o much for Jim Jones kool aid. Vacancies UP, y-o-y rent declines once again. Year-over-year Changes Non-Doorman Doorman March '09 March '10 Change March '09 March '10 Change Studios $1959 $1930 -1.48 $2316 $2253 -2.71% One-bedrooms $2624 $2595 -1.11% $3329 $3276 -1.59% Two-bedrooms $3738 $3675 -1.68% $5129 $5101 -0.54%Price INCREASES in some segments "non-prime Manhattan", "Harlem— Doorman... [more]
o much for Jim Jones kool aid. Vacancies UP, y-o-y rent declines once again.
Year-over-year Changes
Non-Doorman Doorman
March '09 March '10 Change March '09 March '10 Change
Studios $1959 $1930 -1.48 $2316 $2253 -2.71%
One-bedrooms $2624 $2595 -1.11% $3329 $3276 -1.59%
Two-bedrooms $3738 $3675 -1.68% $5129 $5101 -0.54%Price INCREASES in some segments "non-prime Manhattan",
"Harlem— Doorman one-bedrooms (1.11%), doorman two-bedrooms (1.80%)...
...Midtown West— Doorman studios (0.49%), non-doorman one-bedrooms (3.52%), non-doorman two-bedrooms (2.95%)...
....East Village— Non-doorman studios (6.69%), doorman studios (7.96%), doorman one-bedrooms (4.02%), non-doorman two-bedrooms (6.79%)...
...Lower East Side— Non-doorman studios (4.60%), doorman studios (6.76%), non-doorman one-bedrooms (5.92%), doorman one-bedrooms (3.70%), doorman two-bedrooms (5.84%)
...Financial District— Doorman one-bedrooms (2.74%), doorman two-bedrooms (2.77%)
Battery Park City— Doorman one-bedrooms (5.71%), doorman two-bedrooms (1.68%)..."
also price DECREASES in some segments of "Prime Manhattan." So again, every single thing he said is wrong.
"Chelsea— Non-doorman studios (-1.69%), doorman studios (-1.78%), non-doorman one-bedrooms (-2.69%), non-doorman two-bedrooms (-0.75%)...
...Gramercy Park— Non-doorman one-bedrooms (-1.74%), non-doorman two-bedrooms (-1.07%)
Greenwich Village— Non-doorman studios (-0.30%), doorman studios (-3.79%), doorman one-bedrooms (-1.74%), non-doorman two-bedrooms (-4.41%), doorman two-bedrooms (-4.23%)...
...SoHo— Non-doorman one-bedrooms (-2.31%), doorman one-bedrooms (-6.62%)"
http://www.tregny.com/manhattan_rental_market_report[less]
Response by wad
almost 16 years ago
Posts: 99
Member since: Dec 2008
But but but those aren't the luxury properties with the Tony addresses!!!!!!!
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Response by josefsz
almost 16 years ago
Posts: 77
Member since: Oct 2008
jim honessssss!!!!
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Response by jim_hones10
almost 16 years ago
Posts: 3413
Member since: Jan 2010
The Real Estate Group NY is proud to present the March 2010 edition of our Manhattan Rental Market Report™, the only research on the city’s rental rates published on a monthly basis.
The Manhattan rental market continues its slow return to normality this month. Rents are up 0.62% across Manhattan this month vs. last and the gap in year-over-year numbers continues to close. March 2010 numbers only lag 2009 figures by 1.52%. Vacancies, however, did see an increase of 1.21% overall.
While adjustments from landlords and property managers were sparse this month, as the spring and summer months bring an increase in activity to the market, renters should expect to see steady price increases from landlords looking to recoup some of their down market losses.
A Quick Look
don't forget to summary
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Response by jim_hones10
almost 16 years ago
Posts: 3413
Member since: Jan 2010
or did you forget to read the part that says rents are up this month as opposed to last?
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Response by West34
almost 16 years ago
Posts: 1040
Member since: Mar 2009
Re: renters should expect to see steady price increases from landlords looking to recoup some of their down market losses [AND] Vacancies, however, did see an increase of 1.21% overall.
hones -- do you see a bit of a disconnect here?
By this logic -- stock prices will rise because sellers must recoup their prior market losses. uhhhh?
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Response by West34
almost 16 years ago
Posts: 1040
Member since: Mar 2009
hones broker logic:
landlord #1: "I lost a bundle last year as rents fell!"
landlord #2: "Yeah me too. So even though we've got even more vacancies, let's RAISE rents so we can make back those losses!"
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Response by jim_hones10
almost 16 years ago
Posts: 3413
Member since: Jan 2010
fact 1. rents are up month to month since january
fact 2. concessions are being pulled, albeit slowly
the owners are the ones who set the prices, not brokers.
