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Wow, crazy that the average studio rent is higher than the average 1br? Maybe there is so much demand because they're "cheaper" but the demand is pushing those rents to actually be higher? For the same rent I can't think of any reason someone would want a smaller + less private apartment unless there are more studios in more desirable (expensive) areas, on average? Strange.
You must remember average rents per category of apartments are just that unless broken down otherwise.
Studio apartment would include anything from those in busted old tenements to new luxury buildings. This goes across the board and would also include fact doorman versus non-doorman buildings also are lumped into same category by bedroom (studio, one, two, etc..) unless broken down further.
You must remember average rents per category of apartments are just that unless broken down otherwise.
Studio apartment would include anything from those in busted old tenements to new luxury buildings. This goes across the board and would also include fact doorman versus non-doorman buildings also are lumped into same category by bedroom (studio, one, two, etc..) unless broken down further.
Right but those factors would also impact the average for 1brs that also range for old and funky to luxury. You would still expect the average 1br to be more expensive *unless* as I suggested, there are other factors that are driving the price up for studios to a greater extend than 1 + BRs. Like, are there are more new/luxury studios? Are they more likely to be in more desirable locations? Or is there just more demand for studios (which would seem unusual)? I guess we don't know but there is some unknown and unusual factor at play when the average studio is more expensive than the average 1br.
Right but those factors would also impact the average for 1brs that also range for old and funky to luxury. You would still expect the average 1br to be more expensive *unless* as I suggested, there are other factors that are driving the price up for studios to a greater extend than 1 + BRs. Like, are there are more new/luxury studios? Are they more likely to be in more desirable locations? Or is there just more demand for studios (which would seem unusual)? I guess we don't know but there is some unknown and unusual factor at play when the average studio is more expensive than the average 1br.
If you look at new construction past decade or so, and even ongoing, far as "affordable/low income" including buildings you see more studios and one bedrooms for these so called "luxury" buildings.
In true luxury buildings focus in past and still for most part is family sized units (two or more bedrooms).
Notice Beckford House on UES, a new luxury rental apparently has zero studios, and nearly nil one bedrooms.
If you look at new construction past decade or so, and even ongoing, far as "affordable/low income" including buildings you see more studios and one bedrooms for these so called "luxury" buildings.
In true luxury buildings focus in past and still for most part is family sized units (two or more bedrooms).
Notice Beckford House on UES, a new luxury rental apparently has zero studios, and nearly nil one bedrooms.
Meanwhile out in Brooklyn, Queens and bit of Bronx you have tons of new construction with buildings featuring healthy mix of studios and one bedrooms.
Absolutely there are more new/luxery studios and 1BRs vs larger but this doesn't explain why/how the average studio got *more* expensive than 1br's, this doesn't make sense logically. I wonder. There must be some other factor, or maybe the numbers in the video were wrong, also possible.
Absolutely there are more new/luxery studios and 1BRs vs larger but this doesn't explain why/how the average studio got *more* expensive than 1br's, this doesn't make sense logically. I wonder. There must be some other factor, or maybe the numbers in the video were wrong, also possible.
When you read those sort of studies have to take into account source material, that is where whoever got their numbers.
Other reports show studio apartments rent for less per month than one bedrooms.
If you look at "The Elliman" report one linked above, clearly studio apartments on average rent for less than one bedrooms.
Yeah, another study could show a different result for sure. In the video they cite realtor.com's "rental report" so I assume they only used data from apartment listings on realtor.com, obviously a small sample of the overall NYC market. Still surprising that this would be the result and I still wonder why/what caused studio rent to shoot up so much faster than 1br rent given how much more desirable a 1br is if price is truly comparable. Probably unknowable without significant research that I'm not inclined to do. It's just an interesting data point.
Realtor.com used their own proprietary numbers (meaning from apartments listed with themselves) for good part of creating those survey results.
In any event difference they list in rent between a studio and one bedroom apartment was only about eight dollars ($8), hardly anything to get worked up about.
To know why and how Realtor.com arrived at their numbers you'd have to see their listings.
Realtor.com used their own proprietary numbers (meaning from apartments listed with themselves) for good part of creating those survey results.
In any event difference they list in rent between a studio and one bedroom apartment was only about eight dollars ($8), hardly anything to get worked up about.
To know why and how Realtor.com arrived at their numbers you'd have to see their listings.
Our posts passed each other in cyberspace.
Lol, I'm not worked up about it, I just think its an interesting, confusing, and very likely false/inaccurate finding of their study (maybe do to the small/non-representative sample as we both mention). But it's also not $8, because the true numbers are likely that average studios are a few to several hundred dollars cheaper than an average 1br.
I wonder how big of a shock is it really. Some of those "pandemic" rents had 3 months free and some people were paying the net effective amount monthly. No one is really clear if the shock is going from net effective to the gross rent with an increase. Or if the shock is going from what they would have been paying without the concessions to a crazy amount. Did people understand and expect to pay their gross/regular rent without concessions when they renewed their lease and then the landlord added a crazy increase on top of that?
I wonder how big of a shock is it really. Some of those "pandemic" rents had 3 months free and some people were paying the net effective amount monthly. No one is really clear if the shock is going from net effective to the gross rent with an increase. Or if the shock is going from what they would have been paying without the concessions to a crazy amount. Did people understand and expect to pay their gross/regular rent without concessions when they renewed their lease and then the landlord added a crazy increase on top of that?
Many of these poor unfortunate souls are being hit with rent increases of 21% to above 40% for no other reason than market rate LL's can.
City and Albany are bending over backwards to help "low income" households, but leaving young and many middle class adult households to fend for themselves.
Rent stabilization for decades has created a perverse system that pretty much goes "I got mine, now you get yours".....
Those with low rent apartments don't move unless feet first in a box, or evicted. That means everyone else is left fighting over scraps.
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