Rents Falling in Manhattan a Lot, Brooklyn Not So Much
Residential rents in Manhattan fell pretty much across the board last year, and incentives like a month’s free rent are becoming increasingly common. The head of Halstead’s rental division estimates that prices are down between 10 and 15 percent from the 2007 peak though the article’s author digs up “anecdotal evidence” that the number is…
Residential rents in Manhattan fell pretty much across the board last year, and incentives like a month’s free rent are becoming increasingly common. The head of Halstead’s rental division estimates that prices are down between 10 and 15 percent from the 2007 peak though the article’s author digs up “anecdotal evidence” that the number is more like 20 percent. One by-product of the weaker market is that many more landlords are now willing to pay a broker’s fee to land a tenant. In the past, slowing sales has often meant a tighter rental market, but that’s not always the case: People assume when sale slows down, rental will pick up, but that depends on what the source of this is, said Gregory J. Heym, the chief economist at Terra Holdings, which owns Halstead and Brown Harris Stevens. When you’re losing jobs, the rental market is also going to suffer. Echoing what we’ve been hearing recently, the rental market in Brooklyn has not softened as much. We’re not renting as fast as we would have expected, said Patrick McGrath, whose firm recently bought and started renting out The Standish in Brooklyn Heights. We’ve had to provide concessions — a free month rent, we pay the broker fee. But rents are around where we expected them to be. We’re in the ballpark.
A Month Free? Rents Are Falling Fast [NY Times]
Photo by turkeychik
11217 It makes me happy to know you will be the most educated homeless person I have ever known. Hurray! the government is going to tighten the vice on greedy homeowners and adding new features to rent control. What are those poor homeowners that bought in the hopes of flipping this old home going to do? I know ask for TARP money.
Hmmmmm….so the reason we don’t see “for sale” signs in Carroll Gardens is because banks don’t want to flood the market? This is amazing. Hannible, maybe you can work out a secret deal.
I did not understand any of the post at 7:29.
Most illegals here speak better English than that.
wow hannible…your incoherence never ceases to amaze me.
I kw alot of you “homewns on welfare now that are trying to get TARP money for your bad invesments from the government are feeling quit stupid for overpaying for your homes and getting stuck with the turd now. Don’t feel bad it is impossible to fix stupid. You thought you were so smart to buy and triple rents. Everyone else was just so stupid and at least not as smart as you.”useless debate without meaningful data” well look at all the for sale signs and in Carroll Gardens and Park Slope banks are not even putting up the “For Sale” signs as not to overflood the area with lower priced homes. Your rents are all asking prices and like a famous Native American saying goes.” You can want in one want and shi .. in the other and never snow which one will fill up first”
I just figured it out. Rents are going down in Manhattan because everyone is moving to Brooklyn.
I live in Bed Stuy but I guess you would know better.
Average rents in the Bronx for a 1Br is approximately $850-$1050
Dave: “Bed Stuy is at $1,200-1,500 for one bedrooms”.
Ironballs: Bed Stuy is at $750 – $1000 for one bedrooms”.
And Dave, if you refer one more time to the fact that you’re renting a one bedroom apartment in Bed Stuy for $1200/mo, I’ll be forced to barf in my own hat.
There are also folks that pay $100/mo for one bedroom apartments in Greenwich Village.
I’m talking about AVERAGE rents on a newly signed lease TODAY.
I’m sure your rental apartment is not an average Bed Stuy apartment. Otherwise, you’d never get that much rent for it. NEVER