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Response by marco_m
almost 16 years ago
Posts: 2481
Member since: Dec 2008
whats the main driver behind spring / summer activity?
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Response by jim_hones10
almost 16 years ago
Posts: 3413
Member since: Jan 2010
you expect me to say: new hires so you can try and shit all over it
its simpler then that: leases expire every 12 months (or 24). most people move in the spring and summer and they always will except for some lease breaks
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Response by urbandigs
almost 16 years ago
Posts: 3629
Member since: Jan 2006
net effective rent trends are the only measurement that will show the extreme the rental and sales markets came from..how can they possible get a wide and accurate enough dataset to really see these trends. I think its impossible. concessions were the rule in 2009, to a large degree.
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Response by NYC10013
almost 16 years ago
Posts: 464
Member since: Jan 2007
cojones, go try to convince someone to pay you a fee on a no fee rental. Rents are up a TINY amount during a low volume month and everyone knows the reports are skewed by landlords - whoopdeedoo - let's see what happens this summer when 60-70% of leases turnover.
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Response by jim_hones10
almost 16 years ago
Posts: 3413
Member since: Jan 2010
NYC10013
2 minutes ago
ignore this person
report abuse cojones, go try to convince someone to pay you a fee on a no fee rental. Rents are up a TINY amount during a low volume month and everyone knows the reports are skewed by landlords - whoopdeedoo - let's see what happens this summer when 60-70% of leases turnover.
"reports are skewed" yet they seem to be your bible huh? what's up with that? "the data is shit, but i am going to try and use it to prove my point" signed ny10013
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Response by jason10006
almost 16 years ago
Posts: 5257
Member since: Jan 2009
Jim TOP said YEAR OVER YEAR RENT declines. That is what YOY means. Dummy.
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Response by jason10006
almost 16 years ago
Posts: 5257
Member since: Jan 2009
....or as UD might tell you "seasonality." Month over month is useless.
And YOU were the one who spent 84 posts saying inventory was down, when in fact...it was up. Ooooops.
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Response by somewhereelse
almost 16 years ago
Posts: 7435
Member since: Oct 2009
b..b..b..b..b..b..b..b..b..b..but
I thought rents were only going up!
Oh no, the brokers aren't right after all?!?!?!
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Response by NYC10013
almost 16 years ago
Posts: 464
Member since: Jan 2007
don't get mad, cojones, get even. Post another ten no-fee apts on your site - there's plenty of inventory to choose from...
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Response by hejiranyc
almost 16 years ago
Posts: 255
Member since: Jan 2009
I'm getting offered a renewal for two years at a 10% discount. Yeah, the market must be smoking hot!
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Response by somewhereelse
almost 16 years ago
Posts: 7435
Member since: Oct 2009
hot, hot, hot I tell you!
Just like the sales market was hot in '08!
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Response by jim_hones10
almost 16 years ago
Posts: 3413
Member since: Jan 2010
i don't know why i bother, its not as if it matters what any of you think anyway
this is a board where the basic premise of 80% of the posts either slam the real estate industry, or are just opportunities for blowhard know it all's to expound on any something they know very little about
i think most of you are jealous.. you don't have a job where you can get away with doing very little (i'll admit i dont think very highly of my competition) and earn a good income.
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Response by somewhereelse
almost 16 years ago
Posts: 7435
Member since: Oct 2009
> i don't know why i bother, its not as if it matters what any of you think anyway
Yes, because Jim will continue lying to potential clients no matter what we say or what evidence he is shown!
> this is a board where the basic premise of 80% of the posts either slam the real estate industry
And the other 20% are folks who couldn't get into good (or any) colleges so they chose to be RE brokers, and have to lie to get business.
> or are just opportunities for blowhard know it all's to expound on any something they know very little about
Few folks know less about RE than RE brokers... so what's your point?
> i think most of you are jealous.. you don't have a job where you can get away with doing very little
> (i'll admit i dont think very highly of my competition) and earn a good income.
Yes, RE broker jobs... up there with begging, stealing, welfare, for low effort paydays...
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Response by jason10006
almost 16 years ago
Posts: 5257
Member since: Jan 2009
No, Jim jones, I have ALWAYS only been talking about YOY increases...you are the only one talking about MOM. MOM is less meaningful because...wait of it...seasonality.
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Response by jhochle
almost 16 years ago
Posts: 257
Member since: Mar 2009
I know it is only 1 data point but...
I rent in a new building just off Bowery and Houston. I renewed about 9 months ago for $3500. At that time they were offering 1 month free to new rentals, but I did not qualify since I already lived in the building.
A friend of mine asked me to inquire about availabilities and rates in my building. They only have 1 unit available (not the same line as mine), and 1 unit coming available next month (same line as mine), they will be asking $3625 and not offering any free months.
