rents dropping - beware

"fair" . . . in real estate . . . . please define that

I see they are posting a "net effective" price. How 2009 trashy.

Do you like living in this building otherwise?

The building itself is OK. Area is still a bit rough, as the recent mugging outside suggests, but getting better with the seemingly dozens of new buildings going up around it. Raising rents for current tenants while simultaneously lowering them for new tenants in identical units leaves a really bitter taste.

The really bitter taste could be a neurological effect symptomatic of chemical poisoning from the brownfields these buildings were built on. Consult the National Institutes for Health just as soon as you have time to have the personal damage assessed.

alanhart, are you a health professional?

Rental rates will fall further over the coming months. It expects that capital growth will outstrip rental growth. That seems the likeliest outcome.Rental yields are already growing at their slowest rate on record. A rebound seems unlikely considering higher supply and rising construction. Rising investment levels will maintain pressure on rents.The outcome of all this is that renters will have a lot of choice at their disposal. And choice means only thing: lower rents.

The amount of supply in Long Island City increasing astronomically with what must be at least 8-10 huge buildings and many smaller rental buildings being built. And yet Rockrose chooses to continue to raise everyone's rent, and not negotiate. It's a pretty decent building but know that this company isn't just going to raise your rent no matter what.

correction: "IS" going to raise your rent no matter what. The management resembles the management of the IRS or Post Office. It's incredibly bureaucratic and difficult to have any kind of discussion.

Simple economic forces at work here. Moving costs time (finding somewhere new, packing, unpacking) and money (movers) - perhaps a few thousand, all up. Your landlord understands this, so they'll always try to raise your rent by some amount that's appealing compared to the costs you'd otherwise incur by moving.

Another way of saying this is that the apartment is worth more to its current tenant (who saves a move by staying there) than it is to any other tenant, who would have to move - so may as well have a go increasing the rent for the current tenant.

If you don't like it, you'll have to actually move to get a better deal, or buy an apartment. This is not an issue with your current management, all landlords do this. It's an issue with renting in general.

Same thing applies to your insurance, phone plan, etc, etc - loyalty, being a good tenant, doesn't come into it.

Bryantpark has a pretty naive point of view.

The theoretical premium the current tenant will pay will survive for the 1st renewal period, and then the tenant is on notice - maybe momentum and circumstances keep a portion of this group through to a second renewal, but that's it. That's it.