Is it just me, or has anyone else noticed that low end rents are coming lower? I have always looked, off and on, at the low end of the spectrum of rents. For quite some time, it was next to impossible to find a studio renting for under $1500 south of 96th street outside of a sprinkling here and there; mainly in Yorkville, by the Queensboro approaches, or way down in the LES by the FDR. Now, there... [more]
Is it just me, or has anyone else noticed that low end rents are coming lower?
I have always looked, off and on, at the low end of the spectrum of rents. For quite some time, it was next to impossible to find a studio renting for under $1500 south of 96th street outside of a sprinkling here and there; mainly in Yorkville, by the Queensboro approaches, or way down in the LES by the FDR.
Now, there are quite a few places popping up on the map, all over the place and, some of them with some decent sq footage, too.
What do you guys think the opening up and falling rents in this market show? Is this the post-college grad market falling apart since there aren't many jobs for them to come up here to get? Or, perhaps, is it that the prices are the higher end are coming down and forcing many of these studios south of $1500? Or, perhaps, are landlords becoming desperate and just looking to market their places so SOMEONE will rent them instead of them staying empty for much longer?
Perhaps Manhattan will be affordable once again. Because, hell, even at $1500, one would have to make $60,000 using the brokers' favorite 40x rent calculation.
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Response by Fluter
over 16 years ago
Posts: 372
Member since: Apr 2009
I think it's the higher end rents coming down and pushing the studios down further. But the simple answer always is supply and demand.
I think it's the higher end rents coming down and pushing the studios down further. But the simple answer always is supply and demand.