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Old 07-14-2018, 08:14 PM
 
18,293 posts, read 11,683,969 times
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Still a good time to be looking for market rate rentals, the city seems to be an oyster for such persons.


https://ny.curbed.com/2018/7/12/1756...orts-june-2018
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Old 07-15-2018, 04:14 AM
 
Location: Midtown
1,309 posts, read 749,652 times
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Using our resident portal this weekend I noticed the new resident Uber credit has been upped to $100 p/month from original $50 p/month. It's a great time to be in the "luxury" rental market.

Despite the slow down construction seems endless. A friend one block away off 9th ave got the notice that the walk-up building he lives in has been sold and residents must leave ASAP. I'm sure it will become another doorman luxury building within 1-2 years.
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Old 07-15-2018, 06:43 AM
 
Location: Manhattan
20,157 posts, read 26,444,908 times
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I hate real-estate-speak.
Quote:
In terms of hard numbers, prices have dropped ever-so-slightly, but rents are still quite high: In Manhattan, the median rental price fell 2.9 percent from last year to $3,400 this June. The face rent for most types of apartments is also down from a year ago: The median studio pricing remained the same at $2,600; one bedrooms fell from $3,500 to $3,400; two bedrooms dropped from $4,312 to $4,150; and three bedrooms went from $5,620 to $5,614.

We all know what "median" means. What do THEY mean? New building first leases? Certainly they do not mean the median rent in Manhattan, although that is exactly what they call it.
For example, we must have a couple thousand posters here: Does ANYONE pay more than $3400 for his one bedroom apartment? Anyone at all? A true :median" would demand that HALF of us pay more than that.


If he means something other than "median rent," Mr. Miller should spell it out.
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Old 07-15-2018, 08:39 AM
 
161 posts, read 72,277 times
Reputation: 182
Quote:
Originally Posted by Kefir King View Post
I hate real-estate-speak.



We all know what "median" means. What do THEY mean? New building first leases? Certainly they do not mean the median rent in Manhattan, although that is exactly what they call it.
For example, we must have a couple thousand posters here: Does ANYONE pay more than $3400 for his one bedroom apartment? Anyone at all? A true :median" would demand that HALF of us pay more than that.


If he means something other than "median rent," Mr. Miller should spell it out.

I'd say it's pretty common accounting for your social group. If you work in finance for example, that might even be on the low end. I know a couple who pays $3100 for a large studio in a luxury building and that's pretty modest for their group.

I know it sounds so outrageous.

Once you exclude people who have rent control and rent stabilization, it's not hard to believe how high rents are in Manhattan. Also remember that many people live with their SO or multiple roommates. Two people in a $3400 1-bed = $1700 each. It's still obscene but many people can afford that even if they're making under 100K
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Old 07-15-2018, 08:54 AM
 
Location: Midtown
1,309 posts, read 749,652 times
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The median rent may be based off the total gross rent before any incentives. The popular advertising game is to play around with one or two "free" months to show a lower net rent. Many renters may forgo the "free" rent month and choose to amortizethe savings over the course of the entire lease. In my case we took the "free" month and the gross cost every month is a little over $3,500 p/month. Looking at other buildings within the network all one bedrooms are over the $3,400 mark w/o incentives.

Also using a quick search on Streeteasy for all one bedroom rentals in midtown there are 409 units available at or under $3,400 and 556 units priced $3,401 and above. I suspect most Manhattan zip codes have a similar pricing blend. I'll also bet the prices trend lower for apartments outside Manhattan and even far uptown parts of the island.

One other note is that forum posters are not reflective of the real world. Renters paying below $3,400 probably make-up a much bigger share of the active City Data population. A similar case is the fuel economy tracking website Fuelly.com. Vehicles like a Volkswagen TDI Golf or Jetta are fairly rare here in the US yet on Fuelly those owners have huge representation, even more so that owners of popular vehicles like the Honda Civic or Toyota Corolla. Seeing more fuel posts by VW Golf owners does not mean the Golf outsells the Corolla (in the USA). Those (VW) vehicle owners are simply more active on internet forums.
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Old 07-15-2018, 03:16 PM
 
18,293 posts, read 11,683,969 times
Reputation: 11946
Quote:
Originally Posted by Kefir King View Post
I hate real-estate-speak.



