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Inside the Wild World of Rental Bidding Wars—and What It Takes To Win.
2022 Jun 1, 12:24pm 536 views 14 comments
Comments 1 - 14 of 14 Search these comments
1
Ceffer
2022 Jun 1, 12:28pm
Ceffer
2022 Jun 1, 12:28pm
Could just be promotional puffery without basis. People are fleeing the cesspools, not bidding up rent in them.
2
Patrick
2022 Jun 1, 12:38pm
Patrick
2022 Jun 1, 12:38pm
I agree. NYC is losing population quickly. That does not square with the idea of a rental shortage there.
3
SunnyvaleCA
2022 Jun 1, 2:17pm
Al_Sharpton_for_President says
Come on out to silicon valley.... 1-bedroom apartments have been going for north of $2k/month for the last few years.
had been renting for $1,260 a month. When the tenant left, we put the property on the market at $1,595
Come on out to silicon valley.... 1-bedroom apartments have been going for north of $2k/month for the last few years.
4
HeadSet
2022 Jun 1, 2:21pm
HeadSet
2022 Jun 1, 2:21pm
Patrick says
Influx of illegals?
I agree. NYC is losing population quickly. That does not square with the idea of a rental shortage there.
Influx of illegals?
6
richwicks
2022 Jun 1, 2:40pm
richwicks
2022 Jun 1, 2:40pm
SunnyvaleCA says
I get the distinct feeling this place is fucked. This is the next Detroit.
Come on out to silicon valley.... 1-bedroom apartments have been going for north of $2k/month for the last few years.
I get the distinct feeling this place is fucked. This is the next Detroit.
8
richwicks
2022 Jun 1, 4:04pm
richwicks
2022 Jun 1, 4:04pm
Onvacation says
Nobody understands this reference.
Detroit in the 1950's was one of the wealthiest best cities in the United States to live in. It was safe, and beautiful and wealthy. This is because the car industry of course.
In 1990 we knew what we had to do as engineers. We were making the Internet, we were making devices MUCH more powerful and cheaper. We KNEW what the future was going to be. We KNEW that cell phones would replace landlines, that it was only a matter of time before you could carry around a computer in your pocket.
Where are we going from here? We had to congregate to do this, but the industry is just about dead. Now it's surveillance industry and NOBODY wants that. A 10 year old cell phone is perfectly functional - it doesn't work because it's not 5G, but that phone is NO MORE better than a modern phone you buy now, at ANY price. Sure, the newer phone is a LITTLE faster, has a bigger screen, blah blah blah blah. It's got incremental improvements which nobody cares about or notices.
Mark FUCKERBERG destroyed the reputation of this area. We're done.
20 years ago, if I was in another state, mentioned I worked in Silicon Valley, people were impressed. Now, people are moving toward disgust. Thanks FUCKERBERG. Thanks Google! I'm watching these companies, not die, but become irrelevant.
richwicks saysThis is the next Detroit.
Winter says different.
Nobody understands this reference.
Detroit in the 1950's was one of the wealthiest best cities in the United States to live in. It was safe, and beautiful and wealthy. This is because the car industry of course.
In 1990 we knew what we had to do as engineers. We were making the Internet, we were making devices MUCH more powerful and cheaper. We KNEW what the future was going to be. We KNEW that cell phones would replace landlines, that it was only a matter of time before you could carry around a computer in your pocket.
Where are we going from here? We had to congregate to do this, but the industry is just about dead. Now it's surveillance industry and NOBODY wants that. A 10 year old cell phone is perfectly functional - it doesn't work because it's not 5G, but that phone is NO MORE better than a modern phone you buy now, at ANY price. Sure, the newer phone is a LITTLE faster, has a bigger screen, blah blah blah blah. It's got incremental improvements which nobody cares about or notices.
Mark FUCKERBERG destroyed the reputation of this area. We're done.
20 years ago, if I was in another state, mentioned I worked in Silicon Valley, people were impressed. Now, people are moving toward disgust. Thanks FUCKERBERG. Thanks Google! I'm watching these companies, not die, but become irrelevant.
9
BayArea
2022 Jun 1, 10:48pm
BayArea
2022 Jun 1, 10:48pm
1bdrm in Silicon Valley for $2k/mo?
Who is giving such good deals? I couldn’t get that 10yrs ago here
Who is giving such good deals? I couldn’t get that 10yrs ago here
10
SunnyvaleCA
2022 Jun 2, 2:24pm
richwicks says
Detroit in the 1950's was one of the wealthiest best cities in the United States to live in. It was safe, and beautiful and wealthy. This is because the car industry of course.The weather here is great, so if you could get rid of 90% of the people and 90% of the crappy housing, it could become something like Carmel ... place for artists and retired people. Detroit, on the other has nothing to recommend it and has descended into a place to house negatively-productive poor people.
Mark FUCKERBERG destroyed the reputation of this area. We're done.True. But if high-tech leaves, he will leave too. His 24/7 armed guards and his walled-in mansions will be gone. People will buy his properties at 20¢ on the dollar and demand an end to the lawlessness and blight, since they won't be rich and powerful enough to protect themselves, but instead need a lawful government.
