"Rents Climb In Downturn, Demand Up"

Where the hell can you rent for only $1100??

jamaica, queens

But all hope is not lost for those seeking rentals in Manhattan. Studios and one-bedroom apartments in areas such as Harlem, Battery Park City, and Midtown East down through to the East Village are all demonstrating a decrease in average rent. In the Financial District, deals exist on various popular doorman buildings. If anything, one can take comfort in the fact that properties are being sold quickly enough for both rent and demand to be driven up so greatly. As we live in a growing rental market where renters are eager to quickly snatch up any one of the few remaining apartments, high rates of rent will only be natural, but that doesn't mean they're universal
http://luxuryrentalsmanhattan.com/blog/2012/06/manhattan-rental-market-soars-to-new-heights

"Where the hell can you rent for only $1100??"

Does seem kind of low, doesn't it? But I have never looked at rents in Jamaica, East NY, out by Coney Island, etc.

What do you expect? Only the super-rich can afford to buy in decent Manhattan or Brooklyn neighborhoods. Half of the apartments in NYC are rent stabilized, so supply is always restricted.

"Where the hell can you rent for only $1100??"

According to streeteasy as of today, (1) 500 W. 165th St. in Washington Heights; (2) 14 Bogardus Place in Fort George; (3) 518 Fort Washington Ave. in Hudson Heights. (2) and (3) admit to being studios, (1) claims to be a one-bedroom.

Brooks, where did you rent recently with that great deal for a great apartment, with no broker?

Astoria, hburg.

What I want to know, is why/when the credit score become the be-all and end-all in NYC rentals.

Those numbers are weighted down by rent-stabilized apartments. I have a rent-stabilized
1-bd in a prime Hell's Kitchen doorman building that rented for under $1200 until this
year, and a 700 ft 1-bd in a well-located well-maintained Midwood Brooklyn building that
rents for under $700.

In the early 1990's I saw lists of numerous stabilized and controlled coops on Central Oark
West in the low to mid-60s, or right off those locations, that were renting for $100/month +/-

In the late 1980's/early 1990's a friend owned a 1-bd in a HOT west village location that was
renting for $27/month.

Tenants in those apartments often have to be carried out of them, unless their owners are lucky
enough to have friends with trucks and above-average maneuvering skills.

> Those numbers are weighted down by rent-stabilized apartments. I have a rent-stabilized
1-bd in a prime Hell's Kitchen doorman building that rented for under $1200 until this
year, and a 700 ft 1-bd in a well-located well-maintained Midwood Brooklyn building that
rents for under $700.

at the same time? so you live in a rent stab in Manhattan and later on became a landlord in Brooklyn renting it for < $700? otherwise, having 2 rent stabs would be illegal, right? don't know, maybe you are divorce though and maintain 2 different households.

notadmin:

Those are coops I own. I had another a few years ago who paid $560
for a well-loctaed doorman studio.

oh my? those rents don't even cover your carrying costs, right? guess you were never able to break even on those.

is there a list of apartments that are maintained by the city for public access? Would you as a renter want to know if any of your neighbors are rent stabilized and use that as a negotiating point on your yearly renewal?

check out whether you are subletting to somebody that has a rent stabilized lease. they cannot legally charge you more than what their own lease is (think there's a 10% increase allowed if you leave the place with furniture). the city is strict with this if you file a claim. you can even take over the lease and become a rent stab!

I bet also the average includes the 170k public/low income housing units (in whicch 500k people live.) Must.

>I bet also the average includes the 170k public/low income housing units (in whicch 500k people live.) Must.

So you disavow this entire thread that you started because of the acknowledged inaccuracy of the data?

why...hfscomm1?

why?

I don't understand - what does that mean?

Let me get this right... real estate market is so bad folks are fleeing to rentals... and this is a POSITIVE for prices?

Wow, talk about backward.

So rents are going up, we all agree. These guys seem to include market-based units, rent-controlled, rent-stabilized, and HUD housing altogether across NYC to get these figures. They focus on just LOW INCOME people, though.

I seem to be the only one who clicked on the actual report - including the reporter!

Defacto market rates must be going up by more, as verified by all the broker surveys.

>Let me get this right... real estate market is so bad folks are fleeing to rentals... and this is a POSITIVE for prices? Wow, talk about backward.

You are so smart. Your logic is heads above everyone else here.

>I seem to be the only one who clicked on the actual report - including the reporter!

Congratulations on being the only one.

"Let me get this right... real estate market is so bad folks are fleeing to rentals... and this is a POSITIVE for prices?"

