Viewing a single comment thread. View all comments

Direct_Ad18 t1_j9ti92t wrote

I've lived in Jersey City since 2014, and my rents have always been going up around 10% in luxury buildings, with the exception of covid

2014: walkup

2015: same walk up, no increase

2016: same walk up, ~5% increase

2017: moved to luxury building, so major increase in rent

2018: same luxury building, ~10% increase

2019: same luxury building: ~10% increase

2020: same luxury building, no increase

2021: different luxury building, ~10% decrease from prior rent, but apartment is bigger and nicer (still a 1 bedroom, but 150 more sf and a nicer view, "covid deal")

2022: same second luxury building, ~20% increase from original rent in this building, but on trend since I got a discount in 2021

2023: same second luxury building, ~10% increase

Am I the only one that doesn't think it's that bad? You sort of need to expect these increases in luxury buildings. They are constantly upgrading things, maintenance usually available within 24 hours, a doorman, and perks that walkups don't have. If you don't like the increases, then you need to move to a walk up.

5

Ilanaspax t1_j9ulgfq wrote

Then I guess you could say only adding luxury rental buildings to the housing supply is the real problem?

2

Nuplex t1_j9uxdy7 wrote

When there are no "luxury" containers for yuppies they just end up making our existing housing into luxury and pushing even more people out. This is what happened to San Francisco. Luxury housing is a necessity. Don't build it and things just get worse even faster. You can't stop yuppies from moving to JC. You can build them housing to keep them from making a 4th floor walk up studio in Greeneville $2500/month.

2

Ilanaspax t1_j9v63jx wrote

The city openly courted this demographic ( “Make it Yours!” ) and now the solution is more luxury rental buildings to “fix the problem”.

Funny how that works.

1

Direct_Ad18 t1_j9umy2j wrote

Increasing supply should be helping demand, but obviously when the new supply is pricier than what currently exists, it drives up the cost of rent as well. I'm not an expert in this but I imagine there are a number of factors related to rents going up.

The point still stands that the 10% increases are generally only seen in luxury buildings, and that to avoid them, you should rent with a single landlord.

−1