More Rent Decline Numbers - Now MoM

and more on rents...

CurbedWire: Archstone RentChopper —"Go to Archstone's New York website and click the search option for flexible dates. The available NYC apartments pop up with what the places are going for, and many 1BRs are in the $2,500 to $3,300 range. I've been following this for 2 years and those are all WAY down. None of those buildings used to have rents going for less than $3,000 for 1BRs as recently as summer/fall. Actually many of the studios used to be >3000. In Archstone Key West (right) I am paying $3,085 for a 1BR. Now they are from $2,700 and those have new plank flooring, stainless appliances, etc. Also, they are now allowing pressurized walls in the 2BRs, which were banned when Archstone took over." [CurbedWire Inbox]

http://www.archstoneapartments.com/Search_Results.htm?state=NY&market=90

It's never been a better time to be a renter.

I thought the rent declines would slow. But I'm seeing better deals pretty much every week.

Seems like we have some more time before this all shakes out.

HAHAHAHAHHA.... looks like when the sale "market" was getting bid up by mariachi players... the rental market sort of followed along as inventory shrunk and this led to the "virtuous" cycle of higher bids, higher rents, higher bids etc...

Now on our "vertical" drop, it seems like as soon as more rental units drop their prices, selling units have to chop away their "in the sky dream" prices... which makes more buyers say WTF? maybe me waits it out... but so many household formations in the last 10 yrs has been people buying 2, 3, 10 "investment" units that they are all trying to "rent" to cover their nutz that it's driving rents down... which then leads to more price cuts....

My prediction on stabilization of NYC RE is wholly dependent on the stabilization of the rental market FIRST. Until then it's just chop, chop, chop your prices people... can I get a chop here, can I get a chop there.... wHHooooT! Whooot! :)

god save the orion

you just made my weekend. thanks

PMG... what's the Orion.. like the nebula?

The Orion is the building that fueled all this NYC real estate nonsense:

http://wirednewyork.com/forum/showthread.php?t=5152

the w 42nd st development's values may not be as permanent as the constellation

Thxs..jm/PMG... enjoy the weekend... I'm expecting oldbuyer to rally and say something nasty to me... apparently it's a full time job yelling at his wife during the work-week :)

Those archstone 2-bedroom prices are pretty stunning. We were looking only 2 months ago, and at the time, were amazed at how many deals were to be had, and how quickly the rental market had softened. But we didn't see anything close to what those prices look like now. Almost makes me wish we had waited, but would've been tough to do.