UWS rental drop too? 3 Bdr for under $6k?

For instance, IMO, this amount of space is incredible for the price, http://www.streeteasy.com/nyc/rental/422228-coop-100-riverside-drive-upper-west-side-new-york

location is good. i know its a ground floor with little to no view, but, personally, i would sacrafice that for the space and simply walk outside if i wanted a nice view.

It was on the market for $1.2 but didn't sell. Not its a rental. Wondering what's wrong w/ this apartment?

And still wondering if rental prices are going to drop??

I would think anything is possible at this point.

It seems that rental prices are still high compared to the drop in sales prices, no?

to be fairly honest in my own opinion (whatever its worth): rentals will be on par with purchase price monthlies at a 12-15x annualrent/buy px ratio. if apt prices are coming down, i don't see why the rents wouldn't drop as well.

Well, the example you're giving is quite good. That's a beautiful, well-run RSD building. So, who knows? Your wish may come true :)

But this is the only example I've come across w/great location & space for that price, which makes me think this apartment isn't indicative of the market, but rather somethings wrong with the apartment.

The only way to find out is to see it yourself. You never know what the circumstances are for the seller.

If this is still available this summer, I will definitely take a look. I doubt it will be, but stranger things have happened.

I'm wondering if others like this will be available or if this is an anomaly.

Not always a direct correlation in the drop of sales prices to a drop in rents. Also the 3 Bedroom category, both rentals and sales in the UWS, out performs the rest of the residential market in Manhattan.

We got there two months ago, but I wouldn't call it a trend yet.
http://www.streeteasy.com/nyc/rental/377863-condo-110-west-86th-street-upper-west-side-new-york
Very nice apartment. Same unit on a higher floor just closed for $1.8MM+.

oh right, I remember the 110 West 86th apartment. That's an awesome price!

It depends on (1) what you consider a three-bedroom, and (2) on what you are willing to live with.

We were looking for a 3-bedroom rental under $6K, and saw a bunch on the UWS. Most were 2-bedrooms with good-size dining rooms that you could make into a 3rd bedroom. If that works for you, then there are a ton of options now, some at/under $5K. If you need a "real" three-bedroom, that's obviously more limiting.

Tower 67 (145 West 67th) has some great deals - we saw a beautiful convertible 3, at least as large as the example you posted, on the 6th floor, asking $4995. I think the issue is the construction noise - can you live with that? Alternatively, I've seen a few listings of 3-bedroom ground floor/duplex apartments in brownstones. Does that work for you? Didn't for us.

Private outdoor space was a requirement for us. If it's not for you, obviously your options increase.

As a final thought, rental prices are usually most negotiable in the winter months, so if you're flexible, you may want to consider moving now (I got the sense EVERYONE was open to lowball rental offers this week), or wait till next winter.

Oh, one other thought - my experience is consistent with 110 West 86th - condo rental asking prices don't mean anything, and condo landlords tend to get more desperate quicker. So you may have more luck with condos than rental buildings.

UWSMOM,
In my opinion prices go down in the summer as people decide to travel and move, but in your case as you are looking for a 3 bedroom for a family perhaps that does not apply. I do see things coming down in price especially rentals..Have you considered buying? What are the reasons you would not consider buying?

Here's another example of the quirkiness of condo rentals that newbuyer99 alluded to:
http://www.streeteasy.com/nyc/rental/377843-condo-219-west-81st-street-upper-west-side-new-york

Purchased for about $3MM, and on the market as a rental since June. The building is still under construction, the lobby is a war zone, and none of the promised amenities exist yet. But Corcoran priced the rental - and described it in the listing - as though it were a finished product. Anyway, the exclusive probably expires soon, and I expect the owner would be very receptive to a direct, lowball bid - at least on a one-year deal to generate some cash flow while the building gets finished.

All - Thanks for all the helpful tips.

Newbuyer99 - why didn't the groundfloor of a brownstone work for you, if you don't mind me asking? We have thought that could be a nice option as it would offer outdoor space. But, I worry about pests on the groundfloor.

We'll hopefully end up with 2Bdr + dining room (I'm hoping not to settle for less), but a real 3 bedroom would be a special treat. We have a couple of solid reasons why we wouldn't buy in the next 5 years. Keeping rent as low as possible while still maximizing space is a definite priority (as I'm sure it is for most). A 2Bd under $5k would be the best option for us, but I may be able to weasle my way into a 3bd for over $5k if the price and space are right =).

So, condo buildings may offer flexibility. That's good to know.

Do you know if landlords (any of them) would be willing to sign the first lease for 18 months, rather than 12? A lease ending in the winter would benefit us, also for a variety of reasons.

a girl can dream...others have dropped from this price, http://www.streeteasy.com/nyc/rental/432317-coop-239-central-park-west-upper-west-side-new-york

Dear fairy god mother....

"Do you know if landlords (any of them) would be willing to sign the first lease for 18 months, rather than 12? A lease ending in the winter would benefit us, also for a variety of reasons?"

Condo landlords are open to pretty much anything. Rental building landlords' approaches vary, but most we talked to were amenable to working out non-standard lease terms with us.

Groundfloor of brownstone - totally personal preference. Some love the charm and the garden. We hated the bars on the windows, and passeby ability to look into our rooms. If ground floor works for you, there are some great deals out there.