A new report out digs not only into rental trends in Manhattan, Brooklyn and Queens, but also looks at employment trends as well. Since the kinds of jobs and the level of compensation employees receive is fundamental to how much people can afford to pay for rent, this analysis may provide a bit more insight than the simple rents are up or rents are down number crunching. The Mid-Year Triboro Rental Report from StreetEasy and leasing and tenant screening firm On-Site.com, authored by real estate consultant Nancy Packes, finds that some of the larger employment trends favor the outer boroughs’ more economical rents. The share of financial services employees in the city has been falling for years. In 2006, 58 percent of new renters worked in financial services, according to the report, but that fell to 44 percent in 2012. At the same time, the number of new renters employed by tech firms and the broad category of creative jobs has grown from 16 percent to 26 percent. And these people earn less than those in financial services. With less money to spend, these people are looking away from Manhattan in ever greater numbers. As a result, Manhattan rents have seen sluggish growth. Rents in Brooklyn, on the other hand, have been on the rise (though other reports have found slow growth here in recent quarters too). This report, which only examines rents through the first half of 2012, found that rents on studios in buildings with a doorman were up 16 percent over the previous year. Two-bedrooms in doorman buildings were up 22 percent in the year. And, the report concludes, there is plenty of room for rents to go even higher. “Looking at a renter’s ability to spend, there appears to be further capacity to push rents. Why? Over the last five years, salaries have not decreased, yet today’s income spent toward rent rests at its five-year average, having dropped 20% perent from its 2007 peak.” And it’s the creatives who spend the highest proportion of their incomes on rent.
Creative Workers Drive Down Rents [WSJ]
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Come out to Brooklyn Bridge Park this weekend to enjoy spring temperatures and classical music played on a floating barge off Fulton Ferry slip. Violinist Mara Milkis and pianist Francine Kay will play tunes from Telemann, Prokofiev, Schubert and Schumann Friday evening at 7 pm. Tickets are $35, $30 for seniors and $15 for students, and can […]
Brooklyn, one building at a time. Name: Park Place Station, Franklin Avenue Shuttle Address: 605 Park Place Cross Streets: Franklin and Classon Avenues Neighborhood: Crown Heights North Year Built: Original station-1900, rebuilt 1906. This station-1999 Architectural Style: Vaguely Mission style Architect: Unknown MTA architects; railings and gates by Isha Shabaka Landmarked: No The story: The history […]
Signage has gone up in the windows of 602 Vanderbilt Avenue, where restaurant 606 R&D is preparing to expand with takeout and groceries. The spinoff, to be called R&D Foods, will have a counter with seating, according to the website. Offerings will include prepared foods, vegetables, sandwiches, deli items, breads, pastry, donuts, and coffee. There will […]
The first thing you notice about the red brick and brownstone Queen Anne at 196 Hancock is the exceptional exterior. Designed by architect Gilbert Alphonse Schellenger, the house was built in the early 1880s, according to Save Bedford Stuyvesant. Inside there are plenty of original details, including parquet floors, elaborate fretwork screens, mantels, a pier mirror, shutters […]