Rents up.. part deux

PS what is the Miler Samuel equivalent of rental data?? i'm surprised he doesn't list it..i need neighborhood specific

http://www.tregny.com/manhattan_rental_market_report

This is the data they're using. It is neighborhood-specific.

WSJ...nuff said.
Nothin to see here....move along

grazie

LOL, rents are up but NO ONE believes it

TREGNY data is some of the most reliable available on the NY rental market. The WSJ is just reporting, and if you don't like their reporting, it's easy enough to bypass and go to the source.

You just ruined my weekend...my LL lowered my rent by $375 a month last february...he must be clapping with glee at the thought of raising rents.

hmmm......... UES has best bargains for 2-brms, topped only by Harlem
the times, they are a-changin'

I don't understand the tregny report. When they say, "lowest" for doorman or non-doorman, studio, etc., why is it that I can think of less expensive listings I've seen in realtors' windows and on streeteasy? Are the listings false, or do they not make it into tregny's data pool because the landlords are not members or something? Confusing.

I think they meant average rents for lowest/highest neighborhood. So Harlem has consistently the lowest average rents of the neighborhoods considered, but the number they give is still the average rent for that neighborhood, not the lowest you can find there.

thanks - I misread it

Ex-owners become renters.

Rents down, rents up. All I know is that I cannot afford current market rents.

Julia, my advice is to buy an affordable apartment with a low monthly carry charge. In ten years, you will be glad you did.

With sales volume low, inventory above normal and negative real estate press, it's a very good time to look.

Inventory above normal? Not in my market. There is *nothing* appealing out there, and prices are not down.

I remember exclamations over landmark numbers like 10,000 listings, 11,000 listings, last year. I think the last I heard was something like 7,000 listings today.

They are trying to hike rents, which are still considerably below the peak. I don't think they're being too lucky, though, as from what I can see inventory is increasing.

No more fake walls = lower rent, b/c people can't afford current prices.

Rents increase more than home prices. This is a slam dunk.

stevejhx - I believe the temp walls issue will certainly lower rents in doorman buildings where they are constantly used - but this new change will increase the number of apartments needed (increase demand) and overall rents go up.

Let's say two guys share a $2,500 one bed - one pays $1,400 for the real bedroom and one pays $1,100 for the temp bedroom. They aren't willing to share a bedroom - so what do they do? A real two would cost them $3,500? Or do they go to a second tier one bed for $2K? Or a studio in a doorman building for $2K or a studio in a second tier apartment for $1,500?
Lots of options but certainly the demand for different kinds of units changes and overall the demand for apartments increases.

I can see where the demand for studios might increase a bit. But as a practical matter, won't people share the same apartments, but buy partition furniture from places like IKEA?

PMG - certainly some will buy furniture - but I think the majority of 20 somethings who live in these doorman buildings would rather have privacy (read -they want to have sex without their roommates hearing it) -and they are willing to pay more for this privacy.

jazzman, yep..

sex will always be a driving statistic.. i shared a 2 bedroom (more like 1.5 bed with closets) with 2 other roomies out of college..

it's fine having to share sexual space and condom clean up day in your early 20's as well.. youre in your early 20's what else can ya do..at least youll know there's always a 2nd or 3rd dude handy for that special bukkake case

after mid-late 20's though the freedom of having your own studio to bang whoever you want (hot doorman included, easy commute) is quite liberating and well worth the markup..

satisfied groins = satisfied employee = bonus/promotion = don't have to share a 1 bed with half your fraternity who moved just down the block if ever needed for said bukkake

The WSJ has replaced the NYT with enthusiasm as the local shill for realtors. It's actually pretty remarkable. Endless stream of articles about how the NY real estate market is white hot.

Reality seems a little bit different.

All brought to you by the nice folks in the ad department.