Not sure who's saying that? The article is pretty clear about the increased demand being for rentals. I've definitely seen the increase in rents in my 'hood - it's been going on for well over a year now. I've said before that it's unsustainable, but the trend has lasted longer than I'd have thought. This is kind of bonkers to me, for example:

http://www.halstead.com/rental/ny/brooklyn/williamsburg/80-metropolitan-avenue/2341873

>Not sure who's saying that? 

Nobody, swe is fighting some mythical figure. Only yikes likes him because they have that lonely geek rivalry going on about where they went to high school, as if they've accomplished nothing since the age of 17.

Yes BJW, that does seem bonkers. $7750 for a 3bd still does seem steep for that area.

You can't really make that "home office" a 4th bd but you maybe could wall off part of the LR/DR to make one.

HOWEVER -

Not a lot in Manhattan proper to compare it with, A true 3/3, Outdoor space, new, WD in unit AND doorman? Not easy for under 9k. Or even 10k.

BUT most such places not in harlem in Manhattan in much better school districts than this one. So...

http://www.halstead.com/rental/ny/manhattan/midtown-west/58-west-58th-street/2352555

to repreat --"But all hope is not lost for those seeking rentals in Manhattan. Studios and one-bedroom apartments in areas such as Harlem, Battery Park City, and Midtown East down through to the East Village are all demonstrating a decrease in average rent"

Brooks, for sure there are always some neighborhoods that will dip - have to guess that BPC and Midtown East are hurting due to relatively low desirability. Especially for single yuppies. They tend to skew towards the "hipper" parts of downtown and Brooklyn. Nonetheless, the segment of the market you're pointing to is rather small, no?

Sure, move to the sketchiest neighborhoods for a 6 flight walk up. What a deal!\

true, it may be undesirable bcs /j hones lives there, but its very convenient. and, since you are not buying, why wouldn't you rent there? it is safe

Studios do not really exist in doorman buildings in Harlem. Its historically been so cheap up there, that even in brand-new buildings, the smallest units might be 700SF 1-beds. If you look in ten such buildings in Harlem on SE, you may find one with studios.

And in BPC, rents for 2- and 3-bedrooms, on a PSF basis, are WAY up over the past 1-, 5-, and 10-years. WAAAY up. Lowest crime in the entire city and best public schools + Goldman will tend to do this.

"and, since you are not buying, why wouldn't you rent there? it is safe"

I don't think safety is the issue. Fortunately, there are plenty of safe neighborhoods in the city these days. As for convenient, sure, it can be convenient for many people, but again, it's not alone, and there are other factors that I'd guess carry more/as much weight (where friends/family live, good restaurants, nightlife, etc.). Regardless, I think you're trying to fit your rationale into what's actually happening here. Just seems like other areas are more desirable; hence, rents are going up elsewhere and not so much here. It happens.

So do you brooks. In sutton place. Hnce your price.chop obsession. Cant wait for the whole foods and beekman school to open.

http://news.yahoo.com/apartment-rents-rising-vacancies-10-low-140611799--abc-news-savings-and-investment.html

"On June 1, Dan Nainan's landlord informed him that at the end of August his rent would be increasing by more than 28 percent. A five-year resident of his one-bedroom apartment located in a prime spot in New York City, Nainan's rent is set to rise to $2,700 to $2,100 in less than three months."

Ya...keep renting like all those morons here suggested over the past 3 years. I'm glad i didn't listen.

Yes, you should have listened to those who said BUY NOW, which would have likely lost you all of your invesment (20% down with a 20% decline).

GENIUS!

of course, ericho didn't actually read the entire article..
"New York City had the highest increase in the second quarter after average rents rose 1.7 percent to $2,935."

1.7% increase... vs. 100% loss. Hmm...

Not much supply and few new building projects on the way

Not much supply? 2/3 of Manhattan rents! That is a whole lot of supply.

"Ya...keep renting like all those morons here suggested over the past 3 years. I'm glad i didn't listen"

You are the moron. That works out to a CAGR of just 5% per year. But HE DID NOT ACTUALLY PAY ANY OF THAT EXTRA RENT FOR FIVE YEARS!!!! That was a FanTASTIC deal. And even now...its just 5% per year higher than it was 5 years ago. That's an extra $30,000 he did NOT have to spend. Moron.

ooprs I mean $36,000, even better.

Concernedbuthopeful, you joined in early 2009 - any update in your outlook?

I guess you have to make a few math mistakes to make the bull case...

Did you make math mistakes when you made a call to buy stocks on May 1, right before the significant downturn?