Rent now or be priced out forever

Average price PER SQUARE FOOT was up a whooping 3.0% unadjusted, or 2.9% including concessions. CPI was 2.0% US-wide in the most recent report, and 2.4% for NYC specifically, YOY. So...not alarming. But up.

Median rents increased 6.7% in March accelerating from each of the prior 3 months.

http://www.elliman.com/pdf/c991f432a5f7bfc20165274646943912f5af4d8a

What is the relevance of rents compared to 3 months ago? How about comparing temperature to 3 months ago - about as useful.

greensdale has a point-it's often seasonal-wll continue to go up until Sept.

"Median rents increased 6.7% in March accelerating from each of the prior 3 months."

I read the same report, which showed that price PER SQUARE FOOT was up a whooping 3.0% unadjusted, or 2.9% including concessions. M-S himself has said numerous times that PPF is the preferred measure for rentals just as it is for sales.

Of course. Instead of having data by number of rooms or bedrooms, we should use price per square foot, with the square footage varying wildly not only because of the limited sample set that changes for each period, but also because we all know that square footage is measures accurately AND consistently by the real estate industry, and such data is readily available.
Sorry for the run on sentence, I'm targeting a very sophisticated audience.
By the way M-S, which is his first name?

In recession periods more people move into the city in search of work. The census from 2010-2011 indicate an increase of 0.85%.

Wondering what the delta for home inventory has been over the last decade.

http://quickfacts.census.gov/qfd/states/36/3651000.html

Interestingly, the average PPSF for BK was up 11.5% YOY, and this is like the 5th month in a row its been up by double digits. We have seen similar much-stronger growth in average sales PPSF in BK. Interesting that the price gap between BK and Manhattan is slowly collapsing. Although BK is still 30% cheaper PPSF.

>the average PPSF for BK was up 11.5% YOY

LOL, OMG, WTF I'm JASON 10006

"greensdale has a point-it's often seasonal-wll continue to go up until Sept."

No, RS was saying the YOY increase in median rents was higher each of the last three months. That is year. over. year. Which by definition takes seasonality into account.

ludicrous. It's year over year, but one month it's up 6.7% and two month's prior it was 2.7%. That variance alone ought to be sufficiently telling.

Folks - you're all crazy!

According to brooks2, all you have to do is tell your landlord how 'valuable' you are to them as a good tenant, and they will never raise your rent - despite all evidence to the contrary! Just tell your landlord that you're a 'good' tenant, and voila! No rent increase - read it for yourselves - http://streeteasy.com/nyc/talk/discussion/34606-what-kind-of-rent-increase-should-we-expect

I guess we should all just listen to MJ since he is a professional.

funny - I rent on the UWS, nice enough building, sweet 2 BR apartment.
And guess what my rent went up this month?
0.00%

so who knows...some landlords want tenants who leave them alone and pay on time...others could care less and will take any jerkoff, so long as they can raise the rent up.

good luck figuring it out without living there

>And guess what my rent went up this month?

Are you a month to month tenant?

no i am not
year long lease

What makes the apartment sweet?

high floor, open views, large living space
oh - and did i mention no rent increase

point being - it's case by case
now go find your own good deal

Your landlord was afraid that a $200/month increase would have caused you to leave?

funny - I rent on the UWS, nice enough building, sweet 2 BR apartment.
And guess what my rent went up this month?
0.00%

so who knows...some landlords want tenants who leave them alone and pay on time...others could care less and will take any jerkoff, so long as they can raise the rent up.

good luck figuring it out without living there

Who is the professional douchbag MJ?

it probably wasn't worth it to my landlord for the extra $2400 a year, to risk bringing someone in who would complain about every little paint chip, etc.
but what do i know - all i can say is my rent didn't go up and i'm happy
and i don't cause trouble for my landlord

Does your apartment have a lot of paint chips? Do you have young kids in your family?
Was there a likelihood that a $200 increase per month would have made the apartment too expensive that you would have left?

i would have seriously considered leaving, yes
would I have...maybe not
but i can guarantee i won't with no increase

and once again - the point - no increase
so everyone saying rents are unilaterally going up...not exactly 100% true

Yea, and if you tell people that, some "professionals" will attack you.
Funny how they call themselves professionals.

