Author Topic: Rental market implosion in Lakewood- implications  (Read 39165 times)

Offline moen

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Re: Rental market implosion in Lakewood- implications
« Reply #20 on: May 02, 2017, 12:28:23 AM »
Another reason why prices go down is because everyone wants their apartment rented out. For example, if there are two apartments on my block for rent and I make mine $100 cheaper than my neighbor, theres a good chance my apartment will rent faster than his.
This is all basics of supply and demand.

Offline yuneeq

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Re: Rental market implosion in Lakewood- implications
« Reply #21 on: May 02, 2017, 12:59:48 AM »
Another reason why prices go down is because everyone wants their apartment rented out. For example, if there are two apartments on my block for rent and I make mine $100 cheaper than my neighbor, theres a good chance my apartment will rent faster than his.
This is all basics of supply and demand.

You're not teaching anyone anything new. Everyone knows about supply and demand. And it's not just about 2 people having available apartments on your block. If you knew it takes a week to get an  apartment on your block rented out, trust me you wouldn't be lowering your prices a penny. When you have hundreds of owners  who can't rent out apartments for many months, you have a rental market bust which can expected to be followed by a housing market bust if it's not corrected soon enough. That's what this discussion is about. Are we heading towards a crisis in the housing market? If yes, how to deal with and avoid the eventual housing crisis?
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Offline ckmk47

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Re: Rental market implosion in Lakewood- implications
« Reply #22 on: May 02, 2017, 01:25:36 AM »
I have no advice for the short term, but over time, more and more young couples will be arriving renting more and more apartments.  So the glut will be absorbed.  Those with the financial means will weather it.  Those without....
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Offline churnbabychurn

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Re: Rental market implosion in Lakewood- implications
« Reply #23 on: May 02, 2017, 06:47:00 AM »
Many developments that were supposed to be constructed are on hold if possible..  There is a major slowdown in the new construction market.

This will lead to more and more marketing to outside communities.. (I predict maybe a modox invasion)

We should also see some of the big developers go bankrupt.. but I think the investments these days are more sophisticated/syndicated.


Offline ChaimMoskowitz

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Re: Rental market implosion in Lakewood- implications
« Reply #24 on: May 02, 2017, 06:57:41 AM »
So this problem is only in Lakewood? Housing and rentals are booming by me.  :)
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Offline David Smith

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Re: Rental market implosion in Lakewood- implications
« Reply #25 on: May 02, 2017, 06:59:35 AM »
So this problem is only in Lakewood? Housing and rentals are booming by me.  :)
Not only in Lakewood, but the specific dynamics that brought this about in Lakewood don't reflect on the state of the US housing market as a whole.
Who do you think you are fooling? You think you are going to pull a quick one on your Creator? Good luck with that.
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Offline ChaimMoskowitz

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Re: Rental market implosion in Lakewood- implications
« Reply #26 on: May 02, 2017, 07:16:05 AM »
Not only in Lakewood, but the specific dynamics that brought this about in Lakewood don't reflect on the state of the US housing market as a whole.
So this affects mostly Jewish areas?
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Offline David Smith

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Re: Rental market implosion in Lakewood- implications
« Reply #27 on: May 02, 2017, 07:18:10 AM »
So this affects mostly Jewish areas?
I would say the specific dynamics here impact Lakewood in particular.
Who do you think you are fooling? You think you are going to pull a quick one on your Creator? Good luck with that.
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Offline ChaimMoskowitz

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Re: Rental market implosion in Lakewood- implications
« Reply #28 on: May 02, 2017, 07:25:14 AM »
I would say the specific dynamics here impact Lakewood in particular.
Sounds like a buying opportunity to me.
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Offline David Smith

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Re: Rental market implosion in Lakewood- implications
« Reply #29 on: May 02, 2017, 07:31:06 AM »
Sounds like a buying opportunity to me.
I don't know about that. The housing growth was a bubble to a degree.
Who do you think you are fooling? You think you are going to pull a quick one on your Creator? Good luck with that.
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Offline yuneeq

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Re: Rental market implosion in Lakewood- implications
« Reply #30 on: May 02, 2017, 07:32:31 AM »
I have no advice for the short term, but over time, more and more young couples will be arriving renting more and more apartments.  So the glut will be absorbed.  Those with the financial means will weather it.  Those without....