We all know what "median" means. What do THEY mean? New building first leases? Certainly they do not mean the median rent in Manhattan, although that is exactly what they call it.
For example, we must have a couple thousand posters here: Does ANYONE pay more than $3400 for his one bedroom apartment? Anyone at all? A true :median" would demand that HALF of us pay more than that.


If he means something other than "median rent," Mr. Miller should spell it out.

Like others you've been living in your subsidized (Mitchell-Lama, RC, RS, etc...) housing too long and thus insulated from real market rate housing costs.


Yes, for many areas of Manhattan (and other parts of NYC) $3,400 is quite close if not the median rent for various apartments. Know for a fact there are studio apartments all over UES in those old to ancient five story walk-up or tenement buildings going for $2,400 (or more) a month.


https://www.nakedapartments.com/buil...treet-new_York


https://ny.curbed.com/2017/12/19/167...-hells-kitchen




Manhattan studio rent breaks records - Business Insider


https://www.nytimes.com/2012/04/22/r...high-rent.html


And so it goes....


You cannot go by postings to his board.


For one thing a good portion of posters are either "old school" New Yorkers who like yourself are living in RS, RC, M-L, HPD and or other sorts of subsidized/city or state controlled housing.


Others own their homes, are paying market rate, and still more don't even live in New York City at all.


Oh and don't forget the vast, bewildering and growing daily array of "affordable" lottery threads/posts that increasingly take up much of this board.
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Old 07-16-2018, 08:54 AM
 
Location: Manhattan
20,157 posts, read 26,444,908 times
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Once you exclude people who have rent control and rent stabilization, it's not hard to believe how high rents are in Manhattan.


In other words, once yopu exclude low rents the median of the rents remaining is a HIGH rent.
Wonderful, double-talk that has nothing whatever to do with statistics.


Hey, the median height of U.S. males is well over 6 feet, once you eliminate all those between 5' and 5 '11"
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Old 07-16-2018, 03:30 PM
 
18,293 posts, read 11,683,969 times
Reputation: 11946
Quote:
Originally Posted by Kefir King View Post
Once you exclude people who have rent control and rent stabilization, it's not hard to believe how high rents are in Manhattan.


In other words, once yopu exclude low rents the median of the rents remaining is a HIGH rent.
Wonderful, double-talk that has nothing whatever to do with statistics.


Hey, the median height of U.S. males is well over 6 feet, once you eliminate all those between 5' and 5 '11"

Could be wrong but one believes generally these various reports or whatever are speaking about market rate rents. You cannot compare the nearly 60% of housing that falls under various local, state and or federal government programs with people who are paying full freight. One market has artificially low rents, the other responses to various economic forces far more easily and rapidly.
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Old 07-16-2018, 04:20 PM
 
753 posts, read 270,213 times
Reputation: 412
Quote:
Originally Posted by Kefir King View Post
I hate real-estate-speak.



We all know what "median" means. What do THEY mean? New building first leases? Certainly they do not mean the median rent in Manhattan, although that is exactly what they call it.
For example, we must have a couple thousand posters here: Does ANYONE pay more than $3400 for his one bedroom apartment? Anyone at all? A true :median" would demand that HALF of us pay more than that.


If he means something other than "median rent," Mr. Miller should spell it out.
It is spelled out. If you read the rest of the article, they specifically mention new leases and discuss things like the percentage of concessions and new development in their numbers. Clearly they’re not talking about the median rent of ALL NYC residents. If you want to know more, go to the source, the Douglas Elliman report.

And no way does the NYC forum have a couple of thousand posters. More like a couple of dozen regular posters, some who own and don’t rent and some who don’t even live in the city. And this board is very much skewed toward the low end of the rental market given all the affordable housing threads. Not that there is anything wrong with those threads but there is very little discussion of the middle to high end. In fact, they’re often discouraged! I’ve noticed a few threads where someone will post about working with a $3k+ budget and they’re accused of being trolls! This board is not representative of the city as a whole.
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Old 07-17-2018, 01:46 PM
 
Location: Manhattan
20,157 posts, read 26,444,908 times
Reputation: 9034
Quote:
Originally Posted by MC305 View Post
It is spelled out. If you read the rest of the article, they specifically mention new leases .


Indeed, they DO NOT.
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