Apartment Rentals in New York City – what you need to know.
Posts Tagged ‘rents ’
Vacancy rates at rental apartments in Manhattan continued to decline in April, encouraging landlords to begin pulling back on tenant concessions.
The frenzy for Manhattan rentals is making a comeback, a sign of a rebound in the nation\’s largest and most complex leasing market.
Another sign that the residential market is stabilizing, vacancy rates at apartment buildings in Brooklyn are expected to rise only modestly this year following a significant increase last year and a large number of new units hitting the market, according to a recently released report.
Folks, we are getting very close to a state of equilibrium in the rental market, the place where rental demand comes close to matching existing vacancies. I\’m not a statistician, so I don\’t have hard numbers to prove it, but we here at RDNY.com are beginning to see the number of available listings decline while the number of new potential renters is climbing. We are beginning to see landlords raising rents cautiously and we are beginning to see renters looking at their backup neighborhoods.
Sure we have those high priced apartments. But we have plenty of other Manhattan rental apartments that rent for a lot less too. Perfectly good apartments.
Effective rents in New York City, the most competitive apartment rental market in the country, rose 0.9 percentage points to $2,667 per month in the first three months of the year after falling 2.9% last year.
It certainly looks like we turned the corner this time around, one quarter sooner than I expected,\” said Victor Calanog, Reis director of research.
Moreover, net absorption — apartments rented after discounting those vacated — surged by 20,424 units in the first quarter, Reis said. It was the largest net positive jump in occupied stock in the first quarter on record in 10 years, Reis said.
NYC Renters have been having a good run the past year or so. But the party may be drawing to a close. The evidence, New York City apartment operators are gearing up to build new rental units.
This chart shows how rents have fallen over the past two years, but are beginning to firm up now.
By John Gittelsohn Jan. 14 (Bloomberg) — Manhattan apartment rents dropped 9.4 percent in the fourth quarter of 2009 from a year earlier as Wall Street jobs vanished in the recession. The median rent fell for all apartment sizes except two- bedrooms, which were little changed, according to a report today by broker Prudential Douglas Elliman Real Estate and appraiser…
Thousands of Lower Manhattan apartments could become rent-stabilized based on a recent court decision. On Dec. 23, Housing Court Judge Bruce Scheckowitz ruled that a market-rate apartment in 37 Wall St. should be rent-stabilized because the building’s owner is receiving a 421-g tax break. In an echo of the Stuyvesant Town case from earlier last year, the owner of 37…
Let\’s skip most of the news report. We\’re only really interested in the NYC marketplace. Here\’s what the Reuter\’s article had to say about NYC: Higher priced rental properties in Manhattan drove the vacancy decline, while apartment buildings in more middle-class boroughs such as the Bronx, Brooklyn and Queens haven\’t been able to dodge the bullet. On average, close to…
You bet they did. This is from Bloomberg.com: Manhattan Apartment Rents Fell 7% on Unemployment Dec. 22 (Bloomberg) — Manhattan rents fell as much as 7 percent in the year ended Dec. 15 as the recession helped some tenants move up to larger apartments for less. Rents for studio apartments dropped 7 percent to an average of $2,247 a month…
By: Alex Frean for the TimesOnline.co.uk The collapse last year of Dawnay Day, the sprawling British investment company, which sank under £750 million of debt, has put more than a thousand rent-stabilized apartments in New York into foreclosure, leaving their tenants in limbo. Yesterday a group of tenants staged a protest at the Bank of New York Mellon, which holds…
From New York Times on June 21, 2008 comes more news that finding a good rental apartment is getting tougher: Rise in Renters Erasing Gains for Ownership Here\’s the important parts for us renters: . . . the percentage of households headed by renters increased to 32.2 percent, from 30.9 percent. The figures, while seemingly modest, reflect a significant shift…
I haven\’t been inspired lately to add to this blog. Things have been quiet on the rental front, until I saw this eye-catching graph in the New York Observer: And here\’s more not so good news from the article by Tom Acitelli: It’s on again: the spring hunt for Manhattan apartments, and, according to the numbers, this season should be…
These numbers are from a bloomberg.com report by Sharon L. Lynch that also had info about sales. I\’ve extracted only the rental data: Manhattan apartment rents climbed 5.5% in 2007 to an average of $3,310 a month for all sizes of apartments south of 96th Street. Vacancy rates remained around 1% for the third consecutive year. New properties with doorman…
Here\’s an interesting article from the New York Observer that says rents are going down in Doorman buildings: