Market correction
Started by muromec
over 8 years ago
Posts: 323
Member since: Oct 2009
Discussion about
Add Your Comment
Recommended for You
-
From our blog
NYC Open Houses for November 19 and 20 - More from our blog
Most popular
-
9 Comments
-
13 Comments
-
20 Comments
-
25 Comments
-
23 Comments
Recommended for You
-
From our blog
NYC Open Houses for November 19 and 20 - More from our blog
look at the bottom of the link page for market trends
I think high $ amount rents (over 10k per month) are down 10-15 percent). Ultra luxury (more than 20k per month) 25 percent. Not sure if 1 bed rooms are down that much. 2 bedrooms (6-7k) probably did not go up much or are down a touch.
Rents are actually down more than the statistics suggest because you have to figure in the boom in concessions (owners paying broker's fees and free rent).
so based on the above , the market should go down , correct?
That is what I have been saying on here for a while.
So when will some of these nice west side Manhattan new developments start trading below $2,000 PPSF? It's still no bargain. Not sure who they expect to pick up all of this supply.
Thought 1 West End is around $2k level.
Last winter I saw rents go down 15% to 20%. I am already seeing rents go down and expect the same softness this winter. Contrary to all the hype and the NYT is the biggest culprit of hype I think rents will go much lower. Starting salaries are lower, there is a ton of new inventory on the market and parents of millennials are realizing how ridiculous it is that they fund their kids barely working in luxury housing.
https://ny.curbed.com/2017/8/2/16082774/nyc-vacancy-brooklyn-manhattan-rentals
If the NYC rental vacancy rate goes above 5%, I wonder if that will affect the postwar "housing emergency" as defined in the rent stabilization laws. Does anyone with legal knowledge have any insight into that?
http://www.nycrgb.org/html/about/intro%20PDF/Table1.pdf
Nothing stopping passage of a new act which puts a stay. Something like - vacancy needs to be sustained over a period of x years.
http://www.nycrgb.org/html/about/intro%20PDF/Table2.pdf
https://therealdeal.com/2018/05/04/summer-rental-surge-wont-be-strong-enough-to-impact-concessions/
https://www.6sqft.com/cynthia-nixons-rent-justice-for-all-platform-would-extend-rent-stabilization-and-boost-tenant-protection/
https://therealdeal.com/2018/05/10/price-pressure-skewed-inventory-continue-to-drive-up-concessions-in-manhattan-rentals/