High housing costs & taxes lead to this: “Once we decided we had to get our employees out of California, we went about our search systematically.”
The underlying dynamics are similar, but the approach is different.
Asking rents spiral down in Chicago & Honolulu, come unglued in Washington DC, drift lower in New York City, but see double-digit surges in Southern California and many less expensive markets.
Historic spike in Seattle. Sharp increases in other metros. New York condos fall.
No, it’s not Seattle. Denver is by far #1. New York isn’t even in the top 25. And it explains why rents in Chicago are collapsing.
It’s called “Housing Crisis” for a reason.
After the blistering spike earlier this year.
“Recent home buyers could be facing negative equity”: CoreLogic.
Rents in Southern California go nuts. Bay Area & Seattle “mixed.” Chicago & Honolulu in free-fall. New York City sharply lower. Washington DC loses grip. But rents soar 10-15% in many markets.
A phenomenal onslaught of the wrong kind of supply.