It's Good To Be A Renter Right Now
Psssst. Have you heard? Rents are dropping. Take the case of the Pettyjohn sisters, who, out of desperation, rented a crappy, inconvenient two-bedroom in Bushwick last year for $1,700. Just recently, they were able to upgrade to a larger, more attractive place two stops closer to Manhattan on the L train for the same price….
Psssst. Have you heard? Rents are dropping. Take the case of the Pettyjohn sisters, who, out of desperation, rented a crappy, inconvenient two-bedroom in Bushwick last year for $1,700. Just recently, they were able to upgrade to a larger, more attractive place two stops closer to Manhattan on the L train for the same price. In Sunday’s Real Estate section, The Times chronicles this story and others like it while pointing out that the number landlords now willing to pay a broker to rent their apartments has gone up almost four-fold in the last year. Where will it stop? Anybody’s guess, though the chief economist for Halstead and Brown Harris Stevens says it’s unlikely the price trend will reverse until the city stops losing jobs.
Why Are These Renters Smiling? [NY Times]
Photo by mesmart
Prices seem to be coming down further out. Two bedrooms starting at $1100. Hard to say though.
“I can see that rents are dropping along the L train, like the article said. And on the JMZ.”
Really? I did a brief browse of Craigslist the other day and it seems rents are still insane around Bedford and Lorimer. Did see a few one bedrooms around Graham for 1500 – but I still feel that’s a lot. I hope you’re right though, as I could definitely deal with lower rent.
I guess I was fortunate in finding such a great (well, relative I suppose) deal – (2 bedroom equidistant from Bedford and Lorimer L stops for 2,000) but I don’t think that leaves me much wiggle room with my Landlord when my lease is up in 6 months, as comparable apartments are still 500-600 dollars more a month. Maybe I’m just greedy?
So home prices can’t come down so rich children will no longer have parks to play in. Aw that is low bring the children into the quest for greed. It doesn’t matter if poor children don’t eat or have cloths on their backs because their parents have to pay rent money throuh their nose. If you are a homeowner send your kid in the yard to play. Now you want my tax money to go to your personal park too. Greed and glutney have no shame.
Hannible, I agree with your post too. But sad to say I doubt rents on a “two bedroom” floor-through in Carroll Gardens will probably not come down too much lower than $1900 or so. That’s just my gut feeling.
I can see that rents are dropping along the L train, like the article said. And on the JMZ.
Re Stuyvesant Town, wouldn’t any new renters get sucked into the huge legal tussle developing because the owners are going bankrupt? I’d rather avoid the hassle.
I agree crime is definately going to go up if they don’t start locking some real estate brokers behind bars! Good Governor Patterson just increased taxes on the rich. They will all be moving to Florida and many of us get to live in where we please without being extorted out of our hard earned mony. PS I am drinking tap water. No nickle from me.
Chosen,
$500/mo ballpark cost per unit is about average for landlord’s in NYC and that’s for non-doorman walk-up buildings, not taking mortgage payments into account. I’m a landlord too, and have lots of experience managing residential apartments in the city.
I also agree with some of the previous posters about moving to Manhattan. You certainly can get a lot more for your money renting in the Upper East Side right now than you can in Park Slope or Brooklyn Heights.
I’d rather live in Park Slope too, but that’s not my point.
Not only is BHO delusional about purchasing a home at a certain price but also about what his rent will be for the next 10 years once he misses the former opportunity.
I know how Jeopardy works but I think my question would be different. Somehow “bottom feeder” doesn’t adequately describe the depravity and lack of regard for others inherent in your hideous posts.
wasder better try to refin. before the rents and values goes down more, that is if you are even worthy of having a mortgage. you are on borrowed time buddy boy. Mommy and Daddy cant keep bailing you out, they lost it all in the market from people like you destroying the markets. Time to cut youre losses before the moil comes.