Project Runway Contestant’s Peaceful LES Share

It is more dramatic to tell stories of roommate recriminations, pecadillos and downright nastiness on websites like Housemate Horror, so that’s why the NY Times profile of Project Runway season 2 runner-up Daniel Vosovic’s 5 person shared apartment in the LES is surprising in it’s harmoniousness. It was great to read that it’s all sunshine and rainbows for him and his roomies down on beautiful Attorney Street. Read the full article HERE.

NY Times Reports on Downturn of the Luxury Rental Market

Already being covered on NYCrentopia (here, here and here), the luxury rental market has been hit hard by the economic downturn. This may be good news for renters as you can expect lower prices for better apartments and various landlord incentives such as free rent and more landlords paying all or part of the broker’s fee. If you’re looking for an affordable luxury rental, get in touch with me and I can help you out for free now. All my contact info is on the sidebar to your right. If you want to watch the NY Times video, click HERE .

Rental Q&A via the NY Times

“When it’s permissabile to break a lease”

“The rights of roommates”

Media Coverage of Citi-Habitats October Market Report

Ny Observer:

“Still Gotta Pay to Live in Manhattan”

“Renter’s Market in Manhattan? You Betcha!”

Curbed:

“Cheap LES Studios Still Not That Cheap”

How Does Your Rent Compare? Citi Habitats October Market Analysis

Prices are definitely coming down in some neighborhoods. Even the previously inassailable two bedroom category saw a small decline. Three beds remain strong, probably because they are the rarest configuration and make up less than 5% of Manhattan’s total inventory.

Citi Habitats October Market Report: Vacancy Rates by Neighborhood

Vacancy is highest in the Financial District and Battery Park City–this is where you should look if you want to scoop up a modern high-rise bargain with amenities galore.

Vacancy Rates Continue to Rise, No Surprises

The overall vacancy rate in Manhattan is approaching the 2% mark! Landlords and brokers should batten down the hatches and prepare for units to sit longer and tenants should feel free to seek out the bargains that are to be found.

How Much is a Doorman Going to Cost you in October 2008?

Sure, the economy is imploding but you still need someone to sign for your packages and keep your drycleaning in that weird lobby closet. At least doormen know their jobs are safe…

Rental Q&A via the NY Times

“A late fee imposed outside the lease.”

“A condo’s fitness room is for owners only.”

NY Observer: Rental Vacancy Rates and What They Mean

It’s no secret that Manhattan rental vacancy rates have been rising since the end of the summer. I post the Citi Habitats monthly market reports on this blog every other month (August can be found here; June can be found here and October’s stats should be coming out any day now) and the statistics show that there are more apartments sitting empty in the city than we’ve seen in a long time. But when it comes to the actual cost of these vacancies, for landlords and for the city’s economy, The Observer really spells it out: “It’s easy to forget that these are more than abstract numbers, but rather indicators with immense financial ramifications for landlords with slim balance sheets. At a 5 percent vacancy rate, a landlord with 1,000 units would have 50 unoccupied residences; now, if the vacancy rate jumped to 10 percent, the landlord would have another 50 vacant apartments. If the landlord’s apartments averaged $2,500 in monthly rent, the owner would be losing an extra $125,000 a month in income, and $1.5 million annually.” There’s no doubt that smaller landlords could be struggling and while this may be hard for rent-weary tenants to believe, rising fuel costs and the difficulty of maintaining 100 and 200 year old buildings are making it tougher and tougher for the small-time landlord with just a building or two to make any money at all. Read the full Observer article here.

Entertaining in Small Spaces

With Halloween behind us and the quadruple whammy of Thanksgiving, Christmas, Hanukah and Kwaanza just around the corner, it can feel like your New York apartment is smaller than ever. Not only is the oven too small for a turkey, the mini-sized refrigerator and lack of counter space in the kitchen thwart ones grand plans for an enormous feast. Even if you could cook up a huge meal in your microscopic kitchen where the heck are your friends and family going to sit and eat it? In the non-existant dining room? Well, it can be intimidating and frustrating when you are utterly limited by the size of your home. This month, both apartment therapy and Smitten Kitchen have great tips for making a small space work for you. Check them out here:

Apartment Therapy on entertaining in small spaces

Smitten Kitchen on how to max out your small kitchen

Asking for a Rent Reduction?

A poster over on the brownstoner forum asks whether it’s worth asking their landlord to reduce the rent. Read the full thread here.