmarc Listing rented. Last priced at $3,000.
11/21/2011
Listed by Citi-Habitats at $3,350.
11/30/2011
Price increased by 25% to $4,200.
12/30/2011
Price decreased by 19% to $3,400.
01/03/2012
Price increased by 24% to $4,200.
01/07/2012
Listing is no longer available.
01/07/2012
Previously Listed by Citi-Habitats at $3,300.
01/22/2012
Re-listed by Citi-Habitats.
01/26/2012
Price decreased by 24% to $3,200.
01/27/2012
Listing is no longer available.
02/23/2012
Re-listed by Citi-Habitats.
02/23/2012
Price decreased by 3% to $3,100.
02/23/2012
Citi-Habitats Listing is no longer available. Last priced at $3,100.
Riversider are you a real estate broker? I did not see anywhere in this article that said rents will rise. If anything they will drop because of you need a job and income too. Don't change the facts please.
The consumer retrenchment and recession I foresee for this year will only add to the lack of affordability of owning houses and to the attractiveness of renting. With it, unemployment will rise, while incomes will fall further. As employment drops, the duration of unemployment will rise, labor force participation will fall and median single-family house prices will decline an additional 20 percent. That will definitely make ownership less attractive even if it raises the Realtors’ housing affordability index.
this guy had to drop his rent.
12/26/2011
Listed by Bellmarc at $4,800.
02/14/2012
Price decreased by 5% to $4,550.
http://streeteasy.com/nyc/rental/829850-rental-320-east-57th-street-sutton-place-new-york
Brooks2, he had to lower the rent because it is overpriced. He will have to lower it closer to $4000 to rent it.
It's interesting. Fewer people qualify for mortgages, and there are four banks that have effectively become the new Fannie & Freddie and with higher more stringent lending standards you get fewer buyers. Contrast that with more people attempting to rent and it translates to higher rents, and lower prices....What might upset the pricing picture is if the few people with money decide to do more buy-to-lets.
Credit gets loose. Re goes up. Too tight. Re goes up. Nuclear war, re goes up. Squash an uprising, re goes up. Gold up re goes up stock down. Re goes up. Bad Chinese food, re goes up. Nice bowel movement. Re goes up.
West67 leaves uws for good, Manhattan real estate booms.
Brooks2
about 3 hours ago
ignore this person
report abuse
Brooks2
about 3 hours ago
ignore this person
The consumer retrenchment and recession I foresee for this year will only add to the lack of affordability of owning houses and to the attractiveness of renting. With it, unemployment will rise, while incomes will fall further. As employment drops, the duration of unemployment will rise, labor force participation will fall and median single-family house prices will decline an additional 20 percent. That will definitely make ownership less attractive even if it raises the Realtors’ housing affordability index.
This is nationally, in NYC or in Manhattan?
"Contrast that with more people attempting to rent and it translates to higher rents, and lower prices...."
Which might also mean more sales being converted to rentals...
talk about a greedy landlord. $4200 really... really.... come on really?
http://streeteasy.com/nyc/rental/820756-rental-440-east-62nd-street-lenox-hill-new-york
10/24/2008
Previously Listed by Bellmarc at $3,500.
02/10/2009
Bellmarc Listing rented. Last priced at $3,000.
11/21/2011
Listed by Citi-Habitats at $3,350.
11/30/2011
Price increased by 25% to $4,200.
12/30/2011
Price decreased by 19% to $3,400.
01/03/2012
Price increased by 24% to $4,200.
01/07/2012
Listing is no longer available.
01/07/2012
Previously Listed by Citi-Habitats at $3,300.
01/22/2012
Re-listed by Citi-Habitats.
01/26/2012
Price decreased by 24% to $3,200.
01/27/2012
Listing is no longer available.
02/23/2012
Re-listed by Citi-Habitats.
02/23/2012
Price decreased by 3% to $3,100.
02/23/2012
Citi-Habitats Listing is no longer available. Last priced at $3,100.