After Languishing, Rentals Picking Up
The Times reports this weekend of rapidly rising residential rents around the country and with particular vigor in New York City. Even though rents for apartments in the Big Apple never really fell much, landlords lost some of their pricing power during the buying boom of recent years. Now, it appears, with prices still realtively…
The Times reports this weekend of rapidly rising residential rents around the country and with particular vigor in New York City. Even though rents for apartments in the Big Apple never really fell much, landlords lost some of their pricing power during the buying boom of recent years. Now, it appears, with prices still realtively high (a separate Times article notes that sellers are becoming more negotiable) and rates no longer as cheap, more folks are content to sit on the sidelines, which translates into more demand for rentals. This is when owners of two- and three-family brownstones find themselves naturally a bit hedged. While it’s scant consolation if your house is all of a sudden worth $200,000 a month less than it was six months ago, that extra $200 a month of rent doesn’t hurt either. Especially if you’ve got a variable rate mortgage that’s also in the process of ratcheting up. Any landlords out there (or apartment hunters) experiencing this first hand?
Rents Rising Rapidly After Lull [NY Times]
Photo by pdberger.
Hi babs,
Actually, that garden apartment for $2000 that went in two days was the one that I missed cause I was on vacation. I’m perfectly willing to pay a broker’s fee for the right apartment (ok, not perfectly willing, more like if-I-absolutely-have-to willing, but still willing) and have called many brokers and given them a description of what I’m looking for. And I’m definitely not afraid of those other neighborhoods, I’ve lived in Crown Heights, Clinton Hill, Caton Park and Prospect Heights at different points… I just really prefer Prospect Heights because of the proximity to the park, the trains and most of our friends who now also have kids.
But hey, feel free to e-mail me any other listings you might have that are anything like what I’m looking for.
Thanks!
I agree — once the new condo buildings are done there will be more rentals, because many of the buyers are investors — the same is true in Manhattan. However, at the prices they’re paying (and the “luxury” amenities included in all of these, like doorman, washer-dryer in the unit, gym, etc.), those rents are going to be pretty high anyway.
Queens is the new Brooklyn — one bedrooms in nice sections of Astoria, close to the train (and only three stops to midtown) can be had for under $1500.
Just do a rental search on Corcoran, BrownHarris or wherever (BrooklynBridge doesn’t count because they don’t ever seem to take old listings off the site) for CobbleHill, CarrollGardens, Boerum Hill and you’ll see how very little is listed. Pretty outrageous.
Maybe a year from now will improve with all these new condo bdlgs opening up and will end up renting out because can’t find that many buyers.
Sylvia, where is your apartment in Manhattan? I’d give you the same advice I give everyone — if you don’t absolutely have to move, don’t — you’re going to pay more and get less, (almost) regardless of where you go.
Additionally, Sylvia, if the owner lives in the house and there are not more than two other rental units in it, he/she can do whatever in terms of children. If the owner doens’t live there, or if there are more than three units total in the building, that’s another story.
Again, if you’re dealing only with “for rent by owner” listings in hopes of avoiding a broker’s fee, they are more than likely to be that type of listing. But it’s your choice — spin your wheels running all over creation (or at least the several blocks on which you’ve chosen to focus) and answer deceptive Craigslist ads or decide to pay someone else to do the work for you and spare you the wasted time and energy.
The Brooklyn rental scene, at least in the “desirable” neighborhoods of Park Slope (ALWAYS the first neighborhood mentioned by people who don’t know Brooklyn), Cobble Hill, Carroll Gardens, Fort Greene, Prospect Heights, and Clinton Hill, is insane — maybe even more so than that in Manhattan, because there is NO inventory out there.
It’s amazing how many people still think they’re going to move to Brooklyn to save money — it’s simply not true, unless you’re will to go outside of the above areas. You may pay less per square foot, but that’s about it.
It’s also funny how people don’t even mention Brooklyn Heights, maybe because they just assume it will be too expensive, but that’s exactly where you have more $1500 studios than in any of the above nabes, housing stock oblige — there are simply more apartment buildings in the Heights than in the others.
Lisa, what is your apartment? A brownstone floor-through with one big and one small bedroom? That’s $2000 in prime Fort Greene (or more, depending on its condition). Add extra for outdoor space. Rented a 1 BR floor-through (not even a small home office) this weekend on Willoughby just off the park for $2200 — it has a massive deck.
And Sylvia, two weeks ago I has a listing for a garden floor-through in Prospect Heights (Park Pl. between Underhill and Washington) for $2000 — it rented in two days. If you’re determined not to pay a broker’s fee, I think you’ll have a hard way to go, as most landlords have realized that they can easily have their work done by someone else — at the tenant’s expense.
I really don’t have much sympathy for the people looking for two bedroom apartments for $1600, however, if they’re unwilling to look in neighborhoods other than the above. There are some gorgeous apartments out there in Crown Heights, Bed Stuy (especially Stuyvesant Heights) and PLG (my personal favorite, since it’s where I live) for that price or under. Ditto Sunset Park, Midwood, Flatbush, Bay Ridge, etc.
Williamsburg is a special case — I consider it grossly overpriced, and I have to admit, I’ve never really gotten the appeal — but what really cracks me up is the rationale that “If it’s on the L train it must be cool,” that brings people into Bushwick, parts of which are way less safe than any of the above.
So what I would say to those people who are priced out of these areas: this is your opportunity to exlpore some new territory. Stuyvesant Heights is a beautiful neighborhood of gorgeous brownstones, limestones, and mansions, with a great park (Fulton Park) and the A train right there, putting you on Fulton St in Manhattan in under 15 minutes. PLG has Prospect Park, the Botanic Garden, and a committed, established homeowner community, and is only one stop on the Q train past Seventh Ave. Crown Heights has Eastern Parkway, Brower Park, and some of the most gorgeous architecture you’re likely to find anywhere, and the 2, 3, 4, and 5 (at rush hour) at Franklin Ave. The D and N trains zip you to 36th St in Sunset Park right after Atlantic Ave/Pacific St. Seriously, what are you afraid of?
If you don’t know a neighborhood, take some time to explore, talk to people who live there, check it out on line, etc. You just might surprise yourself.
Yes, it’s illegal to discriminate against people with children (or, in my case, child, singular), but I’ve been assuming that I’d rather deal with a landlord who recognizes a good tenant when she/he sees one, with or without children, than one who is so afraid of a kid making noise or crayoning on the walls that they’d rather rent to two 21-year-olds from kansas who think that they can afford $2200 a month and then figure out a few months into the lease that they’d rather keep spending $120 a night on drinks at bars in manhattan than pay their rent on time. Maybe I’m naive.
Just for the record, my kid doesn’t even own crayons.
i saw 2 apts in north slope this weekend, both i thought overpriced. for $2400, large 1-bd w/ kitchen & bath from 70’s & dingy hallway / dungeon-esque basement. and for $2600, renovated (but cheaply) 1st fl. 2-bd w/o laundry in bldg. the second one i had to view thu the window b/c the broker forgot the key. i actually found better looking listings in the w 100’s, so maybe manhattan is a more efficient market.
Yes, it is illegal to discriminate against people who have children. Complaints (even if just based on strong suspicion) can be filed w/ the NY Commission on Human Rights.