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]
“Having outrageously high rents in Brooklyn in is good news?”
For brownstone owners with rental units, which is alot of people who frequent this website.
Having outrageously high rents in Brooklyn in is good news?
I really dont know what some of you people smoke – but I’d like some.
Except in rare occasions (for ex .b/c of a backyard) – a residential apartment building provides a FAR better rental then your average, hacked up brownstone apartment.
1st of all very few Brownstones can really be cut up into apartments all that great, the heating (and drafts) is inconsistent across rooms and floors, the sound insulation is lousy, the rooms are seldom proportioned correctly, windows are hard to come by, the ownership is generally inexperienced and fiscally constrained but has to maintain a fickle and old structure, there is virtually never an elevator, the electric and plumbing is sometimes inadequate for multi-family use and if you dont get along with your LL – its generally going to suck since you live with them.
We are talking about RENTING – people are not concerned about appreciation. Sure maybe some people would prefer to live in a historical building with period appointments but the willingness to give up other factors is FAR less than in an ownership market.
Rob;
The rent control law nominally looks at the overall vacancy rate of multi-family dwellings (which does not include apartments in 2 or 3 family homes), and does not distinguish between the various sectors (low end, high end, etc.).
You can surely expect, however, that the hack politicians will start to make exactly this argument: the 5% rule should apply to only certain sectors of the market.
i actually used to read the what’s postings, now i literally just scroll past. it’s beyond tedious and it borders on Rain Man neurotica.
*rob*
“Note: I will not go back and forth with the Asshats”
Then don’t post anything What.
“but do you really want to live in an overcrowded area that is only these days filled with trustafarians, sex in the city-in-training girls, and frat rats? no. it’s just not fun, at all”
Amen
i thought that when they tack on the nomer of “luxury” to a building it is not included in that 5 % vacancy rate.? am i wrong about this? is that why every new building is touted as luxury anyway? to avoid certain pitfalls, taxes, etc? sorry if im talking out of my ass, i may have just picked this up on another website with people talking or something.
*rob*
This is so cute. I think people need to focus their attention to the financial markets. This is where everything is in meltdown mode. The sad thing is we will not get a Obama bounce and everything will go sideways on him.
JPMorgan Profit Drops 76 Percent on Asset Writedowns
http://www.bloomberg.com/apps/news?pid=20601087&sid=ac2EdyAtC2s8&refer=home
The year-old U.S. recession has pushed the unemployment rate to a 15-year high, and foreclosures rose to a record in the third quarter. More consumers are paying late on their credit cards and mortgages, forcing banks to increase reserves. JPMorgan almost tripled its provisions for bad debt in the past year, the company said today.
“If the economic environment deteriorates further, which is a distinct possibility, it is reasonable to expect additional negative impact on our market-related businesses, continued higher loan losses and increases to our credit reserves,†Chief Executive Officer Jamie Dimon said in the statement.
I think the dialogue should reflect 2009, not the halcyon days of 2005. The Mutant Asset Bubble has imploded and is spewing radiation all over the financial landscape.
Note: I will not go back and forth with the Asshats. Brownstoner Web hits are falling and Jon is desperate of attention and “The What” will not help him out.
2009 is a very different year. Buh bye Asshats…
The What
Someday this war is gonna end…