It sounds like your apartment was already pretty expensive for you if you would have considered leaving for another apartment that was less expensive in this generally rising market.
Maybe you should try and ask for a decrease, or just move anyway to a more affordable apartment that is more comfortable within your budget.
A $200 per month increase on a 2 bedroom, even if only in fair condition because the paint is chipping, is only a couple or a few percent. If you have other expenses that are increasing such as your monthly metrocard, the electric bill, and food costs, it's only matter of time, maybe another 1 year, that even status quo on the rent is too expensive for you in your current place.

wait a second - this was all about how rents are going up everywhere.
I say, 'my rent didn't go up' and your answer is 'well, clearly you can't afford your place'
brilliant deduction watson.

my rent is already on the very low end for what I get...the fact that I would weigh my options if my landlord wanted to increase (which could include leaving the city altogether and buying a house) does not equal, 'my rent is clearly too high for me'

and let's not forget, the point was 'rents going up everywhere' to which i said, 'funny, didn't go up for me'

Read what you said above. A $200/ month increase would have caused you to look to possibly move. Now that your BS has been called, you still aren't helping maintain consistent argument by saying the apartment is on the low end price-wise right now. Your position further breaks down now that you say that only a couple percent might have had you abandon the rental market entirely and abandon the city entirely.

Your rent didn't increase, I can believe that especially if you rent from an individual condo owner. But the remainder of your posturing, I think your bull has been exposed.

better then my cock being exposed.
here's the thing - you continue to assume...over and over.
i live in a rental. i was already thinking about leaving the city. and yes, an increase would have made me consider (i.e. look around at other apartments, do some research, think about it all differently.)
but hey, keep assuming...you are doing a great job.

I think readers of this thread can now draw their own conclusions.

Yes - that you like to assume and move off topic quickly.
what's your dayjob? elevator inspector?

Yes, you have me pegged.

This doesn't make sense because while rents are increasing at a good clip, the purchasing market is going up even more and everything seems tight.

hoodia
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This doesn't make sense because while rents are increasing at a good clip, the purchasing market is going up even more and everything seems tight.

because you are a silly uneducated twat.

HB - remember what happens when you assume

Upperwesysiderenterd rent did not go up and neither did mine. Why is that so hard to believe? Although the stock market is at all time highs, the economy sucks! Growing barely at little more than 1%.

I bet most landlords are happy to have a good tenet that pays on time and/or does not want to risk losing a good one.
Why is that so hard to believe. .., rhetorical

You think there is a dearth of people in NYC who can pay on time?

UWR has what he describes as a below-market lease. I'd suspect that his landlord is not a sophisticated landlord, quite possibly an absentee condo owner and one that might have purchased quite a while back and is sufficiently pleased with the dividends so long as he doesn't have to worry about dealing with the "chipped paint". That's fine and good, and there are probably a good number of individual landlords like that, but it isn't representative of the market.

Separately, UWR claims that just a couple hundred dollar increase, only a couple to a few percentage points on his below market "sweet" 2 bedroom apartment lease would cause him to seriously consider moving, leaving the city, and buying a place even in this frothy market, and that is one of the possible justifications for his landlord not increasing his rent and representative of the way other landlords in NYC feel. That's rather incredible. Of course, what do I know, according to UWR, my day job is an elevator inspector.

As for the economy growing barely more than 1%, Manhattan is doing just fine, and the taxes and costs are growing greater than 1%, so it is frankly foolish for a landlord not to pass on its increasing labor, energy, and real estate tax costs, just because someone is valuable in that they won't complain about the chipped paint.

I am Not so certain Manhattan is, "just fine".

My Manhattan is doing just fine.

Mine is shrinking

I'm sorry to hear that.

Let me get this right... we're near 2006 peak and that is supposed to be scary?

That's 12% lower in real terms.

Whoops.

Rents are rising and median incomes are lagging. Sounds like rent is high and going higher.

"That's 12% lower in real terms."

The fact that Bernanke and his inflation-loving government have devalued our cash by 12% in six years and expect us to suck it up is pretty scary!

http://www.businessinsider.com/renters-crushed-by-housing-costs-2013-5?

Hey Greensdale, if you're considering leaving the city to buy a house, let me know, I've been transferred back to the city and need a place.

Correction: that last post was for UWR but if you've got a below mkt place too, Greensdale or anyone, let me know. 2 1/2 yrs out of the city w/ 1850 sq ft rowhouse w/ pkg, roofdeck, 1/2 block to a park, etc. etc., this is going to be a rough re-entry. Not relishing moving back to shoebox land. Below mkt just might ease the pain.