renters-see-prices-skyrocket

So I won't be able to get a mortgage restructuring to lower my monthlies ... at any point during the next 30 years, when the value of my home plummets? How awful for me ... and how unfair that my renting neighbor can nimbly navigate the treacherous waters of an everchanging scenario.

"One- and two-bedrooms got off relatively easy, with average increases of 2.3% and 2%, respectively. Tenants will see the bulk of rent increases this year, predicts listing site Rent.com, but can expect another 3% jump when it%u2019s time to renew in 2012."

"skyrocket"???

dealboy, I assume you're not including things like common charges, taxes, insurance, and renovations in your fixed costs, right?

I'm not sure "hotpads.com" goes into that level of detail.

Perhaps what renters really saw was the Macy's spectacular, or anyway the patriotic efforts of their local volunteer firefighters and chambers of commerce, wherever they may be.

> Owners, OTOH, have fixed costs for 30 years.

Buy a lemon from the dealer and you can have fixed costs, too.

Does that make it smart?

So renters can just default and ask for an OBAMA HEMP RENT MOD.

Well, they're already getting subsidized in NYC...

now that's what I call skyrocketing.... (from inonada)

From Miller Samuel:
Year Quarter Studio 1 Bedroom 2 Bedroom 3 Bedroom 4+ Bedroom All
2011 1 2,269 3,008 4,644 7,485 12,321 3,445
2010 4 2,319 3,069 4,722 7,558 12,941 3,499
2010 3 2,306 3,053 4,414 6,851 9,903 3,460
2010 2 2,268 3,159 4,945 8,024 10,290 3,710
2010 1 2,417 3,094 5,021 8,653 12,197 3,812
2009 4 2,253 3,026 5,228 7,515 12,749 3,789
2009 3 2,252 3,026 5,048 7,603 12,925 3,759
2009 2 2,304 2,874 5,018 8,849 15,430 3,839
2009 1 2,221 3,200 5,375 8,760 15,670 4,142
2008 4 2,294 3,245 5,257 9,378 18,825 3,958
2008 3 2,441 3,344 5,139 8,676 26,172 3,796
2008 2 2,449 3,311 5,250 9,564 16,814 3,806
2008 1 2,388 3,281 5,297 9,287 27,461 3,850
2007 4 2,315 3,303 5,272 7,846 13,527 3,801
2007 3 2,282 3,308 5,122 8,035 12,378 3,757
2007 2 2,257 3,313 4,895 8,016 13,655 3,704
2007 1 2,261 3,276 5,116 8,209 17,183 3,762

The original story was not about Manhattan.

making it way less relevant than the data inonada posted...

"Big rise in rental charges for NYC apartments"

"Spikes of 9% to 11% seen over past year for studios and one-, two- and three-bedroom pads. Days on market are down; so, too, are landlord concessions."

"Manhattan's apartment vacancy rate was 0.72% in the second quarter, the lowest vacancy rate that Citi Habitats, the city's largest rental residential brokerage, has seen since it started tracking vacancies in 2002. The last time the rate was nearly this low was in second quarter of 2006, when it was 0.76%.

Average rents have seen large increases across the board over the past year, regardless of apartment size. Rental prices for studios and one-, two- and three-bedroom apartments increased 9.1%, 9.2%, 10.8% and 11.3%, respectively, according to Citi Habitats.

Similar trends could be found in a report by Prudential Douglas Elliman and Miller Samuel. The firms tracked 8,572 new rentals in the second quarter, an increase of 51.5% year-over-year, with the average apartment rental on the market for 33 days, compared with 40 last year.

“People are still coming to Manhattan looking for jobs,” said Gary Malin, president of Citi Habitats, citing what he described as a vast increase in the number of first-time leasers moving into the city."

http://www.crainsnewyork.com/article/20110708/REAL_ESTATE/110709945

Hope they find the jobs they're looking for.

This must be effective rent. I've not noticed a 10% rise in asking rents in this period. Weren't they still giving a month free rent a year ago?