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
Here I am I am still a bitter renter. I am lookking for a cheaper apartment and I still can’t find one. I keep calling the “Cartel” of real estate agents in Carroll Gardens and I still hear 2400 this and 2400.00 dollars a month there. That is the least of my anger/ Why don’t homeowners just put a for rent sign in the window with a contact number. I sure don’t want to pay some parasite of a real estate broker for sitting on his fanny. I know I am still bitter the prices are not going down fast enough at least I have “House of Cards” to watch over and over again.
rob:
“what’s the point of all these month free deals and no broker fees if half the people who apply for these apartments get rejected to begin with.”
Whats your data source that “1/2” the people get rejected based on credit?
i think landlords, specifically the bigger building corporate landlords need to seriously loosen up on their credit checks. what’s the point of all these month free deals and no broker fees if half the people who apply for these apartments get rejected to begin with.
*rob*
On the subject of renting, which failing condo projects have rentals? It’d be interesting to see. I bet most developers don’t publicize that info.
My rent is quite low… relatively speaking. And it all depends on a total lack of interest on the part of my landlord. If he even gets a twinge of interest in the market or thinks about selling (even in this market), I’m screwed. I got lucky, but it’s a tenuous situation.
Since I work in Brooklyn (Flatbush), the usual alternatives become terrible since transport is generally directed towards Manhattan.
The OP (owner pays) fee set up, the free months rent, all those incentives popped up in 2001, where huge in 2002, and gone by 2003, when rents spiked.
If this tracks in a similar way, by this time next year they should be leveling off. Not saying rents will spike, but this time next year I think there will be some normalcy. No incentives or reductions but well priced apartments moving at an average rate.
haha – it was a take on a second (unspoken) perception that renters are too poor to own. I’m not at the “three bowls of ramen a day” but far from rich.
Sadly I will miss the festivities but amused to see that the G20 is meeting a few minutes walk from my house in London.
that was me randolph. in regards to rents being lower i guess it only benefits those who plan to move. i just dont have the desire to move again. too stressful. i dont think any savings id get by moving would be worth it right now.
*rob*
I promised no such thing, randolph.
However, your comment is just the thing that Mr. B wants to avoid in an otherwise on-topic discussion. I felt I had to point that out today since you obviously were not at all influenced by friday’s discussion.