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]
Gravis…you still there???? Helllloooooo??? Looking for you to come back at me with something remotely intelligent and understandable and perhaps even answering my question.
DIBS – I add to discussions whenever I want and can while at work. If I have little clue, I use words “may be”, “I guess”, etc. I wonder what names I used when “calling names”. My response to you is retaliatory: every other post by you offends either people who live in a non-brownstone home, not in the brownstone part of Brooklyn, new to the site, or don’t agree with you. I belong to all those groups. It’s not your private party so don’t “STFU” anyone here.
No need to respond.
Piano moving is not fun…
“Relating back to Victorian homes, I see many similarities to the end of the Victorian era, where everything was overdone, overwrought, and overproduced, to it’s eventual ending in the simplicity and clean lines of the Craftsman/Arts and Crafts movement.”
MM, I’m a big fan of Arts and Crafts and all my furniture is such.
But if everyone scales back like you say we’ll get that 25% unemployment you mention.
dibs, about those thousands of condos… I am not far off.
On 4th Avenue, the zoning for these buildings pretty much is the same and all of them have btw 110 and 125 units. Three have been converted to rentals, and three more are in the final stages of construction with status unknown. More likely rentals tho. The Novo has many apts for rent.
Elsewhere, One Hansen has decided to rent the leftovers. Not familiar with wburg but haven’t any number of those new condos been put up for rent? And the many small mid-block developments are almost all being put up for rent everywhere.
We can argue about the numbers but there are more new rentals coming to Brooklyn than there have been in decades. Not necessarily a bad thing, declining rents benefit renters!
“I am “invested” in speaking honestly, nothing more nothing less, as far as I am personally concerned I hope your Brnstone rental goes up every year no matter what happens in the wider market – but my good wishes for you have no bearing on what is going to happen.”
Fsrg–thanks for that. I don’t need the rental income to go up every year at all, just not to plummet to mortgage-challenging levels. If my current tenants want to stick around for another year at the same amount I will be happy to have them because I like them. And really, I am not one of these people who is trying to say that real estate can’t go down. Clearly if manhattan is suffering brooklyn will suffer too and probably worse. The question is, vis a vis Brooklyn, whether any of the cache of Brownstone living protects the rental value and sales value of these homes. We all have alot riding on that financially.
Ok, I get what the point is about how more big building rentals coming on the market could impact brownstone rents. But I am wondering if there really are that many in the nabes with fairly short commutes to Manhattan–except for the rezoned Williamburg waterfront and a strip along 4th avenue. For anyone looking in Brooklyn Heights/Cobble Hill/Carroll Gardens/Park Slope/Fort Greene etc. I don’t see a huge glut all of a sudden. I know there are SOME condos going rental, but I still think rents won’t be softening dramatically anytime soon. Geez, if they would, I might go through the trouble of moving, piano and all.
Nice to meet you boofer. A word to the wise: Stay away from those other ladies: BRG, bxgrl, cobblehiller. They’ll just bring you down.
Thanks dibs..btw I’m a young lady.