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Re:Manhattan rents cross $5k threshold for first time by Aunche on Thursday July 14, 2022 @11:12AM (#32097020)
> But rate hikes are driving higher rents

This doesn't make sense to me. Rate hikes decrease spending overall, so why would rent be any different?

Re:Manhattan rents cross $5k threshold for first time by deathanatos on Thursday July 14, 2022 @12:03PM (#32097802)
Demand for a place to live is much more inelastic.

And rate hikes make it harder to purchase a home, by raising the cost of them. That forces out of the home-buying market those who would have bought a home at the pre-hike rate … and forces them back into the rental market. Seems to me like demand goes up.

(Certainly, it makes it harder for landlords to acquire new properties, but I think corporations are going to weather it better than people — i.e., people will be forced out of that market before corporations.)

Re:Manhattan rents cross $5k threshold for first time by zormino on Thursday July 14, 2022 @06:07PM (#32102027)
Also new mortgages and variable rate mortgages get more expensive, and landlords need to charge more to cover their costs.
Re:Manhattan rents cross $5k threshold for first time by aluminussoma on Thursday July 14, 2022 @11:49AM (#32097613)
The increased rates make home mortgages unaffordable. This pushes housing demand to rents because people need to live somewhere. Rental prices increase while home prices decrease - bad, bad stagflation.