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That article is encouraging, and I'm sure there are many bright spots here and there, but all in all, it's too premature to say the real estate market is rebounding.
I live in the Carroll Gardens/Cobble Hill areas, and I've been casually tracking apartment vacancies and prices for about 2 months. They keep going higher and higher, the number of overall apartments on the market, while the prices are going lower.
If you do a search right now on the site "streeteasy," there are 132 apartments in Cobble Hill and Carroll Gardens for rent under $2,500.
One hundred and thirty two.
Under $2,500 - and that includes ALL types: 4 beds, 3 beds, 2, etc.
These low prices and big vacancies are going back to the early 2000's, essentially.
And these prices are plunging in arguably Brooklyn's 2 best--and certainly top 5--neighborhoods.
Now, on the same site, take a look at once red-hot Williamsburg.
Total apartments now? A total of 124--UNDER $2,000. That's right. UNDER $2,000.
Go back to October 2019 in Williamsburg and try to find a studio under $2000 and you'd find a small handful, 8-10 or so.
A 1 bed--maybe 5 or 6? A 2 bed--only those cramped and weird layouts bordering the projects.
Suffice it to say the rental market in Manhattan is similar and worse--in many neighborhoods.
The silver lining is anyone looking to move to NYC now is gonna get an amazing bargain, possibly prices from the year 2002 in 2020. LOL
That article is encouraging, and I'm sure there are many bright spots here and there, but all in all, it's too premature to say the real estate market is rebounding.
I live in the Carroll Gardens/Cobble Hill areas, and I've been casually tracking apartment vacancies and prices for about 2 months. They keep going higher and higher, the number of overall apartments on the market, while the prices are going lower.
If you do a search right now on the site "streeteasy," there are 132 apartments in Cobble Hill and Carroll Gardens for rent under $2,500.
One hundred and thirty two.
Under $2,500 - and that includes ALL types: 4 beds, 3 beds, 2, etc.
These low prices and big vacancies are going back to the early 2000's, essentially.
And these prices are plunging in arguably Brooklyn's 2 best--and certainly top 5--neighborhoods.
Now, on the same site, take a look at once red-hot Williamsburg.
Total apartments now? A total of 124--UNDER $2,000. That's right. UNDER $2,000.
Go back to October 2019 in Williamsburg and try to find a studio under $2000 and you'd find a small handful, 8-10 or so.
A 1 bed--maybe 5 or 6? A 2 bed--only those cramped and weird layouts bordering the projects.
Suffice it to say the rental market in Manhattan is similar and worse--in many neighborhoods.
The silver lining is anyone looking to move to NYC now is gonna get an amazing bargain, possibly prices from the year 2002 in 2020. LOL
That's what I said earlier. Are you listening Pietrang?!?
The point is, NYC real estate is an ever-growing tenant/buyer market.
The time to get a deal is now--especially renting. I'm shocked how low prices are across the board.
So many apartments are empty now, but makes the city quieter for those of us living here.
Yea, it'll be hard to time the bottom, but it's already dropped enough that I know a few people who've moved on to either much cheaper or much larger digs in better locations. I know one person who actually broke their lease and didn't care if the security deposit could potentially have been forfeited, because the deal they got from just casually inquiring around was that much better.
Yea, it'll be hard to time the bottom, but it's already dropped enough that I know a few people who've moved on to either much cheaper or much larger digs in better locations. I know one person who actually broke their lease and didn't care if the security deposit could potentially have been forfeited, because the deal they got from just casually inquiring around was that much better.
Yeah? I've heard that from several friends too.
They are moving up to bigger and better deals in apartment buildings, for much less than they currently have.
I don't think rentals will hit rock bottom until next year. What's unbelievable is that prices will still go lower.
There is one unit available in my building, and since September 1, the broker told me they have had 3 people view it. It is over-priced though, and will sit vacant for months, maybe even a year or more, until we see what happens in this climate.
Landlords for years, have been riding the incredible apartment rental profit wave, and making it very, very stressful and difficult for tenants to get approved.
Now, tables are slowly turning as landlords realize the line for their apartments is no longer there. The landlords are having to drastically cut prices, and drastically cut approval processes, and make concessions.
Landlord karma, perhaps? Either way, rent needed to come down in NYC.
I think it is a good thing for the public in general.
They are moving up to bigger and better deals in apartment buildings, for much less than they currently have.
I don't think rentals will hit rock bottom until next year. What's unbelievable is that prices will still go lower.
There is one unit available in my building, and since September 1, the broker told me they have had 3 people view it. It is over-priced though, and will sit vacant for months, maybe even a year or more, until we see what happens in this climate.
Landlords for years, have been riding the incredible apartment rental profit wave, and making it very, very stressful and difficult for tenants to get approved.
Now, tables are slowly turning as landlords realize the line for their apartments is no longer there. The landlords are having to drastically cut prices, and drastically cut approval processes, and make concessions.
Landlord karma, perhaps? Either way, rent needed to come down in NYC.
I think it is a good thing for the public in general.
Rents are decreasing, but they still are no where near what a household on median or average NYC monthly income can afford.
All markets go up and down, that is their nature. Current goings on with NYC real estate market are no different than after many economic or other recent disasters. Pick one: "Black Friday" stock market crash, the various and many recessions and near economic depressions from 1980's through 2010, 9.11.01, etc.. all events that triggered rents to fall; temporarily. Things bounced back sooner or later, as they will again once this covid mess settles down.
Other thing to consider is not confusing low rent with various deals that include incentives that lower rent paid, but don't touch actual number. Getting two or three months free rent for signing a one or two year lease doesn't change fact you still are paying $3,500 or whatever per month when all is said and done.
Keep in mind we're talking about free market rentals here; meaning at renewal be it one or two years out LL is perfectly free to ask for whatever increase he feels can get. People will either have to pay or bust a move.
People who are moving do so because they can; they still have jobs that bring in income which meets 40x or whatever LL wants and or satisfies other screening.
OTOH your average RS, low or even moderate income tenant isn't going anywhere for a host of reasons. Add to this those who are unemployed are lucky they still have a roof over their head. No LL is going to touch them, especially those who haven't paid full or any rent in several months.
They are moving up to bigger and better deals in apartment buildings, for much less than they currently have.
I don't think rentals will hit rock bottom until next year. What's unbelievable is that prices will still go lower.
There is one unit available in my building, and since September 1, the broker told me they have had 3 people view it. It is over-priced though, and will sit vacant for months, maybe even a year or more, until we see what happens in this climate.
Landlords for years, have been riding the incredible apartment rental profit wave, and making it very, very stressful and difficult for tenants to get approved.
Now, tables are slowly turning as landlords realize the line for their apartments is no longer there. The landlords are having to drastically cut prices, and drastically cut approval processes, and make concessions.
Landlord karma, perhaps? Either way, rent needed to come down in NYC.
I think it is a good thing for the public in general.
On top of that, construction was given an early reprieve as essential work so there's still a ton of construction happening in the city. Meanwhile, the housing that slipped into becoming short-term/quasi-motels operating under AirBNB and the like have taken a massive hit and so it's likely quite a few of those units have been added back to the rental supply. There's still a long way to go before things become affordable, but there's also probably an even much longer way to go before maintenance and other costs of sustaining buildings in NYC dips below what people are willing to pay for housing here, so there's a good deal of room to keep going down.
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