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 we respectfully suspected your statement about 5% (which you made seem factual in your post) was an under-estimation and politely requested your source just like DIBS did. Why is this such a stink?
We suggested the number to be closer to 20% but that was only a suggestion (and not stated factually) based on our experience traveling around Brooklyn.
“We would venture more like 20% but would love to see your reference to be sure”.
That note of mounting panic to your posts doesn’t lend you any credibility, Dave. Close your eyes and imagine you had two million to invest right now. How many of you would buy rental property in Bed Stuy, at any price? I thought so.
Thank you, What.
And you are probably one of the “bitchiest.”
So I guess we’ll all just agree on your 5% number because it’s what you say. Who’s the one being childish???
I can’t find the article, but I wouldn’t be surprised if the number was closer to 5% than 20%.
I should have known to say something against the never wrong daveinbedstuy. Get my head ripped off for even suggesting opposing info?
11217 so that means you was talking out of your Ass right????!!!
And you are a Retarded Asshead Right???!!
And you have no clue about the city you live in Right Numbnuts???!!!
And we can ignore everything that spews from your piehole right????!!
The What
Someday this war is gonna end….
(Bear Mafia – La Cosa Nosedive)
Dave, you are one of the most childish posters on this entire blog so your “grow up” comes with a great laugh.
I was just asking you to substantiate THE NUMBER THAT YOU THREW OUT. CHRIST.
I didn’t actually suggest a number..you threw out the 5% and I asked you where you got it from because I thought it was low.
“I should have known to say something against the never wrong 11217. Get my head ripped off for even suggesting opposing info?” Grow up.
Not exactly sure why me throwing out something I read would cause such a stink.
If you think it’s 20%, how about finding an article to support that number.
As I said, Brooklyn is HUGE. Williamsburg, Bushwick, Coney Island, Brighton Beach, Sheepshead Bay, Kensington, Ditmas, Midwood, Gravesend, Bensonhurst, Manhattan Beach, Marine Park, Canarsie, Mill Basin, Borough Park, Flatbush, Dyker Heights, Bay Ridge, New Lots, Brownsville, East New York, Ocean Hill, Flatlands, Bergen Beach….all areas made of up mostly NON Brownstones.
I can’t find the article, but I wouldn’t be surprised if the number was closer to 5% than 20%.
I should have known to say something against the never wrong daveinbedstuy. Get my head ripped off for even suggesting opposing info?
Not difficult, whatever happens in Manhattan, Bk soon follows on its coattails…