Rentals still seem really expensive

And some used to be in the $5ks.

The market stats show 17+% down. You just have to look more carefully.

Seems like pricing of a mattress at the department store. No one was ever renting these at $5K. And $4300 is very expensive. Down 17% from the artificial price is a joke and hardly shows enough softness in the rental market. Unfortunately.

actually, you'd be amazed at what related was getting for some of their rentals. major landlords test market potential in the summer. newbies enter then, not as much experience, landlords try to bake in the highest rental rates during the summer as that is the period of greatest turnover. i would never sign a lease for earlier than October, preferably November-April. June through September is awful.

Febreezio: $4300 certainly is hefty indeed, suggesting it's either in a primo neighborhood or has something unusual, like a terrific view. Barring all that, I'd be willing to be that it also happens to be in a terrific public school district (especially elementary school).

Those units are the last bastion of super-high prices, because it's such a plus for a young family to be able to drop their toddler off at one of the best public schools in the city. The value of that benefit alone certainly rates in the hundreds of dollars per month, especially compared to the difficulty and expense of getting into a private school.

I don't tend to think of one-bedrooms as family apartments, but, hey, if it's a good size and a wall can be put up making it a convertible 2-br, for parents without a ton of money to burn, I think it's a "go".

> Seems like pricing of a mattress at the department store. No one was ever renting these at $5K.

You don't know much about Manhattan then. Folks were absolutely renting those at $5k.

> Down 17% from the artificial price is a joke

Again, you don't seem to be getting how stats work. That isn't a reduction in asking prices, its a reduction in ACTUAL RENTS.

If you really think noone was paying $5k, then you have 0 basis of reference.

I don't necessarily think rents are too expensive, I just think they're all over the place!!! I've been watching the rental market for over a year now (looking for a 2 bed/2 bath apt) and they've definitely come down in price. 2/2 were renting for around $6k a year ago and now they're ranging from $3900 to $5500. What I find funny is the vast array of prices with not many differences in space.

For example:
http://www.streeteasy.com/nyc/rental/554955-coop-250-east-63rd-street-lenox-hill-new-york
250 East 63rd St, 2/2 for $4100. Looks huge (with sep dining space, which is a must for me)

http://cccnyc.com/node/4854
245 East 63rd St, 2/2.5 for $5500.

That's a $1400 difference!!!!!! I've seen the one at 245 East 63rd St and it has NOT been renovated at all (in fact it's quite old and dated). I haven't seen the one at 250 East 63rd St. HAS ANYONE SEEN IT? Both have great space but how do you account for the $1400 difference?? This is what I can't understand in this market.

$4100 for a 2/2 with a dining room!

my, my, have times changed.

(and if you don't think this was more than $5k in the past, welcome back from siberia)

Oh I'm sure the $4100 apt was way more than $5000 a year ago ... my question is: How can two apts across the street from one another in identical rental buildings be $1400 apart in price????

http://www.urbansherpany.com/HoodStats

Seems like Related Rentals is not an accurate measure of the market. This tool i linked above is the best at painting the picture of current market conditions.

Related is one of the highest price property owners. They have made major reductions in rents to current in prospective tennants but are still super expensive. And rents have come up this summer, with an expected decrease again this fall/winter season.