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"While rents continue to rise in the city, there's finally a smidgen of hope in the latest set of rental market reports. While median rental prices climbed for the 21st consecutive month, the vacancy rate is the highest it's been in nine years, which means landlords are being forced to offer tenants more concessions on rentals, explains data whiz Jonathan Miller, the author of the Elliman Report. "Rents are still rising but we are starting to see signs of weakness in the underpinnings," Miller told Curbed. "In other words, landlords are having to work harder to keep vacancy from rising too much—but tenants are feeling the squeeze."
So basically there's no real reason to worry. The marketplace will deal with the matter. If landlords raise rent beyond what people are WILLING AND/OR ABLE to afford they will be left with vacant apartments. The vacancy rate is the highest it has been in 9 years.
Contagion from China and rising interest rates are harming the financial market. So at a time of rising vacancies, there are all these new projects and housing under construction and de Blasio is rezoning East New York. A lot of new housing coming online at a time like this would be a big blow to landlords. But good for tenants.
Now mind you this wouldn't be the end of profits from the real estate industry in NYC, but the extra development of real estate in NYC can indeed solve NYC housing shortage if enough units come online to meet demand. After all having high rent, but empty apartments don't do much good for landlords.
Been a real estate agent for a few years and have noticed that within the last 1.5/2yr certain apts have been vacant much longer than before. Also some pricing of units that went up when vacated have gone back down.
Been a real estate agent for a few years and have noticed that within the last 1.5/2yr certain apts have been vacant much longer than before. Also some pricing of units that went up when vacated have gone back down.
Yes, landlords have not caught on to this shift in the marketplace yet. Just rented two studios in a doorman building on the UES that had been sitting on the market for 7 & 8 weeks respectively; identical studios and both had originally been listed for $2700 before finally renting at $2200. Now, another identical studio has been listed and they're back to listing it for $2700! It's like they just don't want to hear what the market is telling them and they're going to end up renting it in two months for $2200.
Yes, landlords have not caught on to this shift in the marketplace yet. Just rented two studios in a doorman building on the UES that had been sitting on the market for 7 & 8 weeks respectively; identical studios and both had originally been listed for $2700 before finally renting at $2200. Now, another identical studio has been listed and they're back to listing it for $2700! It's like they just don't want to hear what the market is telling them and they're going to end up renting it in two months for $2200.
Have been saying for months now one has seen empty apartments up and down UES/Yorkville for months now. From high rise buildings to six floor walk-ups and tenement buildings.
You have a huge supply of "crappy" one bedrooms and studios especially from Third to East End Avenues that are in all those old tenement/walk-up buildings. As much lipstick as you put on a pig, it still is a pig.
And yet people seem to think the free market never works...no need for a massive, corruption laden affordable housing scheme....
Well yes and no.
Landlords aren't dropping rents low enough (yet) that would meet the needs of "affordable" much less low income housing. That is you aren't going to see rent on these studios drop from $2700 to say $700 or even $900.
If studios on the UES were going for $700 that would be an indication of a city in a massive state of distress (completely out-of-control crime, economic collapse, recovery from crippling disaster/terror attack,etc). NYC is expensive because it's desirable. Even the poor were bailing as fast as they could when the city was burning during the 1970s.
You have a huge supply of "crappy" one bedrooms and studios especially from Third to East End Avenues that are in all those old tenement/walk-up buildings. As much lipstick as you put on a pig, it still is a pig.
A lot of those are certainly not crap, some may be overpriced though.
If studios on the UES were going for $700 that would be an indication of a city in a massive state of distress (completely out-of-control crime, economic collapse, recovery from crippling disaster/terror attack,etc). NYC is expensive because it's desirable. Even the poor were bailing as fast as they could when the city was burning during the 1970s.
Let's not exaggerate here. Even in the very lowest point in the '70's or '80's there were still over 7 million people in the city. No one was "bailing out as fast as they could." Please.
There were plenty of happy people in the city back then. I was one. Everyone I knew was fine as well. Plenty of people came to the city to try to make it and you've got tons and tons of stories both good and bad. Let's not fall for the image of the "bad" '70's and think it was hell on earth. It wasn't.
I loved growing up in NYC in the '80's. There was so much energy and creativity. New York was cool back then (can't really say that anymore). Everyone everywhere knew it, too. It was really fun times.
Last edited by antinimby; 01-15-2016 at 11:23 PM..
New York rent market is very seasonal. I will believe rent is decling if rent prices decrease next summer. Last summer the rent market was breaking all types of records. It difficult renting apartment during the fall and winter as less people want to move (have their rent contract expiring). Renting in the winter is tough as you usually have to provide concessions or be stuck waiting till the summer time to maximize rent value.
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