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
$1000 a month rent translates in to a very affordable $36G-40G a year income.
If Park Slope (not 4th Ave – I mean real PS) is renting its 1Brs for $1,000 a month then either a nuclear bomb went off in NYC or every other city in North America (and some in Europe) will be empty with all their urban dwelling residents coming for the hot bargain of NY.
No matter how bad the economy is there will still be people moving to NYC and looking for housing.
If and when Park Slope has $1000 a month 1 bedrooms, all my friends who live all over the city (who are currently paying 1200-1800 a month to SHARE an apartment with 2 or 3 other people) will be moving to my hood so that they can live alone…This could be great!!
Talk about low inventory!
> “nice one bedroom apartments rent for $1000/mo in Park Slope.”
I wish. Then all my poor lesbian pals could move back into the neighborhood.
I meant brownstone to include brownstone brooklyn and inclusive of most 1&2 family and probably up to 4 family that are typically not professionally managed investment properties….whether they are brownstone, brick, limestone or GOD FORBID, Fedders buildings is not the point. But maybe I was unclear on that.
Wasder if you want some real fun argue with IronBalls on the $1,000 Park Slope rents when bed Stuy is at $1,200-1,500 for one bedrooms.
I have been away on holiday (still in FL actually) and haven’t been able to post for a few days but I have a couple of things to say.
BHO–I rarely disagree with the premise of what you are saying but you are such an ASSHOLE! What is your problem? I guarantee you don’t act like this around your wife and daughter (I am more talking about the things you wrote on FRiday which were atrocious–and drop the dumbass CAse Killa wannabe talk please).
11217 and Dave–I doubt you guys really want to fight about the percentage of Brownstones in Brooklyn. Many more important things to argue about. However I bet 11217 is right if you use a strict definition of Brownstone (ie row houses actually clad in Brownstone). IT is a massive borough with many many neighborhoods that have no brownstones at all.
Rents–clearly coming down, but unless the bottom truly falls out of the economy (which is obviously a possibility) we are not going to see 1000 one bedrooms. And really, Who are these mythic evil strawmen landlords taking advantage of the downtrodden and where are they? Not on this board.
You people are all hysterical and I love you all, except BHO.
Thanks 99luftballons & 11217. This is where I thought rents were.
No Dave,
You miss the point. But I won’t repeat myself or lower myself to juvenile name calling as you always do.
Have a nice day.
You jackass….you’re the one arguing that all the rental prices are too high and market is coming down. They are not in Bed Stuy. You miss the point as you so often do.