Are rentals really coming down?

100% doable for studios in FiDi, BPC, or LES. Literally I would just walk around BPC, down Wall Street, and John Street on a saturday or sunday. Try nybits too. I gurentee you you can get it for $1800. 1 bds might be harder, unless you count "alcove studios."

You can now rent an alcove, fully renovated 500 sqft studio in a full service high rise for $1800.

I do noticed that some units are raising the prices in UES. Maybe is because of the season.

or because they don't want to rent them out.
Check out 235 West 102nd St.
That 2 BR will never rent at that price
ever.

rentals are stronger in the summer

in the summer is when all of the recent grads look for rentals.

not as many grads getting jobs this year. more people probably leaving when their leases are up.

nybits.com search finds 15 1-bedroom apts below 60th street for less than $2000.
None of them in "luxury" buildings, but they are not dumps either.
This summer will not be like summers last...

what's the difference between streeteasy and nybits?

stuytown was renting one bedrooms for $3100....current rent...$2200.

Nybits is more helpful for searching actual available apartments, although I found that going directly to the management company websites was most effective. Streeteasy doesn't capture all of the rentals listed.

Julia, those are the unrenovated apts right? I heard they did not finish the upgrades and are trying to rent out the old dumpy practically uninhabitable ones. Either way, it is a very striking example of rents decreasing among large complexes with excess inventory. Too bad it comes at the cost of quality of life! I still don't get how so much of the city's rental stock costs thousands of dollars per month but have fixtures and finishes from the 1980s.

nybits has has alcove studios in Fidi and bpc right now this very second for below 2k in doorman bldgs. Just checked.

> in the summer is when all of the recent grads look for rentals.

But its also the season when all the ones who rented two years ago leave their apartments.

As much as this is big rental season, its BIGGER inventory season.

Thats a bad thing right now... (for landlords, that is)

WV7: it's amazing what happens when you run out of money, isn't it? Even if you spent billions and had $400 million socked away to tide you over till you could get all of those nasty rent stabilized tenants out. The ownership at Sty-Town is in for a well deserved ass-fucking.

http://www.bloomberg.com/apps/news?pid=20601087&sid=a6rFf0rRkpdk

Absolutely agree. it's one thing to live there in one of the renovated units for $2200 - I'd say that's actually a pretty fair price given the space and to have new finishes (comparable to what else you can get for $2200). To live in one anything else, is like Grey Gardens. Squalor (aka trash, vomit, human and animal excrement)? Check. Fleas/Bedbugs? Check. Angry old people? Check. Overgrown, poorly landscaped yards? Check. Decrepit and uninhabitable conditions? Check check.

Tishman got greedy...asking $3100 for a non-doorman bldg. I'm not sure if they're renovated.

I just signed on an apartment in the financial district. I was looking for something in a higher price range (a 1 BR + Home office) but I can tell you this.....the rents may be off their highs, but they don't seem like bargains.

For example, in 2004, my roommate and I rented a 2 BR / 2 BA in Chelsea with fully renovated bathrooms and kitchen, brick exposed wall - walkup building but we were on the 2nd floor and it was a GREAT renovation - whole building was gutted and redone. Awesome management company. Total rent = $2800.

I went to approximately 10 buildings in the Fidi/BPC area yesterday hoping for a 2 BR for my 2004 price......yeah right. I ended up with a 1 BR + Home Office for a good bit more!

Long story short........rents might be off their highs, but in my research over the past few months of downtown neighborhoods (Chelsea on down) they are not yet at 2004 levels. That's for sure!

broker

@ - atl2009fidi - I agree. I was looking to buy but decided to continue to rent. I live downtown already, and wanted to stay here. They aren't giving things away. Columbiacounty - when was the last time you looked to rent something down here? I don't know of your previous posts, so if I appear insulting, please forgive me.

columbiacounty, are you calling me a broker? couldn't tell by your post. i'm definitely not a broker. i'm just a person moving from atlanta back to nyc. however, i have done at least 50 hours of solid research on craigslist, streeteasy, ny bits, broker websites over the past 2 months preparing for a move. it just feels to me that things are not yet back down to 2004 levels, given that I am paying now more for a 1 BR / 1 BA than I paid for a true 2/2 back then.

True. My exact apartment in Fidi is for rent now at its 2006 rent, NOT its 2004 rent. However you CAN bargain most of those buildings down another 5%.

"columbiacounty, are you calling me a broker?"

Funny when it seems that this is the worst thing someone can call someone around here LOLZ.