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
“May you get bedbugs and termites.”
Woah, lechacal! You’re supposed to be the gentleman.
***Bid half off peak comps***
underwasder = aquaman
***Bid half off peak comps***
“Stuyvesant Town is giving 2 months free, electric & gas included and a 500 bonus if you sign within 24 hours of the first appointment”
Very bad deal. Rents have plenty of room to fall. You’d save far more than $500 if you waited ’til summer. 24 hours??? Yeah, right. I’ll come back next week and get a $1,000 bonus.
***Bid half off peak comps***
brickoven=BHO
Again, this is great news for those who are in this particular rental market but for those seeking slightly less expensive, family sized accommodations, the fact that rents are decreasing doesn’t affect them. Or does it? If the people who are renting in Brooklyn because they couldn’t afford Manhattan now move to Manhattan, will Brooklyn landlords be more likely to accept subsidized tenants?
I have always preferred Section 8 tenants in my rentals because after a brief delay in processing, I know that the majority of the rent is garanteed and paid on time every month. I also have the tenants Section 8 “worker” to help resolve any problems that might arise.
And I agree fsrg, despite what many people think, economic downturns do not necessarily mean higher crime – during the recent economic boom years, crime rose steadily in other major metropolitan areas. There are many other factors, economics being only one of them, that contribute to spikes in crime. People who are likely to commit crimes during bad economic times are generally just as likely to commit them in good economic times so the numbers are not really affected by this group because their propensity to commit crime is not changed by the condition of the economy.
A poor economy is a cop-out (no pun intended) for Police Departments, city governments, etc… not to institute good policies to decrease crime in their areas.
Leveraged owner, walking on your mortgage
Leveraged owner, when will the tarp cease?
Leveraged owner
I wont bail you out, you’re not all that
No one could be such tard in that
Asshat
Leveraged owner, you have negative equity
Leveraged owner, where is your glee?
Leveraged owner, clear my clogged toilet
Leveraged owner, yeah yeah yeah
Leveraged owner I will pay you half
Leveraged owner I give it to you in the ass
Cause wall street needed you, and treated you fine.
But now you need to state your income, and you want to main line
Leveraged owner, pick that head up
Leveraged owner, you are starting to sink
Leveraged owner, you are under water, hey….
If thats the way you go down you dug your own grave.
You and your family will be moving real soon.
Since you did not realize you were such a bufoon
Oh Oh LEVERAGED OWNER
tybur6 – there is absolutely no evidence that crime is going to increase….While NYC may have fared somewhat better than other places for much 2008 – the job losses and other economic problems have been fully impacting the city for the better part of 6mo now – and crime is falling from 2008 levels – which while up in some of the meaningful categories (like Homicide) – 2007 was the best year ever and 2009 so far is shaping up to be close to the ’07 numbers.
Time will tell but you’d have to expect that if we were going to see an ‘economic’ effect on crime numbers we’d already be seeing it. – BTW which is why Bloomberg will win 4mo years EASILY
Bitter renter, walking on your lease
Bitter renter, when will the griping cease?
Bitter renter
I won’t renew you, You’re not all that
No one could be such a big asshat
Asshat.
Bitter renter, save your cash
Bitter renter, here’s a flash
Bitter renter, give your rent to me
Bitter renter, yeah, yeah, yeah
Bitter renter check my ad
Bitter renter say you’ll stay with me
Cause I need you, I’ll treat you fine
Come with me baby, sign on the line
Bitter renter, don’t walk on by
Bitter renter, don’t make me cry
Bitter renter, don’t walk away, hey… okay
If that’s the way it must be, okay
I guess I’ll go on Craigslist, it’s late
There’ll be some flyer posting, but wait
What do I see
Is he walking back to me
Yeah, he’s walking back to me
Oh, oh, Bitter Renter.
“”But there are many other places, like Allentown PA (just an hour and a half by bus from Port Authority), where for $700/mo you can find a perfectly nice three bedroom apartment and you only need to spend one day looking for it!”
Yeah and in Detroit I can buy a 2 BR house for $1,000. Thats right, $1,000.
And?