Posts Tagged 'luxury'

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 .

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Brooklyn Rentals Offer More for Less

According to a recent NY Times article, there’s a new breed of rental development in Brooklyn, one that will be very familiar to Manhattanites: the condo-style building that features designer kitchens and baths, fitness centers and roof decks, video intercom systems and doormen. This kind of rental has been popping up in Williamsburg for a while now but these days they can also be found in other parts of Brooklyn like Fort Greene, Bed Stuy and Downtown Brooklyn and tenants couldn’t be happier that Brooklyn living is no longer restricted to pre-war elevator buildings or subdivided brownstones and townhouses. “You can’t put a fitness center in a Brownstone” says one new tenant.

The Times identifies several trends at work here. Primarily, as the sales market slows and there is a glut of new inventory, condo projects are trying to forestall the problem of poor sales and many are opting to convert into rental projects. This movement is dovetailing with an increase in the number of renters who want sweet apartments with high-end finishes and amenities without the Manhattan price tag. The price differential cited by the Times was striking. An apartment in the Mynt building on Myrtle Ave in Bed Stuy that rents for $2550 in Brooklyn would rent for nearly $7000 if it were in Manhattan!

Urban Digs Responds to NY Times Article on Luxury Rentals

I’ve always loved reading the posts over at Urban Digs. They are interesting, current and it makes me feel smart when I understand what they’re talking about–economics, mostly. So I was excited to read Christine Toes’ analysis of last weekend’s NY Times article on luxury rental buildings offering incentives to renters (which I myself posted about). Toes writes from the perspective of brokers who are also being offered incentives to fill luxury rental apartments with tenants: owners are paying commissions, offering bonuses, giving out gift cards to brokers who find them tenants. Ultimately, Toes claims that the best thing for landlords to do in what many are now acknowledging to be a slow and softening rental market is to lower rents, or at least stop raising them. Read the full article here.

Luxury Rentals Offer Tempting Incentives

View from a penthouse

As the economy slows, large luxury rental developments are having a more difficult time attracting tenants. In order to remain competitive these buildings are offering a range of perks from covering moving expenses, paying broker’s fees and waiving security deposits to free morning breakfasts and maid services. Some are even offering up to two months free rent!

Read the full NY Times story…


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