11
SunnyvaleCA
2022 Jun 2, 2:38pm
richwicks says
"Phone" user: 500 minutes/month voice plan and 5,000 minutes/month use; complains that the 8-hour battery sometimes runs out between nightly charges.
For many people the cell phone isn't about making phone calls — that's probably #5 or lower on the list of functions. Taking photos and videos, social media, texting, banking, GPS navigation, touchless payment, keyless entry, and home automation are just some of the things that may rank higher than making phone calls for many people.
I think you are right to worried about the surveillance and leakage of private information on current cell phones, but that means that cell phones should step up their game in protecting users. Theoretically, we hope Apple is honestly doing what they say they are doing with respect to user privacy. Unfortunately, the Android OS is only a profitable enterprise exactly because of the surveillance and leakage of private information. A non-profitable "free and open" phone won't have any financial viability, and the "good free will" of super-technical people is never going to get that off the ground.
A 10 year old cell phone is perfectly functional
"Phone" user: 500 minutes/month voice plan and 5,000 minutes/month use; complains that the 8-hour battery sometimes runs out between nightly charges.
For many people the cell phone isn't about making phone calls — that's probably #5 or lower on the list of functions. Taking photos and videos, social media, texting, banking, GPS navigation, touchless payment, keyless entry, and home automation are just some of the things that may rank higher than making phone calls for many people.
I think you are right to worried about the surveillance and leakage of private information on current cell phones, but that means that cell phones should step up their game in protecting users. Theoretically, we hope Apple is honestly doing what they say they are doing with respect to user privacy. Unfortunately, the Android OS is only a profitable enterprise exactly because of the surveillance and leakage of private information. A non-profitable "free and open" phone won't have any financial viability, and the "good free will" of super-technical people is never going to get that off the ground.
12
Booger
2022 Jun 2, 2:38pm
Booger
2022 Jun 2, 2:38pm
Patrick says
Obligatory Louis Rossmann reference.
I agree. NYC is losing population quickly. That does not square with the idea of a rental shortage there.
Obligatory Louis Rossmann reference.
13
TheAntiPanicanLearingCenter
2022 Jun 2, 2:40pm
TheAntiPanicanLearingCenter
2022 Jun 2, 2:40pm
Fuckerberg didn't destroy it. Many California libertarian IT guys turned into Woke Shitlibs.
They went from "Right to Dissent to Bush's Wars" to "Controlling Misinformation on the Internet" and went straight from "Don't trust Big Anything" to "We control a Big Something, so let's impose our Technocratic-Faux Skeptic/Science Dictums". Their tolerance was fake, only to get rid of "Born Agains", but as soon as they tasted power they became Born Again Wokies, imposing their views.
Think Dan
Nor is Silicon Valley created by Private Enterprise, it was created by Cold War Government Spending. It's always been sucking the Government teat.
They went from "Right to Dissent to Bush's Wars" to "Controlling Misinformation on the Internet" and went straight from "Don't trust Big Anything" to "We control a Big Something, so let's impose our Technocratic-Faux Skeptic/Science Dictums". Their tolerance was fake, only to get rid of "Born Agains", but as soon as they tasted power they became Born Again Wokies, imposing their views.
Think Dan
Nor is Silicon Valley created by Private Enterprise, it was created by Cold War Government Spending. It's always been sucking the Government teat.
14
SunnyvaleCA
2022 Jun 2, 2:47pm
AmericanKulak says
You forgot: Don't be evil --> We are evil.
They went from "Right to Dissent to Bush's Wars" to "Controlling Misinformation on the Internet" and went straight from "Don't trust Big Anything" to "We control a Big Something, so let's impose our Technocratic-Faux Skeptic/Science Dictums"
You forgot: Don't be evil --> We are evil.
“The rental market is very competitive right now. We are routinely seeing bidding wars (usually reserved for apartments for SALE) on rental units. Based on the response to date, this apartment will surely be headed for competitive bidding, with the VERY HIGHEST OFFER taking it.”
Say what?
While I knew that bidding wars on home sales were common in today’s hot market, I’d assumed that the price on rental listings was what tenants pay, period. Apparently, the rules have changed.
Are rental bidding wars the new norm?
While rental prices plummeted during the early days of the COVID-19 pandemic, particularly in big cities, the tables have turned today in a big way. And the reason for this is the same as for home sales: Demand is higher than supply, creating a pressure cooker situation that drives prices up.
While landlords typically raise the rent to what they think the market can bear, some are apparently shooting too low, which sets the stage for a bidding war.
“Properties are definitely in short supply, and demand is high. Rentals in [both] good and less desirable locations are getting multiple offers,” says real estate agent and attorney Bruce Ailion, of Atlanta’s Re/Max Town and Country. “For example, we had a property that had been renting for $1,260 a month. When the tenant left, we put the property on the market at $1,595 and had over 600 inquiries and close to 30 applications. That means we were underpriced for the current climate.”
Sometimes the surge of interest results in bidding wars or offers over the listed price. Overwhelmed, landlords might simply tell the applicants to submit their “highest and best offer” to see who comes out on top rather than sifting through the pile of applications.
Some agents or landlords anticipate a bidding war—and clearly state that in their ads so tenants like my son are prepared.
https://www.realtor.com/advice/rent/rental-bidding-wars-how-to-win/