Manhattan Apartment Rents Hit Another Record High

[BugsyPal]

Market rate rents will moderate in a year or so, especially once tons of eviction cases make their way through courts. People will either have to pay or bust a move.

It isn't just low income tenants squatting in housing, as with media coverage of that chef who hasn't paid rent in two years, tons of so called "middle class" and even above took advantage of eviction moratorium all over NYS not to pay rent. Now courts are open and moratorium is gone for most, people will again either have to pay up, or move out.

[BugsyPal]

Originally Posted by LOVEROFNYC

The tik tokers and influencers have anointed NYC as the new, preferred place for content creating. During the height of COVID rents plummeted and buildings were offering freebies to lure renters. Anyone interested should have signed leases then

What makes you think such persons didn't take advantage of those good times and sign leases?

That is much of the problem for many right now; they took advantage of chaos caused by covid to get themselves a good deal on rent. Two years later city is back and LLs can get better rents, so the good times are coming to an end.

https://pix11.com/news/local-news/co...g-rent-in-nyc/

Smart people either sought out a RS unit and locked themselves in that way, or simply bought a condo or co-op unit while getting was good.

Too many people drank the Kool-Aid flavored "New York Is Over-Get Out Now!". Meanwhile anyone who was born and raised here, or at least has spent a few decades living can tell you never ever believe that line.

City has always bounced back from everything recently, this includes recessions, stock market crashes and two terror attacks.

Rents and asking prices for condos and co-ops plunged after 9-11-01. However in just a few years things began to go other way. In about a decade prices were right back where they where if not higher and rising. They did so right until 2019 when covid hit...

All those who fled NYC after 9/11/01 who thought about coming back (or tried) found they were often priced out of their former nabe if not Manhattan and better areas of Brooklyn and Queens.

[mathjak107]

Originally Posted by TheaterFan

The only rent stabilized apartments available in 2022 have been dumps in need of repair. My landlord increased my rent $1400. Unbelievable this is allowed.

I will bet your building was stabilized under the more recent programs like j51 or 421a ….

Stabilized rents are only in place until the perks end .then they go to market with a few exceptions

But that should be clearly stated in the lease .

Guaranteed there is more to this story then the landlord added 1400 a month to an already market rent .

He would have to be an idiot and someone agreeing to 1400 over market wouldn’t be to smart either ,so there is more to this story .

I bet if I look up the address there is a story here .

A building built in 1920 with almost 100 apartments that was an open rental has to have a pretty good reason if it wasn’t stabilized .

https://rentguidelinesboard.cityofne...emptions/#will

[mathjak107]

I researched the building .

The answer is the building was stabilized and still has stabilized apartments .

the rents went over 2700 in some and the apartments that went over were destabilized so now they went up to market which could be 1400 a month higher based on that location.

So yeah there is a reason here the rents jumped so much.. the cheap stabilized rents are gone at 2700 and the apartments are now destabilized and go for market

[mathjak107]

Anyone in a rent stabilized apartment needs to understand the limits on them …

If one didn’t know they destabilize at 2700 a month and are shocked to see market rent when they are destabilized needs to pay attention to things .

This should have been no surprise to be honest , it should have been known and anticipated and planned for in advance .

Especially if one is living in an area they can’t afford once things destabilize .

It doesn’t take a genius to understand what happens when an apartment is destabilized

[mathjak107]

Originally Posted by djohnslaw

Why shouldn't people allowed to charge what they want to rent their property?

The poster was living in an apartment in mid town manhattan that was very close to the 2700 dollar destabilizing level .

Now it broke 2700 and is destabilized and rent went to market and he is upset .

There is so much wrong with this logic as far as an entitlement to live forever at a below market rent mentality.

How dare the landlord raise me to market even though he is now legally allowed to do it

The problem is 2700 is a very very low rent for that area so even a good stabilized rate Is likely so close to destabilizing in that area .

Unlike much of the boroughs where stabilized new comers are also paying close to market but those market rents are in the 2500-2600 dollar range and don’t have far to move when they destabilize.

Our manhattan tenants by Central Park were paying as low as 2200 when the market price was over 5k so the two remaining apartments were not close to being destabilized .

But one day they will be and those tenants will be in for a big shock as the investor group we sold to brings them up to market .

The irony is they could have gotten 100k to move from us .

Instead once the apartments destabilize they will get nothing and just be forced to move.

They cant afford 5k a month