Brooklyn Rental Market More Stable Than Manhattan
Good news from the New York Observer about the Brooklyn residential rental market: Evidently the smaller properties and more diversified owner base is making for smoother sailing than in Manhattan where a few large companies are being forced to offer increasingly sweet incentives: For now, most of Brooklyn’s smaller landlords are living in a world…
Good news from the New York Observer about the Brooklyn residential rental market: Evidently the smaller properties and more diversified owner base is making for smoother sailing than in Manhattan where a few large companies are being forced to offer increasingly sweet incentives:
For now, most of Brooklyn’s smaller landlords are living in a world apart from the rough-and-tumble Manhattan market, where rents are already falling in several neighborhoods, and panicky property owners are slashing rents, sometimes by hundreds of dollars, and offering any incentive they can think of to help put tenants in their units. In Brooklyn: not so much.
Have any brownstone owners had to rent out their garden apartment recently? How did it go?
Brooklyn Rent Check [NY Observer]
May last tenant left in 2007, but in the seven years I rented the apartment in my Crown Heights Victorian brick house, I refrained from raising the rent when I had a responsible, professional tenants whom I got along with. I’d rented may places myself previously and knew how to treat people. I know other small Brooklyn landlords, some of whom are family, who are equally generous, far more so than any large company would ever be. In my experience, in Brooklyn, a brownstone owned by a “small” landlord (a responsible one, that is) is almost always the better deal for the renter.
hannible…before you venture into the world of homeownership you’d better make sure you know what you are doing. My 45% LTV (look it up) and 100% equity in other properties is something you need to strive for if you ever mature.
“I don’t think you quite understand that the economic crisis is most likely going to have a significant impact on the way Americans live their lives. People are downsizing, they are realizing what is truly important in life and they are spending their money more wisely. They are also CRAVING a sense of community lost in the past couple decades due to greed, money and power. People are looking to simplify their lives. That’s what I’m hearing from nearly everyone. ”
11217;
I think you’re on to something here. One of the truly amazing things about NYC is how it has managed to announce that previous reports of its death are greatly exaggerated.
It is amazing to me how this city has gone through various crises, the most recent one being 9/11, and rejuvenated itself. At the beginning of the 20th century, Buffalo, NY was the 4th largest city in the US. Where is Buffalo today, and where is NYC?
When this financial crisis started getting underway, I was certain that it would have a huge negative impact on NYC, it being the center of the financial world. I’m sure it will suffer from the shock waves that are still coming from the debacle. The movement you describe above, however, may allow NYC to once again renew itself.
FWIW, count me as one of the people who would rather rent in a brownstone than in one of the gazillion newly built condos in my area, even if the prices were exactly the same.
Hell, I’d be willing to pay a bit more to live in the brownstone.
“commercial photographer” – going too fast.
cornerbodega so eloquently states his case yet again.
“Theres already deals in the West Village, and don’t kid yourself theres no place in Brooklyn thats close to WV…”
I have seen some streets in brooklyn that are as dirty as those in the WV (and the EV) but they are usually not flooded with tourists, sex shops and fast food outlets. The main eyesore on a Brooklyn street would be, yup you got it, a corner bodega!!!
See what the housing bubble did to a person like davanbedsty? Hw was just a regular size ass then the free money he got from the backs turned him into a giant ass just to match his ego. You need a government bailout too. Is that why hearing the truth makes you get so upset. don’t woory what is the worst that could happen to you, You get forclosed and someone smarter and not as greedy as you buys your home at forclosed prices.
Damn you FLH!!! Beat me to the punch.
“Are people like Dibs regressing from just ignorant and stupid to full blown retarted?”
QOTD!
The What
Someday this war is gonna end..