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Folks, I think we're about to start hearing the terms,"frothy" and "bubbly" again - applied to the Manhattan apartment rental marketplace.
Oouch! What happened to the usual winter lull? The time when inventory swells and rents go down? Not this year! The mild weather makes searching for an apartment reasonable if not quite enjoyable.
With two to four weeks remaining in what real estate agents call "the rental season", It's instructive to note a few of my personal observations on the market.
Bloomberg quotes Citi Habitats as saying that rents increased 9% in July from a year ago in July. "landlords tested how high they could push prices amid few vacancies.".
Many New Yorkers looking for a real-estate deal may reflexively scratch Manhattan off their list. Well, think again. Maybe you can take Manhattan.
Even as New Yorkers exit city en masse for vacations, residential leasing approaches boom-time highs August 01, 2011 07:00AM By Candace Taylor in TheRealDeal.com New Yorkers are fleeing the city in the scorching summer heat, trading subway cars for the Hamptons Jitney and business casual for bathing suits. Even so,...Read more
Manhattan rents show a year-over-year increase of about 10%. The number of apartments for rent in Manhattan has also dropped to a vacancy rate of only 0.72% for the quarter, the lowest vacancy rate since at least 2002.
As usual, neither tenants nor landlords are happy. And as usual, landlords say they are on the way to the poorhouse and tenants say that nobody but the very rich will be able to live in New York. And as usual, thousands of people will be competing to rent apartments in New York City this year, next year, and beyond.
Here's an article published for a national audience, but with New York renters right in the center of the target. The author's ideas are solid and workable. We have compiled some worthy ideas of our own. Take a look at our excellent renters guide, The Essential Guide for Smart Renters to see what we're talking about.
The dog days of summer are back for apartment renters. The Manhattan vacancy rate in May fell to 0.7%, its lowest level in nearly five years, according to broker Citi Habitats. Landlord concessions, such as a free month's rent for signing a new lease, have dried up. Average Manhattan rental prices are just a hair below their 2007 peaks.
Renting an apartment in Manhattan is costing more. The biggest gains were studios in doorman buildings, up 10.3%. The average rent is up 8% from last year.
2009 and 2010 were the exceptions. With businesses not hiring, the thousands of recent graduates that flock to the city every summer in pursuit of jobs, careers and a new apartment never materialized. The early signs of 2011 show a distinct turn-around.
This winter, apartments are renting exceptionally fast in Manhattan. There are several reasons for this, but it all ads up to higher rents and few rental incentives.
In contrast to the boxy towers clad in murky glass that have defaced New York\'s skyline, Gehry has produced a gawky beauty that captures the energy of the city.
Manhattan renters have fewer apartments to choose from these days. In another sign the rental market is starting to tighten up there were 26% fewer vacant apartments on the market last month than during the same period last year.
New York City takes top honors for being more affordable to rent than buy. According to Trulia, the median list price (for the top 50 cities) is $140,201.37, but the median price for a 2-bedroom apartment in NYC is $1.3-1.4 million!
“Concessions are not dominating anymore,” said Jonathan Miller, chief executive of Miller Samuel. “In 2009, the typical concession for a large portion of new rentals was two to three months of free rent.”
The good times are over for Manhattan renters. The power has shifted back to landlords, sending rents up and concessions down during the last three months of 2010.
The Manhattan residential rental market rebounded last year, and at a faster clip than many had anticipated, according to a new report.
Bargains are drying up for Manhattan apartment renters - reflective of a broader trend in the other four boroughs as well.
Warehouse spaces are still being converted into not-so-giant lofts. Artists and furniture makers are still finding space for $1,200 per month. Lounges, bars and nightlife have found good homes. So have a new breed of New Yorkers.
Having sat on both sides of the table--I personally have rented three apartments in three years, so I understand what a colossal pain finding a place in Manhattan is--I’ve learned a thing or two about how to go about securing the best apartment on the best terms.
Small increase in October comes as most other signs point to an improving market; average rent for a studio in Manhattan hits $1,837, up 6% from last year.
The downtown Manhattan residential rental market is proving to be one of the strongest in the entire city. Both Battery Park City and the financial district led the list of neighborhoods
The most common scam involves legitimate rental offers, which scam artists are doctoring and posting on listing services such as Craigslist for lower rents,
Volume of new lease signings triples in third quarter, despite a major hardening in landlords\' negotiating stances; time it takes to rent out units halved to 38 days.
It\'s up, it\'s down. The New York apartment rental market has stymied a lot of great minds in the last couple of weeks.
The scorching summer heat hasn\'t slowed the Manhattan apartment market—the vacancy rate in July reached 0.88%, its lowest point in nearly three years
The rental market is rebounding, especially in New York and other markets where job trends are improving: Washington, D.C.; Chicago; San Francisco; San Jose, Calif.; and Seattle. But New York could top them all in rent growth.
By: Jill Urban for NY 1. Last year, Tyler Fishback rented a new apartment in Midtown, and with all the concessions that existed a year ago, he got a great deal. But now when his lease came up for renewal, he got a dose of reality. “It is shocking to see...Read more
The Manhattan residential rental market showed modest improvement over the last month, with inventory declining and rents climbing...
This small section of Brooklyn bordering Flatbush and Brownsville is battling rising crime and living costs with genuine kindness that crosses ethnic boundaries.
MANHATTAN apartment rentals more than doubled in the second quarter from a year earlier as the city\'s job market improved and tenants gained confidence.
Apartment leasing activity skyrocketed in Manhattan during the second quarter but the burst of new transactions failed to push rents higher.
I remember the moment when I first considered moving to Hoboken. My husband was complaining about a slacker co-worker who paid almost no commuter tax because he was a New Jersey resident
One of the last places with lots of undeveloped land in Manhattan, the area west of Ninth Ave. from 33rd to 42nd Sts., will undergo more radical change than any other neighborhood in the city over the next five years.
Manhattan’s vacancy rate fell again in May, dipping below 1% for the first time in nearly three years, leaving little supply available during the peak leasing season. That’s quite the turnaround from a year or two ago, when apartments were plentiful and desperate landlords coughed up free rent and paid the broker fee–typically a month of rent–to fill units.
As the power of the market turns once again to favor landlords and their gatekeepers, the brokers, it is useful to understand what they know that first-time renters may not. Armed with an understanding the Web, renters can decide whether to use a broker, what size apartment they can afford and the neighborhood where they are likeliest to find it.
Mr. Paterson submitted to lawmakers a plan to amend and extend the state\'s rent laws, which are set to expire next June. In addition to extending regulations another eight years, the bills would make it more difficult for landlords to charge higher market-rate rents, lifting the destabilization rent threshold to $3,000 a month from $2,000.