The glut will only be absorbed if new construction slows down.
 I haven't seen a slowdown at all. Maybe in a year or 2 we will see a slowdown in new construction.
If you look at new applications you'll see a few projects of 500+ homes each, some as large as  936 homes (plus basements), doesn't look like a slowdown at all.
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Offline AsherO

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Re: Rental market implosion in Lakewood- implications
« Reply #31 on: May 02, 2017, 07:39:51 AM »
The glut will only be absorbed if new construction slows down.
 I haven't seen a slowdown at all. Maybe in a year or 2 we will see a slowdown in new construction.
If you look at new applications you'll see a few projects of 500+ homes each, some as large as  936 homes (plus basements), doesn't look like a slowdown at all.

So there's demand for houses to buy but not much demand for rental units?
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Offline churnbabychurn

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Re: Rental market implosion in Lakewood- implications
« Reply #32 on: May 02, 2017, 07:55:00 AM »
The glut will only be absorbed if new construction slows down.
 I haven't seen a slowdown at all. Maybe in a year or 2 we will see a slowdown in new construction.
If you look at new applications you'll see a few projects of 500+ homes each, some as large as  936 homes (plus basements), doesn't look like a slowdown at all.
Look at prospect St. lots of the developments are on hold. Rusting tractors etc.
Whoever can afford to stop building stopped.

Offline yuneeq

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Re: Rental market implosion in Lakewood- implications
« Reply #33 on: May 02, 2017, 08:25:32 AM »
Look at prospect St. lots of the developments are on hold. Rusting tractors etc.
Whoever can afford to stop building stopped.

Didn't notice that existing projects were stopped
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Offline Moshe123

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Re: Rental market implosion in Lakewood- implications
« Reply #34 on: May 02, 2017, 08:28:22 AM »
So there's demand for houses to buy but not much demand for rental units?

Yes. People want to buy, but are relying on a rental to help pay the mortgage. However, with everyone buying, fewer are renting and there aren't enough renters to help with all the mortgages.

This problem doesn't exist in other areas, because the rental demand is still very high.

Offline Eliyohu

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Re: Rental market implosion in Lakewood- implications
« Reply #35 on: May 02, 2017, 08:32:11 AM »
Look at prospect St. lots of the developments are on hold. Rusting tractors etc.
Whoever can afford to stop building stopped.
Which ones are on hold? Prospect square is going full force, prospect hills is about to start, behind williams just started, prospect corner they're still trying to get the next piece of property/zoning.. duplexes past prospect vines are starting as soon as the vines are complete...

Offline AsherO

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Re: Rental market implosion in Lakewood- implications
« Reply #36 on: May 02, 2017, 08:57:13 AM »
Yes. People want to buy, but are relying on a rental to help pay the mortgage. However, with everyone buying, fewer are renting and there aren't enough renters to help with all the mortgages.

This problem doesn't exist in other areas, because the rental demand is still very high.

If the buying people are all relying on rentals, which are a dud, then the buying market should slowly grind to a halt.

Maybe I should consider a move to Lakewood, housing in Brooklyn is out of control.
« Last Edit: May 02, 2017, 09:00:23 AM by AsherO »
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Offline Moshe123

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Re: Rental market implosion in Lakewood- implications
« Reply #37 on: May 02, 2017, 09:15:54 AM »
If the buying people are all relying on rentals, which are a dud, then the buying market should slowly grind to a halt.

Maybe I should consider a move to Lakewood, housing in Brooklyn is out of control.

The natural progression is for existing house prices to fall, new building halted because of profitability questions, and the cycle starts all over again. Less houses, prices go up, more rentals, more developments, and...

Offline jye

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Re: Rental market implosion in Lakewood- implications
« Reply #38 on: May 02, 2017, 09:17:14 AM »
If the buying people are all relying on rentals, which are a dud, then the buying market should slowly grind to a halt.

Maybe I should consider a move to Lakewood, housing in Brooklyn is out of control.

Why buy when u can move to Lakewood and rent a brand new 5 bedroom townhouse for $1600 a month?

Offline jye

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Re: Rental market implosion in Lakewood- implications
« Reply #39 on: May 02, 2017, 09:42:44 AM »
Here's a prediction for the Toms River and Jackson market:
an initial bump due to the rental situation in Lakewood, then a drop as the Lakewood house prices come down, and rentals stabilize. Then in a couple years, Jackson and Toms River have sticker shock from private school bussing costs so they switch to co-ed bussing, resulting in Toms River and Jackson parents paying out of pocket for private transportation. This makes housing unattractive for large families, further depressing prices....