On March 30th of this year, I came across this article in Gothamist. My first reaction was sympathy for the woman who decided to take over her deceased aunt’s rent controlled apartment. After all, who wouldn’t want a $287 per month rent. Finally, I thought to myself, you could live...Read more
New York has no shortage of expensive apartments. But some neighborhoods are in a category of their own because it’s almost impossible to find reasonably priced rentals (or sales) in those neighborhoods. The two clearest examples of this is the West Village and Soho. If you’re looking for an affordable...Read more
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Now, imagine having to pay a broker's fee on top of these high rents. A broker's fee in Manhattan is typically 15% of the first year's rent. Not the first month's rent, the first year's rent!
Rents rose in Manhattan between 6.2%, as reported by Citi Habitats, and 9.5%, as reported by appraisal firm Miller Samuels and Prudential Douglas Elliman. Exact increases are very hard to pin down, but
The issue of rent stabilization has been a needle in the side of New York landlords for over 40 years. The arguments boil down to this...
A recent report shows a narrowing gap over the last two years between what people pay to live in a doorman building compared to a non doormen building. In the past year, the premium paid for the doormen building has fallen approximately 36% for studios
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.
White-collar job growth in Manhattan will spur demand for market-rate apartments in the city this year and push rents to record highs
Renting an apartment in Manhattan is getting harder, says a new report. Rents are up, landlords are not offering concessions and the vacancy rate remains low.
What it comes down to is that few apartments outside of Manhattan get de-stabilized, and fewer and fewer apartments in Manhattan remain stabilized. Do Manhattan developers really need the 421a tax abatements to make money on their projects? If they are getting a public subsidy, shouldn\'t the developers be forced to give something back to the city as well?
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.
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.
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.
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.
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The Manhattan residential rental market showed modest improvement over the last month, with inventory declining and rents climbing...
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.
The city\'s Rent Guidelines Board voted Thursday night to raise rents by 2.25 percent on one-year leases and 4.5 percent on two-year leases.
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.
Despite rent regulation, New York rent burdens remain unaffordable for most low-income households.
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.
Lower Manhattan is one of the city’s fastest-growing neighborhoods. The Alliance estimated that 55,000 people live south of Chambers Street, compared to 44,000 in 2007.
The rent laws are due to expire in 2011, and the governor wants to make changes and extend them for eight years. The changes would reduce the rate for deregulating apartments, give tenants more protections