Not sure how easy it is to do comps for rentals (i.e. use the exact same apartment this year vs. last year, or same line in a building with identical condition), but I think it's worth a try, if others are interested. I'll start: We live in a Flex 3 with large outdoor space in a doorman building in what I consider to be a pretty good area (although not uber-prime). We pay $5400, and got a month... [more]
Not sure how easy it is to do comps for rentals (i.e. use the exact same apartment this year vs. last year, or same line in a building with identical condition), but I think it's worth a try, if others are interested. I'll start:
We live in a Flex 3 with large outdoor space in a doorman building in what I consider to be a pretty good area (although not uber-prime). We pay $5400, and got a month free rent. The management company accidentally slipped a rent bill for the prior tenant under our door. They were paying $6315. No idea whether they got any free, rent, but my guess would be no, since it was virtually unheard of a year ago.
So our rent is 14% lower than the prior tenant's. If you factor in the free month that we got and they probably didn't, effective rent of $4950 works out to 22% lower. Pretty stunning data point, at least to me.
As an aside, I would consider our apartment to be approximately equivalent to this one:
http://www.streeteasy.com/nyc/sale/349526-condo-275-west-96th-street-upper-west-side-new-york,
which is for rent with an asking price of $7500. Similar size; our outdoor space is a bit smaller, but we're on a much higher floor with great views; our finishes and building are not as nice, but our area is meaningfully better. If I had to choose between our apartment and this one for the same price, it would be a close call. My point is that I consider their asking price a complete joke.
[less]
Response by LookingAround
almost 17 years ago
Posts: 73
Member since: Dec 2008
Your comp is a condo. I rented there a couple of years ago. It is a unique building, to say the least. Their biggest selling point is a wonderful health club. The outdoor space is adjacent to the semi-public garden, above the parking garage. The owners may just be looking for incentive to vacate for a mere rental as opposed to a sale. If I didn't know the "quality" of the construction and the mgt/board firsthand, I would be tempted, but I am looking for more space. I have friends who own there.
Ignored comment.
Unhide
Response by mbz
almost 17 years ago
Posts: 238
Member since: Feb 2008
In my estimation i would say pure comps are down at least 20%.
Ignored comment.
Unhide
Response by anonymous
almost 17 years ago
On Tuesday, that condo rental you've been considering will drop its asking rent. Watch for it.
Ignored comment.
Unhide
Response by newbuyer99
almost 17 years ago
Posts: 1231
Member since: Jul 2008
LookingAround and gleeclub, I also know 275 West 96th well. Friends rent a condo there. Agreed on the healthclub, don't know anything about the board, and friends have had no problems with quality of construction.
To be clear, I was NOT using that as a comp, it was just an aside. The comp was my own apartment, from prior tenant to me.
Anyone else have interesting examples? I'd love to start a thread similar to the sales comp thread (more difficult to do, I know), because I think it would help readers get a sense of different segments of the market.
'/%3e%3c/g%3e%3c/svg%3e)
Your comp is a condo. I rented there a couple of years ago. It is a unique building, to say the least. Their biggest selling point is a wonderful health club. The outdoor space is adjacent to the semi-public garden, above the parking garage. The owners may just be looking for incentive to vacate for a mere rental as opposed to a sale. If I didn't know the "quality" of the construction and the mgt/board firsthand, I would be tempted, but I am looking for more space. I have friends who own there.
In my estimation i would say pure comps are down at least 20%.
On Tuesday, that condo rental you've been considering will drop its asking rent. Watch for it.
LookingAround and gleeclub, I also know 275 West 96th well. Friends rent a condo there. Agreed on the healthclub, don't know anything about the board, and friends have had no problems with quality of construction.
To be clear, I was NOT using that as a comp, it was just an aside. The comp was my own apartment, from prior tenant to me.
Anyone else have interesting examples? I'd love to start a thread similar to the sales comp thread (more difficult to do, I know), because I think it would help readers get a sense of different segments of the market.