Maleficent-Baby-1926 t1_jclgetx wrote on March 17, 2023 at 6:08 PM

Reply to comment by JeromePowellAdmirer in NY Post: North Jersey Hottest Rental Market in the US by Whole-Campaign89

i didnt get the visible terms vs economic terms piece

JeromePowellAdmirer t1_jcllkpq wrote on March 17, 2023 at 6:41 PM

Visible terms = the competition when you tour an apartment

Economic terms = where people would want to live if money and supply wasn't an obstacle, but it is, and Manhattan rents are too high for many people to qualify, automatically eliminating a bunch of bidders. But be assured, if they could qualify, they'd be applying there before here.

oekel t1_jcm51oa wrote on March 17, 2023 at 8:49 PM

Isn’t the “economic terms” fully encapsulated in rental price?

JeromePowellAdmirer t1_jcm5qfn wrote on March 17, 2023 at 8:53 PM

Yes, hence Manhattan rent being higher

Maleficent-Baby-1926 t1_jcm25gj wrote on March 17, 2023 at 8:29 PM

ahh makes sense