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]
Wine lover,
I know you aren’t going to believe this and research would need to be done, but I’m hearing a number closer to 5,000 of the number of new condos coming to the market in Williamsburg in the next 1-2 years.
I believe the North Side Piers and Edge alone is over 500 units. And there are about 50 other projects in various stages of development all over Williamsburg in the 20-150 unit range.
uh oh its on like donkey kong!
haha bad choice of words i know 😉
You know what I mean hipster. Don’t start something. I’m all warmed up from the back and forth with gravis and I just got a new cup of coffee.
“I focused on Bed Stuy because I had done a few neighborhood pioneering moves through my 14 year stint in Chicago.”
Pioneering? Well I’m glad you find it enjoyable to explore “new” areas, but I think some people might have lived in Bed Stuy before you.
we’ll find out how many condo buildings go rental in williamsburg – is it 1000? some of these developments are really small – just a few floors. the 2nd toll bros building on the waterfront surely won’t be ready for quite some time, and that’s probably the only building coming that’s big, and who’s to say that it will be a rental?
the edge is big, but they did already sell many units, and i don’t believe that the building is going rental.
there is supposed to be a decent sized rental building going up on north driggs, but it’s not started.
MM…I came from the UES. You’re right, it wasn’t about those things. I wanted a big house with a yard. The economic aspects were merely sweeteners. I focused on Bed Stuy because I had done a few neighborhood pioneering moves through my 14 year stint in Chicago. It was aleways very enjoyable and profitable as well.
I had no illusions about the property market either. I knew my UES condo was in bubble price territory.
BHO, that assumes a sizable amount of people are only here because they are priced out of primo Manhattan. That ain’t necessarily so. Rents and apartments in some parts of the UES have been available for some time, but people still came to Brooklyn. Could it be that’s it’s not all about the rent, or all about being in Manhattan?
Granted, there are those who agree with you, and will run back, but in terms of greatly affecting the market? I don’t know…
I’d really love to see some true inventory numbers for brownstones for sale vs. condos in high rises for sale. I certainly believe that the rental market is more fluid and substitutable or fungible. That is, in most cases, someone looking for a rental is very likely to consider either alternative.
I still stand by my perhaps-too-often-stated view that there are a lot of people out there in Manhattan with huge profits on condos that might want to consider a lifestyle change and opt for a brownstone. There are tens of thousands of such condo owners who could bank some profits and buyt a brownstone with money left over AND, lower their monthly expenses because taxes are lower, condo fees are eliminated and there might be additional renatl income.
When I firsat looked into this, that part was a no-brainer.
143 posts. Can’t wait ’til I get home from work.
Preview: Lower rents in Manhattan will attract Brooklyn renters and create a void. This trend of tighter inventory in Brooklyn than Manhattan, if true, is temporary and unsustainable.
***Bid half off peak comps***