Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Manhattan's overall and luxury rental price trend indicators continued to decline from year-ago levels. The market share of landlord concessions rose year over year for the thirty-eighth consecutive month.
In Brooklyn, the rise in overall price trends was due to an unusual increase in the average rental square footage. Despite the increase in net effective rent, the market share of landlord concessions doubled from the prior year level.
The northwest region of Queens saw landlord concessions decline after sixteen consecutive months of year over year increases. Overall price trend indicators showed mixed results as did the breakouts by bedrooms
The average prices are still at least $1000+ what I pay now. I'd love to get a nicer place, seems there's been an uptick in pests this summer, but not if I'm going to go broke doing it.
I love this city, but god ****it sometimes. Watching South Brooklyn until my friend returns from Sicily. I worry about the economy too, best to position myself so that if **** hits the fan, I won't be in trouble.
I no longer can afford to live in NYC on my own. Ridiculous. Fortunately, I take care of Mom and live with her. We are thinking of selling the house and moving her to NJ, close to my brother. RE so much cheaper there.
I predict trend to continue into 2020.....................
Don't know about outside of NYC, but here in city problem is really rather simple; over supply.
Certainly at the high/luxury end but elsewhere as well far too much housing has been built, with more coming online, and yet more planned.
Much of this development is being fueled by investors (banks have been pulling back for years now), and or BdeB's wet dream of creating "low income/affordable housing" by the thousands of units.
Well you can't get housing for the poor in this city without deep/vast subsidies, hence the 80/20 or 70/30.
Problem is those who can afford to pay market rate rents have plenty of options (including packing up and moving to NJ, Westchester, LI, or elsewhere).
You also have landlords of older (and sometimes crappy buildings) trying to get maximum rent for their units in otherwise busted or whatever buildings.
All over UES/Yorkville there are studio apartments wanting $2400 in those small walk-up or tenement buildings. People who can afford to pay that money are saying "whoa" why pay that much for a building with no amenities or anything else?
Walk up and down the streets from roughly 79th to 86th going east of Third to the river. You see a good number of empty apartments. Can tell this because the shades are up and can see inside (lights being left on 24/7 is a good indication the place is vacant).
The other issue is that *net* rents are in decline; meaning that landlords are still very reluctant to lower actual asking rent, but are offering various incentives instead. Smart people look at this and say "hmmmmm".
All this piled onto the fact NYC is a very HCL area. Wages aren't going up that much, and even market rate tenants have their limits. Especially as mortgage rates are still at historical lows.
Don't know about outside of NYC, but here in city problem is really rather simple; over supply.
Certainly at the high/luxury end but elsewhere as well far too much housing has been built, with more coming online, and yet more planned.
Much of this development is being fueled by investors (banks have been pulling back for years now), and or BdeB's wet dream of creating "low income/affordable housing" by the thousands of units.
Well you can't get housing for the poor in this city without deep/vast subsidies, hence the 80/20 or 70/30.
Problem is those who can afford to pay market rate rents have plenty of options (including packing up and moving to NJ, Westchester, LI, or elsewhere).
You also have landlords of older (and sometimes crappy buildings) trying to get maximum rent for their units in otherwise busted or whatever buildings.
All over UES/Yorkville there are studio apartments wanting $2400 in those small walk-up or tenement buildings. People who can afford to pay that money are saying "whoa" why pay that much for a building with no amenities or anything else?
Walk up and down the streets from roughly 79th to 86th going east of Third to the river. You see a good number of empty apartments. Can tell this because the shades are up and can see inside (lights being left on 24/7 is a good indication the place is vacant).
The other issue is that *net* rents are in decline; meaning that landlords are still very reluctant to lower actual asking rent, but are offering various incentives instead. Smart people look at this and say "hmmmmm".
All this piled onto the fact NYC is a very HCL area. Wages aren't going up that much, and even market rate tenants have their limits. Especially as mortgage rates are still at historical lows.
Don't know about outside of NYC, but here in city problem is really rather simple; over supply.
Certainly at the high/luxury end but elsewhere as well far too much housing has been built, with more coming online, and yet more planned.
Much of this development is being fueled by investors (banks have been pulling back for years now), and or BdeB's wet dream of creating "low income/affordable housing" by the thousands of units.
Well you can't get housing for the poor in this city without deep/vast subsidies, hence the 80/20 or 70/30.
Problem is those who can afford to pay market rate rents have plenty of options (including packing up and moving to NJ, Westchester, LI, or elsewhere).
You also have landlords of older (and sometimes crappy buildings) trying to get maximum rent for their units in otherwise busted or whatever buildings.
All over UES/Yorkville there are studio apartments wanting $2400 in those small walk-up or tenement buildings. People who can afford to pay that money are saying "whoa" why pay that much for a building with no amenities or anything else?
Walk up and down the streets from roughly 79th to 86th going east of Third to the river. You see a good number of empty apartments. Can tell this because the shades are up and can see inside (lights being left on 24/7 is a good indication the place is vacant).
The other issue is that *net* rents are in decline; meaning that landlords are still very reluctant to lower actual asking rent, but are offering various incentives instead. Smart people look at this and say "hmmmmm".
All this piled onto the fact NYC is a very HCL area. Wages aren't going up that much, and even market rate tenants have their limits. Especially as mortgage rates are still at historical lows.
What you’re saying is true, but I don’t see this as a problem. From my viewpoint, increasing supply is a primary solution to the real problem of extremely high housing costs. Oversupply may be an issue for speculators, especially for those hoping to profit in the short run, but that is not overall a bad thing for the general populace.
NYC as a great and powerful city should be a foundry for innovation and ridiculously high housing prices is a dampening factor on that. I’d like to see even more built in this city and the metropolitan area (and with infrastructure to support that to boot).
What you’re saying is true, but I don’t see this as a problem. From my viewpoint, increasing supply is a primary solution to the real problem of extremely high housing costs. Oversupply may be an issue for speculators, especially for those hoping to profit in the short run, but that is not overall a bad thing for the general populace.
NYC as a great and powerful city should be a foundry for innovation and ridiculously high housing prices is a dampening factor on that. I’d like to see even more built in this city and the metropolitan area (and with infrastructure to support that to boot).
Increasing supply isn't the issue per se, though it does factor into matters.
Problem is the city (and state) still are going down deeper into the same rabbit hole largely responsible for much of NYC rental housing market woes; regulation, and more regulation.
By insisting/mandating "inclusionary" or whatever low income "affordable housing" it just reinforces the worst aspects of rent control laws. It picks winners and losers (those who win lottery units versus those who do not), and forces market rate tenants to in effect subsidize those who cannot (or will not) pay full freight.
Lower down the rent right now. Stop trying to be San Francisco NyC because you aren’t
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
