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
“I would like however to see the definition of someone who’s stated goal is to deny the use of parks to children in order to get a lower priced home.”
C’mon, aquaman. You just gave the definition. You know how Jeopardy works. You’re supposed to ask for the question. Correct response: What is a bottom feeder?
***Bid half off peak comps***
I would think that the definition of contradiction would have to include something about actually contradicting the stated information. As I made no response to your name-calling I don’t see the contradiction.
I would like however to see the definition of someone who’s stated goal is to deny the use of parks to children in order to get a lower priced home.
“Maybe this site’s bitter feud between nervous owners and wannabe buyers has some basis in reality”
Not maybe. Absolutely.
“Obviously this trend can’t last forever – at some point the differential between Manhattan ‘luxury’ and outer boro ‘practicality’ will be too narrow to ignore and the spread will widen, most likely with outer boro rents falling as well.”
You bet your knickerbockers. Brooklyn is an extension of Manhattan, not the other way around.
***Bid half off peak comps***
“(B)rick(H)(O)ven= not even worthy of a response”
Contradiction.
***Bid half off peak comps***
(B)rick(H)(O)ven= not even worthy of a response
“I think crime is going to rise in this economy.”
You should. It will.
“There is no hard and fast monthly number.”
No, but $500/mo is good enough for argument sake. Beyond that, you’re paying for location, architecture and renovation (plus or minus a few services here and there but operating costs aint no more expensive in the UES than in Bushwick with the exception of taxes).
Rents will fall everywhere, folks. There’s no escape (already falling brownstone prices will spiral down even further). All tenants get an upgrade. Enjoy.
(Wow! Multiple articles on falling rents from the Times of all sources.)
I love deflation!
***Bid half off peak comps***
I think termites are easier to deal with than bedbugs.
wasder = Leveraged owner
I just moved. im paying less and happy. Ive got a view now too.