Archive for the 'Uncategorized' Category

More News from the Rent Guidelines Board

complaintsAccording to an article in today’s New York Times, the Rent Guidelines Board, which oversees proposed increases in rent for tenants living in rent-regulated apartments, there will be an increase in 2009. Despite wide-spread calls for a rent freeze or even a decrease, the RGB has stated that rents will likely be raised between 2% and 4.5% on one-year leases and between 4% and 7.5% on two year leases, despite a stagnant economy. The increases are supposedly to help landlords cover rising expenses. FYI–the RGB has never lowered or frozen rents since its inception in 1969.

More coverage over on Curbed.


Can’t Make Rent? Throw a Party!

This past weekend’s New York Times real estate section covered an emerging trend of unemployed and hard-up people throughout the city throwing rent parties to raise money. For those unfamiliar with the concept, you invite friends and acquiantances over to drink and dance and give a small donation which will be applied to paying the rent. Read the full article HERE.

Landlords Must Make Buildings Greener, Pay for it Themselves

earth-cashI saw this via a link on Brownstoner . The NY Post reports that a city initiative will have the owners greening large older buildings with environmentally-friendly and energy-saving capital improvements. Tenant advocates were concerned that the costs of these improvements would be passed on to rent controlled tenants. Instead, the mayor’s pointman for this initiative, Rogit Aggarwala, states that city leaders pledge to prevent costs being passed on because increased energy efficiency soon pays for itself.

New Exclusive: 2 Bed/2 Bath With Laundry in the Apartment

105_living-room-3This new listing just came in, right off of Astor Place where everyone wants to be! 1400 square feet of brand new renovations featuring a huge living room with showcase windows, open kitchen with stainless steel appliances and granite countertops. Two huge bedrooms that can fit king-sized beds, two full baths and your very own LAUNDRY ROOM in the apartment! Currently priced at $5000, I’m hosting open houses on both Saturday and Sunday from 12:00-2:00. My email is on the side-bar if you want to come by and see these unique units.

Rent Stabilized Tenants Can Expect Small Rent Increase

According to the NY Daily News, this year the Rent Stabilization Board (the body that sets the amount of rent increase that rent stabilized apartments can expect every year) has thrown tenants a bone. The increase will likely be modest because landlord’s reported a relatively small increase in operating expenses–the metric which is used to determine the percentage that rents can be raised. There was an outcry last year as rents were raised 4.5% on a one year lease and 8.5% on a two year lease. This is good news for non-stabilized tenants as well because many landlords follow these guidelines to avoid mass tenant exoduses. Of course, on non-regulated rents there is no limit to how much they can be raised in a given year and it is up to landlords to decide.

More than a Quarter of New Yorkers Pay Half Their Income in Rent

Via the NY POST: According to Representative Anthony Weiner, more than a quarter of New Yorkers are paying half their income to their landlords. This number was highest in the Bronx with 33.1% of residents dedicating half their income to housing while 23.7% of Manhattanites paid rents that equalled half their yearly incomes.

East Village Has highest Vacancy Rate in the City

256-east-10thcroppedvia EV Grieve.

I find this fascinating because I work down in the EV all the time, I speculate that many of the vacancies are in apartments that should not be lived in anyway–below-grade basement studios, sad neglected apartments in poor repair. Maybe this will inspire some landlords to fix up their places? A girl can dream…

Stay tuned for the Citi Habitats March stats, to be posted here later!

About Me

Michelle Erfer is a licensed Real Estate Salesperson in New York City.
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