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]
DIBS – thanks. I lived in Manhattan for three years and by the end of it I was seriously thinking about leaving the city altogether. Moving to Brooklyn has really reinvigorated my love for New York. I like having Manhattan nearby, but my attitude is very much “nice place to visit … wouldn’t want to live there” these days. 🙂
Also, my response to northsloperenter sounds a little more combative than I wanted it to. I just thought it was curious that the only reason he/she is renting in Brooklyn was price. For me, the decision was about much more than that.
“Wasder – please tell me how many of the last 50 entries on Brwnstoner.com are brownstone specific.”
Hard to put a specific percentage on it fsrg but I would guess that approximately 60% of my last 50 posts here are specific to the ins and outs of Brownstone living. Having recently bought one I post alot about the house and the immediate surroundings. I also post alot about Clinton Hill in general as that is where I live. Clinton Hill as you may or may not know is composed almost exclusively of brownstone houses so posts about my neighborhood also have a correlation to brownstones. Why do you ask?
once studios in the financial district and 1k a pop i’m moving there. The pools and gyms may be gone at that point tho.
Sorry – had to do some work. So let me see if I have the jist of this so far:
Rents in Manhattan will come down but not in Brownstone Brooklyn because it’s really awesome. We know this because of
a) 11217 knows 2 people from the southwest who are looking for an apt
b) Elevators suck
c) People in Manhattan are douchebags.
I never limited the conversation to new buildings – Multi-Family apartment buildings INCLUDE pre and post war buildings.
Wasder – please tell me how many of the last 50 entries on Brwnstoner.com are brownstone specific.
You may not like it but new development, restaurant reviews and general RE market entries outnumber Brownstone specific entries/discussions by of a factor of at least 10X
I’m with cwb on that. tried living in Manhattan once. HATED it. MM is certainly right about brownstone living- I think the great appeal of Brooklyn is brownstone living. And tho I don’t like carrying tons of heavy stuff up 2 flights of stairs, it’s good exercise ( especially after the lie-down and nap).
frankly, I don’t think anyone knows for sure what will happen. We’re making educated guesses (and not even agreeing on those).My own (very uneducated) fweeling is that some landlords will have more leeway to go down if they want. But it would be unrealistic for a tenant to expect that- the economy tanked but I don’t see mortgage holders rushing to lower the mortgages and fees for landlords. Those expenses aren’t going down.
Folks;
Just to digress for a moment to the topic that 11217 brought up before.
Some years ago,I happened to come upon a book entitled “The Return of Thrift”,published in 1996:
http://www.amazon.com/RETURN-THRIFT-Collapse-Welfare-Reawaken/dp/0684823004
At the time it was published, the book didn’t make a big splash, but I would heartily recommend it to all. It’s not one of these books that try to predict the timing of a stock or housing market crash. Rather, it talks on a macroeconomic level about the unsustainability of our previous economy, one based upon susbsidized consumption. Its conclusion is that sooner or later it would have to collapse under its own weight, ushering in a new era of thrift. The book is uncanny in its prescience.
Sorry to digress. Back to rentals!
“most people here would prefer an older building, for lots of perfectly valid reasons that have less to do with price, and more to do with living the way they want to live.”
Well said MM. It would appear that fsrg wants to impose what he/she thinks should be what people want and need in an apartment. And to say that Brownstoner.com is not about Brownstones is quite silly.
cw…that should be QOTD. And don’t let MrsCWB tell you otherwise.