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Manhattan Apartment Rents Jump 9.5% as Buyers Hold Off
By Oshrat Carmiel - Jan 12, 2012 12:01 AM ET
Manhattan apartment rents jumped 9.5 percent in the fourth quarter as landlords emboldened by increasing demand cut concessions and pushed price increases in what’s traditionally the slowest leasing season. READ MORE.
This doesn't surprise me. I have a tenant moving into my ground level who is leaving the UES because of a giant rent increase. My 3rd floor tenant just got a roommate from Williamsburg. The guy was living in a 3 bedroom for $2,400 (and they paid their own heat, water, and all other expenses)and the rent went to $3,000 so they all left....one moved to Bushwick, the other to Astoria, and the last to my 3rd floor (Southern Bronx/Mott Haven).
And this is during a weak economy..wait until the economy really picks up...scary.
This doesn't surprise me. I have a tenant moving into my ground level who is leaving the UES because of a giant rent increase. My 3rd floor tenant just got a roommate from Williamsburg. The guy was living in a 3 bedroom for $2,400 (and they paid their own heat, water, and all other expenses)and the rent went to $3,000 so they all left....one moved to Bushwick, the other to Astoria, and the last to my 3rd floor (Southern Bronx/Mott Haven).
And this is during a weak economy..wait until the economy really picks up...scary.
So far my rent down here isn't outrageous, but who knows what the future holds. I may want to fill out an application with you in the future SobroGuy.
This will continue to happen until all the "unwanted" are moved out of NYC. Manhattan is the cash cow of NYC and NYS. It has all the major attractions, businesses, restaurants, etc. The non-sexy and the city sectors of Manhattan (Harlem, Washington Heights, and Inwood) are slowly being gentrified and priced up. These areas are also turning into the new areas of luxury building developments. Manhattan will become the borough of the elite.
I am planning on moving out to nearby Fort Lee or the Hoboken/Exchange Place sectors.
This isn't about inflation....there is currently an all out revenue war in NYC. As an owner, I am getting raped with fees/fines/surchages. Despite the fact that we pay taxes to cover police, sanitation, fire, and a host of other city services, that is not enough money for the city. They now expect every agency/bureau/department to be self-sufficient...and by that I mean produce enough revenue to cover their costs.
What does that mean? It means cops spend as much time as they can fining residents for anything and everything because they must meet their revenue targets/quotas, same goes for sanitation...they are swarming neighborhoods in search of litter fines and other such revenue generators. The fire department is also busy "inspecting" and fining residents for a host of such "dangerous violations" as a coat rack in the hallway. Hallways must remain completely unobstructed...which apparently includes a hanging coat rack! So if you leave a 2x2 foot suitcase in the hallway for 1 day, you better hope nobody let's them in because you will be slapped with a fine.
It isn't just renters getting raped...we are all getting raped. There is a full on assault for revenue generation and nickel and diming..and I for one am sick of it. The city only cares about money, and they do whatever it takes, regardless, to get it and treat people like ATMs. So it isn't just renters leaving the city...owners are getting attacked, and are leaving as well. Who can keep up with the nonstop BS fines and fees?
This will continue to happen until all the "unwanted" are moved out of NYC. Manhattan is the cash cow of NYC and NYS. It has all the major attractions, businesses, restaurants, etc. The non-sexy and the city sectors of Manhattan (Harlem, Washington Heights, and Inwood) are slowly being gentrified and priced up. These areas are also turning into the new areas of luxury building developments. Manhattan will become the borough of the elite.
I am planning on moving out to nearby Fort Lee or the Hoboken/Exchange Place sectors.
It is actually interesting to see the city function completely opposite of what typical American cities function, where you end up having a cluster of dense commercial that is surrounded by poverty older neighborhoods and the wealth increasing the further you go out. In NYC's case, it starts high in the middle of the city and tapers out towards the burroughs, forcing poorer residents to move further and further out.
Also SobroGuy is also pretty accurate, the city has developed a system of nickel and diming it people with the same programs that are created to make life better for its citizens. I have heard a number of times people getting fines that should never of been fined and I have heard the word "quota" used when most city departments treat that word like it is a bad word, NYC they have no time for that because they are too busy writing you a ticket.
It isn't just renters getting raped...we are all getting raped. There is a full on assault for revenue generation and nickel and diming..and I for one am sick of it. The city only cares about money, and they do whatever it takes, regardless, to get it and treat people like ATMs. So it isn't just renters leaving the city...owners are getting attacked, and are leaving as well. Who can keep up with the nonstop BS fines and fees?
Well it's a good thing you voted for and consistently defend gloomberg then...
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