No Foolin' This Time! Manhattan Now a Tenant's Market
Apartment vacancies jump from October
Yowza! In an email time-stamped 6:38 a.m., The Real Estate Group New York declared that Manhattan was now, for all intents and purposes, a tenant's market going forward.
"Landlords are feeling a lot of pressure this month," Daniel Baum, the firm's COO said in a statement. "I have heard everything from ‘anything for a lease’ to ‘just bring me bodies.’ Concessions have become standard and price drops are happening across the board."
The march to this December morn has been a long one, as the Manhattan apartment market, like a large ship at open sea, turned slowly from landlords' favor to that of tenants. Several areas of the borough saw record rents over the last few years, and tenants would have for much of that stretch been hard-pressed to find incentives offered up front. That's all different, thanks to slackening demand (not surprising, given the city's recent and continuing job losses).
Simply put, there's too many empty apartments now for landlords to be charging record rents. Manhattan apartment vacancies were up for the second straight month, according to TREGNY: 7.5 percent since October and 17 percent since September.
And! "[M]any neighborhoods and units have dropped to their lowest price points since the Real Estate Group began reporting data. East Village non-doorman studios and Greenwich Village doorman studios are among the categories to find their new lows, $1,922 and $2,484 respectively."
More stats here from the November report [PDF].
35 West 23rd Street
FLATIRON/CHELSEA CONDO LOFT. Live/Work Condo. No detail has been spared. ... More details |
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Thats the problem! $2000. for a crappy little apartment ...so who would want it OK someone young working in a shop going to school ? making? ...the ratio was suppose to be 1/3 your income at worst so you need $6000. I dont think you can make that kind of money as a sales clerk so you get 2-3 room mates that wears thin fast...its not only the sub-prime mortgage thats the problem. Everything to do with Real Estate is to expensive
It is amazing that even though the market seems to be turning in favor of the renter, it is still ridiculous that a crappy studio costs so much. Call me when I get a clean studio for $1,000. I will be waiting by the phone forever.
You want a clean studio for $1000? No problem - but you won't live above 125th Street, would you "for real"?
"there's too many empty apartments"?
No, there is too many journalists who can't construct a grammatically correct sentence.
I'm all for better English usage, but it's quite petty to correct someone's grammar in a blog.