But but but those aren't the luxury properties with the Tony addresses!!!!!!!
jim honessssss!!!!
The Real Estate Group NY is proud to present the March 2010 edition of our Manhattan Rental Market Report™, the only research on the city’s rental rates published on a monthly basis.
The Manhattan rental market continues its slow return to normality this month. Rents are up 0.62% across Manhattan this month vs. last and the gap in year-over-year numbers continues to close. March 2010 numbers only lag 2009 figures by 1.52%. Vacancies, however, did see an increase of 1.21% overall.
While adjustments from landlords and property managers were sparse this month, as the spring and summer months bring an increase in activity to the market, renters should expect to see steady price increases from landlords looking to recoup some of their down market losses.
A Quick Look
don't forget to summary
or did you forget to read the part that says rents are up this month as opposed to last?
Re: renters should expect to see steady price increases from landlords looking to recoup some of their down market losses [AND] Vacancies, however, did see an increase of 1.21% overall.
hones -- do you see a bit of a disconnect here?
By this logic -- stock prices will rise because sellers must recoup their prior market losses. uhhhh?
hones broker logic:
landlord #1: "I lost a bundle last year as rents fell!"
landlord #2: "Yeah me too. So even though we've got even more vacancies, let's RAISE rents so we can make back those losses!"
fact 1. rents are up month to month since january
fact 2. concessions are being pulled, albeit slowly
the owners are the ones who set the prices, not brokers.
whats the main driver behind spring / summer activity?
you expect me to say: new hires so you can try and shit all over it
its simpler then that: leases expire every 12 months (or 24). most people move in the spring and summer and they always will except for some lease breaks
net effective rent trends are the only measurement that will show the extreme the rental and sales markets came from..how can they possible get a wide and accurate enough dataset to really see these trends. I think its impossible. concessions were the rule in 2009, to a large degree.
cojones, go try to convince someone to pay you a fee on a no fee rental. Rents are up a TINY amount during a low volume month and everyone knows the reports are skewed by landlords - whoopdeedoo - let's see what happens this summer when 60-70% of leases turnover.
NYC10013
2 minutes ago
ignore this person
report abuse cojones, go try to convince someone to pay you a fee on a no fee rental. Rents are up a TINY amount during a low volume month and everyone knows the reports are skewed by landlords - whoopdeedoo - let's see what happens this summer when 60-70% of leases turnover.
"reports are skewed" yet they seem to be your bible huh? what's up with that? "the data is shit, but i am going to try and use it to prove my point" signed ny10013
Jim TOP said YEAR OVER YEAR RENT declines. That is what YOY means. Dummy.
....or as UD might tell you "seasonality." Month over month is useless.
And YOU were the one who spent 84 posts saying inventory was down, when in fact...it was up. Ooooops.
b..b..b..b..b..b..b..b..b..b..but
I thought rents were only going up!
Oh no, the brokers aren't right after all?!?!?!
don't get mad, cojones, get even. Post another ten no-fee apts on your site - there's plenty of inventory to choose from...
I'm getting offered a renewal for two years at a 10% discount. Yeah, the market must be smoking hot!
hot, hot, hot I tell you!
Just like the sales market was hot in '08!
i don't know why i bother, its not as if it matters what any of you think anyway
this is a board where the basic premise of 80% of the posts either slam the real estate industry, or are just opportunities for blowhard know it all's to expound on any something they know very little about
i think most of you are jealous.. you don't have a job where you can get away with doing very little (i'll admit i dont think very highly of my competition) and earn a good income.
> i don't know why i bother, its not as if it matters what any of you think anyway
Yes, because Jim will continue lying to potential clients no matter what we say or what evidence he is shown!
> this is a board where the basic premise of 80% of the posts either slam the real estate industry
And the other 20% are folks who couldn't get into good (or any) colleges so they chose to be RE brokers, and have to lie to get business.
> or are just opportunities for blowhard know it all's to expound on any something they know very little about
Few folks know less about RE than RE brokers... so what's your point?
> i think most of you are jealous.. you don't have a job where you can get away with doing very little
> (i'll admit i dont think very highly of my competition) and earn a good income.
Yes, RE broker jobs... up there with begging, stealing, welfare, for low effort paydays...
No, Jim jones, I have ALWAYS only been talking about YOY increases...you are the only one talking about MOM. MOM is less meaningful because...wait of it...seasonality.
I know it is only 1 data point but...
I rent in a new building just off Bowery and Houston. I renewed about 9 months ago for $3500. At that time they were offering 1 month free to new rentals, but I did not qualify since I already lived in the building.
A friend of mine asked me to inquire about availabilities and rates in my building. They only have 1 unit available (not the same line as mine), and 1 unit coming available next month (same line as mine), they will be asking $3625 and not offering any free months.